REGISTERED NUMBER: NI036860 (Northern Ireland) |
LEITRIM HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: NI036860 (Northern Ireland) |
LEITRIM HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
LEITRIM HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Church House |
24 Dublin Road |
OMAGH |
Co. Tyrone |
BT78 1HE |
BANKERS: | Danske Bank |
North Business Centre |
1 - 2 Broadway |
Ballymena |
Co. Antrim |
BT43 7AA |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The directors consider the results during the year to be satisfactory given the challenges in the wider economy. |
The growth in revenue had been primarily achieved through the facilities management activities of the Group, as that business focused on delivering on a number of public sector frameworks. The performance of the Group's investment and property interests has been satisfactory. |
Throughout the year the Group has been successful in a number of targeted procurements adding new clients and work streams along with diversification and expansion to our existing portfolio. Whilst market conditions in NI and Ireland continue to be highly competitive across the business sectors we operate in. the on-going investment in our people, systems, business development and infrastructure will ensure continued success for the Group. |
PRINCIPAL RISKS AND UNCERTAINTIES |
This was a challenging year for the Group due to rising inflation, skilled labour shortages and rising costs. |
With an ever ageing workforce the construction industry is feeling the effects of a previous lack of investment in attracting a younger generation towards apprenticeships in the industry. |
The uncertainty of public budgets is a significant challenge to our business as we strive to provide the highest levels of service to our customers |
The directors continue to operate a prudent approach to business operations, along with continued strategic investment in people, systems, digital and innovation, will support the business consolidating existing markets and seek opportunities for diversification and improving service offerings to existing and new clients in the short to medium term. |
FINANCIAL RISK MANAGEMENT |
The Group uses various financial instruments including cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance tor the Group's operations. |
The existence of these financial instruments exposes the group to a number of financial risks. The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk. |
Credit risk |
The Group's principal credit risk is in respect of customer credit arrangements which are managed through strict credit control arrangements and procedures. |
Liquidity risk |
The Group finances its working capital and investments with its own cash reserves and retains adequate balances to mitigate short and medium term liquidity risk. |
KEY PERFORMANCE INDICATORS (KPIS) |
The Group's directors are of the opinion that detailed analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. |
FUTURE OUTLOOK |
While the directors remain conscious of the current economic conditions and how ongoing pressures on public finance can have an adverse impact on the Group's future performance, they remain confident that their continued policy of prudent financial management will enable the Group to consolidate its position within its existing market; while at the same time developing opportunities when new tenders or contracts arise. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
GOING CONCERN |
The Group has considerable financial resources and are in a strong net asset position. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements. |
ON BEHALF OF THE BOARD: |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the Group is the delivery of facilities management services and property investment, management and development activities. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £151,962 (2023 - £100,000). |
FUTURE DEVELOPMENTS |
The directors do not forsee any future developments in the forthcoming year outside of normal trading. |
POST BALANCE SHEET EVENTS |
There have been no significant events affecting the Group since the year end. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The Group made charitable donations amounting to £22,475 during the year (2023 - £21,508). No donations for political purposes were made during the year. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LEITRIM HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Leitrim Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LEITRIM HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LEITRIM HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, environmental regulations and health and safety laws, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies. |
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the group's remuneration policies, and performance targets; |
- results of our enquiries of management and other key persons about the group's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the group's policies, procedures and internal controls; and |
- the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements; |
- design of audit procedures responsive to those risks that incorporate unpredictability around the nature, timing and extent of our testing. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LEITRIM HOLDINGS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Church House |
24 Dublin Road |
OMAGH |
Co. Tyrone |
BT78 1HE |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 51,569,389 | 42,825,677 |
Cost of sales | 45,996,043 | 36,847,590 |
GROSS PROFIT | 5,573,346 | 5,978,087 |
Administrative expenses | 2,663,115 | 1,750,798 |
2,910,231 | 4,227,289 |
Other operating income | 99,958 | 157,650 |
OPERATING PROFIT | 5 | 3,010,189 | 4,384,939 |
Income from fixed asset investments | 4,394 | 3,131 |
Interest receivable and similar income | 183,838 | 21,343 |
188,232 | 24,474 |
PROFIT BEFORE TAXATION | 3,198,421 | 4,409,413 |
Tax on profit | 6 | 740,825 | 768,711 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Gain on revaluations | 292,278 | - |
Income tax relating to other comprehensive income |
(49,653 |
) |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
242,625 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,700,221 |
3,640,702 |
Profit attributable to: |
Owners of the parent | 2,457,596 | 3,640,702 |
Total comprehensive income attributable to: |
Owners of the parent | 2,700,221 | 3,640,702 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | 3,963,857 | 1,815,369 |
Investments | 11 | 1,087,111 | 1,415,588 |
Investment property | 12 | 725,000 | 680,000 |
5,775,968 | 3,910,957 |
CURRENT ASSETS |
Stocks | 13 | 519,345 | 506,943 |
Debtors | 14 | 2,008,437 | 1,499,987 |
Prepayments and accrued income | 8,257,560 | 6,355,650 |
Cash at bank | 6,916,937 | 4,647,499 |
17,702,279 | 13,010,079 |
CREDITORS |
Amounts falling due within one year | 15 | 9,808,224 | 6,070,720 |
NET CURRENT ASSETS | 7,894,055 | 6,939,359 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
13,670,023 |
10,850,316 |
PROVISIONS FOR LIABILITIES | 19 | 547,298 | 275,850 |
NET ASSETS | 13,122,725 | 10,574,466 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 5,332 | 5,332 |
Revaluation reserve | 21 | 242,625 | - |
Capital redemption reserve | 21 | 14,668 | 14,668 |
Retained earnings | 21 | 12,860,100 | 10,554,466 |
SHAREHOLDERS' FUNDS | 13,122,725 | 10,574,466 |
The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by: |
J Keenan - Director |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve | 21 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,627,080 | 2,545,679 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 5,332 | 7,013,764 | - | 14,668 | 7,033,764 |
Changes in equity |
Dividends | - | (100,000 | ) | - | - | (100,000 | ) |
Total comprehensive income | - | 3,640,702 | - | - | 3,640,702 |
Balance at 31 March 2023 | 5,332 | 10,554,466 | - | 14,668 | 10,574,466 |
Changes in equity |
Dividends | - | (151,962 | ) | - | - | (151,962 | ) |
Total comprehensive income | - | 2,457,596 | 242,625 | - | 2,700,221 |
Balance at 31 March 2024 | 5,332 | 12,860,100 | 242,625 | 14,668 | 13,122,725 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | - | - | ( |
) |
Balance at 31 March 2024 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,645,486 | 2,397,141 |
Tax paid | (768,531 | ) | (195,527 | ) |
Net cash from operating activities | 3,876,955 | 2,201,614 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (40,000 | ) | - |
Purchase of tangible fixed assets | (2,364,815 | ) | (497,215 | ) |
Purchase of fixed asset investments | - | (1,000,000 | ) |
Sale of tangible fixed assets | 46,218 | 49,373 |
Sale of fixed asset investments | 434,438 | 350,836 |
Interest received | 77,878 | 22,020 |
Dividends received | 4,394 | - |
Net cash from investing activities | (1,841,887 | ) | (1,074,986 | ) |
Cash flows from financing activities |
Equity dividends paid | (151,962 | ) | (100,000 | ) |
Net cash from financing activities | (151,962 | ) | (100,000 | ) |
Increase in cash and cash equivalents | 1,883,106 | 1,026,628 |
Cash and cash equivalents at beginning of year |
2 |
4,647,499 |
3,620,871 |
Cash and cash equivalents at end of year | 2 | 6,530,605 | 4,647,499 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 3,198,421 | 4,409,413 |
Depreciation charges | 440,806 | 300,465 |
Profit on disposal of fixed assets | (23,420 | ) | (21,516 | ) |
Impairment of intellectual property | 40,000 | - |
Finance income | (188,232 | ) | (24,474 | ) |
3,467,575 | 4,663,888 |
(Increase)/decrease in stocks | (12,402 | ) | 55,724 |
Increase in trade and other debtors | (2,410,360 | ) | (1,946,027 | ) |
Increase/(decrease) in trade and other creditors | 3,600,673 | (376,444 | ) |
Cash generated from operations | 4,645,486 | 2,397,141 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 6,916,937 | 4,647,499 |
Bank overdrafts | (386,332 | ) | - |
6,530,605 | 4,647,499 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 4,647,499 | 3,620,871 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 4,647,499 | 2,269,438 | 6,916,937 |
Bank overdrafts | - | (386,332 | ) | (386,332 | ) |
4,647,499 | 1,883,106 | 6,530,605 |
Total | 4,647,499 | 1,883,106 | 6,530,605 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Leitrim Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The functional currency of the Group and the presentation of the financial statements is sterling. |
Critical accounting judgements and key sources of estimation uncertainty |
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the company that have the most significant effect on the financial statements. |
Performance of long term contracts |
Recognised amounts of contract revenues and related receivables reflect the directors' best estimates of contracts outcome and stage of completion. This includes the assessment of the profitability of the contracts. The organisation draws on the expertise of qualified personnel to undertake such estimates and to apply appropriate levels of scrutiny to ensure the required level of accuracy and governance over this class of asset, in order to limit concern over the recoverability of these balances. Costs to complete and contract profitability are subject to significant estimation uncertainty. |
Useful lives of depreciable assets |
The annual depreciation charge depends primarily on the estimated lives of each type of asset, in certain circumstances, estimated of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on individual changes in assets and the classes of asset impacted. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is stated net of trade discounts, VAT and similar taxes and derives from the provision of goods and services falling within the Group's ordinary activities. Services are deemed to have been delivered to customers when and to the extent that the Group has met its obligations under its service contracts. |
Turnover on contracts is recognised according to the stage reached in the contract by reference to the value of work done. A prudent estimate of the profit attributable to work completed is recognised once the outcome of the contract can be reliably measured and it is probable the customer will approve it. The amount by which turnover exceeds payments on account is shown under prepayments and accrued income as amounts recoverable on contracts. Where payments on account exceed turnover, the excess is classified as payments on account and is separately disclosed within accruals. Provisions are made in respect of future losses on contracts when identified. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
An impairment loss has been recognised in the Consolidated Statement of Comprehensive Income, following an assessment at the Consolidated Balance Sheet date indicating the recoverable amount was less than its carrying value. |
Tangible fixed assets |
Land & buildings | - |
Plant & machinery | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment. |
Government grants |
Capital based government grants are included within accruals and deferred income in the balance sheet and credited to the profit and loss account over the expected useful lives of the assets to which they relate or in periods in which the related costs are incurred. Grants relating to revenue expenditure are credited to the profit and loss account on an earned and due for payment basis. Amounts recognised in the profit and loss are presented under the heading 'other operating income'. |
Investments |
Publicly traded investments are stated at their fair value. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred acquiring the stocks, production or conversion costs and other costs in bringing them to their exisiting location and condition. In the case of work in progress, cost includes an appropriate share of overheads based on normal operating capacity. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Contract debtors |
Contract debtors represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date less progress billings. Variations are included in contract revenue when they are reliably measurable, and it is probable that the customer will approve the variation itself and the revenue arising from the variation. Claims are included in contract revenue only when they are reliably measurable, and negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the Group's contract activities based on normal operating capacity. Contract debtors are presented as part of prepayments in the balance sheet. If payments received from customers exceed the income recognised, then the difference is presented as accruals in the balance sheet. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Comprehensive Income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Financial instruments |
Trade and other debtors/creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
Other financial instruments |
Other financial instruments not meeting the definition of Basic Financial Instruments are recognised initially at fair value. Subsequent to initial recognition other financial instruments are measured at fair value with changes recognised in profit or loss except as follows:- |
- investments in equity instruments that are not publicly traded and whose fair value cannot otherwise |
be measured reliably shall be measured at cost less impairment. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | TURNOVER |
Turnover has been derived from the Group's principal activity, carried out within Northern Ireland. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 8,339,883 | 7,074,982 |
Social security costs | 735,400 | 591,093 |
Other pension costs | 174,339 | 132,976 |
9,249,622 | 7,799,051 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 22 | 24 |
Administration | 59 | 33 |
Operations | 198 | 171 |
The average number of employees by undertakings that were proportionately consolidated during the year was 279 (2023 - 228 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 124,508 | 159,833 |
Directors' social security | 19,936 | 20,636 |
Directors' pension | 38,935 | 42,644 |
183,379 | 223,113 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 15,073 | 8,070 |
Depreciation - owned assets | 440,807 | 300,465 |
Profit on disposal of fixed assets | (23,420 | ) | (21,516 | ) |
Auditors' remuneration | 15,702 | 18,404 |
Government grants | (44,090 | ) | (107,889 | ) |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 519,030 | 709,007 |
Deferred tax | 221,795 | 59,704 |
Tax on profit | 740,825 | 768,711 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 3,198,421 | 4,409,413 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
799,605 |
837,788 |
Effects of: |
Expenses not deductible for tax purposes | 14,666 | 2,365 |
Income not taxable for tax purposes | (20,456 | ) | (594 | ) |
Adjustments to tax charge in respect of previous periods | (32,231 | ) | - |
Impact of change in tax rates | - | 14,999 |
Research and development | (42,828 | ) | (73,067 | ) |
Enhanced capital allowances | - | (17,027 | ) |
Chargeable gains | 22,069 | 4,247 |
Total tax charge | 740,825 | 768,711 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Gain on revaluations | 292,278 | (49,653 | ) | 242,625 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 151,962 | 100,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Intellectual |
property |
£ |
COST |
Additions | 40,000 |
Impairments | (40,000 | ) |
At 31 March 2024 | - |
NET BOOK VALUE |
At 31 March 2024 | - |
10. | TANGIBLE FIXED ASSETS |
Group |
Land & | Plant & | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 | 757,931 | 700,123 | 2,070,384 | 3,528,438 |
Additions | 1,038,455 | 443,250 | 883,110 | 2,364,815 |
Disposals | - | (17,673 | ) | (156,258 | ) | (173,931 | ) |
Revaluations | 153,614 | - | - | 153,614 |
At 31 March 2024 | 1,950,000 | 1,125,700 | 2,797,236 | 5,872,936 |
DEPRECIATION |
At 1 April 2023 | 78,226 | 504,116 | 1,130,727 | 1,713,069 |
Charge for year | 15,438 | 66,547 | 358,822 | 440,807 |
Eliminated on disposal | - | (16,541 | ) | (134,592 | ) | (151,133 | ) |
Revaluation adjustments | (93,664 | ) | - | - | (93,664 | ) |
At 31 March 2024 | - | 554,122 | 1,354,957 | 1,909,079 |
NET BOOK VALUE |
At 31 March 2024 | 1,950,000 | 571,578 | 1,442,279 | 3,963,857 |
At 31 March 2023 | 679,705 | 196,007 | 939,657 | 1,815,369 |
Land and buildings originally cost £1,796,386. |
During the year, land and buildings were subject to revaluation by SMG Property, Chartered Surveyor, Independent Valuer. A gain of £153,614 has been recognised. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Land & | Plant & |
buildings | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Land and buildings originally cost £757,931. |
During the year, land and buildings were subject to revaluation by SMG Property, Chartered Surveyor, Independent Valuer. A gain of £92,069 has been recognised in the year. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
Group | £ | £ |
Other investments | 300 | 300 |
Financial assets designated at fair value through profit or loss | 1,086,811 | 1,415,288 |
1,087,111 | 1,415,588 |
The group's investments are stated at fair value. During the year a gain of £74,827 (2023 Loss - £2,629) was recognised. |
2024 | 2023 |
Company | £ | £ |
Shares in group undertakings | 20,100 | 20,000 |
Financial assets designated at fair value through profit or loss | 1,086,811 | 1,415,288 |
1,106,911 | 1,435,288 |
The company's investments are stated at fair value. During the year a gain of £74,827 (2023 - £14,597) was recognised. |
The company's investments at the Balance Sheet date in the share capital of companies include the following:- |
Combined Facilities Management Ltd |
Registered office: 65 Deerpark Road, Castledawson, Co. Derry, BT45 8BS |
Nature of business: Delivery of building, mechanical and electrical maintenance |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Leitrim No 1 Ltd |
Registered office: Unit 8 Opus Business Park, Magherafelt, BT45 6BB |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 100.00 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 | 680,000 |
Revaluations | 45,000 |
At 31 March 2024 | 725,000 |
NET BOOK VALUE |
At 31 March 2024 | 725,000 |
At 31 March 2023 | 680,000 |
Investment property originally cost £657,280 and was previously revalued in 2021. |
During the year, investment property was subject to revaluation by SMG Property, Chartered Surveyor, Independent Valuer. A gain of £45,000 has been recognised. |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 45,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investment property originally cost £657,280 and was previously revalued in 2021. |
During the year, land and buildings were subject to revaluation by SMG Property, Chartered Surveyor, Independent Valuer. A gain of £45,000 has been recognised in the year. |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Materials and consumables | 519,345 | 506,943 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,977,205 | 1,152,673 |
Amounts owed by group undertakings | - | - |
Other debtors | 31,232 | 347,314 |
2,008,437 | 1,499,987 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 386,332 | - |
Trade creditors | 5,574,946 | 2,481,022 |
Amounts owed to group undertakings | - | - |
Corporation tax | 142,191 | 391,692 |
Social security and other taxes | 1,911,143 | 1,378,615 |
Other creditors | 74,818 | 57,046 |
Accruals | 1,718,794 | 1,762,345 |
9,808,224 | 6,070,720 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 386,332 | - |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
2024 | 2023 |
£ | £ |
Within one year | 36,004 | 36,004 |
Between one and five years | 144,016 | 144,016 |
180,020 | 180,020 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank overdraft | 386,332 | - |
Bank overdraft is secured by way of a floating charge over the group's assets. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 547,298 | 275,850 | 35,418 | 1,533 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 275,850 |
Movement during year | 271,448 |
Balance at 31 March 2024 | 547,298 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Movement during year | 33,885 |
Balance at 31 March 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 5,332 | 5,332 |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | RESERVES |
Group |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 10,554,466 | - | 14,668 | 10,569,134 |
Profit for the year | 2,457,596 | 2,457,596 |
Dividends | (151,962 | ) | (151,962 | ) |
Revaluation reserve | - | 242,625 | - | 242,625 |
At 31 March 2024 | 12,860,100 | 242,625 | 14,668 | 13,117,393 |
Company |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 6,812,387 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation reserve | - | 196,466 | - | 196,466 |
At 31 March 2024 | 10,483,971 |
22. | CONTINGENT LIABILITIES |
The directors confirm that the group has no contingent liabilities at the year end (2023 - £Nil). |
23. | CAPITAL COMMITMENTS |
At 31 March 2024 the group had no capital commitments (2023 - £Nil). |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end, £Nil was owed to the directors (2023 - £Nil). |
25. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption under FRS102 Section 33 'Related Party Disclosures' not to disclose transactions with its group undertakings. |
26. | POST BALANCE SHEET EVENTS |
There have been no significant post balance sheet events. |
LEITRIM HOLDINGS LIMITED (REGISTERED NUMBER: NI036860) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr J Keenan by virtue of his shareholding in Leitrim Holdings Ltd. |