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REGISTERED NUMBER: NI029721 (Northern Ireland)















RANDALSTOWN HYDRO ELECTRIC COMPANY LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






RANDALSTOWN HYDRO ELECTRIC COMPANY LTD (REGISTERED NUMBER: NI029721)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


RANDALSTOWN HYDRO ELECTRIC COMPANY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D J O Neill
A O Neill



REGISTERED OFFICE: 8 Grange Road
Magherafelt
Co. Londonderry
BT45 5EL



REGISTERED NUMBER: NI029721 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Bank of Ireland
Market Street
MAGHERAFELT
Co. Londonderry
BT45 6EE

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RANDALSTOWN HYDRO ELECTRIC COMPANY LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report 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 Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 30 June 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


Date: .............................................

RANDALSTOWN HYDRO ELECTRIC COMPANY LTD (REGISTERED NUMBER: NI029721)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 662,563 668,451
Investments 5 78,658 78,658
741,221 747,109

CURRENT ASSETS
Debtors 6 232,580 278,241
Cash at bank 125,514 86,874
358,094 365,115
CREDITORS
Amounts falling due within one year 7 59,799 47,684
NET CURRENT ASSETS 298,295 317,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,039,516

1,064,540

CREDITORS
Amounts falling due after more than one
year

8

(409,713

)

(539,302

)

PROVISIONS FOR LIABILITIES (16,579 ) (17,940 )

ACCRUALS AND DEFERRED INCOME (15,000 ) (15,000 )
NET ASSETS 598,224 492,298

RANDALSTOWN HYDRO ELECTRIC COMPANY LTD (REGISTERED NUMBER: NI029721)

BALANCE SHEET - continued
30 JUNE 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 598,222 492,296
SHAREHOLDERS' FUNDS 598,224 492,298

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 11 March 2025 and were signed on its behalf by:





D J O Neill - Director


RANDALSTOWN HYDRO ELECTRIC COMPANY LTD (REGISTERED NUMBER: NI029721)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Randalstown Hydro Electric Company Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Randalstown Hydro Electric Company Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical conditions of the assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. It is recognised when services have been provided to customers such that the risks and rewards of ownership have been transferred to them.

Tangible fixed assets
Depreciation is provided at the following rates in order to write of the cost of the asset less its residual value over its estimated useful life.

Plant & machinery - 3% - 15% straight line
Motor vehicles - 25% straight line
Fixtures & fittings - 15% straight line


RANDALSTOWN HYDRO ELECTRIC COMPANY LTD (REGISTERED NUMBER: NI029721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

Fixed asset investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

RANDALSTOWN HYDRO ELECTRIC COMPANY LTD (REGISTERED NUMBER: NI029721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Land & Plant & Fixtures
buildings machinery & fittings Totals
£    £    £    £   
COST
At 1 July 2023 600,000 787,614 1,183 1,388,797
Additions - 18,683 - 18,683
At 30 June 2024 600,000 806,297 1,183 1,407,480
DEPRECIATION
At 1 July 2023 - 719,497 849 720,346
Charge for year - 24,469 102 24,571
At 30 June 2024 - 743,966 951 744,917
NET BOOK VALUE
At 30 June 2024 600,000 62,331 232 662,563
At 30 June 2023 600,000 68,117 334 668,451

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 July 2023
and 30 June 2024 78,658
NET BOOK VALUE
At 30 June 2024 78,658
At 30 June 2023 78,658

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 622 49,398
Other debtors 231,958 228,843
232,580 278,241

RANDALSTOWN HYDRO ELECTRIC COMPANY LTD (REGISTERED NUMBER: NI029721)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 54,636 42,010
Other creditors 5,163 5,674
59,799 47,684

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other creditors 409,713 539,302

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors loan 9,713 19,302

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company had a loan amounting to £9,713 (£19,302 at 30.06.2023) from members of key management personnel.

There is no repayment date for this loan and interest is not currently being charged.

The loan is presented within creditors: amounts falling due after one year.

10. RELATED PARTY DISCLOSURES

The company has availed of the exemption to not disclose transactions with group undertakings under
Section 33 of FRS102.