Belfast City Centre Management Company Limited NI037696 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is delivering additional services into Belfast city centre, on behalf of its core funders, which contribute in a measurable way to a cleaner, safer, more attractive, accessible and economically vibrant city. Digita Accounts Production Advanced 6.30.9574.0 true true NI037696 2023-04-01 2024-03-31 NI037696 2024-03-31 NI037696 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI037696 core:CurrentFinancialInstruments 2024-03-31 NI037696 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI037696 core:Non-currentFinancialInstruments 2024-03-31 NI037696 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI037696 core:FurnitureFittingsToolsEquipment 2024-03-31 NI037696 core:OtherPropertyPlantEquipment 2024-03-31 NI037696 bus:SmallEntities 2023-04-01 2024-03-31 NI037696 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI037696 bus:FullAccounts 2023-04-01 2024-03-31 NI037696 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI037696 bus:RegisteredOffice 2023-04-01 2024-03-31 NI037696 bus:Director17 2023-04-01 2024-03-31 NI037696 bus:Director6 2023-04-01 2024-03-31 NI037696 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI037696 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI037696 core:OfficeEquipment 2023-04-01 2024-03-31 NI037696 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI037696 core:PlantMachinery 2023-04-01 2024-03-31 NI037696 countries:AllCountries 2023-04-01 2024-03-31 NI037696 2023-03-31 NI037696 core:FurnitureFittingsToolsEquipment 2023-03-31 NI037696 core:OtherPropertyPlantEquipment 2023-03-31 NI037696 2022-04-01 2023-03-31 NI037696 2023-03-31 NI037696 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI037696 core:CurrentFinancialInstruments 2023-03-31 NI037696 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI037696 core:Non-currentFinancialInstruments 2023-03-31 NI037696 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI037696 core:FurnitureFittingsToolsEquipment 2023-03-31 NI037696 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: NI037696

Belfast City Centre Management Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Belfast City Centre Management Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Belfast City Centre Management Company Limited

Company Information

Directors

Andrew Jude Webb

Geraldine Duggan

Registered office

2nd Floor
Sinclair House
95-101 Royal Avenue
Belfast
BT1 1FE

Solicitors

Nigel Greeves
Sinclair House
89 Royal Avenue
Belfast
BT1 1FE

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Belfast City Centre Management Company Limited

(Registration number: NI037696)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

257

Current assets

 

Debtors

6

23,831

21,447

Cash at bank and in hand

 

102,794

113,712

 

126,625

135,159

Creditors: Amounts falling due within one year

7

(61,940)

(61,651)

Net current assets

 

64,685

73,508

Total assets less current liabilities

 

64,685

73,765

Creditors: Amounts falling due after more than one year

7

(17,171)

(27,816)

Provisions for liabilities

-

(49)

Net assets

 

47,514

45,900

Capital and reserves

 

Profit and loss account

47,514

45,900

Total equity

 

47,514

45,900

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................

Andrew Jude Webb
Director

 

Belfast City Centre Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
2nd Floor
Sinclair House
95-101 Royal Avenue
Belfast
BT1 1FE

These financial statements were authorised for issue by the Board on 20 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the net asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised a a liability.

 

Belfast City Centre Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Festive Lighting

7 years straight line

Office Equipment

3 years straight line

Structural Lighting

8 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Belfast City Centre Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

 

Belfast City Centre Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

257

3,066

5

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

11,367

617,900

629,267

At 31 March 2024

11,367

617,900

629,267

Depreciation

At 1 April 2023

11,110

617,900

629,010

Charge for the year

257

-

257

At 31 March 2024

11,367

617,900

629,267

Carrying amount

At 31 March 2024

-

-

-

At 31 March 2023

257

-

257

6

Debtors

2024
£

2023
£

Trade debtors

22,020

15,470

Prepayments

1,811

2,249

Other debtors

-

3,728

23,831

21,447

 

Belfast City Centre Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

10,645

10,648

Trade creditors

 

1,124

4,876

Taxation and social security

 

38,882

35,357

Other creditors

 

5,224

4,705

Accruals and deferred income

 

6,065

6,065

 

61,940

61,651

Due after one year

 

Loans and borrowings

8

17,171

27,816

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,645

10,648

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

17,171

27,816

 

Belfast City Centre Management Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

131,019

59,573