REGISTERED NUMBER: NI029475 (Northern Ireland)

DUNGANNON WEST RENEWAL LIMITED

Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

C P Mallon

F Mcaliskey

M P J McLoughlin

T Pearson

P McGinn

J McNeill

REGISTERED OFFICE:

Unit 7 Annagh Centre

Ballysaggart Business Complex

2 Beechvalley Way

Dungannon

Co. Tyrone

BT70 1BS

REGISTERED NUMBER:

NI029475 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Property, plant and equipment

5

26,849

34,041

Investment property

6

1,800,000

1,800,000

1,826,849

1,834,041

CURRENT ASSETS

Receivables: amounts falling due within one year

7

8,015

18,932

Cash at bank and in hand

41,555

67,872

49,570

86,804

PAYABLES

Amounts falling due within one year

8

(64,219

)

(91,905

)

NET CURRENT LIABILITIES

(14,649

)

(5,101

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,812,200

1,828,940

PAYABLES

Amounts falling due after more than one year

9

-

(8,748

)

NET ASSETS

1,812,200

1,820,192

RESERVES

Income and expenditure account

1,812,200

1,820,192

1,812,200

1,820,192

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 by the Board of Directors and authorised for issue on 25 November 2025 and were signed on its behalf by:

P McGinn - Director

F Mcaliskey - Director

1.	STATUTORY INFORMATION

Dungannon West Renewal Limited is a private company, limited by guarantee, registered in Northern Ireland within the UK. The company's registered number and registered address can be found on the Company information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

Revenue

Revenue is recognised to the extent that is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures and fittings

15% reducing balance

Computer equipment

15% reducing balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuations use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the income statement.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less.

Share capital

Share capital is recognised as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown as a deduction, net of tax, from the proceeds.

Finance costs

Finance costs are charged to the Income Statement over the term of debt.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 4 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

83,268

30,693

113,961

DEPRECIATION

At 1 April 2024

53,516

26,404

79,920

Charge for year

4,462

2,730

7,192

At 31 March 2025

57,978

29,134

87,112

NET BOOK VALUE

At 31 March 2025

25,290

1,559

26,849

At 31 March 2024

29,752

4,289

34,041

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

1,800,000

NET BOOK VALUE

At 31 March 2025

1,800,000

At 31 March 2024

1,800,000

The directors consider that such valuations are reflective of the open market value of the properties at 31 March 2025.

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade receivables

2,889

16,971

Other receivables

4,428

-

Other receivables

698

1,961

8,015

18,932

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

7,460

Trade payables

986

8,588

Amounts owed to group undertakings

40,000

45,100

Taxation and social security

4,297

4,516

Other payables

18,936

26,241

64,219

91,905

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2025

2024

£

£

Bank loans

-

8,748

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

-

16,208

Mortgage debenture incorporating a fixed and floating charge over all company assets present and future including a specific charge over the investment property.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

12.	ULTIMATE CONTROLLING PARTY

South Tyrone Empowerment Programme (STEP) is regarded by the directors as being the Company's ultimate parent company.