1.
General Information
Belfast Visitor And Convention Bureau Limited
is a private company, limited by guarantee, incorporated in Northern Ireland, registered number
NI034953
. The registered office is 8-9 Donegall Square North, Belfast, BT1 5GB.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are roundest to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2.
Going Concern Disclosure
The company reported a loss of £69,015 (2025: loss of £82,538) before actuarial movements through other comprehensive income. The loss includes £361,000 of actual pension contributions made by the company in the year. The balance sheet date had net assets of £932,023 (2025: £1,001,038)
The Directors have assessed the company's ability to continue as a going concern up to 12 months from the date of signing the financial statements and have implemented measures to ensure the company has sufficient cashflows and liquidity to continue to meet its obligations as they fall due.
As such the directors have a reasonable expectation that the company will continue to have 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.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover as follows:
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred can be measured reliably. This is usually on the receipt of goods.
Income from ticket sales includes only net commission in relation to tickets sold.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided on all intangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
|
Asset Class
|
Amortisation method and rate
|
|
Software
|
Straight Line Basis - Over 5 years
|
|
Website
|
Straight Line Basis - Over 5 years
|
Belfast Visitor And Convention Bureau Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Asset Class
|
Depreciation method and rate
|
|
IT, Fixture and Fittings
|
Straight Line Basis - over 5 years
|
|
Office Equipment
|
Straight Line Basis - over 5 years
|
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.6.
Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprises direct material and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost adjusted where applicable for any loss of service potential.
Cost is calculated using the first in first out method.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for the bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which usually the invoice price). Other financial stabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.7.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.
2.8.
Foreign Currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Belfast Visitor And Convention Bureau Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
2.9.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.10.
Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2.11.
Retirement benefit schemes
The company operates a defined benefit plan for the benefit of its employees. A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined obligation is measured on the actuarial basis using the projected unit method. Actuarial valuations are obtained annually and are updated at each balance sheet date.
In the prior years, the company implemented a change in accounting policy as regards to the recognition of defined benefit pension assets in the financial statements. This is in line with increasing industry practice of applying the principles of IRFIC 14 to FRS reporting.
IFRIC 14 requires allowance to be made for a minimum funding requirement, which has the effect of limiting the amount of economic benefit available to the excess of the value of prospective current service costs above the current funding requirement.
The company operates a defined benefit pension plan for qualifying employees providing benefits based upon final pensionable pay. The pension plan is funded by the payment of contributions and assets of the plan are held in a separately administered fund.
The most recent comprehensive actuarial valuation of pension plan assets and the present value of the defined benefit obligation was carried out at 31 March 2022
The principle actuarial assumptions used were as follows:
|
Defined benefit schemes
|
2026
|
2025
|
|
|
Expected rate of increase of pensions in payment
|
2.80%
|
2.50%
|
|
|
Expected rate of salary increases
|
3.00%
|
3.00%
|
|
|
Discount rate
|
6.20%
|
5.80%
|
|
|
Increase in CPI
|
2.80%
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
2.50%
|
|
...CONTINUED
Belfast Visitor And Convention Bureau Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
|
2026
|
2025
|
||
|
Years
|
Years
|
||
|
Mortality assumptions
|
|||
|
Assumed life expectations on retirement at age 65:
|
|||
|
Retiring today:
|
|||
|
-Males
|
22.00
|
21.60
|
|
|
-Females
|
25.30
|
24.50
|
|
|
Retiring in 20 years
|
|||
|
-Males
|
22.30
|
22.20
|
|
|
-Females
|
25.60
|
25.20
|
|
|
2026
|
2025
|
||
|
£
|
£
|
||
|
Amounts recognised in the profit and loss account
|
|||
|
Current service cost
|
201,000
|
324,000
|
|
|
Net interest on defined benefit (asset)/liability
|
(289,000)
|
(142,000)
|
|
|
Interest on unrecognised asset
|
278,000
|
134,000
|
|
|
Other costs and income
|
7,000
|
9,000
|
|
|
Total costs
|
197,000
|
325,000
|
|
|
2026
|
2025
|
||
|
£
|
£
|
||
|
Amounts taken to other comprehensive income
|
|||
|
Actual return on scheme assets
|
(2,358,000)
|
418,000
|
|
|
Less calculated interest element
|
(598,000)
|
(446,000)
|
|
|
Return on scheme assets excluding interest
|
(2,956,000)
|
(28,000)
|
|
|
Actuarial changes relating to obligations gains/(losses)
|
109,000
|
1,814,000
|
|
|
Adjustment gain/(loss) due to restriction of surplus
|
2,683,000
|
(1,813,000)
|
|
|
Total (income)/costs recognised in other comprehensive income
|
(164,000)
|
(27,000)
|
|
|
2026
|
2025
|
||
|
£
|
£
|
||
|
Amounts recognised in the balance sheet were as follows:
|
|||
|
Present value of defined benefit obligations
|
5,763,000
|
5,310,000
|
|
|
Fair value of plan assets
|
(8,159,000)
|
(10,111,000)
|
|
|
Pension scheme liability/(asset)
|
(2,396,000)
|
(4,801,000)
|
|
|
Unrecognised asset restricted per IFRIC14
|
2,396,000
|
4,801,000
|
|
|
(Asset)/Deficit in scheme
|
-
|
-
|
|
...CONTINUED
Belfast Visitor And Convention Bureau Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
|
2026
|
|||
|
£
|
|||
|
Movements in the present value of defined benefit obligations
|
|||
|
Liabilities at 1 April 2025
|
5,310,000
|
||
|
Current service cost
|
208,000
|
||
|
Benefits paid
|
(77,000)
|
||
|
Contributions from scheme members
|
122,000
|
||
|
Actuarial gains and losses
|
(109,000)
|
||
|
Interest costs
|
309,000
|
||
|
As at 31 March 2026
|
5,763,000
|
||
|
The defined benefit obligations arise from plans which are wholly or partly funded.
|
|||
|
2026
|
|||
|
£
|
|||
|
Movement in the fair value of plan assets
|
|||
|
Fair value of assets on 1 April 2025
|
10,111,000
|
||
|
Interest income
|
598,000
|
||
|
Return on plan assets
|
(2,956,000)
|
||
|
Benefits paid
|
(77,000)
|
||
|
Contributions by the employer
|
361,000
|
||
|
Contributions by scheme members
|
122,000
|
||
|
As at 31 March 2026
|
8,159,000
|
||
|
The actual return/ (loss) on plan assets was (£2,358,000) (2024: £418,000)
|
|||
|
2026
|
2025
|
||
|
£
|
£
|
||
|
The amount that each major class for pension plan asset of the fair value
|
|||
|
of the total plan was as follows:
|
|||
|
Equity instruments
|
3,393,000
|
4,064,000
|
|
|
Multi asset credit
|
1,085,000
|
1,355,000
|
|
|
Property
|
800,000
|
1,011,000
|
|
|
Bonds
|
2,138,000
|
1,921,000
|
|
|
Cash/other
|
743,000
|
1,760,000
|
|
|
Total
|
8,159,000
|
10,111,000
|
|
2.12.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Belfast Visitor And Convention Bureau Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 73 (2025: 74)
4.
Intangible Assets
| Computer Software | Websites | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost or Valuation | |||
| As at 1 April 2025 |
|
|
|
| Additions |
|
|
|
| Disposals |
( |
|
( |
| As at 31 March 2026 |
|
|
|
| Amortisation | |||
| As at 1 April 2025 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
( |
|
( |
| As at 31 March 2026 |
|
|
|
| Net Book Value | |||
| As at 31 March 2026 |
|
|
|
| As at 1 April 2025 |
|
|
|
5.
Tangible Assets
| IT,Fixtures & Fittings | Office Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost or Valuation | |||
| As at 1 April 2025 |
|
|
|
| Additions |
|
|
|
| Disposals |
( |
|
( |
| As at 31 March 2026 |
|
|
|
| Depreciation | |||
| As at 1 April 2025 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
( |
|
( |
| As at 31 March 2026 |
|
|
|
| Net Book Value | |||
| As at 31 March 2026 |
|
|
|
| As at 1 April 2025 |
|
|
|
6.
Stocks
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
Belfast Visitor And Convention Bureau Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
7.
Debtors
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due Within One Year
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Taxation & Social Security |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
|
|
|
||
9.
Creditors: Amounts Falling Due After More Than One Year
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred income |
|
|
|
10.
Contingent Liabilities
Grant Income
There exists a contingent liability to repay all or part of the grants received from Belfast City Council and Tourism NI (formally Northern Ireland Tourist Board) under the agreements if a default occurs under the terms and conditions of their letters of offer.
11.
Capital Commitments
There are £20,000 capital commitments at the year end 31 March 2026 (year ended 31 March 2025: £NIL).
12.
Related Party Transactions
Belfast City Council is considered to be a related party as the following Councillors were also Directors of the company during the year:
- Cllr Séanna Walsh
- Cllr Tomás Ó’Néill
- Cllr Sammy Douglas
- Cllr Eric Hanvey
The transactions with Belfast City Council included within the financial statements are as follows:
- Total income of £2,464,637 (2025: £2,296,126)
- Total expenditure of £256,195 (2025: £258,915)
- Amounts due from Belfast City Council at the balance date of £20,000 (2025: £428,727)
- Amounts due to Belfast City Council at the balance sheet date of £840 (2025: £NIL)
Many of the entities paying partnership fees to the company have common directors. These are conducted at normal market conditions for set prices. As there are part of the normal course of trade these have not been individually disclosed.
Belfast Visitor And Convention Bureau Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
13.
Operating lease commitments
Operating lease payments represent rentals payable by the company in relation to its premises. The lease was due to expire on 15 July 2023 but was extended by 5 years to July 2028.
At the reporting end date the company had outstanding commitments for the future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|
2026
|
2025
|
||
|
£
|
£
|
||
|
Within one year
|
208,764
|
208,764
|
|
|
More than one year
|
269,667
|
478,418
|
|
|
478,431
|
687,182
|
||
14.
Audit Information
The auditor's report on the accounts of
Belfast Visitor And Convention Bureau Limited
for the year ended 31 March 2026 was unqualified.
The auditor's report was signed by
Brian Stewart
(Senior Statutory Auditor)
for and on behalf of
RBCA Limited
, Statutory Auditor.
|
26 Linenhall Street
Belfast
BT2 8BG
|