Registered number.. N1028953 CLONOE RURAL DEVELOPMENT AGENCY LIMrrED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 chmcg OHAGAN MrGLINCHEV & CO
Clonoe Rural Development Agency Limited Contents Page Company Information Dirertors. Report Accountant's Report Income and Expenditure Account Balance Sheet Notes to the Financial Staternents The following pages do not fom part of the statutory accounts.. Detailed Income and Expenditure Account
Clonoe Rural Development Agency Limited Company Information For The Year Ended 30 September 2024 Directors Mr Adrian Hughes Mr Colin O'Neill Company Number N1028953 Registered Office 93 Washingbay Road Clonoe Coalisland Co. Tyrone BT71 4PU Accountants O'Hagan McGlinchey & Co 36 Dungannon Road Coalisland Dungannon Tyrone BT71 4HP Bankers AIB {NII 18-20 Scotch Street Dungannon Tyrone BT70 IAZ Page I
Clonoe Rural Development Agency Limited Company No. N1028953 Directors. Report For The Year Ended 30 September 2024 The directors present their report and the financial statements for the year ended 30 September 2024. Directors The directors who held office during the year were as follows: Mr Adrian Hughes Mr Colin O'Neill statement of Directors. Responsibilities The directors are responsible for preparing the Dirertors. Report and the financial statements in accordance with applicable law and regulations. Company law requires the dirertors to prepare financial ststements 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to: select suitable accounting policies and then apply them consistently- make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial infonnation included on the company's website. Legislation in the United Kingdom goveming the pparatiOn and dissemination of financial statements ay differ from legislation in other jurisdictions. Small Company Rules This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companie5 Art 2006. On behalf of the board Mr Adrian Hughes Director 19th May 2025 Page 2
Clonoe Rural Development Agency Limited Accountant's Report For The Year Ended 30 September 2024 Report to the directors on the preparation of the unaudited statutory accounts of Clonoe Rural Development Agency Limited for the year ended 30 September 2024 In order to assist you to fulfil your duties under the Companies Act 2006, 1 have prepared for your approval the accounts of Clonoe Rural Development Agency Limited for the year ended 30 September 2024 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the accounting records and from information an explanations you have given to us. As a practising member of the Institute of Financial Accountants {IFA), we are subject to its ethical and other professional requirements which are detailed at https-/Jwww.ifa.org.uklabout-us/acting-in-the-public-interest/memberregulations. This report is made solely to the directors of Clonoe Rural Development Agency Limited, as a body, in accordance with the terms of our engagement letter dated 16 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Clonoe Rural Development Agency Limited and state those matters that we have agreed to state to the directors of Clonoe Rural Development Agency Limited, as a body. in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clonoe Rural Development Agency Limited and its directors, as a body, for our work or for this report. It is your duty to ensure that Clonoe Rural Development Agency Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets. liabilities, financial position and profit or loss of Clonoe RuTrl Development Agency Limited. You consider that Clonoe Rural Development Agency Limited is exempt from the statutory audit requirement for the year. We have not been instrurted to carry out an audit of the accounts of Clonoe Rural Development Agency Limited. 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. 19th May 2025 O'Hagan McGlinchey & Co 36 Dungannon Road Coalisland Dungannon Tyrone BT71 4HP Page 3
Clonoe Rural Development Agency Limited Income and Expenditure Account For The Year Ended 30 September 2024 2024 2023 Notes TURNOVER 363,831 322,239 GROSS SURPLUS 363,831 322,239 Administrative expenses {64.055} (71,642) OPERATING SURPLUS 299,776 (22, 178) 250,597 { 1,785) Interest payable and similar charges SURPLUS FOR THE FINANCIAL YEAR 277,598 248,812 The notes on pages 6 to 7 forni part of these financial statements. Page 4
Clonoe Rural Development Agency Limited Balance Sheet As At 30 September 2024 2024 2023 Notes FIXED ASSETS Tangible Assets 2,294,421 1,705,273 2.294,421 1,705,273 CURRENT ASSETS Debtors 40,425 16,830 46,069 39,591 Cash at bank and in hand 57.255 85,660 Creditors: Amounts Falling Due Within One Year (16,113) (88,647) NET CURRENT ASSETS {UABILITIES) 41.142 {2,987) TOTAL ASSETS LESS CURRENT LIABILITIES 2.335.563 1,702,286 Creditors: Amounts Falling Due After More Than One Year (379,042) {23,363) NET ASSETS 1,956,521 1,678,923 Income and Expenditure Account 1.956,521 1,678,923 MEMBERS. FUNDS 1,956,521 1,678,923 For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companie5 Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Art 2006. The directors acknowledge their responsibilities for complying with the requirements of the Att with respett to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subjett to the small companies regime. On behalf of the board Mr Adrian Hughes Director 19th May 2025 The notes on pages 6 to 7 fom part of these financial statements. Page 5
Clonoe Rural Development Agency Limited Notes to the Financial Statements For The Year Ended 30 September 2024 l. General Information Clonoe Rural Development Agency Limited is a private company. limited by shares. incorporated in Northern Ireland, registered number N1028953. The registered office is 93 Washingbay Road. Clonoe. Coalisland, Co. Tyrone, BT71 4PU. 2. Accounting Policies 2.1. Basis of Preparation of Financial Ststements The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 sertion IA Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 2.2. Turnover Turnover is measured at the fair value of the consideration receive¢J or receivable, net of discounts and value added taxes. Turnover includes revenue eamed from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, bateS and other similar allowances. Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contrart. The stage of completion of a contrart is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. 2.3. 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 fixeé assets, less their estimated residual value, over their expected useful lives on the following bases- Freehold Plant & Machinery FiXtuS & Fittings Fully Depreciated 25Vo Reducing Balance 3. Average Number of Employees Average number of employees, including dirertors. during the year was: NIL (2023: NIL) 4. Tangible Assets Land & Property Freehold Plant & Machinery Fixtures & Fittings Totsl Cost As at i October 2023 1,670,015 597,962 57,424 243,029 1,970,468 597,962 Additions As at 30 September 2024 2,267,977 57,424 243,029 2,568,430 Depreciation As at l October 2023 57.424 207,771 8,814 265,195 8,814 Provided during the period As at 30 Septernber 2024 57,424 216,585 274,009 Net Book Value As at 30 September 2024 2,267,977 26,444 2,294,421 As at l October 2023 1,670,015 35,258 1,705,273 Page 6
Clonoe Rural Development Agency Limited Notes to the Financial Statements (continued) For The Year Ended 30 September 2024 5. Debtors 2024 2023 Due within one year Trade debtors 355 355 VAT 40,070 45,714 40,425 46,069 6. Creditors: Amounts Falling Due Within One Year 2024 2023 Trade creditors Bank loans and overdrafts Accruals and deferred income 2,181 12,732 1,200 74,315 12,732 1,600 16,113 88,647 7. Creditors: Amounts Falling Due After More Than One Year 2024 2023 Bank loans 379,042 23,363 8. Share Capital Page 7
Clonoe Rural Development Agency Limited Detailed Income and Expenditure Account For The Year Ended 30 September 2024 2024 2023 TURNOVER Sales Rental income Grants and donations received 140 2,897 24,046 295,296 33,026 330,665 363,831 363,831 322,239 322,239 GROSS SURPLUS Administrative Expenses Rates 4,809 17,002 7.811 264 4,789 11,697 6,292 417 Light and heat Premises insurance Computer software, consumables and maintenan Repairs, renewals and maintenance Telecommunications and data costs Accountancy fees Professional fees 18,292 320 1.667 4,591 25,536 495 600 9,056 400 Subscriptions Bank charges Depreciation of fixtures and fittings Sundry expenses 334 8.815 150 315 11,760 285 {64,055} {71,642) OPERATING SURPLUS 299.776 250,597 Interest payable and similar charges Bank loan interest 22.178 1,785 {22.178} {1,785) SURPLUS FOR THE FINANCIAL YEAR 277,598 248,812 Page 8