Company Number N1040086 Charity Number 100642 Forkhill & District Development Association Ltd (A company limited by guarantee) Report and Financial Statemenls For the year ended 31 January 2019 Forkhill & District Developmènt Assoclatlon Ltd Report and accounts Contents Pag• Legal and Administrative Information. Trustee's Report Examiners, report Profit and loss account Balance sheet Notes lo the a¢￿Unts Forkhill & District Development Assoclatlon Ltd Company Information Trustees and Dlractors Raymond Mc Cummiskey Marie Grant Socrntary Marie Grant Accountants Boyte and Go Accountants Ltd 4 Forkhill Business Centre Main Street Forkhill Newry Co Down BT35 9SG Banker• First Trust Bank 4244 Hill Slr8et N8Wry Co Dovm BT34 1AU 8oll¢ltorn Tiernans Solicitors 86 Dublin Road Newry Co Down Reg18tor•d offlc• S Forkhill Business Centre Main Street Forkhill Newry Co Down BT35 9SG Reg18ter8d number N1040086 Forkhill & District Development Association Ltd Profit and Loss Account for the y8ar ended 31 January 2019 2019 2D18 Tumover 27,045 23,649 Gross profit 27,045 23,649 Adminislralivè expenses 128.8881 130,6691 OpeTatlng1088 11,8431 17,0201 Intsr6St payable 11,3581 11,4241 Loss on ordlnary a¢tlvltle• before taxatlon 13,2011 Tax on loss on ordinary activiiies 11.0701 Lo83 for the flnanclal year 4,271 Forkhill & Dlstrlct Development Association Ltd Registered number: N1040086 Balance Sheet as at 31 January 2019 Notes 2019 2018 Fixed assets Tangible assets Inve51rnents 430,164 250 430,414 439,191 250 439,441 Current a8$0ts Debtors Cash at bank and in hand 5,958 5.716 11.674 4,484 3,455 7,939 Creditors: amounts falling duè wlthln one year (17,896} 113,7671 Not ¢urrent IlablllWe• 16.222) 15,8281 Totsl a88Ot$ le88 currenl Ilabllltlo1 424.192 433,613 Crndltorn: amount8 falllng duo aft8r more thftn on• year {17,719) 122,8691 Not a88Ot8 406,473 410,744 Capltal and resorvos Profit and loss account 4C6.473 410.744 Shareholders. funds 406,473 410,744 The directors are satisfied that the company is entrtled to exempb'on from the requirement lo obtain an audit under sect'on 477 of the Companies Act 20C6. The members have not required the company to obtain an 8udil in 8ccordance with section 476 of the Act The directors acknovAedge their resFonsibilikn"es for complying ihe requirem8nts of the Companies Act 2006 with respect lo accounting words and the preparation of accounts. The accounts have been prepared and delivered in a¢¢ordance vitth the special provisions applicable lo ¢omp8nies subject to the small companies regim8. The profft and loss account h8s not been delivered to the Registrar of Companies. Raymond Mccummiskey Director Approved by the board on 28 October 2019 Forkhill & District Development Association Ltd Notes to the Accounts for the year ended 31 January 2019 1 Accountlng policies 8asls of preparatlon The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland las applied lo small entities by section 1A of the standard). Tumov8r Turnover is measured al the fair value of the consideration received Of receivable, net of discounts and value added taxes. Tumover includes revenue earned from the sale of goods and from the rendering of services. Tumover from the sale of goods is recognised when the signrficanl risks and rewards of ownership of the goods have Iran$ferred to the buyer. Tumover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred lor work performed to dale to the totsl estimated contract Costs. Tanglbl• flxed assets Tangible fixed assets are measured at cost less accumulatNe d8pr8ciation and any accumUlat￿e impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, al rates calculated lo writ8 off the cosL less estlmaled residual value, of each asset evenly over its expected useful lrfe, as follows.. Freehold bulldlngs Plant & Machinery 2% ￿dUCIng balance 25% reducing balance Dobtorn Short term debtors are measured al Iransacbon price (which Is usualty the invoice pricel, less any Impairment losses for bad and doubtful debts. Loans and other financial assets are initially r8eognised al transaction prrce including any transaction costs and subsequèntly measurod at amortised ￿$1 determined using the effective interest method, less any impairrnenl josses for bad and doubtful debts. Credltors Short lenm creditors are measured at transaction pnce (which is usually the invoice pricel. Loans and other financial liabilities are initially recognised al transaction price net of any transaction costs and subsequently measured 81 amortised cost delem7ined using the effectwe interest meth1￿. Taxation A current lax liability is recognised for the tsx 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 liming differenc8S b&￿en the recognition of income and expenses in the financial ststements and their inclusion in tax assessments. Unrelieved lax losses and olher deferred tax assets are recognised onty to the exter71 that it is probable that they wll be re(xJvered against the reversal of deferred lax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substanlivety enacted by the reporting dale and that are expected lo apply to the reversal of the b'ming difference. except for revalued land and investment propety where the lax rate that applies to the sale of the asset is used. Cuffenl and defeired lax assets and liabilities are not discounted. Forkhlll & Dlstrlct Development Assoclatlon Ltd Notes to the Accounts for the year ended 31 January 2019 2 Tanglbla flx8d assets Plant and ma¢hlnery Otc Land and buildings Total Cost At 1 February 2018 Al 31 January 2019 581,584 581,564 18.683 18.663 600,227 600,227 Oepreclatlon Al 1 February 2018 Charge for the year Al 31 January 2019 143,428 8.763 152,191 17,608 161,036 9,027 170.083 17.872 Net book v4lu• At 31 January 2019 429,373 791 430,164 Al 31 January 2018 438.136 1.055 438,191 Freehold land and buildings.. 2019 2018 Hlslorlcal cost Curnulalive depreciation based on historical cost 581,564 152,191 429,373 581,564 143,428 438,138 3 Inve3tm¢nt¥ Other Inv88tments Total Cost Al 1 February 2018 250 250 At 31 January 2019 250 250 3 D•btor8 2019 2018 Trade debtors Other debtor5 5,958 4,484 5,958 4,484 Forkhill & District Development AssoGiation Ltd Notes to the Accounts for th8 year ended 31 January 2019 4 Credltors: amounts falling dug wlthln one year 2019 2018 UCIT loan Déferr8d income Trade creditors Corporation tax NMEA VAT 5,867 1,500 141 1,070 7,914 1,404 17.896 5,867 1,500 435 5,209 756 13,7S7 6 Crodltor8.' amounts falling due aftor on• year 2019 2018 UCIT Loan other creditors 13,266 4,453 17.719 18,916 3,953 22,869 Forkhill & District Developrnent Association Ltd Detatled proflt and loss account for the year ended 31 January 2019 2019 2018 Sales 27,045 23,648 Gr080 proflt 27,045 23,648 Admlnistratlvè expensès 128,8881 130,6691 Operatlng1088 (1.8431 17,0211 Interest payable 11,358) 11,424) Loss bglorg tax 3,201 8.444 Forkhill & District Dèvèlopment Assoclatlon Lld Detailed profit and loss account for the year ended 31 January 2019 2019 2018 Sale8 Sal&$ 27,045 27,045 23,648 23,648 Premises ¢osts'. Light and heal 300 300 217 217 Gèneral admlnlstrative expenses: Bank charyes InsuranGe Repaiis and maintenance Depreciation Rates Bad debts Special event 213 1.227 12,103 9,027 209 1,751 9,576 9,293 1,720 1,062 276 23,887 1,274 95 23,939 Legal and professional costs.. Accountancy fe88 Management fees Advertising and PR Other legal and professional 1,900 2,254 495 1,900 2,248 417 2,000 6,565 4,649 28,888 30,669