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2024-03-30-accounts

FIW.4NCIAL ST.4TENI£￿Ts NEWRY .4ND MOURNE CO-OPERATIVE LIMITED REGigfERED NUMBER . N1200i8 The Directors present their report and accounts for the year ended 315t March ?0?4. The Company had a turnover of £l.019.720 durino the yezr and produced a profit of £1.370. The mernbers, loan capilal within the company is £J5,14i. Principal Actsi'ities The companv s principal activity durino the vear continued to be the letting of business units at wtN Business Park and Warr¢npoint Enterprise Centre, together with the development of new business and emplovment in the local area. The company obtained Charilable status from HM Rcvenue & Custom5 to refleet the a¥tivities and mission of the company. This was approved on 19th April ?0 l O. The company has also obtained successful registration with the newlN, fonned Cliarity Commission for Northem Ireland. This became effeciii'e I st April ?016. registralion Duniber l O??46. Directors The folloNving persons served a5 directors during the year. John Macmahon Davy Hyland Peter McEvoy Kevin Magill Kevin Starr5 Ronan Dennedy 'lichael Hughes Brendan Jackson Gordon Coulter Frank O'connor Claire Mccullough Disclosure of inform8tion to auditors Each person i¥ho was a director at the lime this report was approved confrrrn5 that: so far as they are aware. there is no relevant audit inforniation of whicli the companv s auditor is unaware; and - thcy have taken all the steps tliat they ought to have tak-en as a director in order to make themselves aware of any relevant audit information and to establish thai the company's auditor is aware of that information. Small company provisions This report been prepared in accordance with the provisions in Pan 15 of the Companies Act ?006 applicable to compaiiies Subject io the small Companies reoime. This report was approved by the board on 16th December ?0?4 and signed on its behalf: Michael Hughes Director

NEWRY & MOURNE CO-OPERATIVE LIMITED STATEMENT OF DIRECTORS, RESPONSIBILITIES The directors are responsible for preparino the report and accounts in accordance i¥itli applicable la￿, and regulations. Company law requires the directors to prepare accounts for each financial vear. Under that laNI' the directors have elected to prepare the accounts in accordance with United Kiii(ydom Generally Accepted Accounting Practice (United Kingdom Accountino Standards and applicable law). Under company laiv the direciors must not approve the accounts unless tliey are satisfied that they crive & true and fair view of the state of affairs of tlie company and of the profit or loss of the company for tliat period. In preparing these accounts. the directors are required to select suitable accountin(y policies and tlien apply them consistentl>': mak.e j udoemeiits and estimates that are reasonab5e and prudent; prepare tlie accounts on the going concern basis unless it is inappropriate to presume that tlie company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company 5 transactions and disclose with reasonable accuracj at any time tlie financial position of tlie ¢ompan) and enable them to ensure that the accounts comply witIi the Companies Act 2006. Tl?ey are also responsible for safeguarding the assets of the compan). and hence for taking reasonable steps for tlie prevention and detection of fraud and otlier irregularities.

NEWRY & MOURNE CO-OPERATIVE LIMITED PROFIT & LOSS ACCOUNT for the year ended 31st March 2024 Notes 2024 2023 Tumover 1,019.1?0 l.OJJ.700 Gross Profit Administrative Expenses Other Profit before Exceptional Items 1.019.7?0 (1.04J.J30) (2J.610) 1.03J.700 (1,016.180) 17.j?O Exceptional Items: Charitable Donations Receiv'ed 40.000 ?5.000 Operating Profit after E.x¢eptional Items Interest Payable 42.)20 (10.778) (15.020) Profit on Ord Activities before Ta T&xation l.i70 il.742 Retained Profit for Year l.i70 il.742 The'companj liad no recognised oains or losses for tl)e year other than the profit stated above.

NEWRY & MOURNE CO.OPERATtVE Lll￿ED BALANCE SHEET As at 31st March 2024 Notes 2024 2023 FIXED ASSETS Tangible Assets Investments ).186.864 37.820 3 ?24.684 i.)03,238 3.)41:058 CURRENT ASSETS Debtors Big Lottery Work4U Bank Account Cash at Bank and in Hand ij 12 i93.884 16.136 2J6,740 646.760 460,420 i6,3)9 173.971 690.750 CURRENT LIABILITIES - CREDITORS Due Within One Year Net Current Assets/(Liabilities) Total Assets Less Current Liabilities CREDITORS Due after One Year 13 (282.158) 364,602 J.589.286 (?44.173) (i l4.066) 376.684 3.717.742 (30i.024) 14 NET ASSETS 3.J4).113 3,412,718 CAPITAL AND RESERVES Member Loan Capital Capital Reserve Profit & Loss Accounl 3).143 2.J88.4i9 921.511 3,34).I IJ i5.107 2.4i7.470 920,141 3.41? 718 15 15 The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. John Macmahon. Director Approved by the Board on 16th December 2024

NEWRY & MOURNE CO-OPEIL4TIVE LIMITED CONSOLIDATED PROFIT & LOSS ACCOUNT for the year ended 31st March 2024 Notes 2024 2023 Tiimover 1.019.7?0 l.OJi.700 Gross Profit Administrative Expenses Otlier Profit before Exceptional Items 1.019.7?0 (1.046.)75) (?6.6!5) l.OJi.700 {1.019.??5} 14.47) Exceptional Items: Charilable Donations Received 40.000 Operating Profit after Exceptional Items Interest Payable i9.475 (10.778) (15.0?0) Loss on Ord Activities before T& Ta.xation {1.67i) ?8.697 Loss on Ord ActivTties after Taxation Minority Interest (1.67)) ?8.697 Retained Lossattributable to Members (1.67)) ?8.697 The group had no recO￿lsed gains or losses for the vear otlier than tlie Ios5 Staled aboiie.

NEWRY & P+lOURNE CO-OPERATIVE LIMITED CONSOLIDATED BALANCE SHEET As at31st March 2024 Notcs Z024 2023 FIXED ASSETS Tttnoible Assets InN'esimunts J ?U3.868 3.32i.01 i j.?05.968 3.3?j.113 CURREN"r ASSET% D¥biors Big Lolterv WorL4U Bank AcLouni Cash ￿ Bank and in 14and 321.705 16.136 2i7.079 j74.9?0 388.ili 56.3)9 174.310 619,184 12 CURRENT LIABILII"IES- CREDITORS DUL Within Onc Y¢iir 13 (?8? 197) (314.105) NLI Curr¢nt Assets/(Liabilitiesl ?9?.7?3 iOi.079 -[ otal Assets Less Current Liabiliiie5 3.498.691 3.630.19? CREDI"foRS Duc after One Year 14 (?44.173) (3Vi.024) NET ASSETS J?j4.j18 3.325.168 CAPITAL AND Rf_SERVES Member Loan Capital Capiial RL%erv¢ Profil & Loss A¢wunl 3).143 ?.j98.4j9 820.916 3?j4.j18 35.107 ?.467.470 8?? 591 3.32i.168 linari1￿ IntLresl 3 ?)4.518 ).3? j.168 The avcoun15 hai'e be¢n prcpared and delivercd in a¢cordanLL l¥ith the special provisionb applicable to Lompani¢s subject to the small compani¢s rL￿01mC. John Ma¢Mahon. Director Approvcd th¢ Board on 16th Deceiiibcr ?024

NEWRY & MOURNE CO-OPERATIVE LJMITED NOTES ON AND FORMING PART OF THE F1Tr4ANCIAL STATEMENTS for the year ettded 31st March 2024 I. ACCOUNTING POLICIES Basis of Preparation The accounts hake been prepared under Ihe historical cost convention and in accordance ii'ith FRS I O? The Financial Reportints Standard applicable in the UK and Republic of Ireland las applied to small entities bv section IA of the Standard). Turnover Consolidated turnover repre5enls exiemal sales. rents and revenue orants for government schemes operated bv the group. Depreciatton Depreciation has been provided on all fixed assets at rates calculated to write th¢m off evenl! oN'er the expected useful and working lives. Capital Grants Grants in respect of capital expenditure haiie been credited to a Capital Reserve and an amount equivalent to the annual depreciation on the relevani assets has been released to the Profit and Loss Account. Debtors Short terni debtors are measured at 2Tansaction price (which is usuall J. the invoice price). less any impairment losses for bad and doubtful debts. Creditors Short temi ereditors are measured at tfdn5action price {which is usually the invoice price). Loan5 2nd other financial liabilitie5 are initial [)' reco.4nized at transaction price net of anv transaction cost5 and subsequentlv measured at amortised cost determined using the effeciive interes1 Method. 2. BASIS OF CONSOLIDATION The consolidated Profit and Loss Account and Balance Sheet in¢lude the Assets. Liabilities and Tradino results of the Company and its subsidiarv as defined in the Companies Aci ?006. The Subsidiary compan}, ai ) I st March ?0?4 is as tollows:_ Newry and Moume Developments Ltd

  1. INTEREST PAYABLE GROUP 2024 COMPANY 2024 2023 2023 On Bank. Loans. Overdrafts and other loans Repayable within j years by installments Repayable wholly or partly in more than 5 years j.77? 7.006 10.778 j.?57 i.772 7.006 10.778 l i,O?O
  2. PROFIT/(LOSS) ON ORDINARY ACTIVITIES GROUP 2024 2023 COMPANY 2024 2023 Profitl(loss) on ordinary activities before taxation is stated after char01n￿receiV7ng. Charitable Donations Depreciation Auditors Remuneration (40.000) 120.17i 5,iOO (25.000) 121 ?51 (40.000) 117.40J (?i,000) 118.481 4.750 5.0?5
  3. DIRECTORS AND EMPLOYEES GROUP 2024 COMPANY 2024 2023 2023 STAFF COSTS Wages & Salaries Social Security Costs Other Pension Costs 4?6,041 i8,7i I 71.261 )J6.OJ) 41J.i90 40.)25 61.916 516.OJl 4?6.041 38.7il 41J.)90 40.525 61.916 i16.0)1 i36.0)) The average number of persons employed by the company 12

  4. TAXATION 2024 2023 The tax charge on ihe profitl(loss) for the year was as follows: Corporation tax payable on the adjusted results for the year Adjustment to previou5 year The company obtained charitable status on 19th April ?0 l O and is ex¢mpt from Corporation Tax from that date.

  5. TANGIBLE FIXED ASSETS Fiitures &. Equipment Total Buildings GROUP SCHEDULE COST SCHEDULE Al l April ?O?- Additions Disposa15 Ai i l March ?0?4 5.794.8?0 980 980 794.8?0 )17.791 DEPRECIATION SCHEDULE At l April ?O?- Charge for Year Disposals Al J l March ?0?4 ?.788.57? 1?0.171 ? ?7.099 I lJ.OS6 ?61.47J 7.08) ?.908.74i ?.640.1 s.f ?68.%)8 NET BOOK VALUE i I st March ?024 j 703.868 J.154.6)5 J) i 1st March ?0? j ).)?).059 J.267.7?1 The Net Book Value at ) I st March ?0?4 of the holdinv Compan)'s fi.Ked assets included are abO￿e are as follois: i.1 86.864 49.? jj

  6. INVESTMENTS IN SUBSIDIARY & ASSOCIATED COMPANY The tollowing amounts ￿e included in Ilie holdin(y Cornpan!, Balance Sheet Par Value Share of Oii'nership Cost Newry & Mourne Developments Ltd Oriel Developments Ltd Binnian Developments Lid j5.770 100 ?.000 45.7?0 NIA NIA 78 50 50 Oriel Developments Ltd is a compan! limited b!, guarantee in which Newrv and Mourne Co-operative Limited shares equal ownership witl) Co. Annagh Development Trust. The net asscts of the c.ompany at the last balance sheet date were stated at £l.168.)48. Binnian Developments Ltd is a company limited by guarantee in ivhich NeMiTh' and Mourne Co-operative Lirnited shares equal ownership ¥vith Ki Ik-eel Development Association Ltd. The nel assets of the companv at the last balance sheet date iiiere stated at £ l i1.7)?

  7. CAPITAL COMMITMENTS The coinpany did nol have any capital cornmitments as at ) I sr March ?0?4 noi already provided for in the accounts.

  8. CONTINGENT LIABILITIES A Contingent liability exists to repay grants to Invest Nl and IFI in the event of the company ceasing to operate as an Enrerprise Agenc}i or failinu to honour undertakinqs specified in the relevant agreernents. I I. DEBTORS- (Due within one year) GROUP 2024 2023 COMPANY 2024 2023 Trade Debtors Amount due from Subsidiary Due from Associaled Company Other Debtor5 J?0.626 j?0.62i 71.9i7 15i.7iO 1.084 460.4?0 li),7)0 1.079 j?1.705 1.0?7 J9).884 J88.) l )
  9. CASH AT BANK The Work 4U Plus Bank Account is a separate designated bank account for tlie Work 4U Plus Prooramrne funded by the Big Lottery Fund. These monTes are held restricted funds and only used for the puryoses of delivering the Work4U Plus programme. During the financial year there w'ere transfers received into this account ?70.70. The balance on hand on this designated account at ) I st March 20?4 from the Big Lonery Fund totalling £)). vas£16.li6.
  10. CREDITORS- (Due within one year) GROUP 2024 COMPANY 2024 2023 2023 Bank Loan & Overdraft Creditors & Accruals Taxation & Social Security 74.4)? 154.J70 74,4)? 188,426 74.4)? li4.J)I 74,45? 188,J87 28? 197 i14.loi 28? 158 )14,066
  11. CREDITORS- (Due after more than one year) GROUP 2024 2023 COMPANY 2024 2023 Bank Loans & Overdrafts ?44.17J J05.0?4 305.0?4

A loan of £JOO.000 Nl'as taken out ivith NeN4'r! Credit Union Ltd in Julv ?018 ivith a repai'ment period of ten years. A further loan of £1 10.000 was taken out iviih Newry Credit Union Ltd in August ?0?? Thi securiti, held b Newry Credit Union Lid consists of a first leoal chart)e Dver the ¢ompanv s le￿ehOld business units at Warr¢T)point Enterprise Cenrre. Neivry Road. Warrenpoint. Co. Down. This loan replaced all previous business loanq with Ulster Bank Lid w'ho relinquished all fomis of securitv held b!, that bank previouslv. 15. RESERVES GROUP CAPITAL PROFIT &. RESERVE LOSS Alc COMPANY CAPITAL PROFIT & RESERVE LOSS Alc At 1st April ?0?" Retained ProfiU(Loss) for the Year Minority Interest Repaid Amortisaiion of Grant Grant Receivable ?.467.470 8?2.i91 (1.675) ?.457.470 9?0.141 (69.011) (69.011) At J 1st March ?0?4 ?.)98.459 8?0.916 ?,j88,4j9 The Capital Reserve in the Cornpanv Balance SheeL consisls of Government Grants received as explained in nole l (iii). An additional capital reserve arises on consolidation of the purchase b}, the companv of ?5.000 £ I 'B' Share< in Newry and Mourne Developmenys Ltd al a priee of £15.000. in 1986. 16. DEFERRED TAX Deferred tax is not applicable as the coiiipany obtained charitable status ivith effeci from 19 April ?0 l O.