INDEPENDENT.4UDITORS REPORT TO THE NqEMBERS OF NEWRY AND
MOURNE CO-OPERATIVE LTD
Opinion
le have audited ilie aLLOLillis ofNLii.T¥' and [oume Co-opifdiiie Ltd for thc endcd 31 qi 511arch
?0?4 11.liich compribc thkn Profil and Loss accouni and Balance ShLei. LIIL ConsolidatLd Profit and Loss and
Balance Sheei. and noie5 10 Ihe financial siaiemenLs inknluding a suinmar¥' of sienitirani aLcouniin? policiLS.
ThL finanLial rcportine linmL%I'ork ihat has bL"Ln applied in tlieir prepardtion is applicablc la1. and LinitLd
Kinlidom .4Lcounling %iandards. in¥luding fRSI O? "-fhe Financial Reportin£ Standard applicable in ihe UK
and ilie R¥piiblic of Ir¢land" IUniLLd kinodom Generall) AccLpi¥d ALcounling Praciiccl.
In Dur opinions ihe aLcoun(s:
I>L a ifuL and fair ol. Ili¥ slatc ol"th¢ (troup and ¢ompanv's aiTairs as ai 3151 MarLlI ?0?4 and of its
105s ol the gmup and profil of rhL companv lor ilie viyr thLn cnded:
have bcLn propLrlN' prcparLd in acuordance i¥'ith Uniied Kingdom GerlIN Accepicd Accouniing
PrncliLe'
haNL beLn prLparcd in accordani¢ i4iih thr r¥-quifLmcnts of ihc CompaniLs Aci ?006
Basis of Opinio
We conduclcd our audit in 3ccordan¢e ii'iih Ini¢rnaiional Srnndards on Auditing IUk}118As {UK}l and
ppli¥able laii,. Our respoT)sibiliiics linder Ih05L Standards arc furiher dcscribed in rhc .4udiior s
rLponsibililies l()r the audiz of the accounts s¢¢'liDn ol'our report. We are indepLndcnt ol. the company in
accordanLe i¥iih the ¢rhical requiremcnts ihat are rclei'ani io our audil ofthe accounts in die UK. including
the fRC'i Etl)ical Stand
IN'DEPEN'DENI T.4l!DITORS REPORT TO THE IIIENIBERS OF tN'EII'RI',KND .IiOiIRNI E CO-OPEILITII.'E LTD Other information ThL other infornialion comprisC5 thb informalion included in Ilie reporr and aLLLiuni& oihcrihan IIiL accounis and our audiior s rcport thcrcon. -I'lic direorS reqponsiblc for the oil)er informalion. Our opinion on iht accounrs doL'S not covcr Ihc oiliLr inlorniaiion and. ¢ic¢pl to ihc LNlcni otliLr¥iise plicitl¥ siaied in our report. il'e do nol an¥. lorm OrSUranC¢ concluiion thLreon. In conneciion iyiih c7ur ¢iudii ofihL accoLini%. our L'%ponKihililN' 1% io read the other infortnatiiTrn and. in doiEift.w. ionsid¢r ii'hLihcr zhe othLr inlDmi2tiun is mat¢rialli' inLonsistLnL i¥ith thi accounts i)r i)ur knoM,Icd<>e obiained in thL alidti i)r oili¢rni.'i.EL app&qrs to be mai¢ritsll!' niisstated. Ifi¥'e ideniiti"" 5ULh niat¢rial inconsibi¢nci¢s or apparent materi411 n)i5s11¢ ILmcnLt ii.'c arc r¢quir¥d lo deterrnine ii,heiher IhLrL is a mtsierial misstatLrntnl in thc accounis or a matcrial mibstateni¢ni afthL other informati(?n. Ir. based on lh¥ i¥'ork hai'e PLrlonned. li'e conclude that EhLre is a maieriai misstatLmLnl of Ihis other inl"onnaiion. kve are r¢quir¢d io rcpon thai l-aci. W¢ hak'c noihing 10 rtpon in this rcgard. Opinions on other matter5 pre5eribed b!, the Cnmpantcs.Act 2006 In our opini()n. b¢d on the i¥'ork undenak'cn in EIi¢ course ol'ihc udil: Ihc information vcn in ihc dirLclor5 report for lh¥ financial l'e for %vhi¢h ihe acctrunLs arL prepared is ci)nsisteni ii'iih lh¢ J¢counLs' and - the direclors. report h&$ btyn prepared in accordJncL 1th applic2blL l¢gaI requirLmLnL% latters on which ITr¢ are requircd to repibrt h¥, cxception In the li2hi ol-lhe knoi4,ledg¢ and undetsiandino of the companx. and lif environmeni obiained in Ihc coursc ofihL audiL we hair6 noi id¥ntified Tnalcrial mi5.4iatcni¢nts in ihe dirccior% rL'POn. 'e habe noihing to repori in reSPL of the folloiiiin? mattm in rLlaiion lo i%hich Ihc Companie% ALt ?006 rL'quires us 10 repon lo i'ou if. in our opinion.. adcquale accounting record% hsIe noi b¥en kcpi. or r¢iurn< adequaie for our audit hai.'e not biTn re¢eiKed from branches noi K'isited by us: or - the ac¢ouni* are noi In agrLYment ii'iih ihe an[in0 rccards r¢rurn%: nr rtain disclusures ol'dir¢¢Lor%" mUneral10n speeilied bN. laN% not rn8dc- or 'c hal'e noi recei.¢d all the inlorniaiion and PlanationS Nve require for our iTrudil: or IhL directors ivcrc not ¢nliil¢d to pr¢pare th¢ accounts in ttLcordaftcL Ni'iih the COEt2panic% regime and take advantage ol'the small companie.g exempt50ns in prLptirina ihe dsreLlors repon and from IhL requir¢mcni to prepare a sTra21C repon. Respnnsibilitics of directors As explained rn0 tullN in th¢ directors rcsponsibilitl¥S StalLment. the dirtcloTS TpOnSIbl¢ for rhc preparation of the accounL% and for bLing satiqficd that tl)eN' i?iN'¢ a truc and fair Vl¢ll'+ &1nd Cor 4uch inlLmal contral as the directors deiennine i5 nec¢ssm' 10 ¥nabl¥ Ihe preparation of CoUnt5 thai are frce from niaterial missraremeni. Ivlicther due fraud or error. In preparing Ihe accounts. the dirccEors arc rc5ponsible for $esSin the companv"s abiliTh' to continuc a Cyoing concern. disclosin> applicable. mattLrs related to uoing concLrn <d uiin¥ the going ¢on¢em blS of aLLunting unliss ilie dittclor5 either inlLTd 10 liquidalc Ihc compani, or to ce&%e operations. or have no reali.%iic alrcTnatii'e bul EO do w.
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NEWRY AND MOURNE CO-OPERATIVE LTD Auditor'5 responsibilities for tbe audit of the accounts Our objectives are to obtain reasonable assurance about wbether the accoLtnts a5 a whole are free from material misstalement, %vhether due to fraud or error, and to i55ue an auditor s report that includes our opinion. Reasonable assurance is a hioh level of 2ssurance, but is not a nuarantec that an audii conducted in aecordance with ISAS (UK) will alivays detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are -Jeoate. they could reasonablv be elpected to influence the economic considered maierial if, individuallv or in the a{5(F decisions of users tak'en on the basis of these accounts. Irregulariti¢s. inclLLding fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. 10 detect material misstarements in respect of IegUlar1tie5. includino fraud. The specific procedures for this engagement and ihe extent to ivhich these are capable of detectino irregularities. includino fraud is detailed belo, Identifvinu 2nd Assessin otential risks related to irr ularities In identifying and assessin? risks of material misstatrnenl in respect of irreoularities. includino fraud and non-compliance with laws and re(Fulations. we considered the folloiying: the nature of the industry and sector. Control environmeni and business performance results of our enquiries of manaoemeni about their identification and assessment of the risks of irregularities any matters which we have identified havino obtained from management wliether they were aware of an). instances of non-compliance and Ivliether t]iey have knowledoe of any actyal. suspected or alle£ed fraud. and reviewin(y the internal controls established to mili(yate risk" of traud or non-compliance urith laws and reaulations. and the niatters discussed among tlie audit enoa(mieent team reoJrdinty how and where fraud miiyht occur in the financial staiements and any poiential iT)dicators of ti7ud. A5 a result of ihese procedures, we have identified the oreatest potential for fraud in Ihe areas which manatsement (s required to elercise siiynificant judtsement. In common with all audits under ISA'S (UK). we are also required ro perforni specific procedures to respond to tlie risk of rnana<Tement OVeIde. We also obtained an understandints of the leThal and regulatory framework thar the Compan! operates in. focusing on provisions of those laws and reoulation5 that had a direct effect on the deternlination of material amounts and disclosures in the financial statements. The key laws and reoulaiions ive considered in this context included the UK Companies Act. pension and tax leoislation. In addition. w'e considered provisions of other laws and recpulations that do not have a direct effect on the fTnancial statements but compliance with w'hich ma!, be fijndamental to the Companv's ability, to operate or lo avoid a material penalty. niese included data protection, employment, environmental and health and safety regulations. Audit res onse to risks identified As a result of perforniin¥ the aboi'e. we identified the potential for mana(F¢m¢nt override ot.the controls as a key audil TTialler related to tlie poieniial risk of fraud. Our procedures to respond to tlie risks identified included Ihe following:
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NEWRY AND MOURNE CO-OPEtL4TIVE LTD reviewing the financial statement disclosiires and testing io supporting dociimentation to asiess compliance with provisions of relevant laii's and reoulations described as having a direct effect on tlie financial statements- enquiring of manaoement concernin(y actual and poteiitial litioation and claims- perforniintr analytical procedures to identifv. any unusual or unexpected relationsliips that manv indicate risk's of materi21 misstatement diie to fraud- reading minutes of meetinos of those cliarqed ivith trovernance- and iii addressing tlie risk of fraud through niana?einent oiierrid¢ of controls: testiiio the appropriateness of journal entries and other adjustments- assessinLT ivhetlier tlie judgenients made iii makino accountin£ estimates are indicative of a potential bias: and evaluatino the busTness rationale of aiiTr' si¢>nificant transactions that are unusual or outside tlie normal COLirse of business. We also communicated relevant identified laKTr's and regiilations and potLlltial fraud risks to all eiigagement tea]n niembers and remained alert to any indications of fraud or non-cornpliance ivitli laivs and regulations throu(yliout the aiid il. A furtlier descriptioii of our responsibil ities for the aLidit of tlie financial stateiT]ents is located on the Financial Reporting Council's website at .'wW.frC.Org.uklaiIdIt0rsreSponSIb]IitIes. This description fornis part of our auditor's report Use of our report This report is made solelv to the companv s members. as a bodN'. in accordance Kvitli Chapter J of Part 16 of the Companies Act 2006. Our audit ivork hLs been undertak'en so tliat we mi(yht state to the company's members those matters li'e are required to state to tliein in an auditor's report and for no other purpose. To the fullest extent pemiitted bi laii,, we do not accept or assiime responsibi litr to anyone other than the company and the company's members as a bod!. for oiir auéit work. for rliis report. or tor the opinions ive have fornied. Ben Revnolds A A (Senior Statutorv Auditor) For and on behalf of Fitzpatrick & Keariiey Ltd CharteTed Accountants & StatutoTr Audilors l Oc Marcus Square Newry, Co. Down, BT34 1 AE 16tli December 2024