Company reglstratlon number: N1028W25 Llsnaskea Communlty Enterprlses Ltd Company Ilmfted by guaranl Unaudltod flnanclal *thtemonts 31 December 2022
Llsnaskea Communlty Enterprlses Ltd Company Ilmiied by guarantee Contents Directors and other information Directors report Staiement of comprehensive income Statement of flnancial position Stalement of changes in equity Notes to the financial statements 7-11
Llsnaskea Cornmunlty Enterprlses Lld Company Ilmlted by guarantee Dlrectors and other Infonnatlon Dlreclors Mr John Wesley Warrington Mr Ivan Ketye Mr Roderick Farrell Mr David Mcmullan Mrs Annette Murphy Mrs Valerie Crawford Mr Shaun Curran Mr James Robert Gardiner Mr Kieran Kelly Mrs Ann Swift (Resigned 31 January 2019) Secretary John Wesley Warrington Company number N1028925 Regljtered offico 158 Lisnagole Road Lisnaskea Enniskillen County Fermanagh BT92 OQL Buslne88 address Lisnaskea Business Complex Drumbrughas North Lisnaskea County Fermanagh BT92 OPE Accountants Gerard O'Brien & Co. 1 The Marf(et Place Derrylin County Fermanagh BT92 9AN Bankers Bank of Ireland 141 Main Street Lisnaskea County Fennanagh BT92 OJE Page 1
Usnaskea Communlly Enterprlses Ltd Company Ilmlled by guarantee Dlrectors report Ywdr ended 31 December 2022 The directors present their report and the unaudited financial statements of the company for the year eIed 31 December 2022. Dlrectors The directors who served company during the year were as follows: Mr John Wesley Warrington Mr Ivan Kettyle Mr Roderick Farrell Mr David Mcmullan Mrs Annette Murphy Mrs Valerie Crawford Mr Shaun Curran Mr Jarnes Robert Gardiner Mrs Ann Swift Small company provlslons This report has been prepared in accordance with the provisions applicable to companies enlilled to the small companies exemption. Thls report was arproved by ihe board of directors on .. by: J pJ.M..kn.thnd signed on behalf of the kx)ard niRÉrno£ Mr John Wesley Warrington Director Page 2
Llsnaskea Communlty Enierprlses Lld Company Ilmlted by guarantee Stalement of comprehenslve Income Yoor ended 31 December 2022 2022 2021 Noie Turnover Gost of sales 147,914 (23,641) 151.884 (20,197) Gross profll 124,273 131.687 Administratrrfe expenses Other operating income (87,186) 12,760 (78,803) 5.150 Operallng proflt 49,847 58,034 Other interest receivable and sirnilar income Profft before taxatlon 52 49,899 58.094 Tax on profit Profit for Ihe tlnanclal year and total comprehenslve Income 49,899 All Ihe activities of the company are from continuing operations. Tho notes on pages 7 to 11 form part of Ihe3e Ilnanclal statomènts. Page 3
Llsnaskea Community Enterprises Ltd Company Ilmlted by guarantee siatement of flnanclal posltlon 31 December 2022 2021 Noie Flxed assèts Tangible assets 7 1,133,226 1,158,841 1,133,226 1.158.841 Curreni assets Stocks Debtors Investments Cash at bank and in hand 37,708 16,783 200,000 239,351 37.708 16,169 391,002 493,842 444.879 Credllors: amounts falllng due wlthln one yoor 10 {23,874) 121,732) Nel current a88ets 469,968 423,147 Tolal as8els1055 current Ilabllttlos 1,603,194 1,581,988 Credltors: amounts talllng due after more than one year 11 (715,414) (744,107) Not assets 887,780 837,881 Capltal and r8servo5 Revalualion resenie Profit and loss account 46,074 841.706 46,074 791,807 Members furKIs 887,780 837,881 For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. DireorS responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their resFX)nsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable io companies subject to the small companies. rIrne and in accordance with Section 1A of FRS 102 The Financial Reporting Standard appliCae in the UK and Republic of Ireland.. The noios on pages 7 10 11 form part ol thege financknl atsments. Page 4
Llsnaskea Communliy Enterprlses Ltd Company Ilmlted by guarantee Statement of flnanclal poslllon (contlnued) 31 December 2022 These financial statements were approved by the board of directors and authorised for issue on . and are signed on behalf of the board by: rj CJ IR6"C"TLi£ Mr John Wesley Warrington Director Mr Shaun Curran Director Company reglstratlon number: N1028925 The notes on pages 7 to 11 forni part ol the80 Ilnanclal statements. Page 5
Llsnaskea Communlty Enterprlses Ltd Company Ilmfted by guarantee Stalement of changes In equlty Year ended 31 December 2022 Revaluation reseNe Profil and loss account Toial At 1 January 2021 46,074 733.713 779.787 Profit for the year 58,094 58.094 Total comprnh8nslve Income for the yoar 58,094 58,094 Al 31 D8mber 2(r21 and 1 January 2022 46,074 791,807 837.881 Profit for the year 49,899 49,899 Tothi comprehenglve Income for the year 49,899 49,899 At 31 December 2022 46.074 841,706 887,780 Page 6
Llsnaskea Communliy Enierprlses Ltd Company Ilmlted by guarantee Notes to the flnanclal st8iement8 Year ended 31 December 2022 Genernl Infomiatlon The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is 158 Lisnagole Road. Lisnaskea, Enniskillen, County Fermanagh, BT92 OQL. Stalornoni of compllance These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1 A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. ountlng pollcles Basls of prnparatlon The financial statements have been prepared on the historical cost basis. as modrfied by revaluation ol certain financial asseis and liabilities arKI investment properties measured ai fair value through profit or loss. The financial SL8tements are prepared in sterling, which is the functional currency of the enlity. Turnover Turnover is measured at the fair value of the consKleraiion received or receivable for goods suswlied and services rendered. net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant rlsks and rewards of ownership have transferred to the buyer {usually on despatch of the goods); the amount of revenue can be measured relialjy; il is probable that the associated economic benefits will flow to the entity,. and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Tanglbl8 as8819 Tangible assets are initially recorded at cost, and are subsequently stated at COSI less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount ol an asset as a resuli of a revaluation. is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profrt or loss. A decrease in the carrying amount of an asset as a result of revaluatlon Is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accurnulated revaluation gains accumulated in capital and reseNes in respect of that asset, the excess shall be recognised in profit or loss. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less Its residual value, over the useful economic life of that asset as folloY4S: Freehold property Fittings fixtures and equipment straight line reducing balance 15V. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tsngible assets. the depreciaiion is revised prospectively to rellect the new estimates. Page 7
Llsnaskea Communliy Enierprl8es Lld Company Ilmlted by guarantee Notes to the flnanclal statemenis (contlnued) Year ended 31 December 2022 Impalmient A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where ihe carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an irKlividual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest idenlifiable group of assets that includes th6 asset and generates cash inflows that are largely independent of the cash inflows from Oiher assets or groups of assets. Stocks siocks are rneasured at the lower of cost and estimated selling price sS costs io compleie and sell. Cosi includes all costs of purchase, costs ol conversion and other cosls incurred in bringing the stocks to their present location and condition. Government grnnts Governmeni granis are recognised at the fair value of the asset received or receivable. Granis are not recognised until there is reasonable assurance that the Gompany wll comply with the condilions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company r8cognises the related costs for which the grant is iniended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entty th no future related cosls are recognised in income in the period in which it becomes receivable. Grants relating io assets are recognlsed in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carying amount of the asset. Under the performance model, where the grant does not impose specified future pertormance-related conditions on the recipient. it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future pertormance-related conditions on t recipient. it is recognised in income only when the performance-related conditions have been met. Where granis received are prior to satisfying the revenue recognitlon criteria, they are recognised as a liability. Page 8
Llsnaskea Communliy Enterprlses Ltd Company Ilmlted by guarantee Noles to the flnanclal statements (contlnued) Y8ar ended 31 December 2022 Flnanclal Instruments A financial asset or a financial liability is recognised only when ihe cornpany becomes a paty to the contraclual provisions of the inslrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the wesent value of the fure payments discounted at a market rate of interest for a similar debt instrument. Debt instrumenis are subsequently measured at amortised cost. Where investments in non<onvertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised In profil or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business tenrts or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Olher financial insiruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reportiro date. If there is objectlve evidence ol Impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financlal assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credil risk characteristics. Any reversals of impairment are recognised in profit or loss immediatety, to the extent that the reversal does not result in a carrying amouni of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Llmlted by guarantee The company Is Ilmrted by guarantee wllh no share capltal, therefore the dlrectors hold no interest. Employee numbers The average number of persons employed by the company during the year amounted to 1 (2021: 1). Proflt before taxatlon Profit befor8 taxation is staled after charginty{creditiro): 2tr22 2021 Depreciation of tangible assets 41.615 41,331 Page 9
Usnaskea Communlty Enlerpriges Ltd Company Ilmlted by guarantee Notes to the flnanclal statements (contlnued) Y&dr ended 31 December 2(Y22 Tanglble assets Freehold Fixtures, property fittings and equipment Total Cost At 1 January 2022 Additions 1.830,300 16.000 104,948 1,935,248 16,000 Al 31 1)ecember 2022 1 ,846,300 104,948 1,951.248 Depreclatlon At 1 January 2022 Charg8 for the year 706,184 36.406 70.223 5,209 776,407 41,615 At 31 December 2022 742.590 75,432 818,022 Carylng amount At 31 December 2ty22 1.103,710 29,516 1,133,226 At 31 December 2021 1,124,116 34,725 1,158,841 Debiors 2022 2021 Trade debtors Other debtors 7,979 8,804 10,001 6,168 16,783 16,169 Investmenlg 2022 2021 Other Snvestments 200,000 10. Credltors: amounts talllng due wlthln one year 2022 2021 Social security and other laxes Other creditors 3,517 20,357 2.213 19.519 23,874 21,732 Page 10
Llsnaskea Communlty Enterprlses Ltd Company Ilmlted by guarantee Noles to the flnanclal Staiements (contlnued) Year ended 31 December 2022 11. Credltorg: amounts falllng duo after more than one year 2021 Other creditors 715,414 744,107 Page 11
Llsnaskea Communlty Enierprlses Ltd Company Ilmlted by guarantee The followlng pages do noi fomi part of the ststutory accounts.
Ll8naskea Communlty Enterprlses Ltd Company Ilmiied by guarantee Detalled Income ststement Year ended 31 December 2022 2022 2021 Tumover Rental income Amortisation of government grants Other income 114,156 28,693 5,065 112.620 28,693 10,571 147,914 151,884 Cost of sales Openiro stock Repairs and mainienance Light, heat and power Raies and water charges WFC, Lough Head expenses (37,708) 13.636) (3,455) (303) (16,247) (37,708> (10,184) {1,544) (693) (7,776) {61,3491 (57,905) Closing siock 37,708 37,708 123,641) {20,197) Gross prollt 124,273 131,687 Gross profli porcenthge 86.7% Ovèrheads Imlnlstraiive expenses Wages and salaries Insurance Repairs and maintenance Printing, postage and stationery TeleplK>ne Computer software and maintenance Travelling and subsistence Legal and professional fees Accountancy fees Bank charges General expenses Charitable donations Depreciation of tangible assets {18,531) (6,946) (284) (469> (723) (356> (25) 115,085) {2.750) (151) (201) (50) (41,615) (18,472) {5,741) {116) (1,292) (985) (461) (7,548) (2,700> {157) (41.331) (87,186) (78,803) Other operatlng Income Govemment granis recognised directly in income 12,760 5.150 12,760 5,150 Operntlng prolll 49,847 58,034
Llsnaskea Communlty Enlerpriges Ltd Company Ilmlted by guaraniee Detalled Income ststement (conllnued) Year ended 31 December 2022 222 2021 Operating proflt percentage 33.7% 38. Other interest receivable and similar incorne 52 Profh before taxallon 49,899 58,094