## **Poyntzpass Community Regeneration Company Limited**
**(A company limited by guarantee not having a share capital)**
**Financial statements for the year ended 31 August 2024 (unaudited)**
**Registration No: NI 40376**
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
||**Page (s)**|
|---|---|
|Company information|1|
|Statement of Financial Activities|2|
|Balance Sheet|3|
|Notes to the financial statements|4 – 10|
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
_**Page 1**_
## **Company information**
## **Directors**
## **Solicitors**
J Morrow Gillen & Co. Solicitors J McVeigh 3a Old Kenlis Street M McVeigh Banbridge C Sterritt Co. Down G Crilly BT32 3LR R Patel
**Secretary Bankers** J Waddell Danske Bank 58 Hill Street Newry Co. Down BT34 1AR
## **Registered Office**
“The Meeting Place” 16-18 Church Street Poyntzpass Newry Co. Down BT35 6SW
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
_**Page 2**_
## **Statement of Financial Activities**
**----- Start of picture text -----**
Notes 2024 2024 2024 2023
Unrestricted Restricted Total Total
£ £ £ £
Income 3
Grants 0 0 0 0
Investment income 16,373 0 16,373 13,221
Total Income 16,373 0 16,373 13,221
Expenditure 4
Raising funds 0 0 0 423
Other expenditure 20,826 33,914 54,740 48,466
Total Expenditure 20,826 33,914 54,740 48,889
Net income/(expenditure)
before tax for the reporting (4,453) (33,914) (38,367) (35,668)
period
Tax payable 0 0 0 0
Net income/(expenditure)
after tax before investment (4,453) (33,914) (38,367) (35,668)
gains/(losses)
Net gains/(losses) on
investments 0 0 0 0
Net income/(expenditure) (4,453) (33,914) (36,367) (35,668)
Extraordinary items 0 0 0 0
Transfers between funds 0 0 0 0
Other recognised gains /
(losses):
Gains and losses on
revaluation of fixed assets for 0 0 0 0
the charity’s own use
Other gains/(losses) 0 0 0 0
Net movement in total funds
for the year (4,453) (33,914) (38,367) (35,668)
Reconciliation of funds:
Funds brought forward 13,149 (50,432) (37,283) (1,615)
Funds carried forward 8,696 (84,346) (75,650) (37,283)
**----- End of picture text -----**
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
_**Page 3**_
## **Balance Sheet**
|**Notes**
**Fixed assets**
Property, plant and equipment
8
**Current assets**
Debtors
13
Cash at bank and in hand
16
**Creditors: amounts falling due within one year**
14
**Net current assets**
**Total assets less current liabilities**
**Provisions for liabilities and charges**
15
**Net assets**
**Funds**
Unrestricted
General
Restricted|**2024**
**£**
**4,490**
**1,560**
**5,470**
**7,030**
**57,170**
**(50,140)**
**(45,650)**
**30,000**
**(75,650)**
**8,696**
**(84,346)**
**(75,650)**|2023
£
38,404|
|---|---|---|
|||329
10,565|
|||10,894|
|||56,581|
|||(45,687)|
|||(7,283)|
|||30,000|
|||(37,283)|
|||13,149
(50,432)|
|||(37,283)|
For the year ending 31 August 2024, the directors of the company have taken advantage of the exemption from audit under section 477(2) of the Companies Act 2006 relating to the small companies’ regime.
The members have not required the company to obtain an audit of these accounts in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime and in accordance with FRS102 SORP.
Approved by the board of directors on 29[h] May 2025 and signed on its behalf by:
**Reggie Patel Director 29[th] May 2025**
The notes on pages 4 to 10 form part of these abbreviated financial statements
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
_**Page 4**_
## **Notes to the financial statements**
## **1. Basis of Preparation**
Poyntzpass Community Regeneration Company Ltd is a company incorporated in Northern Ireland.
The Company’s financial statements have been prepared in compliance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) as it applies to the financial statements of the Company for the year ended 31 August 2024.
The Company transitioned from previously extant UK GAAP to FRS 102 as of 1 September 2014. No transition adjustments are required on the transition to FRS 102.
## _**Basis of accounting**_
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The financial statements are prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014.
## _**Going concern**_
The Company’s unrestricted expenditure exceeded its income during the year ended 31 August 2024 and, at that date, the Company’s liabilities exceeded its assets.
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The accounts present a true and fair view and no changes have been made to the accounting policies adopted in note 2.
No material prior year errors have been identified in the reporting period (3.47 FRS102 SORP).
## **2. Accounting Policies**
This standard list of accounting policies has been applied by the charity except for those deleted. Where a different or additional policy has been adopted then this is detailed below.
## _**Income**_
## **Recognition of income**
Income is included in the Statement of Financial Activities (SoFA) when:
- the charity becomes entitled to the resources.
- it is more likely than not that the trustees will receive the resources.
- the monetary value can be measured with sufficient reliability.
## **Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
_**Page 5**_
## **Grants and donations**
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).
## **Legacies**
There are no legacies recognised in the SoFA.
## **Government grants**
The charity has received no government grants in the reporting period.
## **Donated goods, services and facilities**
There are no donated goods, services or facilities recognised in the SoFA.
## **Support costs**
The charity has incurred expenditure on support costs.
## **Volunteer help**
The value of any voluntary help received is not included in the accounts but is described in the Directors’ annual report.
## **Income from interest, royalties and dividends**
This is included in the accounts when receipt is probable, and the amount receivable can be measured reliably.
## **Income from membership subscriptions**
There are no membership subscriptions included in the SoFA.
## **Settlement of insurance claims**
Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other income in the SoFA.
There are no insurance claims included in this year’s SoFA.
## **Investment gains and losses**
This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
## _**Expenditure and liabilities**_
## **Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## **Governance and support costs**
Support costs have been allocated to other expenditure. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
## **Redundancy cost**
The company made no redundancy payments during the reporting period. The company had no employees.
## **Deferred income**
No material item of deferred income has been included in the accounts.
_**Page 6**_
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
## **Creditors**
The charity has creditors which are measured at settlement amounts less any trade discounts.
## **Provisions for liabilities**
A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.
## _**Assets**_
## **Tangible fixed assets for use by charity**
These are capitalised if they can be used for more than one year. They are valued at cost. The depreciation rates and methods used are disclosed in note 8.
## **Intangible fixed assets**
The company does not currently have intangible fixed assets.
## **Heritage fixed assets**
The company does not currently have heritage fixed assets.
## **Investments**
The company does not currently have investments.
## **Stocks and works in progress**
The company does not currently hold stock or work in progress.
## **Debtors**
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the company. Subsequently, they are measured at the cash or other consideration expected to be received.
## **Current asset investments**
The charity has investments in cash and cash equivalents with a maturity date less than one year.
## **Other policies**
The company currently has no other accounting policies.
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
_**Page 7**_
## **3. Income**
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2024 2024 2024 2023
Unrestricted Restricted Total Total
£ £ £ £
Income from investments
Grants Income 0 0 0 0
Interest income 9 0 9 9
Rental income 15,517 0 15,517 11,864
Income from solar 847 0 847 1,348
Total Income 16,373 0 16,373 13,221
**----- End of picture text -----**
All items above have a base currency of GBP.
## **4. Expenditure**
**----- Start of picture text -----**
2024 2024 2024 2023
Unrestricted Restricted Total Total
£ £ £ £
Expenditure on raising funds
Rent collection & management 0 0 0 423
charges
Total expenditure on raising funds 0 0 0 423
Separate material items of expense
Property heating & lighting 6,714 0 6,714 5,148
Property insurance 1,558 0 1,558 2,444
Property maintenance 6,514 0 6,514 3,260
Property running expenses 5,149 0 5,149 3,274
Property Development 843 0 843 0
Total Separate material items of
expense 20,778 0 20,778 14,126
Other expenditure
Asset depreciation 0 33,914 33,914 34,295
Funding interest 0 0 0 0
Bank charges 48 0 48 45
Statutory Fees 0 0 0 0
Total other expenditure 48 33,914 33,962 34, 340
Total Expenditure 20,826 33,914 54,740 48,889
**----- End of picture text -----**
## **5. Details of fees in expenditure**
**----- Start of picture text -----**
2024 2023
£ £
Independent examiner’s fees 0 0
Assurance services other than independent examination 0 0
Tax advisory fees 0 0
Other fees 0 0
**----- End of picture text -----**
## **6. Paid employees**
The company has no paid employees.
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
_**Page 8**_
## **7. Grantmaking**
The company made no grants or donations which in aggregate form a material part of the activities undertaken.
## **8. Tangible fixed assets**
|**Cost**
At 1 September 2023
Additions
Revaluations
Disposals
Transfers
**At 31 August 2024**
**Depreciation**
At 1 September 2023
Disposals
Charge for the year
Impairment
Transfers
**At 31 August 2024**
**Net book value**
**At 31 August 2024**
At 31 August 2023|**Land &**
**Buildings**
**£**
655,449
-|**Fixtures**
**& Fittings**
**Total**
**£**
**£**
40,716
696,165
-
-|
|---|---|---|
||**655,449**|**40,716**
**696,165**|
||618,187
0
32,772
0|39,574
657,761
0
0
1,142
33,914
0
0|
||**650,959**|**40,716**
**691,676**|
||**4,490**
37,262|**0**
**4,490**
1,142
38,404|
Land and buildings are depreciated at 5% per annum on cost, on a straight-line basis. Fixtures and fitting are depreciated at 20% per annum, on a straight-line basis.
## **9. Intangible fixed assets**
The company has no intangible fixed assets.
## **10.Heritage assets**
The company has no heritage assets.
## **11. Investment fixed assets**
The company has no investment fixed assets.
## **12. Stocks and works in progress**
The company holds no stocks or works in progress for the purposes of resale.
_**Page 9**_
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
## **13. Debtors and prepayments**
|_Amounts falling due within one year_
Accrued income & Prepayments|**2024**
**£**
**2023**
**£**
1,560
329
**1,560**
329|
|---|---|
The company have no assets receivable after 1 year.
## **14. Creditors: amounts falling due within one year**
|_Amounts falling due within one year_
Trade creditors
Accruals
Taxation
Other creditors|**2024**
**£**
**2023**
£
0
0
156
33
55,846
55,382
1,167
1,167
**57,170**
56,582|
|---|---|
The company has no deferred income.
## **15. Provisions for liabilities and charges**
The company has a loan from a local authority. The local authority has indicated that the loan is not repayable. It remains a liability as the local authority has not officially confirmed this writing.
**----- Start of picture text -----**
Movements in provisions during the period Loan from
local authority
£
Balance at 1 September 2023 30,000
Additions 0
Amounts charged to provisions 0
Unused amounts transferred to creditors falling due within 1 year 0
Balance at 31 August 2024 30,000
**----- End of picture text -----**
## **16. Cash at bank and in hand**
**----- Start of picture text -----**
2024 2023
£ £
Short term cash investments (less than 3 months maturity date) 0 0
Short term deposits 0 0
Cash at bank and on hand 5,470 10,565
Other 0 0
Total 5,470 10,565
**----- End of picture text -----**
_**Poyntzpass Community Regeneration Company Limited Financial statements for the year ended 31 August 2024 (unaudited)**_
_**Page 10**_
## **17. Fair value of assets and liabilities**
In the opinion of the Directors, the valuation of the company’s assets is not at an extremely low risk in relation to credit, liquidity or market movements. Property in tangible fixed assets have not been revalued since their capitalisation in 2004.
## **18. Events after the end of the reporting period**
There are no material events impacting the business occurring after the end of the reporting period, but before the accounts are authorised, which relate to conditions that arose after the end of the reporting period.
## **19. Transactions with directors, trustees and related parties**
There are no material transactions with directors, trustees and related parties.