2025-09-30-accounts

Local Economic Development Company (LEDCOM) Limited

Company Limited By Guarantee Consolidated Statement of Financial Activities

For the year ended 30th September 2025

Income from: Donations and legacies Charitableactivities Other tradingactivities Investment income Notes 4 6 5 7 Total income Expenditure on: Charitableactivities Total expenditure 8/9 Net income/(expenditure) Transfersbetweenfunds Unrealised gain on revaluation of fixed assets 11 Net movement in funds Reconciliation of funds Total funds broughtforward 16/17 Total funds carried forward	Unrestricted Funds £ 40,000 11,500 662,295 10,297 Restricted Funds £ - 114,131 - - Total 2025 £ 40,000 125,631 662,295 10,297 Total 2024 £ 30,000 67,640 668,379 12,456
	724,092 114,131 838,223 778,475 553,484 553,484 114,131667,615 114,131667,615 602,153 602,153 170,608 - - 170,608 - - 176,322 - 124,418 -124,418 - 295,026 - 295,026 176,322 4,959,098 - 4,959,098 4,782,776 5,254,124 - 5,254,124 4,959,098

The notes on pages 31 - 48 form part of these financial statements. The results relate to continuing activities.

The company has no recognised gains and losses other than those included above and therefore no separate statement of total recognised gains and losses has been presented.

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Statement of Financial Activities For the year ended 30th September 2025

Income from: Donations and legacies Charitable activities Other tradingactivities Investment income Notes 4 6 5 7 Total income Expenditure on: Charitableactivities Total expenditure 10 Net income/(expenditure) Transfersbetween funds Unrealised gain on revaluation of fixed assets 11 Netmovement infunds Reconciliation offunds Total fundsbroughtforward Total funds carried forward 16/17	Unrestricted Funds £ 40,000 11,500 661,970 10,297 Restricted Funds £ - 114,131 - - Total 2025 £ 40,000 125,631 661,970 10,297 Total 2024 £ 30,000 67,840 665,979 12,456
	723,767 114,131 837,898 776,275 551,174 551,174 114,131 665,305 114,131665,305 605,094 605,094 172,593 - - 172,593 - - 171,181 - 124,418 -124,418 - 297,011 - 297,011 171,181 4,989,601 5,286,612 - 4,989,601 - 5,286,612 4,818,420 4,989,601

The notes on pages 31 - 48 form part of these financial statements. The results relate to continuing activities.

The company has no recognised gains and losses other than those included above and therefore no separate statement of total recognised gains and losses has been presented.

27

Local Economic Development Company (LEDCOM) Limited

Company Limited By Guarantee Consolidated Statement of Financial Position For the year ended 30th September 2025

		2025	2024
	Notes	£	£
Fixed assets
Tangibleassets	11	5,130,782	4,759,167
Current assets
Debtors	13	103,144	74,809
Cash at bank and inhand		562,610	613,388
Total current assets		665,754	688,197
Liabilities
Creditors: falling due within one year	14	(298,846)	(233,093)
Total assets less current liabilities		5,497,690	5,214,271
Creditors:falling due more than one year	14	(243,566)	(255,173)
Net assets		5,254,124	4,959,098
Funds employed
Restrictedfunds	17	-	-
Unrestricted funds – General	16	1,086,134	915,526
Unrestricted designated funds - Economicassets	16	4,167,990	4,043,572
		5,254,124	4,959,098

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

Dr N Apsley OBE Director Date: 5 December 2025 J E Somerville Director Date: 5 December 2025

Company Registration: NI018438

The notes on pages 31 - 48 form part of these financial statements. The results relate to continuing activities.

28

Local Economic Development Company (LEDCOM) Limited

Company Limited By Guarantee Statement of Financial Position For the year ended 30th September 2025

		2025	2024
		£	£
Fixed assets
Tangible assets	11	5,130,782	4,759,167
Current assets
Debtors	13	138,499	107,264
Cash at bank and inhand		559,753	610,842
Total current assets		698,252	718,106
Liabilities
Creditors: falling due within one year	14	(298,856)	(232,499)
Total assets less current liabilities		5,530,178	5,244,774
Creditors: falling due more than one year	14	(243,566)	(255,173)
Net assets		5,286,612	4,989,601
Funds employed
Restricted funds	17	-	-
Unrestrictedfunds – General	16	1,118,622	946,029
Unrestricted designated funds - Economic Assets	16	4,167,990	4,043,572
		5,286,612	4,989,601

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

Dr N Apsley OBE
Director	Date: 5 December 2025
J E Somerville
Director	Date: 5 December 2025

Company Registration: NI018438

The notes on pages 31 - 48 form part of these financial statements. The results relate to continuing activities.

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Local Economic Development Company (LEDCOM) Limited

Company Limited By Guarantee Consolidated Statement of Cash Flows For the year ended 30th September 2025

		2025	2024
	Notes	£	£
Cash used in operating activities	23	229,007	152,957
Cash flows from investing activities
Interestincome		10,297	12,456
Interestpaid		(31,671)	(34,278)
Purchase oftangiblefixedassets		(272,572)	(7,854)
Cash (used in)/provided by operating and investing activities		(64,939)	123,281
Cash flows from financing activities:
Cash used in financing activities		-	-
(Decrease)/increase in cash and cash equivalents in the year		(64,939)	123,281
Cash andcashequivalents at the beginning of the year		231,207	107,926
Cash and cash equivalents
at the end of the reporting period	24	166,268	231,207

30

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2025

1) Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Local Economic Development Company (LEDCOM) Limited meets the definition of a public benefit entity under FRS 102.

b) Preparation of the accounts on a going concern basis

The trustees are of the opinion that the charity is a going concern due to the level of free reserves in the consolidated group in place and the funding secured moving forward.

c) Income

Activities for generating funds - rental and sundry income

Rental income is received from tenants of the Larne business parks and the Ballyclare business properties. This is included in the Statement of Financial Activities when receivable.

Training, service level agreements & community support programmes income

Income is received from various bodies in relation to furtherance of their objectives on an accruals basis.

Grants

Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred.

Investment income

Income from investments is included, together with any related tax credits, in the Statement of Financial Activities on an accruals basis.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2025

1) Accounting Policies- (continued)

d) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Charitable activities

These costs include direct expenditure relating to economic development and expenditure in administration of the group.

Irrecoverable VAT

Any irrecoverable VAT is charged to the Statement of Financial Activities or capitalised as part of the cost of the related asset, where appropriate.

Pension costs

The group contributes to defined contribution schemes on behalf of certain employees. The assets of the scheme are held separately from those of the group in an independently administered fund and contributions are charged to the Statement of Financial Activities in the period to which they relate to.

Governance costs

Governance costs include those incurred in the governance of its assets and are associated with constitutional statutory and strategic requirements.

e) Fund accounting

The group has various types of funds for which it is responsible, and which require separate disclosure. Definitions of the various types of funds are as follows:

Restricted funds

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overhead and support costs.

General funds

General funds are donations and other incoming resources received or generated which are expendable at the discretion of the charity in the furtherance of its objectives.

Designated funds

Designated funds comprise capital grants that have been expended for their restricted purpose.

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For the year ended 30th September 2025

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

1) Accounting Policies- (continued)

f) Leases

Where assets are acquired under finance leases, the capital element of the asset is included in fixed assets and amortised over the life of the asset. The outstanding capital element of the leasing obligation is included in creditors falling due. The interest element is written of over the primary period.

All other leases are accounted for as operating leases and the rental charges are charged to the statement of financial activities on a straight-line basis over the life of the lease.

g) Investments

Investments in subsidiary undertakings are stated at cost but are written down to their realisable value if it is considered that there has been an impairment.

h) Tangible fixed assets

Depreciation is calculated to write off the original cost less the expected residual value of the assets over their estimated useful lives at the following annual rates and bases:-

Plant and equipment 10 - 20% straight-line Office equipment 15% straight-line Motor vehicles 25% straight-line

Revalued investment properties are not depreciated. Investment properties are measured initially at cost and subsequently at fair value at the reporting date.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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For the year ended 30th September 2025

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

1) Accounting Policies- (continued)

l) Financial instruments

The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, the net amounts are presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis of to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instruments is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.

m) Critical accounting estimates and judgements

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

For the year ended 30th September 2025

1) Accounting Policies- (continued)

m) Critical accounting estimates and judgements (continued)…

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

n) Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued, and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate the financial statements of the subsidiary companies listed in note 12 as at 30 September 2025 (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the group's accounting policies.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transactions unless the transaction provides evidence of an impairment of the asset transferred.

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30[th] September 2025

2. Results for the year

2. Results for the year	Group		Company
	2025	2024	2025	2024
	£	£	£	£
This is stated after charging:
Staff costs (note 3)	335,431	315,500	335,431	315,500
Audit fees	5,250	4,145	5,250	4,745
Depreciation	25,105	26,378	25,105	26,378

Indemnity insurance for the Trustees was purchased by the charity during the year amounting to £920 (2024: £917)

3. Employee information Wages and salaries Social security costs Other pension costs	Group Company 20252024 20252024 ££ ££ 254,117 18,918 62,396 234,365 19,696 61,439 254,117 18,918 62,396 234,365 19,696 61,439
	335,431 315,500 335,431 315,500

The average number of persons employed by the company (excluding Directors) during the year was as follows:

Charitable activities	Group Company 2025 2024 2025 2024
	10 7 10 7

One employee received emoluments in the band £80,000-£89,999 excluding employer pension contributions (2024: Nil).

No employees received emoluments in the band £70,000-£79,999 excluding employer pension contributions (2024: 1).

The total employee benefits of the key management personnel of the Group amounted to £207,219 (2024: £198,044).

Two charity trustees received payment for professional or other services supplied to the charity totalling £170.30 (2024:2 totalling £622.88).

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

For the year ended 30th September 2025

4. Donations and legacies

4. Donations and legacies Unrestricted Donations	Group Company 2025 2024 ££ 40,00030,000 2025 2024 ££ 40,00030,000
	40,00030,000 40,00030,000

5. Income from other trading activities

5. Income from other trading activities Unrestricted Rental income Services income Businessconsultancy &other Sale ofassets	Group Company 2025 £ 634,022 16,266 12,007 - 2024 £ 630,076 21,774 16,529 - 2025 £ 634,022 16,266 11,682 - 2024 £ 630,076 21,774 14,129 -
	662,295 668,379 661,970 665,979

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

For the year ended 30th September 2025

6. Income from Charitable Activities Group Go Succeed NI Explore Enterprise Support Service Co-innovate JobStart Spark Fresh Frontiers Larne Community Wealth Building Partnership Other Sundry income	2025 Unrestricted Restricted Total 2024 £ £ £ £ - 59,446 59,446 30,318 - 8,894 8,894 8,939 - 769 769 - 1,000 15,927 16,927 - - - 0 2,396 - - 0 1,187 - 27,445 27,445 17,500 9,750 1,650 11,400 7,300 750 - 750 -
	11,500 114,131 125,631 67,640

The 2024 total of £67,640 was split as £60,340 restricted and £7,300 unrestricted.

Company Go Succeed NI Explore Enterprise Support Service Co-innovate JobStart Spark Fresh Frontiers Larne Community Wealth Building Partnership Other Sundry income	2025 Unrestricted Restricted Total 2024 £ £ £ £ - 59,446 59,446 30,318 - 8,894 8,894 8,939 - 769 769 - 1,000 15,927 16,927 - - - 0 2,396 - - 0 1,187 - 27,445 27,445 17,500 9,750 1,650 11,400 7,500 750 - 750 -
	11,500 114,131 125,631 67,840

The 2024 total of £67,840 was split as £60,340 restricted and £7,500 unrestricted.

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Local Economic Development Company (LEDCOM) Limited

Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2025

7. Interest receivable

7. Interest receivable Interest receivable 8. Charitable Activities Group Staff costs Programme Direct costs Advertising & marketing Bank & loan interest Establishment costs Depreciation Other costs Governance costs: Professional & legal fees Audit & accountancy fees Company Staff costs Programme Direct costs Advertising & marketing Bank & loan interest Establishment costs Depreciation Other costs Governance costs: Professional & legal fees Audit & accountancy fees	Group Company 20252024 2025 2024 £ £ £ £ 10,29712,456 10,29712,456 Charitable Rental Charitable Rental Activities Services Total Activities Services Total 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ 48,578 286,853 335,431 27,272 288,228 315,500 57,864 - 57,864 26,769 - 26,769 3,067 9,202 12,269 2,116 6,347 8,463 - 31,671 31,671 - 34,278 34,278 2,893 146,845 149,738 2,942 132,537 135,479 - 25,105 25,105 - 26,378 26,378 1,729 39,210 40,939 1,241 37,604 38,845 - 9,348 9,348 - 12,296 12,296 - 5,250 5,250 - 4,145 4,145
	114,131 553,484 667,615 60,340 541,813 602,153
	Charitable Rental Charitable Rental Activities Services Total Activities Services Total 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ 48,870 286,561 335,431 27,272 288,228 315,500 57,864 - 57,864 26,769 - 26,769 2,775 8,324 11,099 2,116 6,347 8,463 - 31,671 31,671 - 34,721 34,721 2,893 146,228 149,121 2,942 131,938 134,880 - 25,105 25,105 - 26,378 26,378 1,729 38,927 40,656 1,241 40,321 41,562 - 9,108 9,108 - 12,076 12,076 - 5,250 5,250 - 4,745 4,745
	114,131 551,174 665,305 60,340 544,754 605,094

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For the year ended 30th September 2025

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

9. Analysis of Charitable Activities Expenses

Group Staff costs Programme Direct costs Advertising & marketing Bank & loan interest Insurance Heat & light Repairs Cleaning Rent & rates Telephone Computers, IT & stationery Depreciation Bad debts General Motor & travel expenses Donations Governance costs: Professional & legal fees Audit & accountancy fees

Unrestricted Restricted Total Unrestricted Restricted Total 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ 286,853 48,578 335,431 288,228 27,272 315,500 - 57,864 57,864 - 26,769 26,769 9,202 3,067 12,269 6,347 2,116 8,463 31,671 - 31,671 34,278 - 34,278 15,558 - 15,558 16,868 - 16,868 40,495 - 40,495 44,657 - 44,657 46,780 - 46,780 39,721 - 39,721 5,400 - 5,400 8,677 - 8,677 12,115 - 12,115 8,514 - 8,514 8,677 2,893 11,570 8,828 2,942 11,770 3,318 - 3,318 3,200 - 3,200 25,105 - 25,105 26,378 - 26,378 14,502 - 14,502 2,072 - 2,072 33,772 - 33,772 33,882 - 33,882 5,188 1,729 6,917 3,722 1,241 4,963 250 - 250 - - - 9,348 - 9,348 12,296 - 12,296 5,250 - 5,250 4,145 - 4,145

553,484 114,131 667,615 541,813 60,340 602,153

40

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2025

10. Analysis of Charitable Activities Expenses

Company Staff costs Programme Direct costs Advertising & marketing Bank & loan interest Insurance Heat & light Repairs Cleaning Rent & rates Telephone Computers, IT & stationery Depreciation Bad debts General Motor & travel expenses Donations Governance costs: Professional & legal fees Audit & accountancy fees

Unrestricted Restricted Total Unrestricted Restricted Total 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ 286,561 48,870 335,431 288,228 27,272 315,500 - 57,864 57,864 - 26,769 26,769 8,324 2,775 11,099 6,347 2,116 8,463 31,671 - 31,671 34,721 0 34,721 15,051 - 15,051 16,369 0 16,369 40,495 - 40,495 44,657 0 44,657 46,780 - 46,780 39,721 0 39,721 5,400 - 5,400 8,677 0 8,677 12,115 - 12,115 8,514 0 8,514 8,677 2,893 11,570 8,828 2,942 11,770 3,208 - 3,208 3,100 0 3,100 25,105 - 25,105 26,378 0 26,378 14,502 - 14,502 2,072 0 2,072 33,489 - 33,489 36,599 0 36,599 5,188 1,729 6,917 3,722 1,241 4,963 250 - 250 - 0 - 9,108 - 9,108 12,076 0 12,076 5,250 - 5,250 4,745 0 4,745

551,174 114,131 665,305 544,754 60,340 605,094

41

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

For the year ended 30th September 2025

11. Tangible Fixed Assets

Group Cost At 1 October 2024 Additions Disposals Revaluation At 30 September 2025 Accumulated depreciation At 1 October 2024 Charge for the year Disposals At 30 September 2025 Net book amount At 30 September 2025 At 30 September 2024 Company Cost At 1 October 2024 Additions Disposals Revaluation At 30 September 2025 Accumulated depreciation At 1 October 2024 Charge for the year Disposals At 30 September 2025 Net book amount At 30 September 2025 At 30 September 2024	Freehold Plant and Office Motor property equipment equipment vehicles Total £ £ £ £ £ 6,317,783 350,847 47,642 38,595 6,754,867 258,986 11,989 1,597 - 272,572 - - (431) - (431) 124,418 - - - 124,418
	6,701,187 362,836 48,808 38,595 7,151,426
	1,643,187 298,176 43,354 10,983 1,995,700 - 18,037 1,068 6,000 25,105 - - (161) - (161)
	1,643,187 316,213 44,261 16,983 2,020,644
	5,058,000 46,623 4,547 21,612 5,130,782
	4,674,596 52,671 4,288 27,612 4,759,167
	Freehold Plant and Office Motor property equipment equipment vehicles Total £ £ £ £ £ 6,317,783 350,847 47,642 38,595 6,754,867 258,986 11,989 1,597 - 272,572 - - (431) - (431) 124,418 - - - 124,418
	6,701,187 362,836 48,808 38,595 7,151,426
	1,643,187 298,176 43,354 10,983 1,995,700 - 18,037 1,068 6,000 25,105 - - (161) - (161)
	1,643,187 316,213 44,261 16,983 2,020,644
	5,058,000 46,623 4,547 21,612 5,130,782
	4,674,596 52,671 4,288 27,612 4,759,167

The Freehold Properties in Larne were revalued in October 2025 by Savills, independent valuers not connected with the charity, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions at arm's length for similar properties.

42

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2025

12. Investments

The company's principal trading subsidiaries are:

	Country of	Principal
Name	incorporation	activity
Business-Led (Northern	Northern Ireland	Project Management	Company limited by
Ireland) Limited			guarantee
Heritage Experience	Northern Ireland	Video distribution	Company limited by
Limited			guarantee

13. Debtors

13. Debtors Trade debtors Amounts owed by subsidiary undertaking Prepayments and accrued income Other debtors	Group Company 2025 2024 2025 2024 £ £ £ £ 42,203 39,921 42,203 41,121 - - 35,355 33,655 37,526 34,888 37,526 32,488 23,415 - 23,415 -
	103,144 74,809 138,499 107,264

Amounts owed by subsidiary undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

14. Creditors: falling due within one year Trade creditors Other taxation and social security Accruals and deferred income Bank loans Other creditors	Group Company 2025 2024 2025 2024 £ £ £ £ 24,472 26,474 24,472 26,126 35,559 28,529 35,569 28,283 86,039 51,082 86,039 51,082 152,776 127,008 152,776 127,008 - - - -
	298,846 233,093 298,856 232,499

Amounts owed by subsidiary undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Creditors: falling due after more than one year Bank loans	Group Company 2025 2024 2025 2024 £ £ £ £ 243,566 255,173 243,566 255,173

43

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2025

15. Analysis of net assets between funds

15. Analysis of net assets between funds 2025 Group Tangible fixed assets Net current assets Creditors: falling due after more than one year Total 2025 Company Tangible fixed assets Net current assets Creditors: falling due after more than one year Total 2024 Group Tangible fixed assets Net current assets Creditors: falling due after more than one year Total 2024 Company Tangible fixed assets Net current assets Creditors: falling due after more than one year Total	Designated funds: Restricted Economic General Total funds Assets funds funds £ £ £ £ - 5,058,000 72,782 5,130,782 - (654,982) 1,021,890 366,908 - (235,028) (8,538) (243,566)
	- 4,167,990 1,086,134 5,254,124
	Designated funds: Restricted Economic General Total funds Assets funds funds £ £ £ £ - 5,058,000 72,782 5,130,782 - (654,982) 1,054,378 399,396 - (235,028) (8,538) (243,566)
	- 4,167,990 1,118,622 5,286,612
	Designated funds: Restricted Economic General Total funds Assets funds funds £ £ £ £ - 4,674,596 84,571 4,759,167 - (375,851) 830,955 455,104 - (255,173) 0 (255,173)
	- 4,043,572 915,526 4,959,098
	Designated funds: Restricted Economic General Total funds Assets funds funds £ £ £ £ - 4,674,596 84,571 4,759,167 - (375,851) 861,458 485,607 - (255,173) 0 (255,173)
	- 4,043,572 946,029 4,989,601

Designated funds – Economic Assets, represent properties held by LEDCOM for the purposes of economic activity and to serve the small businesses and tenants of the organisation.

44

Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2025

16. Unrestricted funds

16. Unrestricted funds 2025 Group At 1 October 2024 Net incoming/(outgoing) resources Transfers between funds At 30 September 2025 2025 Company At 1 October 2024 Net incoming/(outgoing) resources Transfers between funds At 30 September 2025 2024 Group At 1 October 2023 Net incoming/(outgoing) resources Transfers between funds At 30 September 2024 2024 Company At 1 October 2023 Net incoming/(outgoing) resources Transfers between funds At 30 September 2024	Designated funds: Economic General Total Assets funds funds £ £ £ 4,043,572 915,526 4,959,098 124,418 170,608 295,026 - - 0
	4,167,990 1,086,134 5,254,124
	Designated funds: Economic General Total Assets funds funds £ £ £ 4,043,572 946,029 4,989,601 124,418 172,593 297,011 - - 0
	4,167,990 1,118,622 5,286,612
	Designated funds: Economic General Total Assets funds funds £ £ £ 4,043,572 739,204 4,782,776 - 176,322 176,322 - - 0
	4,043,572 915,526 4,959,098
	Designated funds: Economic General Total Assets funds funds £ £ £ 4,043,572 774,848 4,818,420 - 171,181 171,181 - - 0
	4,043,572 946,029 4,989,601

Designated funds – Economic Assets, represent properties held by LEDCOM for the purposes of economic activity and to serve the small businesses and tenants of the organisation.

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

For the year ended 30th September 2025

17. Restricted funds Group and company Go Succeed NI Explore Enterprise Support Service Co-innovate JobStart Larne Community Wealth Building Partnership Other Group and company Go Succeed NI Explore Enterprise Support Service Spark Fresh Frontiers Larne Community Wealth Building Partnership	Balance at Transfer Balance at 1 October Incoming Outgoing between 30 September 2024 resources resources funds 2025 £ £ £ £ £ - 59,446 (59,446) - - - 8,894 (8,894) - - - 769 (769) - - - 15,927 (15,927) - - - 27,445 (27,445) - - - 1,650 (1,650) - -
	- 114,131 (114,131) - -
	Balance at Transfer Balance at 1 October Incoming Outgoing between 30 September 2023 resources resources funds 2024 £ £ £ £ £ - 30,318 (30,318) - - - 8,939 (8,939) - - - 2,396 (2,396) - - - 1,187 (1,187) - - - 17,500 (17,500) - -
	- 60,340 (60,340) - -

Each of these funds is described in detail in the Trustee's report.

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2025

18. Taxation

The charitable company is a registered charity and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.

19. Contingent liability

There is a contingent liability to repay certain government grants if the charitable company fails to honour certain undertakings and commitments. In the opinion of the Trustees the terms of letters of offer have complied with and no loss is anticipated.

20. Liability of members

Local Economic Development Company (LEDCOM) Limited is a company limited by guarantee and does not have a share capital. The liability of each member is limited to an amount not exceeding £1.

21. Related party transactions and ultimate controlling party.

There is no ultimate controlling party. The company has taken advantages of the exemptions contained in FRS102 Section 33 not to disclose transactions between group entities as all of the voting rights of the company are controlled within the group.

22. Financial instruments

22. Financial instruments Financial assets that are measured at amortised cost Cash and cash equivalents Trade debtors Amounts owed by subsidiary undertakings Total	Group Company 2025 £ 562,610 42,203 - 2024 £ 613,388 39,921 - 2025 £ 559,753 42,203 35,355 2024 £ 610,842 41,121 33,655
	604,813 653,309 637,311 685,618

Financial liabilities that are measured at amortised cost Bank loans Trade creditors Accrued expenses Amounts owed to subsidiary undertakings Total	Group Company 2025 £ 396,342 24,472 86,039 - 2024 £ 382,181 26,474 51,082 - 2025 £ 396,342 24,472 86,039 - 2024 £ 382,181 26,126 51,082 -
	506,853 459,737 506,853 459,389

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Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements

For the year ended 30th September 2025

23. Net cash generated from operating activities

Net incoming/(outgoing) resources Depreciation and scrapping assets Interest payable and similar expenses Interest receivable and similar income Gain on revaluation of fixed assets Movement in debtors Movement in creditors (excluding loans) Net cash inflow from operating activities 24. Analysis of cash and cash equivalents BA Bank Bank Loans	2025 2024 ££ 295,026 25,375 31,671 (10,297) (124,418) (28,335) 39,985 176,322 26,378 34,278 (12,456) - 59,563 (131,128)
	229,007 152,957
	2025 £ 2024 £ 562,610 613,388 (396,342) (382,181)
	166,268231,207

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