## **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. 26 ## **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. 29 ## **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. 31 **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. 32 **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. 33 **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. 34 ## **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. 35 ## **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**
**2025**2024 **2025**2024
**£**£ **£**£
**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). 36 ## **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
**£**£
**40,000**30,000
**2025**
2024
**£**£
**40,000**30,000| ||**40,000**30,000
**40,000**30,000| ## **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| 37 ## **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. 38 ## **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**
**2025**2024 **2025**
2024
**£**
£
**£**
£
**10,297**12,456
**10,297**12,456
**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| 39 **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. 45 ## **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. 46 **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| 47 ## **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)| ||**166,268**231,207| 48