Company registration number: N1054732 MID-ARMAGH COMMUNITY NETWORK Company limited by guarantee Unaudited financial statements 31 March 2023 MID-ARMAGH COMMUNITY NETWORK Company limited by guarantee Contents Page Directors, report Income statement Statement of financial position Notes to the financial statements MID-ARMAGH COMMUNITY NETWORK Company limited by guarantee Directors, report Year ended 31 March 2023 The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023. Directors The directors who served the company during the year were as follows: C Clarke S McKelvey H A M Singleton D A Alexander L Harrison Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the board of directors on 21 August 2023 and signed on behalf of the board by: C Clarke Director Page 1 MID-ARMAGH COMMUNITY NETWORK Company limited by guarantee Income statement Year ended 31 March 2023 2023 2022 Note Turnover Administrative expenses 65,301 (59,893) 47,711 (45,030) Operating profit 5,408 2,681 Profit for the financial year 5,408 2,681 All the activities of the company are from continuing operations. The notes on pages 5 to 6 form part of these financial statements. Page 2 MID-ARMAGH COMMUNITY NETWORK Company limited by guarantee Statement of financial position 31 March 2023 2023 2022 Note Fixed assets Tangible assets 149 489 149 489 Current assets Cash at bank and in hand 35,832 24,444 35,832 24,444 Creditors: amounts falling due within one year (5,640) Net current assets 30,192 24,444 Total assets less current liabilities 30,341 24,933 Net assets 30,341 24,933 Capital and reserves Profit and loss account 30,341 24,933 Members funds 30,341 24,933 For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, 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 responsibilities 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 to companies subject to the small companies, regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. The notes on pages S to G form part of these financial statements. Page 3 MID-ARMAGH COMMUNITY NETWORK Company limited by guarantee Statement of financial position (continued) 31 March 2023 These financial statements were approved by the board of directors and authorised for issue on 21 August 2023, and are signed on behalf of the board by: C Clarke Director Company registration number: N1054732 The notes on pages 5 to 6 form part of these financial statements. Page 4 MID-ARMAGH COMMUNITY NETWORK Company limited by guarantee Notes to the financial statements Year ended 31 March 2023 General information The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is 32 Main Street, Markethill, Co. Armagh, BT60 1 PL. Statement of compliance These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Turnover Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered and any grants received. Tangible assets Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation 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 follows: Fittings, fixtures and equipment If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. 20% straight line Impairment A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Limited by guarantee The company is registered as a company limited by guarantee not having a share capital. Each of the members undertakes to contribute on a winding up, for payments of debts and liabilities, such amount as may be required not exceeding £1. Page 5 MID-ARMAGH COMMUNITY NETWORK Company limited by guarantee Notes to the financial statements (continued) Year ended 31 March 2023 Tangible assets Property Fixtures, alterations fittings and equipment Total Cost At 1 April 2022 Additions Other movements 8,324 3,349 (3,349) 8,324 27,709 (27,709) 24,360 (24,360) At 31 March 2023 8,324 8,324 Depreciation At 1 April 2022 Charge for the year 7,835 340 7,835 340 At 31 March 2023 8,175 8,175 Carrying amount At 31 March 2023 149 149 At 31 March 2022 489 489 Cash at bank and in hand 2023 2022 No1- General Account No 5 - Fiddlesticks Account No 7 - Programme Account No 9 - Hall Repair Account 11,219 242 15,465 8,906 4,358 242 10,938 8,906 35,832 24,444 Creditors: amounts falling due within one year 2023 2022 Other creditors 5,640 Page 6