Dungannon Enterprise Centre
(A companv limited by guarantee)
Filleted abridged financial statements for the year
ended 31 March 2022
(Abrldged In accordance wltli tlie provlslons or
Ilie Conipmiiies Act 2006)
Reglstratlon No: N1018587

DiiiiRaiinon Eiiterprise Centre- N1O18557
Report andfiiianeiol slolipiiieiilsfor Ilieyear ended 31 Ivareli 2023
Contents
Page (s)
Directors and advisers
Abridged balance sheet
Notes 10 Ihe abridged financial slaiemenis
ASM

Duiigaiinon Entgrprise Ceil¢re- ￿,10]8557
Report aiidfiiiaiieial.staleiiieiifsfor ilie Jyear ended 31 Murch 2023
Page J
Directors and advRsers
Directors
Yvonne MitLhell
Ralph Brown
Waller Cuddy
Andreiv Troller
Robert Milligan
ClairL Murray
Dominic Molloy- Chairperson
SicpliLii Moliai)
Caili¢rin¥ M¢l.lugh
Caili¢'rinL Marlin
Moya Siring7er
David C 1111)pbcll
Micl)LIIL Doni)¥lly
Caoiii)he l.owe
(Re.sigyned 6 April 2022)
(Re%ibJned 6 April 2022)
(AppoiiiiL'd 6 April 902?)
{AppoiiilLd 6 April 20?21
(Appoii)ILd 6 April 2022}
Secretary
Miclicll¢ Donnelly
Registered office
Dun&iunnon13usine.4.% Park
2 Coalisland Road
Dungiannon
Co '1 yroiic
13'1'716J'l'
Solicitors
F G Pallon Solicilors
14 Tl)on)aN SirLel
Dun&Faniion
Co Tyroi)e
BT70 IHN
Bankers
45-48 High SirLet
Ponadoivn
Co Annagh
BT62 1 LB
Registered auditors
ASM (D) Lid
79 Cunninghanis Lane
Dungannon
B"r716BX
ASM

Diiiiganiion Enterprise Centre- N1018557
Reporl andfiiiancial 5tateiiientsfor ilie }ear ended 31 Marcli 2023
Page 2
Abridged balance sheet
Notes
2023
2022
Fixed Assets
Tangible assets
2,011,697
2,141,661
Current assets
Debtor.5
Casl) at bank and in liand
82,624
395,008
113,535
249,677
477,692
(199,749)
363?12
(16(),465)
Credilorsl mounts falling duc within one year
et current Assets
277,943
194,747
TotAI Assets less curreiit IIAbllltles
2,289,040
2,338,408
Crcditors+ 42iiiounl% fallinbi due afier more Il)an one year
(305,714)
(333,950)
Provlsloiis for IIAbillties
Accruals and deferred income
(1,066,796) (1.098.172)
INet R55ets
917,130
906,?86
Tlie fiinds of the eliArlty
Tolill unrLslriLIL'd lui)d%
Toiul rL%lricl¢d lunds
I'otnl eliarili, funds
917,130
906,286
917,130
906,286
These tinaiici¢21 slllteniciiis havc been prLparcd in accordaiice with IliL provisions of the siiiall
COIIIPElnies re&yinie witliiii Part 15 of tlic Coiiipanies Acl 2006.
These finaiicial slcileinenls for Dungyaiinon Ente￿riSe Ccnlre (NIOI 8557) wcre approved by Ilie board
of directors ?( lid auiliorised lor issue on 6 SepiLiiibLr 2023 aiid si&iiicd oli its bL11161 I. by,.
Dominic Molloy
Director and Tru$tec
David Campbell
Director And Trustee
The notes on pages 3 to 8 fonn part of Ih¢s¢ financial statements.
ASM

Diinganiion Enferprise Centre- NJ018557
Ri'porf andfiiiaiicial s¢d(eiiientsfor iliL' J'L'ar eiidL'd 31 Marcli 2023
Page 3
Notes to the abridged financial statements
l. Principal accounting policies
Srafeiiieiit of copiipliaiice
The company's financial stalemenis have beeIi prepared in compliance iviih FRS 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland. including tlic provisions of Seclion
l a, as it applies to the financial statements of ilie coinpany lor tlie year ended 31 Marcli 2023.
Geiieral iiiforiiiafioii aiid ba.si.1 ofpreparalioii
Dung<iniioii Enterprise Centr¢ is a coinpaiiy incorporated in Northem Ireland under the United
Kiiigvdom Coiiipc1nies Acl. Tlic address ot" Ilie regFiSterLd orrice is gyiven on Pc?ge I, The principqc I
activity of tlie coinpany is the promotioii of business cnlerprise in Ihe Duilgiaiiiion area througih the
provision of business support.
Tlie finciiicial sl¥1tcnienls are prcpared iii slerlingv whicli is thL functional currency of tlie compKlny.
'IIL IiiiclllCi<il stlc ieiiiei)Is 1( rL roun(ILd lo the nc&irL%t £ I
Tlie finaiicial statements liave beeli prLpared iii dccordance with tlie fiiii£ lIC11L l Reportiiig Siandcird
,IppIic&iblc iii tlic UK 1( lid Rcpublic of IrL'lcliid (fRS l O?), Ilic Accouiiliii&' aiid Ilcponiiig? by Cliaritics.,
SlI11Liiieiil of RccoiiiincndLd Prclclice applic1( blL Io LliciriliLS pfcpi1ring' Ilicir IliiL111Cilc I slc1teiiiLiits in
accordiliice witli Ilie14 i1l¢lllCi¢il RLponiiig SILliidilrd ¢ippIic1c ble iii tlIL UK <111d Rcpublic of Irc11c lid (fRS
102) (cft"cctive l Jic Ilulc ry 2015 (CliclritiLs SORP (FRS 10?)), aiid tlie C111( rilies Act (Nortlicrn
IrLlaiid) 2008 as aiiieiided by tlie Cliic rilies (Fiii<lllci1c I sl<2tciiicnls aiid Rcports) Regyulalioiis (Nortliem
IrLland) 2015.
Duiigilniion F.nierprise CciilrL iiiects Ilie defiiiilioii of a public entity uiidcr riis 102. Assets <1nd
lic1bililiLs 1( rL ii)itl&illy rcLc)gri]js¢(1111 IiistOriLc11 ¢osl or IrclllS&icIioii V<lluL uiIILss oiliLnvise s11( led iii Ilie
relLv¢inl acLouiiliiib' policy.
liicoiiiiiig rLp.soiirce,I
.411 iiicoiniiig7 resources are included on the Sicltemenl ol. fiiiancial Activities when the charity is
legy{111y Lnliilcd to Ihc iiicoiiic, wlicre there is reilSOllc1blc certainly that Ilie rc.%ource will be recLivcd
1nd where Ilie iiioiietilry Vlc luc cali be quaiilified ivith re(Isonablc ciccuracy.
Cliarilable acfivifiLJ.%
Incoine is included in the st1( Icmcnl of fiiiilllciiil aclivities on an Ic ccruals basis alid iiet of VAT wlicre
,1pplicable. Incoiiie is iiiainly dcrivcd t"roiii reiilal of units in Ihc busincss park aiid the delivcry of
business and enterprise programnies. Incoming resources are deferred where income is received in
respect of future periods.
Voliiiitaryi iiicoiiie
Gifts, bequests and donations income is recognised wlien recekvable. Donations - income by way of
donations is included in full in the Statement of financial activities in the year in ivhich they are
receivable.
ASM

Diingunnoii Enlerpri5e Cenlre- N1018557
Report aiidfiiiaiieial.Ytatenientsfor Ilieyear ended 31 Marcli 2023
Page 4
Notes to the abridged financial statements (cont'd)
l. Principal accounting policies (cont'd)
liicoiiiefroiii oilier Iradipig activities
Turnover is the amount derived from the provision of goods and services wiihin the charity's ordinary
activities after the deduction of value added lax. Turnover, wluch excludcs V¥11ue added lax, represents
the Vcllue ofgoods and services suppliLd.
Govcriiiiieiii graiits
Grants that relate to speci fic capital expeiiditure are treated as deferred incoiiie which is then credited
lo the slatciiienl of finaiicial activities ovcr the related c1sscI's uscful lit.e. Rcvenue grc111tS q< re credited
to Ilie Statement or riiiaiicial aclivilies in Ilie sain¢ y¢ar as tlie related expenditure is incurrcd.
Reveiiiie rceogiiitioii
Revenue is rccogvnised to tlie extenl Ilicll Ilie COlilPL1ny obiaiIis Ilic rigl)I lo consider<11ion in excliq¢ IigiL
for its pcrfon111c lice. RevLnuL is Iiicclsiircd c?1 Ilie t<iir ir<iluc of tlic Coiisldcr￿7I10n rccLivcd, cxcliidiiig
discouiils, rL'bl¢ Ics, V A'l. c2iid oilicr sales iaxls or duly. I"IIL lollowiiigy critL'ria iiiusl also bL Illli bLlorL'
r¢v¢iiu¢ is rccogFiiiscd'.
Sale of scrniiccs
Revenue froin tlie sale of sLrvices is recogTnised wlicii Ihc sigFlli ficant risks ciiid reiv<irds of owiiLrsliip
ol. Ilic scrviccs liavc Pi158Ld lo Ilie cusloiiicr. Usucqlly on (ILlivery of projLcls c2t agyreed slagyes. Ill
111i0unl of rcveiiuc C<ili bc IllL1L surLd rel i1& bly.. <1nd il is probi1ble tliat Ihc ccoiioiiiic beiiefils <issocial¢d
Iviili ilie Iraiisaction wil I tlow lo Ilie eiitity.
RLnl<21 incoiiiL
Revcnue froni the rental of businLSS units is rccogyniscd iL s invoiced to the cusloincr uiider ilic teniis of
SLYurity deposils ob11( illLd <11 tlie oiiscl of iiciv
lenaiicics 1irL IILld on the b4ilaiice slieel until sucli tiinc tlic11 nolice to vacclte is rcccived and Ilie teii¥int
CC<lSeS OCCUPc1ncy.
T(LYalioii
Prior lo April 2019. Ilie ch<1rgFe for tlc xation was based on the profit t'or the year as adjusted for
disalloivable il¢iiis and for tiiningy dirrcrcnccs to tlie exleiil that Ihcy wcre uiilikely io rLsult ill (111
aclu<il tclx licibility iii Ilie foresLeablL future. Since regislcringi as a cliarity on 23 Marcli 2019, Ilie
coiiipaiiy's Ilclivitics no loiigver 1.all iviiliiii Ihc cliargie of lax.
Timing differences arose froni (he recognition for tax pu￿OseS of cert1( in items of income aiid
expeiises iii a diffcrenl accounting period from tliat in which Iliey ivere rccog?nised in Ilie financicil
slatenienls. The lax effect of tiniiiigy differences, as reduced by the tax benefit of any accumulatcd
losses, was trcaled as a deferrcd lax liability.
Resoiirces expeiided
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 cantiot be directly attributed to particular
headings they have been allocaled to activities on a basis consistent with use of the resources.
ASM

Duiigaiiiion Eiiterprise Centre- N1018557
Repor¢ aiidfinaiicial sluleiiienrsfor ihe year ended 31 Marcli 2023
Page 5
Notes to the abridged financial statements (cont'd)
l. Principal accounting policies (cont'd)
Cliaritable aetivilies
These costs include direct expenditure relaling to economic development and expenditure in
adniinistralion of the Charity.
lYYecoverable VA T
Any irrecoverablc VAT is chargied lo Ilie slateiiicnl of fiii<lllCi16 l activities, or Ccipilalised as part of the
cost of the reliiled asset, iyhere ic ppropriate.
Voliiiiteer.% oiid doiialed.serviees
No valuc of doiiatcd scrvicL's ¢iiid time is accouiiled for in tli¢ finaiiciic I slatcinLnls.
Peii.iioii .sclieiiiLi arraiigeiiieiil.s
I'lic coiiipany operates a defiiied contribution schciiie. Tlic assets of Ilie sclieiiie are lield sepc1rately
I'roin Iliosc of tlie Colllpciny in <111 iiidepeiideiiily <idii)iiiislercd fuiid, and conlribulioiis clrc cli&qrgL'd lo
St<11einenl or riiiaiicial activities iii Ilie pLriod to wliicli Ilicy rL111 te.
Fnrelgii ciirreiicie.%
Transactions dcnoiiiinatcd in forcign curreiicy are translated iiilo sterliiig at tlie rate of cxcliaiigc
ruliiigj <lt thc datL of Ili¢ Irclllslc Ctioii. Monelc1ry cissets <iiid liabilities dei)0111111lc led iii loreigpn currciicics
al tlic bi11ancL sheet di¢ te are Innsl¢iled into stei'liiigy al the excliaiigc rates ruling? £11 th1( I d1( te. All
exchangye di tlerences are tclkeii lo Ilie StaleIiienl of lin1L ncial activities.
Sliorl ¢eriii eiiiployee bciiiefil.I
Short tcnii ciiiployec bci)efils clre recogvnised <iS ali expense iii Ihe period iii ivliicli Ihcy arc incurrcd,
liilaiigiblefi.recl a.i.%els -,iofiware deipelopiiieiit
Software costs are written off as incurred, except for purchic ses from third parties in respect of major
syslcni.s. Iii such cases, tlie costs are ivrillen ol'f ovLr a niaxiiiiuiii of tlircc y¢ars froiii tlie dale of
implementation.
ASM

Duiiganiion Enlerprise Centre- N1018557
Report ciiidfiiianeial slalelliLinlsfor iliL' Jyear ended 31 Marcli 2023
Page 6
Notes to the abridged finanelal statements (cont'd)
Principal accounting policies (cont'd)
TAiigiblefLYed assets
Fixed assets are stated al their purchase cost, together ivith any incidental costs of acquisilion, less
accumulated dq)recialion.
Depreciation is Crfilculaled so to ivrite off the costs of Iclngible fixed assets, less their estimated
rcsiducll Vi11ues, over Ilie expected usetul ecoiiomic lives of tlic assets concenied. The priiicipal aiiiiual
rc11Ls used for this purpose ?( re..
reehold property
Motor veliiLILs
Plaiit and equipiiieiit
2 stri1ight line
25 rLduciiig? bal<iiice
15-33 slr£1ight liiic
liiipairiiieiit of iinii-fiiiaiicial a.%,iel,%
Tlie coinpaiiy assesses at eacli reporting date ivhetlier an ¢2sscI Ill¢iy be illlP<1ired. Lr any sucli
iiidic<ltioii exi.8t8 tlie COlilP<2lly Lsliiiic11L'S Ilie rccoverc2blc aniounl of the ¢issel. If it is not possible lo
esliiii¢1tc IhL rccovcr&iblc 1¢ 11iouiII ol. IIIL iiidividu11 c15SCt, tliL COlllPL111y csli11ii& Ics. tlIL rLcovcr<iblL
11110uI)l ot" Ilie Cc1slI gi¢iicr1L liiiby Ulllt lo ivliicli Ilie assLI bLloiigs. Thc rccovLr1c blL
c IIIOUTIt of 1( 11 &15SLI or
C1( sli g7eiieri11iiig unil is Ilie IiibYIILr of its fair Viiluc less costs lo .sLII c?Iid its Vcllue iii use. It Ilic
recovcrciblc ¢iniouiil is Icss 111<111 its CLifryiiigTr IL iiiounl, Ilic carryiiigy aiiiouiii of ili¢ ass¢1 is impic irLd iind
il is reduced to its recovcr<iblc ciiiiouiit Ilirougili i& n iliiP16 iniienl in Ilie St1( tL'inciit of linclllcicil activilies.
Ali impaimient loss recognised for all assets is reversed iii a subscquLnl period it. and only if the
r¢clSOllS lor Ilic impc1iniiLiit loss li<lve cLascd to Ic pply,
Fiiiaiicial ipi.llriiiiieiil.I
Fin1( nci&11 iiistrumenls (ire c11L ssl fied Ic lid ciCCOLinted for, ciccording lo tl)e SLibsl<iiice ot" tlie contractucil
arrciiigyLiiiciII, as Liilicr fiii¢iiicial iissLls, fiiiaticial li<1bililiLS or equity iiiblruiiiciits IllC¢isurLd 1¢1
aiiiortiscd cost. AII ¢quily inslrunienl is Iiny coiilrc1cI Iliat cvidencc5 2< rL%iduil1 iiilLrLst iii Ilie clsscls ot.
tlic coinp<iliy after dLducliiigT Ic11 of ils liii bilitiLs.
Fiiiicl acc(Jiiiitiiig
All funds rcccived are unrcstricted in use and are expeiidable at the discrclion of the Trustees in
furtherance of the objeclives ofthe charity. Tlie ch<irity accounts for funds as follows:
Restricted funds
Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure ivhich
meets these criteria is ideiilified to the fund, togciher witli a fair allocation of overheads and support
costs.
ASM

Diingaiinon Eiilerprise Centre- N1018557
Reporl aiidfiiiancial.f¢utc'nient.gfor ihe year viided 31 Marcli 2023
Page 7
Notes to the abridged financial statements (cont'd)
l. Principal accounting policies (cont'd)
General funds
General funds are donations and otlier iiicojiiing resources rLceived or generated ivhich are
expendable at the discretion of the Charity in furtherance of its objectivcs.
2. Emplo>'ee information fdnd Dircctors, remuneration
'riie averagie number of persons (including executive directors) employed by Ilie company durin&F tlie
year was:
2023
Number
20??
Number
By actlvlty:
Pro&Traii)i)l¥ d¢livLry
Adiniiii%iraiiv
10
12
14
No ¢iiiplo)'ees t'all iiilo emolunienls bc1nd over £60,000, "fhc Trustees received no reiiiui)eration. no
bcncfils in kind aiid iio reiinbursciiient ot" expeiiscs duringy the ycar.
DirL*ctor.5 ' reiiiiiiieralioii
No director received r¢inuiier<11ion in the curreiit or precediiib pLriod
3. Tangible fixed Assets
Frechold
pruperty
Motor
vcliicles
pl￿nt llnd
cqiiipnieiil
Total
C05t
Al l April 2022
Addilion
Di%po%al
At 31 Illarcli 2023
3,701.641
123,284
(182,366)
3,042,559
13,250
289,398
12,388
4,004,289
135,679
(182,3661
3,957,595
301,786
Dtprecilltion
Ai l April 2022
Cl)argyc lor tliL year
Dibpo.sals
At 31 INlarch 2023
1,587.672
71,728
1142)
1,649,258
12,691
140
262,265
11,544
1,862.6?8
83,412
{142)
1,945,898
12,831
273,809
Net book value
At 31 INlllrcli 2023
Ai 31 March 2022
1,983,301
2,113.969
419
559
27,977
27.133
2,011,697
2,141,661
ASM

Diingunnoii Enterprise Ceiitre- N1018557
RL'port andfiiiaiicial 5fatenient5for Élle Jiear ended 31 Marcli 2023
Page 8
Notes to the abridged financial statements (cont'd)
4. Creditors
Tl)e bank overdraft and loan are secured by a fixed and floating charge over the Charity's preinises at
2 Coalisland Rd, Dungannon. Bank loaii lotalling £311,162 (2022.. £329,688) is being repaid by
monthly inslalnients of £2,320.
A bouiice back loan of £3?,393 (2022: £42,102) is guaraiitced by Ilie UK Governni¢nl uiidcr the
Bounce Back Loaii Schenie. The loan is repayable over 6 years witli a rate of iiilerest of2.5 %.
5. ShAre capital
Tlie conipclny is limited by a guarantee froiii each member of tlie board ot"dirLclors aiid does not have
issued sl)lcrL capital.
F•¢lch dirccior undertclkes lo conlributc to Ilie assets ot the COlilPL1ny. in Ihc cvciit of tlie same being
Ivound up ivliilL tlILy arc a IiiciiibLr. or wiiliiii one yciif 1¥ flLr Iliey c&isc lo be ¢7 iiieinber, for P<iymci)t
of dLbts Ic nd liclbi litics of the coiiipaiiy coiilriicled bcforL' tliey CL<1se lo be a mciiiber. aiid of IliL costs,
cliargyes and cxpcnses of windiiigi Upi c1nd for the adjustinent ot" I11e rig7lits of the contributors aiiiong
Ilicniselves sucli aiiiount as may bc required not exceeding £ l 0.00.
6. Summary of audit optlon
I'hc auditors. rcport for Ilic year datcd 31 March ?023 W¥lS ullqu1c liliLd.
Tlie sciiior statutory ¢luditor was Alistair Cooke. tor ciiid on bLliaif of ASM (D) Ltd.
ASM