Dungannon Enterprise Centre
(A conipany limited by guarantee)
Filleted abridged financial statements for the year
ended 31 March 2024
(Abrldgcd In ficcordnnco ivlih the provlsloiis of
tlie Conipiinics Act 2006)
Reg15trfitlon Iyo: NIO18S57

Diingannoii Eiiferprise Centre - N1018557
Reporl andfiiiartcial Sii7teiiivnl3for the year ended 31 Marcli 2024
Contents
Page (s)
Direciortr4 and advisers
Abridged balanc¢ sheei
Note4 to IhL abridged financial slatemenl.s
ASM

Diingaiinon Enierprise Ceiitre- N1018557
Reporf andfiiiaiicial stateiiienfsfor tlieyear glided 31 Marcli 2024
Page I
Directors and advisers
Directors
Yvonne Mitchell
Ralph Broivn
Waller Cuddy
Andrew Troller
Robert MilligFan (Resigned 0610912023)
Siephen Mol)an
Claire Murray
Doniinic Nlolloy
David Can)pbell
Micl)¢lle Donnelly
Caoiiiil)e Lowe
Miclielle Sl)ambl¢y (Appointed 0810S12024)
Secretary
Michelle Donnelly
Registered office
Dung716 111i01113u%iiicNs Park
2 C0411islaiid Roiid
DuiigYani)on
Co Tyroiie
BT716JT
Solicitors
F G Palloi) Solicilo
14 TIIoiiiii% Sireel
Co 'fyronL
BT70 IHN
Bankers
Dan%kc Bank
45-48 I4i&ph Street
Portadoivn
Co Arniabih
BT62 1 LB
Registered auditors
ASM (D) Lid
79 Cunning,hams Lane
Dungannon
BT716BX
ASM

Duiigaiinoii Enferpri5e Centre- N1018557
Report aiidfiiiaiiciul slalenieiEisfor tlie Jyeor elided 31 March 2024
Page 2
Abridged balance sheet
L%otes
2024
2023
Flxed assets
Tangible asseis
1,962,547
2,011,697
Current assets
Debiors
Cash al bank and in hand
76,246
320,944
82,624
395,068
397,190
(15S,964)
477.69?
(199,749)
Credltors: amount4 falling due within onc year
Net currenl nsscts
241,226
277,943
Total Asyels less eurrent IIAbllilies
2,203,773
2,289,640
Credltors: aniounl% falling duc aficr morL Il)an one year
(277,117)
(305,714)
Provlslons for IIAbllitles
A¢crual.4 aiid deferrcd inconie
(1,035,420)
(1,066.796)
Nct 1155et$
891,236
917.130
The funds of tho chnrltv
Tolal unrLslricl¢d fuiids
Toial rc4lricied funds
'rotAI chArity fund5
891,236
917,130
891,236
917,130
'riiese ic bridgvcd fiiiaiicial stcltcinenls liave been prepared in accordance with the provisions ol. Ilie snirfl11
coinpanies regvini¢ wiiliin Part 15 of tlie Coiiipanies Act 2006.
Tlie Siatemcnt or rinanci<11 activities and the Direclors. report liic ve iiol bcen dclivcrcd to Il)e Re&Yislriir
of Coiiipcl11ieS in aLcordc1nce witli Ilie special provisions 1( pplicilble to coinp<l11iCS subjcct lo IIiL Siiici11
coinpanies rcgrinie.
All of tlie Incinbers consented to Ilie preparation of the abridgyed balaiice slieet for tlie current year
ending 31 March 2024 in accordance with Section 442 (2A) ofthe Companies Act 2006.
Approved by the board of directors and signed on its behalf by..
Walter Cuddy
Director and Trustee
lichelle Donn¢lly
Director and Truste
The notes on pages 3 to 8 fonn part of these financial statements.
ASM

Diingaiinoii Enterprise Cenlre- N1018557
Report andfinancial stalenieiilsfor ilieyear elided 31 Mqrcli 2024
Page 3
Notes to the abridged fInancial statements
l. Principal accounting policies
Siateiiieiit of coiiipliaiice
The coiiipany's financial statements have been prepared in compliance with FRS 102 'The Financial
Rcporting Staiidard applicablc in tlie UK and Rcpublic of Ircland. including the provisioiis of Section
la, as il applies to the financial statements ofthe company for the year ended 31 March 2024.
Geiieral iiiforiiiailoii aiid ba.wis ofpreparalioii
Dungannon Enterprise Centre is a coinp<lny incoryorated in Northern Ireland uiider Ilie United KingFdoin
Coiiipcllli¢S Act. Tlic addrcss of Ilie regyislcrcd office is gyiv¢n 011 pa&iL l . Tlic priiicipal clclivily of IliL
conipilny is Ilic proinolion of busiliess elite￿rISe in the Dungyii nnon area througyli the provision of
business support.
Tlie financi1< I slc2tenienls 11re prcpc?rcd iii slerling? whicli is Ilie functional currency of tlie coinpiiny. Tl)e
Iiiicll)Cl<l1 slcilLinciits arc rounded to tlIL ncc1rLst £ I
Tlic financi¢il slateiiieiils 1i<1V¢ beeii prcpared in accordi111CL with Ilie Fiii<1JlCi¢il Reportiiig St<lJidi1rd
1ppIicciblL iii tlie UK aiid Republic ot" Irel<ind (fRS 102), Ilie AccouJitingF ¢ll)d RLPOrtiiigTr by Cliciritics..
sic11ciiiciil of Rccoiiiiiiciidcd Pr&icliLe <ippIic1c blc lo clic?rilics prLPL1riiig' tl)cir l inciiiLial sl<2tciiieiits iii
,Iccord1L IlCL Witli tlIL F'"Ill¢iiicial IILPOrtiiigi Stlc Iid<1rd applic1L blc iii tlIL UK c111d Ilcpubl ic ol" IrLl¢liid (I,'IlS
102) (L'IILclivc l Jc111U¢1ry ?015 (Clic2ritiLb SOIIP (I", RS I O?))i ciiid Ili¢ Clic2riliLs Act (NortliL'rii IrL11L lid)
2008 ¢iS aiiiciidLd by the Cli¢1rilics (fiiiclllcicil st1£ teiiiciils 1£ iiil Reports) Re&yulcl1ioiis (Northem IrL11L lid)
2015.
Duiigciiiiion F.nlerprisc Cciilre iiieels Ilie delinition of <1 public cntily under FRS I O? Assets Iiiid
licil)ililiLb 1¢ rL iiiilic2lly recogliiiscd ¢11 liisloriccil cosl or Iraiisc1Ction Vi11uc uiilLsb oilicThvise s11( tLd in thL
relevaiil clccounling policy.
liicoiiiiiig rii.%oiirce.
Al l incoming resoiirces are includcd on tlie Silc leiiient of Fiiiancial Activities wlien the chi¢ rity is legally
Liilitl¢d to Ilic iiicoiiiL. wlicrc tlierL is r¢,ISOlilc blc cLrtaiiily tli&11 tliL rLsourcL will bc r¢ciivccl c111d ivliLr
Ihe iiionctl£ ry V<11ue Cc1n be quanti ficd ivith rci1SOll¢iblc accLif¢lCy.
Cliaritable activilie.%
Inconie is included in ilie statement of financial activities oli an accruals basis aiid net of V AT where
applicable. Incoiiie is inaiiily dcrived froin rental of units in the business park and the delivery of
business and enterprise progyraiiimes. Inconiing resources are deferred ivhere income is received in
respect of future periods,
Voliiiitary iiicoiiie
Gifts, bequests and donations income is recognised when receivable. Donations - income by way of
donations is included in full in the Siatement of financial actLVlties in the year in which they are
receivabEe.
ASM

Diingannon Enterprise Ceiilre- N1018557
Report andfinaiieial stalenientsfor ilie Jyeor ended 31 Marcli 2024
Page 4
Notes to the abridged financial statements (cont'd)
l. Principal Accounting policies (cont'd)
liicoiiiefroiii ollier Iradiiig activities
Tumover is the amount derived from the provision of goods and services within the charity's ordinary
activili¢s after Ilie deductioii of value added lax. Turnover, which excludcs value added tax. represents
the value of goods and services supplied.
Goveriiiiieiit graiils
Granls that relate to specific capital expenditure are treated as deferred incoine which is tlien credited
to tliL slateiiiLiil of fiiiaiicial acliiijlies over the rel¢lled c?sscI's usLlul life. Rcvciiue &iranls are credilcd
to Ilie Siateiiieiil of £inaiicial aclivilics iii ilic saiiic year as Ilic related expenditurc is iiicurrcd.
ReveiiiiLi recogiiilioii
RcvLiiuc is rccogiiiisLd to IIIL cxlciit 11ilc I IIIL COIIIPcliiy obilc ins tlic rigylil lo coiisidL'r1c lioii iii cxcli&iiig?L' for
its pcrfoni)ciiice. RcvenuL is IiiC¢lsurcd cit IIIL f<1ir valuL of (lie coiisid¢rc11ioii rcccivcd, cxcludii)g
discouiils, rLbcltcs, V AT aiid oiliLf SL2lcs Iiixes or duly. I"IIL t'ollowiiigl Lrilcrii< iiiusl L11so bc ii)Lt bLlor
reveiiue is rccogiiiiscd:
Sale of scrviccs
Revenue froiii Ilie sale of servicLS is recogynised wliei) tlie sigFiiificaiil risks and rewcirds of owiicrsliip of
Ilic sL'rvicLS1i41VC P¢15sLcI lo IIiL custoiiiL'f, USU<illy oil dclivcry ol" projLcls 411 agyrLLd slc)bFCS; tIIL' i)IllOUlIt
of revciiuc Ccl1I bc iiiL'<?sufLd rcl i2( bly; ic lid il is probLlblc 1111( I Ilic ccoiioliiic bei)Llils 41SSOCiI11Ld willi tlie
Irii IIScQCtioii ivill Ilow lo IliL' Liilily.
Rentcll iiiconie
Reveiiue froiii tlIL rental ot" business uiiils is reco&iiiised as invoiced lo the cusloincr under tl)e teniis of
tlie rental 1( gyr¢ciiiciit, Usucilly 011 1¢ nioiiilily bic sis. Security deposits obi¢iiiicd al IIIL. onset of new
Iciiiincics arL licld on Ihe b¢?1IL nc¢ sheet until such time tlic11 nolice Io V<1C¢lte is received arid IliL tenaiit
CLases OCCUPc111Cy.
TtLYalioii
Prior lo April 2019, tlie cliargJe for ti1xatioii was bascd oli tlie profil for Ilic ycar as adjuslcd for
disL111oivcoblL' ilLiiis aiid lor liiiiiiig di I'ferLllCCS to IIIL cxlciil Ili<lt tlicy werL' unlikcly io rcsuli iii (qll Ic CtUc11
l<lX 11¢1bility iii IIIL forLsccablc luture. SiiicL rLgyislcring as a cliarity on 23 Maroli 2019, Ilic coiiipaiiy's
1Ctivilies iio loiigyer fall wiiliin tlie charg?c of lax.
Tiiniiig di ffcreiices arose from tlie recognition for tax purposes of certain ileiiis of iiicoine and expenses
in a differeiit accounting period froni Ihal in whicli they were rccogiiised in Ilie fin1( ncial slalemenls.
The lax eft.ect ofiiiiiing dift"erences, as reduced by the lax benefit of any accuniulaled losses, was treated
as a deferred lax liability.
Re.%oiirces e.Ipeiided
All expeiiditure is accounted for on an accruals basis and has been classified under headiiigs that
aggregalc all costs related to thc category. Wliere costs caniitTri be directly atlribulcd to particul<ir
headings they have been allocated to activities on a basis consistent with use of the rLsources.
ASM

Diingannoii Enlerprise Centre- N1018557
Reporl aiidfiiiancial slalemenlsfor ilieyear ended 31 March 2024
Page 5
Notes to the abridged financial statements (cont'd)
l. Principal accounting policies (cont'd)
Clioriloble aclivities
These costs include direct expenditure relating to economic development and expenditure in
administration of the Charity.
Jrrecoverable VA T
Any irrecoverable VAT is chargyed to the statement of financial activities, or capilalised as part ot. the
cost of tlic related asset, wliere appropriale.
VoliiiileeY.s aiid doiialed service.
No value of donated services and tiine is accounted for in the financial slatcnienis.
PL?ii,%ioii .%cliciiie arraiigeiiieiit.I
The coiiipany operates a defiiied contribulioii scheine. Tlie assets ot. Ilic sclieiiic arc hcld SCPiiratLIy
rroin Iliose ot" Ilie coIiipany in an indepeiideiiily <1dininistered fund, and coiitribulions are c111( rg?cd lo
St1( ILniciil or rinancicil activities in Ilie pcriod to which they relate,
Fareigii eiirreiicie.%
Traiisaclions dciioiiiinc?ted in forcigyn currency <1re Ir1( nslaled iiilo stcrlingF at tlic rate of exchaiigpe rulii)g
,It tlic dalc of IliL Irc111saclioii. Molictciry assLtS 1¢ lid li<2bilitics dcnoi)iinatcd iii forLigii curr¢iici¢s al tli
b1¢ Iqincc slicct dcilL ¢2r¢ tr<iiislic tcd iiilo sterling? al tlic cxcli¢lllb7C ratcs ruliiig al thal dic tc. All cxcliaiigiL
dil'lereiices arc t<1keii to the Stalement ol. tiiiaiicicil aclivilies.
Sliort ti•riii eiiiplojiee beiiL'fil.%
Sliort tenn Lii)ployee benLfits are recog7nised as an expensc iii Ilie pcriod in ivliich Ili¢y ar¥ incurrcd.
Jiifaiigiblefi.red a.s.ILIl.s - soft>vare developiiieiil
Sotlwc2re cosls are written off as incurred, except for purclic1SLS froin third parties iii respect of major
sysleiiis. lil sucli cases, the costs lire ivrilten off over 11 mi1xiniuni of. Ilircc years froni the dic te of
iiiiplement1c lion.
ASM

DiiiigannoA Enlerprise Centre- NIOJ8557
RL'port andfiiiancial staliittic'nlsfor iligyeur ended 31 Marcli 2024
Page 6
Notes to the abridged financial statements (cont'd)
l. Principal accounting policies (cont'd)
Taiigiblefi.red assets
Fixed assets are staled at their purchase cost, together with any incidental costs of acquisition, less
accumulated dcprecialion,
Deprecialion is Ccllculaled so <1S to write off the costs of tangible fixed ¥issels. less Iheir estim<lted
residu¢il Vic lues, over tlie expected useful econoinic lives of tlic c1bs¢ls coiicerned. Tlie princip£21 <lllllU1L I
ratcs used lor Ihis purpose are:
rreeliold propcrty
Molor vcliicles
Plc1111 (ind cquipment
2 slraibFhi liiie
25 reducingi laiice
15-33 slrl& iglit line
liiipairiiieiit of iioii-fiiiaiicial a.%.iels
The COliiP<llly 1lSSCSSCS at cacli reportiiig d1( te ivlieilier an asset iiiay be iiiipaired. If cllly sucli indication
exists tli¢ COlllP<iny esliiiiales tlie recoverable ¢iiiiouiiI of Ihc <isscI. Ir il is not pos%ible to esliiiiate Ilie
r¢cc)vLrc1blc 111110uiII ol" Ilic iiidividuc11 clsscl, IIIC COlilP¢1ny eslinic2tes, Ilic recoverc1blc ¢iiiiounl ol. tlie C&isli
YL'iIL'f¢iliiigT uiiil lo ivliicli IIIL iisscl bclongys. Tlie rLLOVLfLiblL Ic IllOUlIt ot. (lll c1bSLI or C1L sli bVLI)Lf<11iiigy ui)il
is Ilic liigvli¥r of ils fi< ir valuc ILss costs lo SLII aiid ils V¥llue in usc. Ir Ilic rLcov¢f<1blc <111i0uiII is Icss tli¢lll
its CilfryiJi&i 11niounl, Ilie carryiiigi aniounl of Ilie asset is illlP<iircd Ic lid il is reduced to its recovcri1ble
,IiiiouiII Ihrougyli an iinp<iiniient in the Siatenienl of finaiicial aclivities.
Ali illlPcliniiLiil loss recog71Iised for all ¢issels is rcversed iii Il subsequent period if and only if the reasons
for tIIL illlP<2iniiciil loss li¢lVC Cec1sed to <lppIy,
Fiiiaiicial iii.1triiiiieiil.I
Fii)aiicial ii)slrumcnts are c11( ssl lied Ilnd accouiiled for, 1¢ ccording to the subslc211ce of the contractual
arri111&yLiiicnli £lS ciili¥r fiiiciiicial Ilssels, lincqllClc11 li<lbi litics or cquily iiislruiiiLI)Is IllLcisurLd al ¢llllOrtisLd
cost. Ali equity instruincnl Is i& ny conlr<1cI i1i&1t evidciices a rcsidual iiitcresl in the Ic sscls ol"Ilie COlllP<1ny
atler deduciin&? l of ils liclbililies.
Fiiiid aceoiiiifiiig
All funds rcccived are unrestricted iii use and are expendic ble at the discrelion of tlie Trustees in
furtliercince of Ilie objectives of the charity. The ch2¢ rity accounts for fuiids as follows:
Rcslricted funds
Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which
nieets these criteria is identified to the fund, together with a fair allocation of overheads and support
costs.
ASM

Diiiigaiinon Enterprise Centre- N1018557
Report andfinancial slalL*iiieiilsfor theyear ended 31 Mareli 2024
Page 7
Notes to the abridged financial statements (cont'd)
l. Principal accounting policies (cont'd)
General funds
General funds are donations and other incoming resources received or generated which are expendable
at the discretion of the Charity in furtherance of its objectives.
2. F.mployee inforn)ation And Directors, remuneration
The avcrclgie number of persons (includingF executive directors) eiiiployed by the company duriiig the
ye<1r was.,
2024
Number
2023
Number
By Actii'ity;
Prosprai)ii)i¢ dLIiv¢ry
Adniinistralive
12
12
No eiiiployees f1(11 into emolunicnls b£ind over £60,000. Tlie Trustees received no reinuneration, no
bcn¥fils iii kiiid ai)d no reiiiiburseiiiciil of expeiises duringy tlie year,
Direclor.%' reiiiiiiieratioii
No direclor received reinuiieri11ioii in Ilie current or precediiig period
3. Tangible fixed assets
Total
Cost
Ai l April 2023
Addition
At 3 I IlIurch 2024
3,957.595
40.953
3,998,548
DepreclAtlon
Ai l April ?023
Cliarge for the year
At 31 ￿lI7rCh 2024
1,945,898
90,103
2,036,001
,Yet book valuo
At 31 Nlthrch 2024
Ai 31 MarLI) 2023
1,962,447
2,011,697
ASM

Diiiigaiinon Eiiterprise Ceiitre- N1018557
Report andfinaiicial statemenlsfor tlieyear ended 31 illarch 2024
Page 8
Notes to the abridged financial statements (eont'd)
4. Creditors
The bank overdraft and loan are secured by a fixed and floating charge over the Charity's preniises at
2 Coalisland Rd, Dungannon. Bank loan lotalling £291,629 (2023: £311,l6?) is being repaid by
Inonthly inslalinenls of £2,320.
A bounce back Iocln of £?3.328 (?023: £32.393) is g7U¢lranteed by the UK Government und¢r Ilie
Bounce Back Loan Sclienie. Tlic loaTi is fcpciyablc ovcr 6 yc?c rs willi ¢1 ratc of iii(crLsl of 2,5 /0.
5. Share capitAI
The company is li1i1ited by a guarc1ntee from ec2ch member of Ilie board of directors cind does not have
issued slic1re capital.
-,Ich dircclor undertc1kcs lo coi)Iribute lo tlie 1< sqets of the compiny, in the event of thc .8611nc beinb
Ivouiid up wlii IL. IIILY iifc <1 InLiiibcr, or iviiliiii onL yL&if 1¢ IILr IIILY LLclSL to bL Li iiiciiibcr. lor Pic yiiILiII or
debis 1( Tid li<1bilities of Ilic coiiipaiiy coiilrc1cled belore Ilicy ccase lo be a iiiciiibcr. and ot" tlic cosls,
cliarb7es aiid expenses of windiiigy up, and for Ilie adjuslinciit ol. tlie rigilils of the contributors <iiiion
theinselvcs such aiiiount as niay bc rcquired nol cxceedin&y £1 0.00.
6. Sumniary of Rudlt option
The auditors, report for the year dated 4 Septeiiiber 2024 was uiiqualificd.
The senior slatutory auditor Wc1S Alislair Cooke, for and on bcli¢llf of ASM (D) Lid.
ASM