Company registration number: N1026008 Melvin Enterprises Ltd Company limited by guarantee Unaudited financial statements 31 October 2024 Melvin Enterprises Ltd Company limited by guarantee Contents Page Directors and other intormation Directors report Accountants report Statement of comprehensive income Statement of f inancial position Statement of changes in equity Notes to the financial statements 8-11 Melvin Enterprises Ltd Company limited by guarantee Directors and other information Directors Mr Brendan Feely Mr Peter Ferguson Mr Michael Gilroy Mr Emmet McNulty Mr Sean Rasdale Company number N1026008 Registered office Main Street Garrison Co.Fermanagh BT93 4ER Accountants Gerard O'Brien & Co 27 Main Street Belleek Co.Fermanagh BT93 3FY Bankers Bank of Ireland Main Street Belleek Co.Fermanagh BT93 3FY Solicitors Maguire & Corrigan 20 East Bridge Street Enniskillen Co.Fermanagh BT74 7BT Melvin Enterprises Ltd Company limited by guarantee Direclors report Year ended 31 October 2024 The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2024. Directors The directors who served the company during the year were as follows: Mr Brendan Feely Mr Peter Ferguson Mr Michael Gilroy Mr Emmet McNulty Mr Sean Rasdale Small company provisions This report has been prepared in accordance with the prowsions applicable to companies entitled to the small companies exemption. This report was approved by the board of directors on by: and signed on behalf of the board Mr Brendan Feely Director Mr Michael Gilroy Director Melvin Enterprises Ltd Company limited by guarantee Report to the board of directors on the preparation of the unaudiled siatutory financial statements of Melvin Enterprises Ltd Year ended 31 October 2024 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Melvin Enterprises Ltd for Ihe year ended 31 October 2024 which comprise the statement of comprehensive income. statement of financial position, statement of changes in equity and related notes from the company's accounling records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants we are subject to its ethical and other professional requirements which are detailed at http'.l/www.accaglobal.comlenlmemberl professional-standards/ rules-standards/acca-rulebook.html. This report is made solely to the board of directors of Melvin Enterprises Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Melvin Enterprises Ltd and state those matters that we have agreed lo state to the board of directors of Melvin Enterprises Ltd as a body, in this report in accordance with Ihe requirements of the Association of Chartered Certified Accounlants as detailed at httpJlwww.accaglobal.comlcontenVdam/ACCA Global ￿eChnICallfacVteChn1Cal-lactsheet-163.pdf. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone other than Melvin Enterprises Ltd and its board of directors as a body for our work or for this report. It is your duty to ensure that Melvin Enterprises Ltd has kept adequate accounting records and to prepare statutory f inancial statements that give a true and fair view of the assets, liabilities, financial position and loss of Melwn Enterprises Ltd. You consider that Melvin Enterprises Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Melvin Enterprises Ltd. For this reason, we have not verified the accuracy or compleleness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Gerard O'Brien & Co Accountants 27 Main Street Belleek Co.Fermanagh BT93 3FY Melvin Enterprises Ltd Company limited by guarantee Statement of comprehensive income Year ended 31 October 2024 2024 2023 Note Turnover Cost of sales 13,105 (10,968) 12,926 (19,552) Gross profiV(loss) 2,137 16,626) Adm inistrative expenses {7,028) 17,555) Operatlng loss {4,891) (14,181) Interest payable and similar expenses Loss before taxation {4,891) {14.181) Tax on loss Loss lor the financial year and total comprehensive income {4.8911 {14,181) All the actiwties of the company are from continuing operations. The notes on pages 8 to 11 form part ot these financial statements. Melvin Enterprises Ltd Company limited by guarantee Statement of financial position 31 October 2024 2024 2023 Note Fixed assets Tangible assets 291,526 302,310 291,526 302,310 Current assets Debtors Cash at bank and in hand 1,362 17,606 1,362 20,143 18.968 21,505 Creditors: amounts falling due within one year (8,438) {8,438) Net current assets 10,530 13,067 Toial assets less current liabilities 302,056 315,377 Creditors: amounts falling due after more than one year (169,419) (177,8491 Net assets 132,637 137,528 Capilal and reserves Revaluation reserve Profit and loss account 72,438 60.199 72,438 65,090 Members funds 132,637 137,528 For the year ending 31 October 2024 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 8 to 11 form part of these financial statements. Melvin Enterprises Ltd Company limited by guarantee Statement of financial position (continued) 31 October 2024 These financial statements were approved by the board of directors and authorised for issue on and are signed on behalf of the board by: Mr Brendan Director eely Mr Michael Gilroy Director Company registration number.. N1026008 The notes on pages 8 to 11 form part ot these financial statements. Melvin Enterprises Ltd Company limited by guarantee Statement ot changes in equity Year ended 31 October 2024 Revaluation reserve Profit and loss account Total At 1 November 2022 72,438 79,271 151,709 Loss for the year (14,181) (14,181) Total comprehensive income for the year {14,181) (14,181) At 31 October 2023 and 1 November 2023 72,438 65,090 137,528 Loss for the year 14,891 } (4,8911 Total comprehensive income for the year 14,891 } (4,8911 At 31 October 2024 72,438 60,199 132,637 Melvin Enterprises Ltd Company limited by guarantee Notes to Ihe financial slatemenls Year ended 31 October 2024 General information The company is a private company limited by guarantee, registered in United Kingdom. The address of the registered office is Main Street, Garrison. Co.Fermanagh, BT93 4ER. Statement of compliance These financial statements have been prepared in compliance with the promsions 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 lair value of the consideration received or receivable tor goods supplied and services rendered. net o* discounts and Value Added Ta Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably. it is probable that the associated economic benefits will flow to the entity. and the costs incurred 01 to be incurred in respect of the transactions can be measured reliably. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, lax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing drfferences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Melvin Enterprises Ltd Company limited by guarantee Notes to Ihe financial statements (continued) Year ended 31 October 2024 Tangible assets Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other omprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulaled in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. 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: If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the deprecialion is revised prospectively to rellect the new estimates. Impairment A review for indicators of impairment is carried out at each reporting date. wf(h 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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generaling unit is Ihe smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Government grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giwng immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient. it is recognised in income only when the performance-related conditions have been mel. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a Melvin Enterprises Ltd Company limited by guarantee Notes lo Ihe financial statements (continued) Year ended 31 October 2024 Financial instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaclion price. unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can othe￿iSe be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other tinancial instruments are subsequently measured at fair value. with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets thal are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised in profit or loss im mediately. For all equity instruments regardless of signilicance, and other financial assets that are individually signrficant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of sim ilar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not premously been recognised. Limited by guaranlee The company is limited by guarantee and does not have a share capilal. Loss before taxation Loss before taxation is stated after chargingl{creditingl: 2024 2023 Depreciation of tangible assets 13,683 13.838 Melvin Enterprises Ltd Company limited by guarantee Notes to the financial statements (continued) Year ended 31 October 2024 Tangible asseis Freehold Fixtures, propety fittings and equipment Total Cost At 1 November 2023 Additions 618,497 50.023 2,899 668,520 2,899 At 31 October 2024 618,497 52,922 671,419 Depreciation At 1 November 2023 Charge for the year 322,510 12,370 43,700 1,313 366,210 13,683 At 31 October 2024 334,880 45,013 379.893 Carrying amount At 31 October 2024 283,617 7,909 291.526 At 31 October 2023 295,987 6,323 302,310 Debtors 2024 2023 Trade debtors 1,362 1.362 Creditors: amounts falling due within one year 2024 2023 Corporation tax Other creditors 200 8,238 200 8,238 8,438 8.438 Credilors: amounts falling due after more than one year 2024 2023 Other creditors 169,419 177.849 Melvin Enterprises Ltd Company limited by guaraniee The following pages do not form part of Ihe statutory accounts. Melvin Enterprises Ltd Company limited by guarantee Delailed income statement Year ended 31 Oclober 2024 2024 2023 Turnover Rental Income FDC - contribution to running costs DAERA grant Other income 12,160 945 9,392 1,188 1.146 1.200 13,105 12,926 Cost of sales Purchases Repairs and Maintenance Light, heat and power Rateslwater Rates Insurance 1537) {11,464) (3,822) (1,354) (2,375) (2,145) (4,814) (1 ,460) (2,549) {10,968) {19,552) Gross profitl(loss) 2,137 (6,626) Gross profitl(loss) percentage 16.3°/. 51.3% Overheads Administrative expenses Cleaning Advertising Accountancy fees Bank charges General expenses Subscriptions Depreciation of tangible assets Amortisation of Government Grants (404) (1001 {931 (8781 (1481 {928) {780) {170) {212) {209) (13,6831 8,430 (13.838} 8,430 {7.028) {7,555) Operating loss 14,891 } (14.181) Operating loss percentage 37.30/. 109.7% Loss before taxation (4,891) {14,181)