Visit Derry 31/03/2020 iXBRL

Visit Derry 31/03/2020 iXBRL

VISIT DERRY - Company Information

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31/03/2020 2020-03-31 true false false false true false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP NI029778 2019-04-01 2020-03-31 NI029778 2020-03-31 NI029778 2019-03-31 NI029778 2018-04-01 2019-03-31 NI029778 2019-03-31 NI029778 core:PlantMachinery 2019-04-01 2020-03-31 NI029778 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 NI029778 bus:RegisteredOffice 2019-04-01 2020-03-31 NI029778 bus:LeadAgentIfApplicable 2019-04-01 2020-03-31 NI029778 bus:Director1 2019-04-01 2020-03-31 NI029778 bus:Director3 2019-04-01 2020-03-31 NI029778 bus:Director4 2019-04-01 2020-03-31 NI029778 bus:Director5 2019-04-01 2020-03-31 NI029778 bus:Director6 2019-04-01 2020-03-31 NI029778 bus:Director7 2019-04-01 2020-03-31 NI029778 bus:Director8 2019-04-01 2020-03-31 NI029778 bus:Director9 2019-04-01 2020-03-31 NI029778 bus:Director10 2019-04-01 2020-03-31 NI029778 bus:CompanySecretary1 2019-04-01 2020-03-31 NI029778 core:PlantMachinery 2019-03-31 NI029778 core:FurnitureFittingsToolsEquipment 2019-03-31 NI029778 core:PlantMachinery 2020-03-31 NI029778 core:FurnitureFittingsToolsEquipment 2020-03-31 NI029778 core:WithinOneYear 2020-03-31 NI029778 core:WithinOneYear 2019-03-31 NI029778 core:RetainedEarningsAccumulatedLosses 2020-03-31 NI029778 core:RetainedEarningsAccumulatedLosses 2019-03-31 NI029778 core:PlantMachinery 2019-03-31 NI029778 core:FurnitureFittingsToolsEquipment 2019-03-31 NI029778 bus:SmallEntities 2019-04-01 2020-03-31 NI029778 bus:Audited 2019-04-01 2020-03-31 NI029778 bus:FullAccounts 2019-04-01 2020-03-31 NI029778 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 NI029778 bus:CompanyLimitedByGuarantee 2019-04-01 2020-03-31 NI029778 core:OtherRelatedParties 2019-04-01 2020-03-31 NI029778 core:OtherRelatedParties 2018-04-01 2019-03-31 NI029778 core:OtherRelatedParties 2019-03-31
Company registration number: NI029778
Visit Derry
Company limited by guarantee
Filleted financial statements
31 March 2020
Visit Derry
Company limited by guarantee
Contents
Directors and other information
Balance sheet
Notes to the financial statements
Visit Derry
Company limited by guarantee
Directors and other information
Directors Mr Don Wilmont (Executive Chair)
Cllr Michael Cooper
Ms Amanda Hamilton
Mr Steven Frazer (Appointed 31 March 2020)
Ms Shauna Cusack
Alderman Graham Warke (Appointed 23 October 2019)
Mr Neil Devlin
Mr Ciaran O'Neill
Ms Michelle Simpson
Secretary Mr Stephen Gillespie
Company number NI029778
Registered office 1 - 3 Waterloo Place
Derry
BT48 6BT
Auditor Fergus McAteer & Co.
31/33 Clarendon Street
Derry
BT48 7ER
Bankers AIB
Meadowbank
Derry
BT48 7TN
Solicitors City Secretary & Solicitor's Department
Derry City & Strabane District Council Offices
Strand Road
Derry
Visit Derry
Company limited by guarantee
Balance sheet
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 6 11,169 11,974
_______ _______
11,169 11,974
Current assets
Stocks 7 8,416 10,505
Debtors 8 31,555 114,219
Cash at bank and in hand 49,553 12,141
_______ _______
89,524 136,865
Creditors: amounts falling due
within one year 9 ( 67,646) ( 119,436)
_______ _______
Net current assets 21,878 17,429
_______ _______
Total assets less current liabilities 33,047 29,403
Provisions for liabilities ( 2,122) ( 2,275)
_______ _______
Net assets 30,925 27,128
_______ _______
Capital and reserves
Profit and loss account 30,925 27,128
_______ _______
Members funds 30,925 27,128
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account and directors' report have not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2020 , and are signed on behalf of the board by:
Mr Don Wilmont (Executive Chair)
Director
Company registration number: NI029778
Visit Derry
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is 1 - 3 Waterloo Place, Derry, BT48 6BT.
2. 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'.
3. Summary of significant 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, net of discounts and Value Added Tax.
Sale of goods
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 or to be incurred in respect of the transactions can be measured reliably.
Rendering of services
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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, tax 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 differences 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.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 comprehensive 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 accumulated 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:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 10 % reducing balance
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.
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. 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-generating unit is the 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
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 transaction 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 otherwise 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 financial 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 that 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 immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar 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 previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Limited by guarantee
The company is limited by guarantee without a share capital. None of the directors has therefore any interest in shares of the company.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2019: 17 ).
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2019 64,465 29,587 94,052
Additions 930 - 930
_______ _______ _______
At 31 March 2020 65,395 29,587 94,982
_______ _______ _______
Depreciation
At 1 April 2019 62,720 19,358 82,078
Charge for the year 712 1,023 1,735
_______ _______ _______
At 31 March 2020 63,432 20,381 83,813
_______ _______ _______
Carrying amount
At 31 March 2020 1,963 9,206 11,169
_______ _______ _______
At 31 March 2019 1,745 10,229 11,974
_______ _______ _______
7. Stocks
2020 2019
£ £
Finished goods and goods for resale 8,416 10,505
_______ _______
8. Debtors
2020 2019
£ £
Trade debtors 5,236 110,252
Other debtors 26,319 3,967
_______ _______
31,555 114,219
_______ _______
9. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 17,821 39,256
Social security and other taxes 12,311 18,068
Other creditors 37,514 62,112
_______ _______
67,646 119,436
_______ _______
10. Summary audit opinion
The auditor's report for the year dated 21 October 2020 was unqualified.
The senior statutory auditor was Fergus McAteer for and on behalf of Fergus McAteer & Co.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2020 2019 2020 2019
£ £ £ £
Related parties ( 18,000) ( 18,000) - ( 4,571)
_______ _______ _______ _______
The related party is a director of the company.
12. Ethical standards
In common with many other businesses of this size and nature the directors use the auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13. Going concern basis and Covid-19 pandemic
The directors have considered the impact of the Covid-19 pandemic in relation to the current year and going forward into the future. They are very conscious of the fact that their members operate in the tourism and hospitality sectors. However, given the ongoing financial support from Derry City & Strabane District Council and the continuing service level agreements with the council over the next few years, the directors are of the opinion that it is appropriate to have the accounts prepared on a going concern basis. They intend to keep the matter under review.