Visit Derry 31/03/2021 iXBRL

Visit Derry 31/03/2021 iXBRL

VISIT DERRY - Company Information

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19 31/03/2021 2021-03-31 true false false false true false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2020-04-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP NI029778 2020-04-01 2021-03-31 NI029778 2021-03-31 NI029778 2020-03-31 NI029778 2019-04-01 2020-03-31 NI029778 2020-03-31 NI029778 core:PlantMachinery 2020-04-01 2021-03-31 NI029778 core:FurnitureFittingsToolsEquipment 2020-04-01 2021-03-31 NI029778 bus:RegisteredOffice 2020-04-01 2021-03-31 NI029778 bus:LeadAgentIfApplicable 2020-04-01 2021-03-31 NI029778 bus:Director2 2020-04-01 2021-03-31 NI029778 bus:Director3 2020-04-01 2021-03-31 NI029778 bus:Director4 2020-04-01 2021-03-31 NI029778 bus:Director5 2020-04-01 2021-03-31 NI029778 bus:Director6 2020-04-01 2021-03-31 NI029778 bus:Director7 2020-04-01 2021-03-31 NI029778 bus:Director8 2020-04-01 2021-03-31 NI029778 bus:Director9 2020-04-01 2021-03-31 NI029778 bus:Director10 2020-04-01 2021-03-31 NI029778 bus:CompanySecretary1 2020-04-01 2021-03-31 NI029778 bus:Director1 2020-04-01 2021-03-31 NI029778 core:PlantMachinery 2020-03-31 NI029778 core:FurnitureFittingsToolsEquipment 2020-03-31 NI029778 core:PlantMachinery 2021-03-31 NI029778 core:FurnitureFittingsToolsEquipment 2021-03-31 NI029778 core:WithinOneYear 2021-03-31 NI029778 core:WithinOneYear 2020-03-31 NI029778 core:RetainedEarningsAccumulatedLosses 2021-03-31 NI029778 core:RetainedEarningsAccumulatedLosses 2020-03-31 NI029778 core:PlantMachinery 2020-03-31 NI029778 core:FurnitureFittingsToolsEquipment 2020-03-31 NI029778 bus:SmallEntities 2020-04-01 2021-03-31 NI029778 bus:Audited 2020-04-01 2021-03-31 NI029778 bus:FullAccounts 2020-04-01 2021-03-31 NI029778 bus:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 NI029778 bus:CompanyLimitedByGuarantee 2020-04-01 2021-03-31 NI029778 core:OtherRelatedParties 2020-04-01 2021-03-31 NI029778 core:OtherRelatedParties 2019-04-01 2020-03-31
Company registration number: NI029778
Visit Derry
Company limited by guarantee
Filleted financial statements
31 March 2021
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 Ms Michelle Simpson (Chairperson)
Cllr Conor Heaney (Appointed 19 April 2021)
Mr Michael Cooper
Ms Amanda Hamilton
Mr Steven Frazer
Cllr Shauna Cusack
Alderman Hilary McClintock (Appointed 30 June 2021)
Mr Neil Devlin
Mr Ciaran O'Neill
Mr Andrew O'Doherty (Appointed 31 March 2021)
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 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 15,540 11,169
_______ _______
15,540 11,169
Current assets
Stocks 7 18,674 8,416
Debtors 8 99,933 31,555
Cash at bank and in hand 124,861 49,553
_______ _______
243,468 89,524
Creditors: amounts falling due
within one year 9 ( 203,577) ( 67,646)
_______ _______
Net current assets 39,891 21,878
_______ _______
Total assets less current liabilities 55,431 33,047
Provisions for liabilities ( 2,953) ( 2,122)
_______ _______
Net assets 52,478 30,925
_______ _______
Capital and reserves
Profit and loss account 52,478 30,925
_______ _______
Members funds 52,478 30,925
_______ _______
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 Section 1A of FRS 102 '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 30 June 2021 , and are signed on behalf of the board by:
Ms Michelle Simpson
Chairperson
Company registration number: NI029778
Visit Derry
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2021
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
When the outcome of a transaction involving the rendering of services can be reliably estimated, 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.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
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 giving 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 met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 19 (2020: 18 ).
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2020 65,395 29,587 94,982
Additions 2,298 5,785 8,083
Disposals ( 52,014) ( 14,507) ( 66,521)
_______ _______ _______
At 31 March 2021 15,679 20,865 36,544
_______ _______ _______
Depreciation
At 1 April 2020 63,432 20,381 83,813
Charge for the year 846 935 1,781
Disposals ( 52,014) ( 12,576) ( 64,590)
_______ _______ _______
At 31 March 2021 12,264 8,740 21,004
_______ _______ _______
Carrying amount
At 31 March 2021 3,415 12,125 15,540
_______ _______ _______
At 31 March 2020 1,963 9,206 11,169
_______ _______ _______
7. Stocks
2021 2020
£ £
Finished goods and goods for resale 18,674 8,416
_______ _______
8. Debtors
2021 2020
£ £
Trade debtors 86,470 5,236
Other debtors 13,463 26,319
_______ _______
99,933 31,555
_______ _______
9. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 60,669 17,821
Corporation tax 463 -
Social security and other taxes 119 12,311
Other creditors 142,326 37,514
_______ _______
203,577 67,646
_______ _______
10. Summary audit opinion
The auditor's report for the year dated 30 June 2021 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
2021 2020
£ £
Related parties ( 13,500) ( 18,000)
_______ _______
The related party was a director of the company during the year.
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.