INVEST NORTHERN IRELAND ANNUAL REPORT AND ACCOUNTS 2006–07
Northern Ireland Public Sector Enterprises Limited (NI-CO) Invest NI holds 100 per cent of the ordinary share capital of NI-CO, which comprises 200,000 ordinary shares of £1 each. NI-CO is incorporated in Northern Ireland and its principal activities are the marketing and selling of Northern Ireland public sector services and expertise on a worldwide basis. Invest NI considers that the cost of the investment does not differ significantly from the market value at the year end. Extracts from the most recent audited accounts of NI-CO: 2007 £’000
2006 £’000
8,428
3,325
Profit after tax
159
62
Net assets
1,137
977
Capital commitments
-
-
Financial commitments
-
-
Contingent liabilities
-
-
Turnover
Air Route Development (NI) Limited (ARD) In July 2003, ARD was established by Invest NI under Article 8(3) of the Industrial Development (Northern Ireland) Order 1982. It is a company limited by guarantee that does not have a share capital. Therefore there was no investment cost to Invest NI. ARD is incorporated in Northern Ireland and its principal activities are the development and administration of the ‘Northern Ireland Air Route Development Scheme’. Grant in aid is received directly from DETI. Extracts from the most recent audited accounts of ARD: 2007 £’000
2006 £’000
-
-
857
1,529
Net assets
-
-
Capital commitments
-
-
768
2,043
-
-
Income Net expenditure before and after tax
Financial commitments Contingent liabilities
The 2006 comparatives for ARD have been restated to incorporate the latest DFP reporting requirement by presenting DETI funding (2007: £857,000, 2006: £1,529,000) as financing through the general reserve, as opposed to recognising it as grant in aid income in the Income and Expenditure account. However, this restatement has no impact to the overall balance sheet position reported. Copies of the NI-CO and ARD accounts can be obtained from Companies Registry, Waterfront Plaza, 8 Laganbank Road, Belfast, BT1 3LX.
81