Northern Interior Fitouts Ltd NI656032 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is general joinery and construction Digita Accounts Production Advanced 6.30.9574.0 true NI656032 2022-04-01 2023-03-31 NI656032 2023-03-31 NI656032 bus:OrdinaryShareClass1 2023-03-31 NI656032 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 NI656032 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 NI656032 core:CurrentFinancialInstruments 2023-03-31 NI656032 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI656032 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI656032 core:MotorVehicles 2023-03-31 NI656032 core:OtherPropertyPlantEquipment 2023-03-31 NI656032 bus:SmallEntities 2022-04-01 2023-03-31 NI656032 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI656032 bus:FullAccounts 2022-04-01 2023-03-31 NI656032 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI656032 bus:RegisteredOffice 2022-04-01 2023-03-31 NI656032 bus:Director1 2022-04-01 2023-03-31 NI656032 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 NI656032 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI656032 core:MotorVehicles 2022-04-01 2023-03-31 NI656032 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 NI656032 core:PlantMachinery 2022-04-01 2023-03-31 NI656032 countries:NorthernIreland 2022-04-01 2023-03-31 NI656032 2022-03-31 NI656032 core:MotorVehicles 2022-03-31 NI656032 core:OtherPropertyPlantEquipment 2022-03-31 NI656032 2021-04-01 2022-03-31 NI656032 2022-03-31 NI656032 bus:OrdinaryShareClass1 2022-03-31 NI656032 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 NI656032 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 NI656032 core:CurrentFinancialInstruments 2022-03-31 NI656032 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 NI656032 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 NI656032 core:MotorVehicles 2022-03-31 NI656032 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI656032

Northern Interior Fitouts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Northern Interior Fitouts Ltd

(Registration number: NI656032)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,505

3,525

Current assets

 

Debtors

6

53,164

37,357

Cash at bank and in hand

 

1,488

7,772

 

54,652

45,129

Creditors: Amounts falling due within one year

7

(30,129)

(35,261)

Net current assets

 

24,523

9,868

Total assets less current liabilities

 

44,028

13,393

Creditors: Amounts falling due after more than one year

7

(13,450)

-

Net assets

 

30,578

13,393

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

30,478

13,293

Shareholders' funds

 

30,578

13,393

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Northern Interior Fitouts Ltd

(Registration number: NI656032)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 May 2023
 

.........................................
Mr Mustapha Sid
Director

 

Northern Interior Fitouts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 1 Woodview Park, Ballymoney, Co. Antrim, BT53 6DJ.

These financial statements were authorised for issue by the director on 31 May 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Northern Interior Fitouts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Motor vehicles

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Northern Interior Fitouts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Northern Interior Fitouts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

-

6,500

6,500

Additions

40,800

-

40,800

Disposals

(19,200)

-

(19,200)

At 31 March 2023

21,600

6,500

28,100

Depreciation

At 1 April 2022

-

2,975

2,975

Charge for the year

4,320

1,300

5,620

At 31 March 2023

4,320

4,275

8,595

Carrying amount

At 31 March 2023

17,280

2,225

19,505

At 31 March 2022

-

3,525

3,525

5

Stocks

2023
£

2022
£

6

Debtors

2023
£

2022
£

Trade debtors

9,856

11,536

Other debtors

43,308

25,821

 

53,164

37,357

 

Northern Interior Fitouts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

9

17,285

18,522

Accruals and deferred income

 

11,811

6,232

Other creditors

 

1,033

10,507

 

30,129

35,261

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

13,450

-

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,252

18,522

Hire purchase contracts

3,033

-

17,285

18,522

10

Related party transactions

2023
 £

2022
 £

Directors current account

22,632

8,089