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Registration number: NI604076

Advantage Control N Ireland Ltd

Filleted Financial Statements

for the Year Ended 31 August 2023

 

Advantage Control N Ireland Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Advantage Control N Ireland Ltd

Company Information

Directors

Mr George Watt

Mr Alan Armstrong

Mrs Bridie Burns

Registered office

Unit 4
Down Business Park
46 Belfast Road
Downpatrick
Co Down
BT30 9UP

 

Advantage Control N Ireland Ltd

(Registration number: NI604076)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,103

4,877

Investments

5

86

86

 

3,189

4,963

Current assets

 

Stocks

6

1,200

6,000

Debtors

7

137,952

311,568

Cash at bank and in hand

 

367,040

309,930

 

506,192

627,498

Creditors: Amounts falling due within one year

8

(83,602)

(224,736)

Net current assets

 

422,590

402,762

Total assets less current liabilities

 

425,779

407,725

Provisions for liabilities

(590)

(927)

Net assets

 

425,189

406,798

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

425,187

406,796

Shareholders' funds

 

425,189

406,798

For the financial year ending 31 August 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

Advantage Control N Ireland Ltd

(Registration number: NI604076)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 3 November 2023 and signed on its behalf by:
 

.........................................
Mr Alan Armstrong
Director

 

Advantage Control N Ireland Ltd

Notes to the Financial Statements for the Year Ended 31 August 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:
Unit 4
Down Business Park
46 Belfast Road
Downpatrick
Co Down
BT30 9UP

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.

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.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Advantage Control N Ireland Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

20% straight line

Motor vehicles

20% straight line

Office equipment

20% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Advantage Control N Ireland Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Advantage Control N Ireland Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

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 directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

8,585

22,030

6,471

37,086

At 31 August 2023

8,585

22,030

6,471

37,086

Depreciation

At 1 September 2022

4,671

22,030

5,508

32,209

Charge for the year

1,328

-

446

1,774

At 31 August 2023

5,999

22,030

5,954

33,983

Carrying amount

At 31 August 2023

2,586

-

517

3,103

At 31 August 2022

3,914

-

963

4,877

 

Advantage Control N Ireland Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

86

86

Subsidiaries

£

Cost or valuation

At 1 September 2022

86

Provision

Carrying amount

At 31 August 2023

86

At 31 August 2022

86

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Advantage Control Ireland Limited

22 Northumberland Road
Ballsbridge
Dublin 4
D04ED73

Ordinary

100%

100%

 

Ireland

     

6

Stocks

2023
£

2022
£

Other inventories

1,200

6,000

 

Advantage Control N Ireland Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

7

Debtors

2023
£

2022
£

Trade debtors

127,952

301,568

Other debtors

10,000

10,000

137,952

311,568

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

70,655

187,148

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

87

186

Taxation and social security

 

5,960

9,917

Other creditors

 

6,900

27,485

 

83,602

224,736

9

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

At 31 August 2023
£

Mr George Watt

Directors loan

40

40

     
   

Mr Alan Armstrong

Directors loan

40

40

     
   

 

 

Advantage Control N Ireland Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

2022

At 1 September 2021
£

At 31 August 2022
£

Mr George Watt

Directors loan

40

40

     
   

Mr Alan Armstrong

Directors loan

40

40

     
   

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

29,040

27,200

   

2023
£

 

2022
£

Mr Alan Armstrong

       

Dividends

 

50,154

 

48,450

         

Mr George Watt

       

Dividends

 

50,154

 

48,450

         

Mrs Bridie Burns

       

Dividends

 

32,631

 

32,968

         

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

200

2

200

2