Company registration number SC648362 (Scotland)
NGL ACCOUNTING LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
NGL ACCOUNTING LTD
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NGL ACCOUNTING LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The director presents her annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be that of accountancy services.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Miss Natasha Cassidy
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Miss Natasha Cassidy
Director
17 April 2024
NGL ACCOUNTING LTD
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
75,988
8,964
Tangible assets
5
42,205
84,365
118,193
93,329
Current assets
Stocks
19,000
48,000
Debtors
6
202,685
78,214
Cash at bank and in hand
7
3,771
221,692
129,985
Creditors: amounts falling due within one year
7
(205,334)
(171,359)
Net current assets/(liabilities)
16,358
(41,374)
Total assets less current liabilities
134,551
51,955
Creditors: amounts falling due after more than one year
8
(5,676)
-
0
Net assets
128,875
51,955
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
128,874
51,954
Total equity
128,875
51,955

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

NGL ACCOUNTING LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 17 April 2024
Miss Natasha Cassidy
Director
Company registration number SC648362 (Scotland)
NGL ACCOUNTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information

NGL Accounting Ltd is a private company limited by shares incorporated in Scotland. The registered office is G.06 Red Tree Magenta, 270 Glasgow Road, Rutherglen, Glasgow, G73 1UZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

These financial statements for the year ended 31 January 2024 are the first financial statements of NGL Accounting Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Software
10% Straight Line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% Straight Line
Computers
10% Straight Line
Motor vehicles
10% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

NGL ACCOUNTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

NGL ACCOUNTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 3

2023
2022
Number
Number
Total
3
4
4
Intangible fixed assets
Other
£
Cost
At 1 December 2022
9,960
Additions
75,578
At 31 January 2024
85,538
Amortisation and impairment
At 1 December 2022
996
Amortisation charged for the year
8,554
At 31 January 2024
9,550
Carrying amount
At 31 January 2024
75,988
At 30 November 2022
8,964
NGL ACCOUNTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
101,423
Additions
1,635
Disposals
(46,990)
At 31 January 2024
56,068
Depreciation and impairment
At 1 December 2022
17,058
Depreciation charged in the year
6,714
Eliminated in respect of disposals
(9,909)
At 31 January 2024
13,863
Carrying amount
At 31 January 2024
42,205
At 30 November 2022
84,365
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
68,463
18,623
Other debtors
134,222
59,591
202,685
78,214
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,090
-
0
Trade creditors
22,162
14,652
Taxation and social security
51,967
31,665
Other creditors
91,115
125,042
205,334
171,359
NGL ACCOUNTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,676
-
0
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