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Registration number: NI050097

NIGM Commercials Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 October 2023

 

NIGM Commercials Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

NIGM Commercials Limited

Company Information

Directors

Mr Winston Gary Montgomery

Mrs Heather Montgomery

Company secretary

Mrs Heather Montgomery

Registered office

NI GM Commercials Ltd
222 Ballygawley Road
Dungannon
BT70 1TF

Accountants

Thomas Oliver and Associates Limited
Certified Public Accountant
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

NIGM Commercials Limited

(Registration number: NI050097)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

31,560

36,820

Tangible assets

5

891,095

713,118

 

922,655

749,938

Current assets

 

Stocks

6

15,824

15,884

Debtors

7

419,563

482,594

Cash at bank and in hand

 

15,121

10,200

 

450,508

508,678

Prepayments and accrued income

 

17,498

16,132

Creditors: Amounts falling due within one year

(446,220)

(432,882)

Net current assets

 

21,786

91,928

Total assets less current liabilities

 

944,441

841,866

Creditors: Amounts falling due after more than one year

(267,367)

(225,685)

Provisions for liabilities

(131,078)

(103,459)

Accruals and deferred income

 

(2,000)

(2,000)

Net assets

 

543,996

510,722

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

533,996

500,722

Shareholders' funds

 

543,996

510,722

For the financial year ending 31 October 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.

 

NIGM Commercials Limited

(Registration number: NI050097)
Abridged Balance Sheet as at 31 October 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

.........................................

Mr Winston Gary Montgomery

Director

 

NIGM Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 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:
NI GM Commercials Ltd
222 Ballygawley Road
Dungannon
BT70 1TF

These financial statements were authorised for issue by the Board on 25 July 2024.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

NIGM Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

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.

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

Land & Buildings

4% Straight Line

Plant & Machinery

15% Reducing Balance / 20% Straight Line

Fixtures, Fittings & Equipment

15% Reducing Balance

Computer Equipment

25% Straight Line

Vehicles

20 / 25% Straight Line

 

NIGM Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

4% 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.

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.

Borrowings

 

NIGM Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

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.

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 directors) during the year, was 13 (2022 - 12).

 

NIGM Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 November 2022

131,500

At 31 October 2023

131,500

Amortisation

At 1 November 2022

94,680

Amortisation charge

5,260

At 31 October 2023

99,940

Carrying amount

At 31 October 2023

31,560

At 31 October 2022

36,820

 

NIGM Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

140,250

79,034

773,573

545,295

1,538,152

Additions

80,528

3,193

448,934

23,330

555,985

Disposals

-

-

(206,500)

-

(206,500)

At 31 October 2023

220,778

82,227

1,016,007

568,625

1,887,637

Depreciation

At 1 November 2022

13,959

40,330

470,412

300,333

825,034

Charge for the year

5,610

6,033

121,268

38,597

171,508

At 31 October 2023

19,569

46,363

591,680

338,930

996,542

Carrying amount

At 31 October 2023

201,209

35,864

424,327

229,695

891,095

At 31 October 2022

126,291

38,704

303,161

244,962

713,118

Included within the net book value of land and buildings above is £201,210 (2022 - £126,292) in respect of freehold land and buildings.
 

 

NIGM Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

15,824

15,884

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

10,000

10,000

10,000

10,000

       

9

Dividends

Final dividends paid

2023
£

2022
£

Final dividend of £4.24 (2022 - £3.80) per each Ordinary Shares

42,400

38,000

 

 

Interim dividends paid

2023
£

2022
£

Interim dividend of £3.00 per each Ordinary Shares

30,000

30,000

 

 

10

Related party transactions

The company operates from premises owned by the directors. Rent is charged at market value of £ 3,750 per quarter.

 

NIGM Commercials Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

14,640

12,480