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REGISTERED NUMBER: NI018608 (Northern Ireland)















NIAVAC LTD

Unaudited Financial Statements for the Year Ended 31 October 2023






NIAVAC LTD (REGISTERED NUMBER: NI018608)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


NIAVAC LTD (REGISTERED NUMBER: NI018608)

Statement of Financial Position
31 OCTOBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 2,175,980 1,973,328
Investment 6 104,000 104,000
2,279,980 2,077,328

CURRENT ASSETS
Stocks 7 584,130 329,773
Receivables: amounts falling due within
one year

8

1,393,544

1,332,240
Cash at bank and in hand 876,449 1,216,193
2,854,123 2,878,206
PAYABLES
Amounts falling due within one year 9 (1,045,486 ) (1,197,281 )
NET CURRENT ASSETS 1,808,637 1,680,925
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,088,617

3,758,253

PAYABLES
Amounts falling due after more than
one year

10

(104,000

)

(104,000

)

PROVISIONS FOR LIABILITIES 11 (310,888 ) (254,249 )
NET ASSETS 3,673,729 3,400,004

CAPITAL AND RESERVES
Called up share capital 12 30,000 30,000
Retained earnings 3,643,729 3,370,004
SHAREHOLDERS' FUNDS 3,673,729 3,400,004

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

NIAVAC LTD (REGISTERED NUMBER: NI018608)

Statement of Financial Position - continued
31 OCTOBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 July 2024 and were signed by:





James Peter Conlon - Director


NIAVAC LTD (REGISTERED NUMBER: NI018608)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

NIAVAC Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI018608

Registered office: 5 Prince Regent Road
Belfast
BT5 6QR

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

The preparation in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. These are outlined in note 4 to the financial statements.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts are prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 required the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

The following accounting policies have been applied consistently.

Revenue
Revenue is regonised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, reates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied :
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisifed:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

NIAVAC LTD (REGISTERED NUMBER: NI018608)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Property, plant and equipment
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition neccesary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Property - 2% Straight Line
Motor vehicles - 25% Reducing Balance
Fixtures and fittings - 10-25% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a signifcant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Investments in subsidiaries
Investment in subsidiary is measured at cost less accumulated impairment.

Inventories
Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance sheet date, stocks are assessed for impairment. If stock is 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.

NIAVAC LTD (REGISTERED NUMBER: NI018608)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


NIAVAC LTD (REGISTERED NUMBER: NI018608)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Consolidation
The company is exempt by virtue of section 398 of the Companies Act 2006 from the requirement to prepare consolidation financial statements.

These financial statements are the company's separate financial statements.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

Borrowing costs
All borrowing costs are recognised in the Income statement in the year they were incurred.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

NIAVAC LTD (REGISTERED NUMBER: NI018608)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
COST
At 1 November 2022 1,918,463 1,437,832 170,487 3,526,782
Additions - 404,956 110,013 514,969
Disposals - (57,345 ) (33,077 ) (90,422 )
At 31 October 2023 1,918,463 1,785,443 247,423 3,951,329
DEPRECIATION
At 1 November 2022 677,397 770,906 105,151 1,553,454
Charge for year 38,369 247,185 18,091 303,645
Eliminated on disposal - (57,116 ) (24,634 ) (81,750 )
At 31 October 2023 715,766 960,975 98,608 1,775,349
NET BOOK VALUE
At 31 October 2023 1,202,697 824,468 148,815 2,175,980
At 31 October 2022 1,241,066 666,926 65,336 1,973,328

6. FIXED ASSET INVESTMENTS
Share in
group
undertaking
£
COST
At 1 November 2022
and 31 October 2023 104,000
NET BOOK VALUE
At 31 October 2023 104,000
At 31 October 2022 104,000

7. STOCKS
2023 2022
£ £
Inventories 584,130 329,773

8. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 565,953 894,362
Other receivables 793,994 422,809
Prepayments and accrued income 33,597 15,069
1,393,544 1,332,240

NIAVAC LTD (REGISTERED NUMBER: NI018608)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

9. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade payables 660,756 578,999
Corporation Tax 40,361 181,882
Social security and other taxes 97,854 228,955
Accruals and deferred income 246,515 207,445
1,045,486 1,197,281

The other loan is secured by a legal charge over the company's premises at 5 Prince Regent Road, Belfast, BT5 6QR.

10. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Amounts owed to group undertaking 104,000 104,000

Amounts owed to the group undertaking are unsecured and have no fixed date of repayment.

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 239,704 183,065
Warranty Provision 71,184 71,184
310,888 254,249

Deferred Warranty
tax Provision
£ £
Balance at 1 November 2022 183,065 71,184
Provided during year 56,639 -
Balance at 31 October 2023 239,704 71,184

Deferred tax relates to accelerated capital allowances

The company offers a warranty for any goods sold. Provision is made for potential claims under warranty for goods which have a default. Management review the level of sales and the number of warranty claims made on a regular basis in order to calculate the provision for future claims for goods sold.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
30,000 Ordinary Shares 1 30,000 30,000

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is James Peter Conlon.

The ultimate controlling party is Mr James Conlon who owns 100% of the issued share capital in Murleog Limited, the parent company. As director of the company Mr James Conlon is regarded as a related party under FRS 102.