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Registration number: NI051273

Naghan Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Naghan Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Naghan Limited

Company Information

Director

Mr Doug Thomson

Registered office

4 Kennel Road
Seaforde
Downpatrick
Co Down
BT30 6NS

 

Naghan Limited

(Registration number: NI051273)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

26,869

30,923

Current assets

 

Stocks

5

64,820

57,541

Debtors

6

9,969

28,863

Cash at bank and in hand

 

91,149

59,540

 

165,938

145,944

Creditors: Amounts falling due within one year

(142,529)

(147,103)

Net current assets/(liabilities)

 

23,409

(1,159)

Net assets

 

50,278

29,764

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

50,276

29,762

Shareholders' funds

 

50,278

29,764

For the financial year ending 31 December 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.

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.

 

Naghan Limited

(Registration number: NI051273)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 21 June 2024
 

.........................................
Mr Doug Thomson
Director

 

Naghan Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
4 Kennel Road
Seaforde
Downpatrick
Co Down
BT30 6NS

These financial statements were authorised for issue by the director on 21 June 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 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.

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.

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.

 

Naghan Limited

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

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.

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

Nursery Structures

4% Straight Line

Plant and Machinery

25% Reducing Balance

Fixtures and Fittings

33% Reducing Balance

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.

 

Naghan Limited

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

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 9).

 

Naghan Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

86,689

10,393

140,912

237,994

At 31 December 2023

86,689

10,393

140,912

237,994

Depreciation

At 1 January 2023

73,791

10,367

122,913

207,071

Charge for the year

565

8

3,481

4,054

At 31 December 2023

74,356

10,375

126,394

211,125

Carrying amount

At 31 December 2023

12,333

18

14,518

26,869

At 31 December 2022

12,898

26

17,999

30,923

Included within the net book value of land and buildings above is £12,333 (2022 - £12,898) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

64,820

57,541

 

Naghan Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

9,969

28,863

9,969

28,863

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

127,863

125,062

Trade creditors

 

-

11,524

Taxation and social security

 

1,153

2,155

Income tax liability

 

6,663

1,512

Other creditors

 

6,850

6,850

 

142,529

147,103

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

127,863

125,062

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share Capital of £1 each

2

2

2

2