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REGISTERED NUMBER: NI031025 (Northern Ireland)















NI031025 LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023






NI031025 LIMITED (REGISTERED NUMBER: NI031025)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


NI031025 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: Noel Young





REGISTERED OFFICE: 65 Hall Street
Maghera
Co. Londonderry
BT46 5DA





REGISTERED NUMBER: NI031025 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

NI031025 LIMITED (REGISTERED NUMBER: NI031025)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 36,049 48,339

CURRENT ASSETS
Inventories 1,054,360 823,575
Receivables: amounts falling due within
one year

6

122,446

182,637
Cash at bank 204,072 547,438
1,380,878 1,553,650
PAYABLES
Amounts falling due within one year 7 (652,639 ) (832,331 )
NET CURRENT ASSETS 728,239 721,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

764,288

769,658

PAYABLES
Amounts falling due after more than
one year

8

(3,345

)

(9,400

)

PROVISIONS FOR LIABILITIES (6,808 ) (7,351 )
NET ASSETS 754,135 752,907

CAPITAL AND RESERVES
Called up share capital 9 50,000 50,000
Retained earnings 704,135 702,907
SHAREHOLDERS' FUNDS 754,135 752,907

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 November 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.

NI031025 LIMITED (REGISTERED NUMBER: NI031025)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 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 14 May 2024 and were signed by:





Noel Young - Director


NI031025 LIMITED (REGISTERED NUMBER: NI031025)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

NI031025 Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared 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 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

The following principal accounting policies have been applied consistently throughout the year.

Revenue
Revenue is recognised 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, rebates, 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 amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably; and
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold.

Rendering of services

Revenue from 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 satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the costs incurred and the costs to complete the contract can be measured reliably, and
- the stage of completion of the contract at the end of the reporting period can be measured reliably.

NI031025 LIMITED (REGISTERED NUMBER: NI031025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

3. ACCOUNTING POLICIES - continued

Property, plant and equipment
Property, plant and equipment 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 necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of property, plant and equipment 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 the Statement of income and retained earnings during the period in which they are incurred.

Depreciation on assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery - 25% reducing balance
Fixtures and fittings - 20% reducing balance
Office equipment - 20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant 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 Statement of income and retained earnings.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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.

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.

NI031025 LIMITED (REGISTERED NUMBER: NI031025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

3. ACCOUNTING POLICIES - continued

Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Postion. The assets of the plan are held separately from the company in independently administered funds.

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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

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 proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 7 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 December 2022
and 30 November 2023 351,140 49,773 38,058 5,287 444,258
DEPRECIATION
At 1 December 2022 334,418 49,237 7,638 4,626 395,919
Charge for year 4,181 107 7,605 397 12,290
At 30 November 2023 338,599 49,344 15,243 5,023 408,209
NET BOOK VALUE
At 30 November 2023 12,541 429 22,815 264 36,049
At 30 November 2022 16,722 536 30,420 661 48,339

6. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 108,114 162,639
Other receivables 14,332 19,998
122,446 182,637

NI031025 LIMITED (REGISTERED NUMBER: NI031025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts - 253,865
Hire purchase contracts 6,056 6,057
Trade payables 50,746 4,694
Amounts owed to group undertakings 430,058 271,208
Taxation and social security (1,108 ) 10,584
Other payables 166,887 285,923
652,639 832,331

Bank loans are secured by a fixed and floating charge over the assets of the company.

Amounts owed to the parent company are unsecured, interest free and repayable on demand.

8. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2023 2022
£ £
Hire purchase contracts 3,345 9,400

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
50,000 Ordinary 1 50,000 50,000

10. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking and ultimate controlling party is P.Y.S Property Limited, a company incorporated in Northern Ireland.