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Company registration number: NI680065
NICHOLSON HOUSE LISBURN LTD
Trading as Nicholson House Lisburn Limited
Unaudited filleted financial statements
30 November 2023
NICHOLSON HOUSE LISBURN LTD
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
NICHOLSON HOUSE LISBURN LTD
Directors and other information
Director Mr Leon Loughran
Company number NI680065
Registered office 2nd Floor The Cornmill
Lineside, Coalisland
Dungannon
Tyrone
BT71 4LP
Business address 2nd Floor The Cornmill
Lineside, Coalisland
Tyrone
United Kingdom
BT71 4LP
Accountants Corr & Corr
2nd Floor, The Cornmill
Lineside, Coalisland
Dungannon
Tyrone
BT71 4LP
NICHOLSON HOUSE LISBURN LTD
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,308 1,744
_______ _______
1,308 1,744
Current assets
Debtors 6 289,994 36,122
Cash at bank and in hand 27,900 144,556
_______ _______
317,894 180,678
Creditors: amounts falling due
within one year 7 ( 213,840) ( 168,720)
_______ _______
Net current assets 104,054 11,958
_______ _______
Total assets less current liabilities 105,362 13,702
_______ _______
Net assets 105,362 13,702
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 105,262 13,602
_______ _______
Shareholder funds 105,362 13,702
_______ _______
For the year ending 30 November 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
Mr Leon Loughran
Director
Company registration number: NI680065
NICHOLSON HOUSE LISBURN LTD
Statement of changes in equity
Year ended 30 November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2021 - - -
Profit for the year 13,602 13,602
_______ _______ _______
Total comprehensive income for the year - 13,602 13,602
Issue of shares 100 100
_______ _______ _______
Total investments by and distributions to owners 100 - 100
_______ _______ _______
At 30 November 2022 and 1 December 2022 100 13,604 13,704
Profit for the year 91,658 91,658
_______ _______ _______
Total comprehensive income for the year - 91,658 91,658
_______ _______ _______
At 30 November 2023 100 105,262 105,362
_______ _______ _______
NICHOLSON HOUSE LISBURN LTD
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Nicholson House Lisburn Limited, 2nd Floor The Cornmill, Lineside, Coalisland, Dungannon, Tyrone, BT71 4LP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Funiture, Fixture & Fittings - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 62 (2022: 62 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 December 2022 and 30 November 2023 2,326 2,326
_______ _______
Depreciation
At 1 December 2022 582 582
Charge for the year 436 436
_______ _______
At 30 November 2023 1,018 1,018
_______ _______
Carrying amount
At 30 November 2023 1,308 1,308
_______ _______
At 30 November 2022 1,744 1,744
_______ _______
6. Debtors
2023 2022
£ £
Other debtors 289,994 36,122
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 115,151 71,407
Trade creditors 21,083 24,673
Corporation tax 30,144 2,618
Social security and other taxes 18,459 11,889
Other creditors 29,003 58,133
_______ _______
213,840 168,720
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Leon Loughran ( 7,907) 273 ( 12,403) ( 20,037)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Leon Loughran - - ( 7,907) ( 7,907)
_______ _______ _______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Coleraine Care Centre Ltd 111,530 - 147,552 36,022
LD Aggregates Ltd ( 45,151) - ( 45,151) -
Loughdoo Aggregates & Concrete Ballymena Ltd - - - -
Brookmount Care Home Ltd 139,100 - 139,100 -
_______ _______ _______ _______
Company diirector, Mr Leon Loughran is a director of the above named companies.
10. Controlling party
Ultimate Controlling Party is deemed to be company director, Mr Leon Loughran .