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Company Registration Number: 05598004
 
 
NLIG Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 November 2023



NLIG Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Sean McDonagh
James McDonagh
 
 
Company Registration Number 05598004
 
 
Registered Office Avoca House
The Pavilion Business Centre
6 Kinetic Crescent
Enfield
Middlesex
EN3 7FJ
England
 
 
Business Address Avoca House
The Pavilion Business Centre
6 Kinetic Crescent
Enfield
Middlesex
EN3 7FJ
England
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers AIB
  Hampstead
  202-204 Finchley Road
  London
  NW3 6BX
  United Kingdom



NLIG Ltd

CHARTERED ACCOUNTANTS' REPORT
to the Board of Directors on the Compilation of the unaudited financial statements of NLIG Ltd
for the financial year ended 30 November 2023
 
In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 30 November 2023 as set out on pages  to 13 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the Board of Directors of NLIG Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 30 November 2023 your duty to ensure that NLIG Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of NLIG Ltd. You consider that NLIG Ltd is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of NLIG Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
28 August 2024



NLIG Ltd
Company Registration Number: 05598004
STATEMENT OF FINANCIAL POSITION
as at 30 November 2023

2023 2022
Notes £ £
 
Non-Current Assets
Intangible assets 4 146,773 244,662
Property, plant and equipment 5 250 789
───────── ─────────
Non-Current Assets 147,023 245,451
───────── ─────────
 
Current Assets
Receivables 6 200,821 136,216
Cash and cash equivalents 324,479 230,156
───────── ─────────
525,300 366,372
───────── ─────────
Payables: amounts falling due within one year 7 (551,001) (439,795)
───────── ─────────
Net Current Liabilities (25,701) (73,423)
───────── ─────────
Total Assets less Current Liabilities 121,322 172,028
 
Payables:
amounts falling due after more than one year 8 (44,332) (41,804)
 
Provisions for liabilities 10 (47) (150)
───────── ─────────
Net Assets 76,943 130,074
═════════ ═════════
 
Equity
Called up share capital 1,000 1,000
Retained earnings 75,943 129,074
───────── ─────────
Equity attributable to owners of the company 76,943 130,074
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 28 August 2024 and signed on its behalf by
           
           
           
________________________________          
Sean McDonagh          
Director          
           



NLIG Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 November 2023

   
1. General Information
 
NLIG Ltd is a company limited by shares incorporated in the England. Avoca House, The Pavilion Business Centre, 6 Kinetic Crescent, Enfield, Middlesex, EN3 7FJ, England is the registered office, which is also the principal place of business of the company. The principal activity is that of an insurance broker. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 November 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 33% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the company if:
 
- the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company;
- the company and the party are subject to common control;
- the party is an associate of the company or forms part of a joint venture with the company;
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
- the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 7, (2022 - 8).
 
  2023 2022
  Number Number
 
Average number of Employees 7 8
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 December 2022 978,885 978,885
  ───────── ─────────
 
At 30 November 2023 978,885 978,885
  ───────── ─────────
Amortisation
At 1 December 2022 734,223 734,223
Charge for financial year 97,889 97,889
  ───────── ─────────
At 30 November 2023 832,112 832,112
  ───────── ─────────
Carrying amount
At 30 November 2023 146,773 146,773
  ═════════ ═════════
At 30 November 2022 244,662 244,662
  ═════════ ═════════
       
5. Property, plant and equipment
  Fixtures, Total
  fittings and  
  equipment  
  £ £
Cost
At 1 December 2022 45,757 45,757
  ───────── ─────────
 
At 30 November 2023 45,757 45,757
  ───────── ─────────
Depreciation
At 1 December 2022 44,968 44,968
Charge for the financial year 539 539
  ───────── ─────────
At 30 November 2023 45,507 45,507
  ───────── ─────────
Carrying amount
At 30 November 2023 250 250
  ═════════ ═════════
At 30 November 2022 789 789
  ═════════ ═════════
       
6. Receivables 2023 2022
  £ £
 
Trade receivables 152,367 134,385
Amounts owed by connected parties (Note 12) - 31
Prepayments and accrued income 48,454 1,800
  ───────── ─────────
  200,821 136,216
  ═════════ ═════════
       
7. Payables 2023 2022
Amounts falling due within one year £ £
 
Other loans 58,164 58,164
Trade payables 156,481 135,124
Amounts owed to group undertakings 253,434 193,434
Taxation  (Note 9) 6,252 6,061
Other creditors 73,250 33,718
Accruals 3,420 13,294
  ───────── ─────────
  551,001 439,795
  ═════════ ═════════
       
8. Payables 2023 2022
Amounts falling due after more than one year £ £
 
Other loans 44,332 41,804
  ═════════ ═════════
 
       
9. Taxation 2023 2022
  £ £
 
Payables:
PAYE / NI 6,252 6,061
  ═════════ ═════════
         
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 150 150 379
Charged to profit and loss (103) (103) (229)
  ───────── ───────── ─────────
At financial year end 47 47 150
  ═════════ ═════════ ═════════
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 November 2023.
           
12. Related party transactions
 
  Balance Movement Balance Maximum
  2023 in year 2022 in year
  £ £ £ £
 
NLIG (Investments) Ltd - (31) 31 31
 
NLIG (Investments) Ltd
Mr Sean McDonagh is a director in NLIG Ltd and NLIG (Investments) Ltd.
As at 1 December 2022 NLIG (Investments) Ltd owed NLIG Ltd £31.
During the financial year there was a net movement of £31.
As at 30 November 2023 NLIG (Investments) Ltd owed NLIG Ltd £Nil

McDonagh Family Member Loan
As at 1 December 2022 NLIG Ltd owed the McDonagh Family Member Loan £99,968. This was included as an other loan.
During the financial year NLIG Ltd repaid £nil to the McDonagh Family Member Loan. The McDonagh Family Member Loan charged interest of £2,528 to NLIG Ltd.
As at 30 November 2023 NLIG Ltd owed the McDonagh Family Member Loan £102,496, of which £44,332 is included as a long-term liability.
         
Transactions and balances with group company:
 
Tony McDonagh & Co Ltd
 
Tony McDonagh & Co Ltd is the parent company of NLIG Ltd.
As at 1 December 2022 NLIG Ltd owed Tony McDonagh & Co Ltd £193,434.
During the financial year was a management charge of £60,000 between Tony McDonagh & Co Ltd and NLIG Ltd .  
As at 30 November 2023 NLIG Ltd owed Tony McDonagh & Co Ltd £253,434.
   
13. Parent company
 
The company regards Tony McDonagh & Co Ltd as its parent company.
 
   
14. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.