99 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 13037676 2022-12-01 2023-11-30 13037676 2023-11-30 13037676 2022-11-30 13037676 2021-12-01 2022-11-30 13037676 2022-11-30 13037676 2021-11-30 13037676 core:FurnitureFittings 2022-12-01 2023-11-30 13037676 core:MotorVehicles 2022-12-01 2023-11-30 13037676 bus:Director1 2022-12-01 2023-11-30 13037676 core:FurnitureFittings 2022-11-30 13037676 core:FurnitureFittings 2023-11-30 13037676 core:MotorVehicles 2023-11-30 13037676 core:WithinOneYear 2023-11-30 13037676 core:WithinOneYear 2022-11-30 13037676 core:UKTax 2022-12-01 2023-11-30 13037676 core:UKTax 2021-12-01 2022-11-30 13037676 core:ShareCapital 2023-11-30 13037676 core:ShareCapital 2022-11-30 13037676 core:RetainedEarningsAccumulatedLosses 2023-11-30 13037676 core:RetainedEarningsAccumulatedLosses 2022-11-30 13037676 core:FurnitureFittings 2022-11-30 13037676 bus:SmallEntities 2022-12-01 2023-11-30 13037676 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 13037676 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13037676 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13037676 bus:FullAccounts 2022-12-01 2023-11-30 13037676 core:OfficeEquipment 2022-12-01 2023-11-30 13037676 core:OfficeEquipment 2022-11-30 13037676 core:OfficeEquipment 2023-11-30
COMPANY REGISTRATION NUMBER: 13037676
NIAFM Ltd
Filleted Unaudited Financial Statements
30 November 2023
NIAFM Ltd
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
6,598
3,764
Current assets
Debtors
7
26,886
66,689
Cash at bank and in hand
66,713
42,310
--------
---------
93,599
108,999
Creditors: amounts falling due within one year
8
99,654
112,368
--------
---------
Net current liabilities
6,055
3,369
-------
-------
Total assets less current liabilities
543
395
----
----
Net assets
543
395
----
----
Capital and reserves
Called up share capital
1
1
Profit and loss account
542
394
----
----
Shareholders funds
543
395
----
----
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 income and retained earnings has not been delivered.
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 members have 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NIAFM Ltd
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr M W Moloney
Director
Company registration number: 13037676
NIAFM 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 England and Wales. The address of the registered office is International House, 10 Churchill Way, Cardiff, CF10 2HE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
15% straight line
Motor vehicles
-
15% straight line
Equipment
-
15% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 are 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 99 (2022: 36 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
13,940
1,640
Adjustments in respect of prior periods
8
Other component of current tax expense (income) - desc in a/cs
1,361
--------
-------
Total current tax
15,309
1,640
--------
-------
--------
-------
Tax on profit
15,309
1,640
--------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 22.04 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
60,457
7,163
--------
-------
Profit on ordinary activities by rate of tax
13,256
1,361
Adjustment to tax charge in respect of prior periods
8
Effect of expenses not deductible for tax purposes
708
752
Effect of capital allowances and depreciation
( 24)
( 473)
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
1,361
--------
-------
Tax on profit
15,309
1,640
--------
-------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2022
1,753
2,940
4,693
Additions
2,900
1,262
4,162
-------
-------
-------
-------
At 30 November 2023
1,753
2,900
4,202
8,855
-------
-------
-------
-------
Depreciation
At 1 December 2022
263
666
929
Charge for the year
263
435
630
1,328
-------
-------
-------
-------
At 30 November 2023
526
435
1,296
2,257
-------
-------
-------
-------
Carrying amount
At 30 November 2023
1,227
2,465
2,906
6,598
-------
-------
-------
-------
At 30 November 2022
1,490
2,274
3,764
-------
-------
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
21,813
58,065
Other debtors
5,073
8,624
--------
--------
26,886
66,689
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,153
20,090
Corporation tax
13,940
3,199
Social security and other taxes
38,941
62,871
Net wages
19,701
23,934
Other creditors
2,919
2,274
--------
---------
99,654
112,368
--------
---------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
92,979
108,999
--------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
46,888
46,298
--------
--------
10. Director's advances, credits and guarantees
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding from the director was £197. this amount being included in debtors: amounts falling within one year.
.