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COMPANY REGISTRATION NUMBER: NI619197
Not One Iota Ltd
Filleted Unaudited Financial Statements
31 March 2024
Not One Iota Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
4,167
34,773
Tangible assets
6
60,321
80,025
Investments
7
95
95
--------
---------
64,583
114,893
Current assets
Stocks
210,000
226,000
Debtors
8
293,359
250,310
Cash at bank and in hand
126,253
52,303
---------
---------
629,612
528,613
Creditors: amounts falling due within one year
9
662,680
509,058
---------
---------
Net current (liabilities)/assets
( 33,068)
19,555
--------
---------
Total assets less current liabilities
31,515
134,448
Creditors: amounts falling due after more than one year
10
174,071
223,408
---------
---------
Net liabilities
( 142,556)
( 88,960)
---------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
( 142,566)
( 88,970)
---------
--------
Shareholders deficit
( 142,556)
( 88,960)
---------
--------
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 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Not One Iota Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mrs E Jameson
Mr J Jameson
Director
Director
Mr D Jameson
Director
Company registration number: NI619197
Not One Iota Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 31 Lisnagrilly Hall, Portadown, Co Armagh, BT63 5WR.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Costs
-
20% straight line
Contracts Purchased
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 20 ).
5. Intangible assets
Development costs
Contracts
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
132,440
25,000
157,440
---------
--------
---------
Amortisation
At 1 April 2023
106,000
16,667
122,667
Charge for the year
26,440
4,166
30,606
---------
--------
---------
At 31 March 2024
132,440
20,833
153,273
---------
--------
---------
Carrying amount
At 31 March 2024
4,167
4,167
---------
--------
---------
At 31 March 2023
26,440
8,333
34,773
---------
--------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
188,788
22,712
18,095
6,983
236,578
---------
--------
--------
-------
---------
Depreciation
At 1 April 2023
135,714
11,294
6,196
3,349
156,553
Charge for the year
13,365
2,854
2,577
908
19,704
---------
--------
--------
-------
---------
At 31 March 2024
149,079
14,148
8,773
4,257
176,257
---------
--------
--------
-------
---------
Carrying amount
At 31 March 2024
39,709
8,564
9,322
2,726
60,321
---------
--------
--------
-------
---------
At 31 March 2023
53,074
11,418
11,899
3,634
80,025
---------
--------
--------
-------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
95
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
95
----
At 31 March 2023
95
----
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Sparta-Air Ltd
12 Tandragee Road
Ordinary
95
Portadown
BT62 3BQ
8. Debtors
2024
2023
£
£
Trade debtors
293,359
250,310
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
361,811
263,584
Trade creditors
101,087
58,184
Social security and other taxes
167,529
152,106
Other creditors
32,253
35,184
---------
---------
662,680
509,058
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
174,071
223,408
---------
---------
11. Related party transactions
The company was under the control of Mrs Evelyn Jameson throughout the current and previous year. Mrs Evelyn Jameson is the managing director and majority shareholder. At the balance sheet date there was a loan of £106,919.40 outstanding to Mrs Evelyn Jameson. The loan is interest free.