21 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI048838 2023-01-01 2023-12-31 NI048838 2023-12-31 NI048838 2022-12-31 NI048838 2022-01-01 2022-12-31 NI048838 2022-12-31 NI048838 core:NetGoodwill 2023-01-01 2023-12-31 NI048838 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 NI048838 core:PlantMachinery 2023-01-01 2023-12-31 NI048838 core:FurnitureFittings 2023-01-01 2023-12-31 NI048838 core:MotorVehicles 2023-01-01 2023-12-31 NI048838 bus:Director2 2023-01-01 2023-12-31 NI048838 core:WithinOneYear 2023-12-31 NI048838 core:WithinOneYear 2022-12-31 NI048838 core:AfterOneYear 2023-12-31 NI048838 core:AfterOneYear 2022-12-31 NI048838 core:ShareCapital 2023-12-31 NI048838 core:ShareCapital 2022-12-31 NI048838 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI048838 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI048838 bus:SmallEntities 2023-01-01 2023-12-31 NI048838 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 NI048838 bus:AbridgedAccounts 2023-01-01 2023-12-31 NI048838 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI048838 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI048838 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: NI048838
NORTHERN MATERIALS HANDLING (IRELAND) LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
31 December 2023
NORTHERN MATERIALS HANDLING (IRELAND) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
25,448
39,278
Tangible assets
6
274,305
299,636
-----------
-----------
299,753
338,914
Current assets
Stocks
527,235
507,284
Debtors
510,608
282,007
Cash at bank and in hand
82,410
141,061
---------------
-----------
1,120,253
930,352
Creditors: amounts falling due within one year
676,660
592,333
---------------
-----------
Net current assets
443,593
338,019
-----------
-----------
Total assets less current liabilities
743,346
676,933
Creditors: amounts falling due after more than one year
265,227
256,030
Provisions
Taxation including deferred tax
64,278
43,816
-----------
-----------
Net assets
413,841
377,087
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
412,841
376,087
-----------
-----------
Shareholders funds
413,841
377,087
-----------
-----------
These abridged 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 abridged income statement has not been delivered.
NORTHERN MATERIALS HANDLING (IRELAND) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
For the year ending 31 December 2023 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 4 June 2024 , and are signed on behalf of the board by:
Mrs E Mc Carry
Director
Company registration number: NI048838
NORTHERN MATERIALS HANDLING (IRELAND) LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 22 Ballybrakes Road, Ballymoney, County Antrim, BT53 6LQ.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
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:
Goodwill
-
5% straight line
Website Development
-
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 and Machinery
-
20% straight line
Fixtures and Fittings
-
20% straight line
Motor Vehicles
-
20% reducing balance
Equipment
-
20% 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.
Stocks
Stock and work-in-progress have been valued by the directors at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 24 ).
5. Intangible assets
£
Cost
At 1 January 2023
324,415
Additions
2,565
-----------
At 31 December 2023
326,980
-----------
Amortisation
At 1 January 2023
285,137
Charge for the year
16,395
-----------
At 31 December 2023
301,532
-----------
Carrying amount
At 31 December 2023
25,448
-----------
At 31 December 2022
39,278
-----------
6. Tangible assets
£
Cost
At 1 January 2023
864,251
Additions
43,535
Disposals
( 18,035)
-----------
At 31 December 2023
889,751
-----------
Depreciation
At 1 January 2023
564,615
Charge for the year
52,555
Disposals
( 1,724)
-----------
At 31 December 2023
615,446
-----------
Carrying amount
At 31 December 2023
274,305
-----------
At 31 December 2022
299,636
-----------