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Registration number: NI045640

Diffusion (NI) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Diffusion (NI) Limited

(Registration number: NI045640)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

110,626

32,261

Current assets

 

Stocks

6

432,783

448,722

Debtors

7

201,522

214,620

Cash at bank and in hand

 

292,049

243,402

 

926,354

906,744

Creditors: Amounts falling due within one year

8

(152,339)

(120,706)

Net current assets

 

774,015

786,038

Total assets less current liabilities

 

884,641

818,299

Creditors: Amounts falling due after more than one year

8

(32,868)

-

Provisions for liabilities

(4,831)

-

Net assets

 

846,942

818,299

Capital and reserves

 

Called up share capital

9

1,003

1,003

Retained earnings

845,939

817,296

Shareholders' funds

 

846,942

818,299

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Diffusion (NI) Limited

(Registration number: NI045640)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
Mrs Janice Piper
Director

.........................................
Mrs Vivien Corr
Director

 

Diffusion (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Unit 3, 6 Springfarm Industrial Estate, Antrim, Co. Antrim, BT41 4NZ.

These financial statements were authorised for issue by the Board on 20 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Diffusion (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant, machinery, fixtures and fittings

20% straight line

Motor vehicles

25% straight line

Renovations of leasehold buildings

20% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

33.33% per year

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Diffusion (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Diffusion (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 18).

4

Intangible assets

Patents
 £

Total
£

Cost or valuation

At 1 April 2023

3,456

3,456

At 31 March 2024

3,456

3,456

Amortisation

At 1 April 2023

3,456

3,456

At 31 March 2024

3,456

3,456

Carrying amount

At 31 March 2024

-

-

 

Diffusion (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

35,677

31,011

-

229,198

295,886

Additions

-

1,310

54,750

52,360

108,420

At 31 March 2024

35,677

32,321

54,750

281,558

404,306

Depreciation

At 1 April 2023

35,677

26,398

-

201,550

263,625

Charge for the year

-

1,543

10,950

17,562

30,055

At 31 March 2024

35,677

27,941

10,950

219,112

293,680

Carrying amount

At 31 March 2024

-

4,380

43,800

62,446

110,626

At 31 March 2023

-

4,613

-

27,648

32,261

6

Stocks

2024
£

2023
£

Stocks

432,783

448,722

7

Debtors

Current

2024
£

2023
£

Trade debtors

185,588

192,128

Prepayments

10,536

9,440

Other debtors

5,398

13,052

 

201,522

214,620

 

Diffusion (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

81,365

54,436

Owed to parent undertaking

 

40,000

-

Taxation and social security

 

9,559

7,460

Other creditors

 

12,599

45,981

HP and finance lease liabilities

10

8,816

-

Corporation tax

 

-

12,829

 

152,339

120,706

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Ordinary 'B' shares of £1 each

3

3

3

3

1,003

1,003

1,003

1,003

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

32,868

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

8,816

-

 

Diffusion (NI) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is Diffusion Investments Limited, incorporated in Northern Ireland.

 The ultimate controlling party is considered to be the directors of the company.