Newry Export Limited NI671864 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Collecting & selling of recycled clothes Digita Accounts Production Advanced 6.30.9574.0 true true NI671864 2023-02-01 2024-01-31 NI671864 2024-01-31 NI671864 bus:Director1 1 2024-01-31 NI671864 bus:OrdinaryShareClass1 2024-01-31 NI671864 core:CurrentFinancialInstruments 2024-01-31 NI671864 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 NI671864 core:FurnitureFittingsToolsEquipment 2024-01-31 NI671864 bus:SmallEntities 2023-02-01 2024-01-31 NI671864 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI671864 bus:FilletedAccounts 2023-02-01 2024-01-31 NI671864 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI671864 bus:RegisteredOffice 2023-02-01 2024-01-31 NI671864 bus:Director1 2023-02-01 2024-01-31 NI671864 bus:Director1 1 2023-02-01 2024-01-31 NI671864 bus:HighestPaidDirector 2023-02-01 2024-01-31 NI671864 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 NI671864 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI671864 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI671864 core:OfficeEquipment 2023-02-01 2024-01-31 NI671864 countries:NorthernIreland 2023-02-01 2024-01-31 NI671864 2023-01-31 NI671864 bus:Director1 1 2023-01-31 NI671864 core:FurnitureFittingsToolsEquipment 2023-01-31 NI671864 2022-02-01 2023-01-31 NI671864 2023-01-31 NI671864 bus:Director1 1 2023-01-31 NI671864 bus:OrdinaryShareClass1 2023-01-31 NI671864 core:CurrentFinancialInstruments 2023-01-31 NI671864 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 NI671864 core:FurnitureFittingsToolsEquipment 2023-01-31 NI671864 bus:Director1 1 2022-02-01 2023-01-31 NI671864 bus:HighestPaidDirector 2022-02-01 2023-01-31 NI671864 bus:Director1 1 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI671864

Newry Export Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Newry Export Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Newry Export Limited

Company Information

Director

Mr Christopher O Hare Alinta

Registered office

16 Nursery Drive
Newry
Down
BT35 8SF

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Newry Export Limited

(Registration number: NI671864)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,879

4,655

Current assets

 

Stocks

5

180,000

350,000

Debtors

6

526,702

228,049

Cash at bank and in hand

 

1,958

19,803

 

708,660

597,852

Creditors: Amounts falling due within one year

7

(856,592)

(769,015)

Net current liabilities

 

(147,932)

(171,163)

Net liabilities

 

(144,053)

(166,508)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(144,054)

(166,509)

Shareholders' deficit

 

(144,053)

(166,508)

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 September 2024
 

.........................................
Mr Christopher O Hare Alinta
Director

   
     
 

Newry Export Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
16 Nursery Drive
Newry
Down
BT35 8SF

These financial statements were authorised for issue by the director on 2 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Newry Export Limited

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

Tax

The tax expense for the period comprises 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.

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

Office equipment

12.5% Straight Line Basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Newry Export Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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 the director) during the year, was 37 (2023 - 39).

 

Newry Export Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

6,207

6,207

At 31 January 2024

6,207

6,207

Depreciation

At 1 February 2023

1,552

1,552

Charge for the year

776

776

At 31 January 2024

2,328

2,328

Carrying amount

At 31 January 2024

3,879

3,879

At 31 January 2023

4,655

4,655

5

Stocks

2024
£

2023
£

Work in progress

80,000

100,000

Other inventories

100,000

250,000

180,000

350,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

421,018

147,883

Other debtors

105,684

80,166

 

526,702

228,049

7

Creditors

Creditors: amounts falling due within one year

 

Newry Export Limited

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

2024
£

2023
£

Due within one year

Trade creditors

441,945

254,472

Taxation and social security

242,397

146,745

Accruals and deferred income

4,541

15,614

Other creditors

167,709

352,184

856,592

769,015

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       

9

Related party transactions

 

Newry Export Limited

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

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr Christopher O Hare Alinta

Directors loan repayable on demand

76,383

(11,497)

38,951

103,836

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Christopher O Hare Alinta

Directors loan repayable on demand

37,664

(22,314)

61,034

76,383

 

Newry Export Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

21,600

23,400

In respect of the highest paid director:

2024
£

2023
£

Remuneration

21,600

23,400