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Registered number: 01560840










NICC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

 
NICC LIMITED
 

COMPANY INFORMATION


DIRECTOR
Mr D M Stewart 




COMPANY SECRETARY
Mrs S A P Stewart



REGISTERED NUMBER
01560840



REGISTERED OFFICE
Unit 4
Grange Industrial Park

Farnham Road

Bradford

West Yorkshire

BD7 3JG




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
NICC LIMITED
REGISTERED NUMBER: 01560840

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
52,599
15,986

  
52,599
15,986

CURRENT ASSETS
  

Stocks
  
724
940

Debtors: amounts falling due within one year
 5 
4,946
61,649

Cash at bank and in hand
  
109,902
14,217

  
115,572
76,806

Creditors: amounts falling due within one year
 6 
(22,946)
(4,719)

NET CURRENT ASSETS
  
 
 
92,626
 
 
72,087

TOTAL ASSETS LESS CURRENT LIABILITIES
  
145,225
88,073

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(9,756)
(1,553)

  
 
 
(9,756)
 
 
(1,553)

NET ASSETS
  
135,469
86,520


CAPITAL AND RESERVES
  

Called up share capital 
 7 
100,000
100,000

Profit and loss account
  
35,469
(13,480)

  
135,469
86,520


Page 1

 
NICC LIMITED
REGISTERED NUMBER: 01560840

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.



Mr D M Stewart
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
NICC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


GENERAL INFORMATION

 The entity is a private company, limited by shares, incorporated in England with the registration number 01560840. The registered office is Unit 4, Grange Industrial Park, Farnham Road, Bradford, BD7 3JG. The company trades from West Nevay, Newtyle, Blairgowrie, Perthshire, PH12 8SH.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
NICC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.3
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5% Reducing balance - 20% Straight line for finance lease assets
Motor vehicles
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.5

CURRENT AND DEFERRED TAXATION

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
NICC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


TANGIBLE FIXED ASSETS







Plant and machinery
Motor vehicles
Total

£
£
£



COST OR VALUATION


At 1 March 2023
500,710
-
500,710


Additions
12,506
36,891
49,397



At 29 February 2024

513,216
36,891
550,107



DEPRECIATION


At 1 March 2023
484,724
-
484,724


Charge for the year on owned assets
3,561
9,223
12,784



At 29 February 2024

488,285
9,223
497,508



NET BOOK VALUE



At 29 February 2024
24,931
27,668
52,599



At 28 February 2023
15,986
-
15,986


5.


DEBTORS

29 February
28 February
2024
2023
£
£


Trade debtors
-
45,770

Other debtors
4,946
15,879

4,946
61,649


Page 5

 
NICC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29 February
28 February
2024
2023
£
£

Trade creditors
16,035
-

Other taxation and social security
3,911
1,719

Accruals and deferred income
3,000
3,000

22,946
4,719



7.


SHARE CAPITAL

29 February
28 February
2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



8.


DIRECTOR'S BENEFITS: ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a loan to the director totalling £nil (2023: £5,820). No interest is charged on the loan.


Page 6