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REGISTERED NUMBER: 14769015 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024

FOR

NSON LIMITED

NSON LIMITED (REGISTERED NUMBER: 14769015)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


NSON LIMITED

COMPANY INFORMATION
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024







DIRECTOR: Mr M J Nicholson



REGISTERED OFFICE: Murrills House
48 East Street
Portchester
Fareham
Hampshire
PO16 9XS



BUSINESS ADDRESS: 5 Priory Gardens
Waterlooville
Hampshire
PO7 7RS



REGISTERED NUMBER: 14769015 (England and Wales)



SENIOR STATUTORY AUDITOR: Gary Brown (FCCA)



INDEPENDENT AUDITORS: HWB Chartered Accountants
Statutory Auditor
Highland House, Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4AR

NSON LIMITED (REGISTERED NUMBER: 14769015)

GROUP STRATEGIC REPORT
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


The director presents his strategic report of the company and the group for the period 30 March 2023 to 31 March 2024.

REVIEW OF BUSINESS
During the year the NSON Group has focused on maintaining sales, controlling margins and investing cash reserves.

The NSON Group has maintained its global IP portfolio, as well as filing new IP this year and launching a new innovative and patented coffee grinder (Duo).

The NSON Group have now successfully used its first "final patent granted status" on its primary patent, to qualify NDC & Niche for Patent Box Corporation Tax relief.

The NSON Group have now successfully launched the 63C Zero Coffee Grinder in China and received significant royalty payments through a Royalty Contract Partnership with XNMT.

PRINCIPAL RISKS AND UNCERTAINTIES
As far as the directors are aware NSON Group does not face any risks or uncertainties, other than the continuing challenges associated with the current global economic climate and associated currency exchange rates (Pound, Dollar, Euro and RMB).

POSITION AT THE END OF YEAR
The NSON group balance sheet has increased healthily due to the retention of profits from its subsidiaries. This was despite the investments made in Niche Coffee Ltd, increase in staff levels, advertising, and stock held in the UK, and the development of new coffee related products.

The directors expect continued strong performance in the foreseeable future and continue to carefully monitor cash flow, global exchange rates and future product order quantities.

Analysis of KPI's

In a difficult global market NSON Group:

Increased shareholder funds.

Reduced annual grinder unit sales.

Increased profit margins.

Launched new innovative flat burr grinder and launched current conical grinder in China.

Strengthened its IP portfolio.

Developed a clear strategy and process for future new product development.

ON BEHALF OF THE BOARD:





Mr M J Nicholson - Director


11 November 2024

NSON LIMITED (REGISTERED NUMBER: 14769015)

REPORT OF THE DIRECTOR
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


The director presents his report with the financial statements of the company and the group for the period 30 March 2023 to 31 March 2024.

INCORPORATION
The group was incorporated on 30 March 2023 and commenced trading on 1 April 2023.

DIVIDENDS
Interim dividends per share were paid during the period as follows:
Ordinary A £1 - £80000
Ordinary B £1 - £76000
Ordinary C £1 - £3000
Ordinary D £1 - £37178

The total distribution of dividends for the period ended 31 March 2024 will be £ 196,178 .

DIRECTOR
Mr M J Nicholson was appointed as a director on 30 March 2023 and held office during the whole of the period from then to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
Donations made in the year were not political.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

NSON LIMITED (REGISTERED NUMBER: 14769015)

REPORT OF THE DIRECTOR
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, HWB Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M J Nicholson - Director


11 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NSON LIMITED


Opinion
We have audited the financial statements of NSon Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NSON LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NSON LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the group complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the group's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the group operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NSON LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gary Brown (FCCA) (Senior Statutory Auditor)
for and on behalf of HWB Chartered Accountants
Statutory Auditor
Highland House, Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4AR

12 November 2024

NSON LIMITED (REGISTERED NUMBER: 14769015)

CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024

Notes £   

TURNOVER 3 10,208,875

Cost of sales (4,085,890 )
GROSS PROFIT 6,122,985

Administrative expenses (895,621 )
5,227,364

Other operating income 137,134
OPERATING PROFIT 5 5,364,498

Income from fixed asset investments 162
Interest receivable and similar income 156,835
5,521,495
Gain/loss on revaluation of investments 8,171
PROFIT BEFORE TAXATION 5,529,666

Tax on profit 6 (400,573 )
PROFIT FOR THE FINANCIAL PERIOD 5,129,093
Profit attributable to:
Owners of the parent 4,412,302
Non-controlling interests 716,791
5,129,093

NSON LIMITED (REGISTERED NUMBER: 14769015)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024

Notes £   

PROFIT FOR THE PERIOD 5,129,093


OTHER COMPREHENSIVE INCOME
Minority interest transfer (1,737,585 )
Income tax relating to other comprehensive
income

-
OTHER COMPREHENSIVE INCOME FOR THE
PERIOD, NET OF INCOME TAX

(1,737,585

)
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

3,391,508

Total comprehensive income attributable to:
Owners of the parent 2,674,717
Non-controlling interests 716,791
3,391,508

NSON LIMITED (REGISTERED NUMBER: 14769015)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

Notes £    £   
FIXED ASSETS
Intangible assets 10 (8,393,660 )
Tangible assets 11 65,378
Investments 12 -
(8,328,282 )

CURRENT ASSETS
Stocks 13 3,455,526
Debtors 14 2,004,776
Investments 15 87,603
Cash at bank 8,089,949
13,637,854
CREDITORS
Amounts falling due within one year 16 353,657
NET CURRENT ASSETS 13,284,197
TOTAL ASSETS LESS CURRENT LIABILITIES 4,955,915

PROVISIONS FOR LIABILITIES 17 22,196
NET ASSETS 4,933,719

CAPITAL AND RESERVES
Called up share capital 18 804
Retained earnings 19 2,478,539
SHAREHOLDERS' FUNDS 2,479,343

NON-CONTROLLING INTERESTS 20 2,454,376
TOTAL EQUITY 4,933,719

The financial statements were approved by the director and authorised for issue on 11 November 2024 and were signed by:





Mr M J Nicholson - Director


NSON LIMITED (REGISTERED NUMBER: 14769015)

COMPANY BALANCE SHEET
31 MARCH 2024

Notes £    £   
FIXED ASSETS
Intangible assets 10 -
Tangible assets 11 -
Investments 12 799
799

CURRENT ASSETS
Debtors 14 5
Investments 15 87,603
Cash at bank 6,182,153
6,269,761
CREDITORS
Amounts falling due within one year 16 34,091
NET CURRENT ASSETS 6,235,670
TOTAL ASSETS LESS CURRENT LIABILITIES 6,236,469

CAPITAL AND RESERVES
Called up share capital 18 804
Retained earnings 6,235,665
SHAREHOLDERS' FUNDS 6,236,469

Company's profit for the financial year 6,431,843

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

The financial statements were approved by the director and authorised for issue on 11 November 2024 and were signed by:





Mr M J Nicholson - Director


NSON LIMITED (REGISTERED NUMBER: 14769015)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   

Changes in equity
Issue of share capital 804 - 804 - 804
Dividends - (196,178 ) (196,178 ) - (196,178 )
Total comprehensive income - 2,674,717 2,674,717 716,791 3,391,508
804 2,478,539 2,479,343 716,791 3,196,134
Non-controlling interest arising on
business combination

-

-

-

1,737,585

1,737,585
Balance at 31 March 2024 804 2,478,539 2,479,343 2,454,376 4,933,719

NSON LIMITED (REGISTERED NUMBER: 14769015)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 804 - 804
Dividends - (196,178 ) (196,178 )
Total comprehensive income - 6,431,843 6,431,843
Balance at 31 March 2024 804 6,235,665 6,236,469

NSON LIMITED (REGISTERED NUMBER: 14769015)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024

Notes £   
Cash flows from operating activities
Cash generated from operations 1 3,724,470
Taxation paid (582,274 )
Net cash from operating activities 3,142,196

Cash flows from investing activities
Purchase of intangible fixed assets (104,667 )
Purchase of tangible fixed assets (7,483 )
Net cash to acquire subsidiaries 5,097,642
Interest received 156,835
Dividends received 162
Net cash from investing activities 5,142,489

Cash flows from financing activities
Amount introduced by directors 638
Share issue 804
Equity dividends paid (196,178 )
Net cash from financing activities (194,736 )

Increase in cash and cash equivalents 8,089,949
Cash and cash equivalents at beginning of
period

2

-

Cash and cash equivalents at end of period 2 8,089,949

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
£   
Profit before taxation 5,529,666
Depreciation charges (869,365 )
Loss on disposal of fixed assets 992
Gain on revaluation of fixed assets (8,171 )
Listed investments 87,603
Finance income (156,997 )
4,583,728
Increase in stocks (723,478 )
Decrease in trade and other debtors 1,631,614
Decrease in trade and other creditors (1,767,394 )
Cash generated from operations 3,724,470

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 March 2024
31.3.24 30.3.23
£    £   
Cash and cash equivalents 8,089,949 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 30.3.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank - 8,089,949 8,089,949
- 8,089,949 8,089,949

Liquid resources
Current asset investments - 87,603 87,603
- 87,603 87,603
Total - 8,177,552 8,177,552

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


1. STATUTORY INFORMATION

NSon Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The consolidated financial statements incorporate those of Nicholson Design Consultants Ltd and Niche Coffee Limited (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries are consolidated using the purchase method.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Basis of consolidation
In the group company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

In the parent company's financial statements, investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts received for goods delivered net of VAT where applicable.

Turnover also represents amounts receivable on royalties net of VAT.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Trade mark is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance and 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

For stock items which are interchangeable, the First In, First Out (FIFO) method is utilised.

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate if interest.

Financial liabilities
Financial liabilities are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Equity instruments
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting financial assets and financial liabilities

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Financial assets are liabilities are offset against and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Negative goodwill arose on the business combination in the year ended 31 March 2024.

Goodwill is being amortised evenly over its estimated useful life of ten years.

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

£   
Electrical domestic appliances 9,627,538
Royalties 581,337
10,208,875

An analysis of turnover by geographical market is given below:

£   
United Kingdom 1,763,438
Rest of world 8,445,437
10,208,875

4. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 618,362
Social security costs 69,703
Other pension costs 179,871
867,936

The average number of employees during the period was as follows:

Directors 1
Administration 8
9

The average number of employees by undertakings that were proportionately consolidated during the period was 9 .

£   
Director's remuneration 385,384
Director's pension contributions to money purchase schemes 60,000

Information regarding the highest paid director is as follows:
£   
Emoluments etc 385,384
Pension contributions to money purchase schemes 60,000

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

£   
Hire of plant and machinery 14,264
Depreciation - owned assets 24,804
Loss on disposal of fixed assets 992
Goodwill amortisation (939,250 )
Patents and licences amortisation 41,794
Trade mark amortisation 3,287
Auditors' remuneration 43,209
Foreign exchange differences 21,379

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
£   
Current tax:
UK corporation tax 406,154

Deferred tax (5,581 )
Tax on profit 400,573

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

£   
Profit before tax 5,529,666
Profit multiplied by the standard rate of corporation tax in the UK of 25 % 1,382,417

Effects of:
Income not taxable for tax purposes (1,550 )
Capital allowances in excess of depreciation (219,156 )
Patent box (637,754 )
Research & development (115,119 )
Trade mark (2,652 )
Deferred tax (5,581 )
Hybrid rate (32 )
Total tax charge 400,573

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

Gross Tax Net
£    £    £   
Minority interest transfer (1,737,585 ) - (1,737,585 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
£   
Ordinary A share of £1
Interim 80,000
Ordinary B share of £1
Interim 76,000
Ordinary C share of £1
Interim 3,000
Ordinary D share of £1
Interim 37,178
196,178

9. AUDITORS' REMUNERATION

Remuneration paid to the auditors in respect of the group audit is £25,000.

Remuneration paid to the auditors in respect of the company audit is £6,500.

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


10. INTANGIBLE FIXED ASSETS

Group
Patents
and Trade
Goodwill licences mark Totals
£    £    £    £   
COST
Additions (9,392,496 ) 75,731 28,936 (9,287,829 )
At 31 March 2024 (9,392,496 ) 75,731 28,936 (9,287,829 )
AMORTISATION
Amortisation for period (939,250 ) 41,794 3,287 (894,169 )
At 31 March 2024 (939,250 ) 41,794 3,287 (894,169 )
NET BOOK VALUE
At 31 March 2024 (8,453,246 ) 33,937 25,649 (8,393,660 )

11. TANGIBLE FIXED ASSETS

Group
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
Additions 9,246 60,136 21,792 91,174
Disposals - - (2,229 ) (2,229 )
At 31 March 2024 9,246 60,136 19,563 88,945
DEPRECIATION
Charge for period 2,312 15,035 7,457 24,804
Eliminated on disposal - - (1,237 ) (1,237 )
At 31 March 2024 2,312 15,035 6,220 23,567
NET BOOK VALUE
At 31 March 2024 6,934 45,101 13,343 65,378

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 799
At 31 March 2024 799
NET BOOK VALUE
At 31 March 2024 799


Nson Limited owns 100% of the Ordinary shares in Nicholson Design Consultants Limited, who's registered office is Murrills House, 48 East Street, Portchester, Hampshire PO16 9X.

On 1 April 2023, Nson Limited acquired 100% of the share capital of Nicholson Design Consultants Limited in a share for share exchange with no consideration paid across. This share for share exchange led to the issue of 799 Ordinary shares (issued at a par of £1) in Nson limited.

Nicholson Design Consultants Limited provides a similar service to that of Nson Limited, earning royalty income from a factory in China which sells coffee grinders to the Chinese Market. This is based on the patented product of Nicholson Design Consultants Limited. The gain on bargain purchase (GOBP) of £1,079,158, arising from the acquisition is attributable to the lack of consideration paid for full ownership of a profitable company. The Director has estimated a useful life of ten years on the GOBP.


Book value Adjustment Fair value
Fixed assets 639,703 - 639,703
Stock - - -
Debtors 103,764 - 103,764
Cash 349,752 - 349,752
Creditors (13,262 ) - (13,262 )

Total identifiable assets 1,079,957 - 1,079,957
Total consideration (shares issued at par) 799

Gain on bargain purchase (1,079,158 )




Nicholson Design Consultants Limited own 80% of the Ordinary shares in Niche Coffee Limited, who's registered office is Murrills House, 48 East Street, Portchester, Hampshire PO16 9X.

The principal activity of Niche Coffee Limited is the manufacture and retail sale of coffee grinders.

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


13. STOCKS


Group
£   
Stocks 3,455,526

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Trade debtors 338,394 -
Other debtors 180,061 5
Tax 219,625 -
Accrued income 917,162 -
Prepayments 13,919 -
Payments on account 335,615 -
2,004,776 5

15. CURRENT ASSET INVESTMENTS


Group Company
£    £   
Listed investments 87,603 87,603

Market value of listed investments at 31 March 2024 held by the group and the company - £ (87,603) .

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Trade creditors 70,030 -
Tax - 24,461
VAT 63,053 -
Pension control account 922 -
Directors' current accounts 2,903 -
Deferred income 102,150 -
Accrued expenses 114,599 9,630
353,657 34,091

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


17. PROVISIONS FOR LIABILITIES


Group
£   
Deferred tax
Accelerated capital allowances 22,196

Group
Deferred
tax
£   
Provided during period 22,196
Balance at 31 March 2024 22,196

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: NominalValue: £
800 Ordinary £1 800
1 Ordinary A £1 1
1 Ordinary B £1 1
1 Ordinary C £1 1
1 Ordinary D £1 1

804

The following shares were issued during the period for cash at par.

1 Ordinary share of £1
1 Ordinary A share of £1
1 Ordinary B share of £1
1 Ordinary C share of £1
1 Ordinary D share of £1

799 Ordinary shares were issued at par following a share for share exchange in the share capital of its subsidiary Nicholson Design Consultants Limited. This is further detailed in note 12.

Shares rank equally for voting rights, dividends and any distribution made.

NSON LIMITED (REGISTERED NUMBER: 14769015)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 MARCH 2023 TO 31 MARCH 2024


19. RESERVES

Group
Retained
earnings
£   

Profit for the period 4,412,302
Dividends (196,178 )
Minority interest transfer (1,737,585 )
At 31 March 2024 2,478,539


20. NON-CONTROLLING INTERESTS

The minority interest share of the group profit after tax was £716,791.

During the year, dividends totalling £Nil were paid to the minority interests.

21. PENSION COMMITMENTS

The total pension paid in respect of defined contributions was £179,871.

The amount owing at the balance sheet date was £922.

22. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 March 2024:

£   
Mr M J Nicholson
Balance outstanding at start of period -
Amounts repaid 2,903
Amounts written off -
Amounts waived -
Balance outstanding at end of period 2,903

23. ULTIMATE CONTROLLING PARTY

By virtue of his shareholding, the director, M Nicholson is considered to be the ultimate controlling party of the group.