Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312023-06-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI630461 2023-06-01 2024-05-31 NI630461 2022-06-01 2023-05-31 NI630461 2024-05-31 NI630461 2023-05-31 NI630461 c:Director2 2023-06-01 2024-05-31 NI630461 d:Buildings 2023-06-01 2024-05-31 NI630461 d:Buildings 2024-05-31 NI630461 d:Buildings 2023-05-31 NI630461 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 NI630461 d:PlantMachinery 2023-06-01 2024-05-31 NI630461 d:PlantMachinery 2024-05-31 NI630461 d:PlantMachinery 2023-05-31 NI630461 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 NI630461 d:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 NI630461 d:OtherPropertyPlantEquipment 2024-05-31 NI630461 d:OtherPropertyPlantEquipment 2023-05-31 NI630461 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 NI630461 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 NI630461 d:CurrentFinancialInstruments 2024-05-31 NI630461 d:CurrentFinancialInstruments 2023-05-31 NI630461 d:Non-currentFinancialInstruments 2024-05-31 NI630461 d:Non-currentFinancialInstruments 2023-05-31 NI630461 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 NI630461 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 NI630461 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 NI630461 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 NI630461 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 NI630461 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 NI630461 d:ShareCapital 2024-05-31 NI630461 d:ShareCapital 2023-05-31 NI630461 d:RevaluationReserve 2023-06-01 2024-05-31 NI630461 d:RevaluationReserve 2024-05-31 NI630461 d:RevaluationReserve 2023-05-31 NI630461 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 NI630461 d:RetainedEarningsAccumulatedLosses 2024-05-31 NI630461 d:RetainedEarningsAccumulatedLosses 2023-05-31 NI630461 c:OrdinaryShareClass1 2023-06-01 2024-05-31 NI630461 c:OrdinaryShareClass1 2024-05-31 NI630461 c:OrdinaryShareClass1 2023-05-31 NI630461 c:FRS102 2023-06-01 2024-05-31 NI630461 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 NI630461 c:FullAccounts 2023-06-01 2024-05-31 NI630461 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI630461 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 NI630461 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 NI630461 5 2023-06-01 2024-05-31 NI630461 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI630461










Nacelle Property Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2024

 
Nacelle Property Limited
Registered number: NI630461

Balance Sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,704,070
617,399

  
1,704,070
617,399

Current assets
  

Debtors: amounts falling due within one year
 6 
163,421
141,648

Cash at bank and in hand
  
1,190
5,675

  
164,611
147,323

Creditors: amounts falling due within one year
 7 
(573,475)
(589,817)

Net current liabilities
  
 
 
(408,864)
 
 
(442,494)

Total assets less current liabilities
  
1,295,206
174,905

Creditors: amounts falling due after more than one year
 8 
(29,113)
(53,141)

Provisions for liabilities
  

Deferred tax
 10 
(272,887)
(9,526)

  
 
 
(272,887)
 
 
(9,526)

Net assets
  
993,206
112,238


Capital and reserves
  

Called up share capital 
 11 
1
1

Revaluation reserve
 12 
854,335
-

Profit and loss account
 12 
138,870
112,237

  
993,206
112,238


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Nacelle Property Limited
Registered number: NI630461

Balance Sheet (continued)
As at 31 May 2024

The directors consider 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 directors acknowledge their 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 profit and loss account 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 3 February 2025.




Tom Mallon
Director

The notes on pages 3 to 9 form part of these financial statements.

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Page 2

 
Nacelle Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

1.


General information

Nacelle Property Limited is a private company limited by shares incorporated in Northern Ireland.  The registration number and address of the registered office are given in the company information section of these financial statements.

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

Going concern

The directors of Nacelle Property Limited have reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, Nacelle Property Limited continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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Nacelle Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.7

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.

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Nacelle Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
Other fixed assets
-
10%

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.

The company holds land which is not depreciated.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the process of applying the company's accounting policies, management has not made any significant judgements.  There are no key assumptions concerning the future or other key sources of estimation, that have a significant risk of raising a material adjustment to the carrying amounts of assets and liabilites within the financial year.

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Page 5

 
Nacelle Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

4.


Employees




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


5.


Tangible fixed assets





Freehold property
Plant and machinery
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 June 2023
657,808
-
5,140
662,948


Additions
-
2,428
-
2,428


Disposals
(27,027)
-
-
(27,027)


Revaluations
1,069,219
-
-
1,069,219



At 31 May 2024

1,700,000
2,428
5,140
1,707,568



Depreciation


At 1 June 2023
42,809
-
2,741
45,550


Charge for the year on owned assets
5,668
243
514
6,425


On revalued assets
(48,477)
-
-
(48,477)



At 31 May 2024

-
243
3,255
3,498



Net book value



At 31 May 2024
1,700,000
2,185
1,885
1,704,070


As part of a freehold property valuation as at 31 May 2019, the company held land to the value of £374,400 which was not depreciated. Land was partly disposed of in the current year, and as at 31 May 2024, the compay have revalued all land and property to £1,700,000.

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Page 6

 
Nacelle Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
163,421
141,648

163,421
141,648



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
28,698
28,467

Trade creditors
530
-

Amounts owed to group undertakings- Resonate Testing
533,982
529,879

Corporation tax
1,985
-

Other taxation and social security
-
744

Other creditors
5,350
28,857

Accruals and deferred income
2,930
1,870

573,475
589,817



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
29,113
53,141

29,113
53,141


Secured Loans
The bank loan is secured by a fixed charge over the commercial premises on 5 1/2 acres of land at Carnagat Road, Newry. 

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Page 7

 
Nacelle Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
28,698
28,467


28,698
28,467


Amounts falling due 2-5 years

Bank loans
29,113
53,141


29,113
53,141


57,811
81,608



10.


Deferred taxation




2024


£






At beginning of year
(9,526)


Charged to profit or loss
(263,361)



At end of year
(272,887)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(272,887)
(9,526)

(272,887)
(9,526)

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Page 8

 
Nacelle Property Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



12.


Reserves

Revaluation reserve

The revaluation reserve arises from the revaluation of Land and Property. The reserve represents the cumulative increase in the fair value.  The assets were revalued based on their fair value, determined by an independent valuer using market-based evidence.
The revaluation surplus of £854,335 has been credited to the revaluation reserve within equity.

Profit and loss account

This balance includes the current period and all prior periods retained profits and losses.


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Page 9