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No description of principal activities is disclosed
2023-10-01
Sage Accounts Production 23.0 - FRS102_2023
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xbrli:shares
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NI043432
2023-10-01
2024-09-30
NI043432
2024-09-30
NI043432
2023-09-30
NI043432
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2023-09-30
NI043432
2023-09-30
NI043432
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NI043432
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2024-09-30
NI043432
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2024-09-30
NI043432
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2024-09-30
NI043432
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2024-09-30
NI043432
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2023-10-01
2024-09-30
NI043432
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2023-09-30
NI043432
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2024-09-30
NI043432
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2024-09-30
NI043432
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2023-09-30
NI043432
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2024-09-30
NI043432
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2023-09-30
NI043432
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NI043432
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2023-09-30
NI043432
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2023-10-01
2024-09-30
NI043432
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2023-09-30
NI043432
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2024-09-30
NI043432
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2023-10-01
2024-09-30
NI043432
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2024-09-30
NI043432
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2023-10-01
2024-09-30
Company registration number:
NI043432
Michael Nugent (IS) Ltd
Filleted financial statements
30 September 2024
Michael Nugent (IS) Ltd
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Michael Nugent (IS) Ltd
Directors and other information
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Directors |
Mr Michael Nugent |
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|
Mr Ryan Nugent |
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Secretary |
Michael Nugent |
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Company number |
NI043432 |
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Registered office |
2 Tandragee Road |
|
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Pomeroy |
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Dungannon |
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Co Tyrone |
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BT70 3DS |
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Business address |
2 Tandragee Road |
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Pomeroy |
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Dungannon |
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Co Tyrone |
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BT70 3DS |
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Auditor |
Corr & Corr |
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2nd Floor, The Cornmill |
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Coalisland |
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Co Tyrone |
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BT71 4LP |
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Bankers |
Danske Bank |
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5-6 Market Square |
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Dungannon |
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Co Tyrone |
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BT70 1AB |
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Solicitors |
Doris & MacMahon |
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63 James Street |
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Cookstown |
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Co Tyrone |
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BT70 3DS |
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Michael Nugent (IS) Ltd
Directors responsibilities statement
Year ended 30 September 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently; and
-
make judgments and accounting estimates that are reasonable and prudent.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Michael Nugent (IS) Ltd
Statement of financial position
30 September 2024
|
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2024 |
|
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|
2023 |
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Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
97,821 |
|
|
|
46,416 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
97,821 |
|
|
|
46,416 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
467,501 |
|
|
|
353,197 |
|
|
Debtors |
|
6 |
865,810 |
|
|
|
307,037 |
|
|
Cash at bank and in hand |
|
|
108,904 |
|
|
|
13,893 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,442,215 |
|
|
|
674,127 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
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|
within one year |
|
7 |
(
297,952) |
|
|
|
(
153,283) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,144,263 |
|
|
|
520,844 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,242,084 |
|
|
|
567,260 |
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|
|
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|
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|
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|
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Provisions for liabilities |
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|
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|
(
11,604) |
|
|
|
(
11,604) |
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|
|
|
|
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|
|
|
|
|
|
|
|
|
_______ |
|
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_______ |
Net assets |
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|
|
|
1,230,480 |
|
|
|
555,656 |
|
|
|
|
|
_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
1,230,478 |
|
|
|
555,654 |
|
|
|
|
|
_______ |
|
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|
_______ |
Shareholders funds |
|
|
|
|
1,230,480 |
|
|
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555,656 |
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_______ |
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_______ |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 February 2025
, and are signed on behalf of the board by:
Mr Michael Nugent
Director
Company registration number:
NI043432
Michael Nugent (IS) Ltd
Notes to the financial statements
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2 Tandragee Road, Pomeroy, Dungannon, Co Tyrone, BT70 3DS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Going concern
The Company made a healthy profit during the year ended 30 September 2024 and at that date the Company's assets exceeded its liabilities.After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Reduced Disclosures
In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements:- Section 7 'Statement of Cash Flows' - presentation of a Statement of Cash Flow and related notes and disclosures.- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes regognised in profit or loss and in other comprehensive income;- The requirement of Section 33 Related Party Disclosures paragraph 33.7.This information is included in the consolidated financial statements of Michael Nugent Ltd as at 30th September 2024 and these financial statements may be obtained from Companies House
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformance with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. Management believes that the estimates, assumptions and judgements upon which it relies are reasonable based on the information available at the time that those estimates, assumptions and judgements are made. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Distributions To Equity Holders
Dividends to Company Shareholders are recognised as a liability in the period in which the dividends are approved. These amounts are recognised in the statement of changes in equity.
Cash
Cash & Cash equivalents includes cash on hand, deposits held at call with banks, other short term liquid investments with maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Share Capital
Ordinary shares are classified as equity
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
17
(2023:
5
).
5.
Tangible assets
|
|
Plant and machinery |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 October 2023 |
50,788 |
50,788 |
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|
|
|
Additions |
81,000 |
81,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 September 2024 |
131,788 |
131,788 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 October 2023 |
4,372 |
4,372 |
|
|
|
|
|
|
Charge for the year |
29,595 |
29,595 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 September 2024 |
33,967 |
33,967 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 September 2024 |
97,821 |
97,821 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 September 2023 |
46,416 |
46,416 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
237,501 |
14,377 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
628,309 |
292,660 |
|
|
|
_______ |
_______ |
|
|
|
865,810 |
307,037 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
11,517 |
|
Corporation tax |
|
216,995 |
27,931 |
|
Social security and other taxes |
|
77,892 |
111,670 |
|
Other creditors |
|
3,065 |
2,165 |
|
|
|
_______ |
_______ |
|
|
|
297,952 |
153,283 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Limitation of auditors liability
The terms of agreement regarding the limitation of the auditors liability are set out in the engagement letter, in accordance with Section 538 Companies Act 2006.
9.
Summary audit opinion
The auditor's report dated
21 February 2025
was unqualified.
The senior statutory auditor was
Paul Corr
for and on behalf of
Corr & Corr
10.
Related party transactions
Group UndertakingsThe company has taken advantage of the exemption under FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are part of the group.No guarantees were given or received.
11.
Controlling party
The company is a wholly owned subsidiary of
Michael Nugent
Ltd, a company registered in Northern Ireland.The director regards Michael Nugent
Ltd, a company registered in Northern Ireland (NI040434), whose registered office address is 2 Tandragee Road, Pomeroy, Co Tyrone, BT70 3DS, as the ultimate parent company.The consolidated financial statements of this Group are available at:Companies HouseThe Linenhall32-38 Linenhall StreetBelfast Michael Nugent
Ltd is under the control of its shareholders, Mr Michael Nugent
& Mrs Brenda Nugent who are therefore deemed to be the ultimate controlling party.
12.
Going Concern
The Company made a profit during the year ended 30 September 2024 and at that date the Company's assets exceeded its liabilities. After making enquiries, the director has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
13.
Comparative Information
Comparative information has been reclassified where necessary to conform to current year presentation.
14.
Critical judgements and estimation uncertainty
There are no critical judgements in applying the company's accounting policies. There are no critical accounting estimates and assumptions.