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Company Registration No. NI063975 (Northern Ireland)
NICKAL DEVELOPMENTS LTD Unaudited accounts for the year ended 31 May 2024
NICKAL DEVELOPMENTS LTD Unaudited accounts Contents
Page
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NICKAL DEVELOPMENTS LTD Company Information for the year ended 31 May 2024
Director
A Wilson
Company Number
NI063975 (Northern Ireland)
Registered Office
51 Blackskull Road Dromore Co. Down BT25 1JN
Accountants
SJK 8 Bridge Road Moira Co. Armagh BT67 0PF
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NICKAL DEVELOPMENTS LTD Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
35,723 
32,481 
Investment property
224,550 
224,550 
260,273 
257,031 
Current assets
Inventories
740,628 
726,078 
Debtors
63,239 
345,253 
Cash at bank and in hand
104,234 
54,215 
908,101 
1,125,546 
Creditors: amounts falling due within one year
(278,354)
(44,455)
Net current assets
629,747 
1,081,091 
Total assets less current liabilities
890,020 
1,338,122 
Provisions for liabilities
Deferred tax
(8,930)
(8,120)
Net assets
881,090 
1,330,002 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
881,088 
1,330,000 
Shareholders' funds
881,090 
1,330,002 
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 February 2024 and were signed on its behalf by
A Wilson Director Company Registration No. NI063975
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NICKAL DEVELOPMENTS LTD Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
NICKAL DEVELOPMENTS LTD is a private company, limited by shares, registered in Northern Ireland, registration number NI063975. The registered office is 51 Blackskull Road, Dromore, Co. Down, BT25 1JN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks and Work in Progress
Stocks and Work in Progress have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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NICKAL DEVELOPMENTS LTD Notes to the Accounts for the year ended 31 May 2024
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 June 2023
216,010 
Additions
14,660 
At 31 May 2024
230,670 
Depreciation
At 1 June 2023
183,529 
Charge for the year
11,418 
At 31 May 2024
194,947 
Net book value
At 31 May 2024
35,723 
At 31 May 2023
32,481 
5
Investment property
2024 
£ 
Fair value at 1 June 2023
224,550 
At 31 May 2024
224,550 
The directors consider that the above value of investment property represents the market value at 31 May 2024.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
11,770 
4,674 
Other debtors
- 
244,919 
11,770 
249,593 
Amounts falling due after more than one year
Other debtors
51,469 
95,660 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
11,247 
2,516 
Amounts owed to group undertakings and other participating interests
253,278 
- 
Taxes and social security
2,424 
18,326 
Loans from directors
9,905 
22,113 
Accruals
1,500 
1,500 
278,354 
44,455 
Loans to directors are treated as repayable on demand . There is no interest charged on outstanding loans.
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NICKAL DEVELOPMENTS LTD Notes to the Accounts for the year ended 31 May 2024
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
A Wilson
(22,113)
12,520 
312 
(9,905)
N Wilson
244,919 
- 
244,919 
- 
222,806 
12,520 
245,231 
(9,905)
The director is owed £9,905 (2023: (£22,113) by the company at year end.
9
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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