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Company registration number: 11532675











________________________________________________________________________________________


NOONE TURAS (UK) LIMITED

________________________________________________________________________________________



ANNUAL REPORT

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 
30 JUNE 2024

 
NOONE TURAS (UK) LIMITED
REGISTERED NUMBER:11532675

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
282,074
288,045

  
282,074
288,045

Current assets
  

Stocks
 4 
-
210,336

Debtors: amounts falling due within one year
 5 
7,932
195,255

Cash at bank and in hand
  
369,966
204,157

  
377,898
609,748

Creditors: amounts falling due within one year
 6 
(522,993)
(797,143)

Net current liabilities
  
 
 
(145,095)
 
 
(187,395)

Total assets less current liabilities
  
136,979
100,650

  

Net assets
  
136,979
100,650


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Profit and loss account
 8 
135,979
99,650

  
136,979
100,650


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 on pages 1 to 8 were approved and authorised for issue by the board on 25 February 2025 and were signed on its behalf by:




Michael Noone
Director

Page 1

 
NOONE TURAS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies

 
1.1

Statement of compliance

The Company's principal activity is the sale of commercial motor vehicles.
Noone Turas (UK) Limited is a private company limited by shares and is incorporated and domiciled in England and Wales.  The address of its registered office is 15 Whitehall, London, United Kingdom, SW1A 2DD.

  
1.2

Basis of preparation

The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A 'Small Entities' of Financial Reporting Standard 102, ‘the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (“FRS 102”) and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention. 
The preparation of financial statements requires the use of certain critical accounting estimates.  It also requires management to exercise its judgement in the process of applying the Company's accounting policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

  
1.3

Going concern

The directors have reviewed the financial position of the Company and have received assurances from its parent company that it will proivide or procure adequate financial support for the Company to enable it to meet its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements. These financial statements have, therefore, been prepared on a going concern basis.

  
1.4

Revenue

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance.  Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added tax.  The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 2

 
NOONE TURAS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

  
1.5

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.  Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.
 
Land is not depreciated. Depreciation on other assets is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
                Plant & Machinery       -  5 years
                Freehold buildings        -  50 years (no depreciation on Freehold land)
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.  The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably.  Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected.  On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.

  
1.6

Stock

Stock is stated at the lower of cost and estimated selling price less costs to sell. Stock is recognised as an expense in the period in which the related revenue is recognised. 
Cost includes all costs incurred in bringing the stock to its present location and condition. 
At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the Profit and Loss Account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Profit and Loss Account.

Page 3

 
NOONE TURAS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

  
1.7

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the Profit and Loss Account in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and 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.

  
1.8

Foreign currency translation

Functional and presentation currency
The company's functional and presentation currency is the pound sterling.
 
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.  At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.  Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account under the heading to which they relate.

Page 4

 
NOONE TURAS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

  
1.9

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
 
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 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.

  
1.10

Share capital

Ordinary shares are classified as equity.

  
1.11

Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors separate disclosure is necessary to understand the effect of the transactions on the Company’s financial statements.

  
1.12

Comparatives

Certain comparatives have been reclassified in accordance with the current presentation.

Page 5

 
NOONE TURAS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing these financial statements, they consider that these have not had a significant effect on amounts recognised.


3.


Tangible fixed assets





Freehold land and buildings
Plant and machinery
Total

£
£
£



Cost


At 1 July 2023
293,450
15,185
308,635



At 30 June 2024

293,450
15,185
308,635



Depreciation


At 1 July 2023
10,027
10,563
20,590


Charge for the year on owned assets
2,934
3,037
5,971



At 30 June 2024

12,961
13,600
26,561



Net book value



At 30 June 2024
280,489
1,585
282,074



At 30 June 2023
283,423
4,622
288,045


4.


Stock

2024
2023
£
£

Vehicles
-
210,336




 

Page 6

 
NOONE TURAS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
2,540
195,255

Prepayments and accrued income
5,392
-

7,932
195,255



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
17,500
2,500

Trade creditors
20,895
20,619

Amounts owed to group undertakings
304,266
588,200

Corporation tax
12,685
14,109

Other taxation and social security
153,757
157,107

Accruals and deferred income
13,890
14,608

522,993
797,143



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



8.


Reserves

Profit and loss account

The profit and loss account is a distributable reserve.


9.


Controlling party

The Company's immediate and ultimate parent company is Brian Noone Limited. The registered office of Brian Noone Limited is Straffan Road, Maynooth, County Kildare, Ireland.

Page 7

 
NOONE TURAS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 25 February 2025 by Martin J. Rooney (Senior Statutory Auditor) on behalf of F. W. Smith, Riches & Co..

 
Page 8