2 false false false false false false false false false false true false false false false false false No description of principal activity 2024-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 150,000 150,000 xbrli:pure xbrli:shares iso4217:GBP NI055516 2024-06-01 2025-02-28 NI055516 2025-02-28 NI055516 2024-05-31 NI055516 2023-06-01 2024-05-31 NI055516 2024-05-31 NI055516 2023-05-31 NI055516 core:FurnitureFittings 2024-06-01 2025-02-28 NI055516 core:NetGoodwill 2024-06-01 2025-02-28 NI055516 bus:Director3 2024-06-01 2025-02-28 NI055516 bus:Director2 2024-06-01 2025-02-28 NI055516 core:NetGoodwill 2025-02-28 NI055516 core:FurnitureFittings 2024-05-31 NI055516 core:FurnitureFittings 2025-02-28 NI055516 core:WithinOneYear 2025-02-28 NI055516 core:WithinOneYear 2024-05-31 NI055516 core:ShareCapital 2025-02-28 NI055516 core:ShareCapital 2024-05-31 NI055516 core:RetainedEarningsAccumulatedLosses 2025-02-28 NI055516 core:RetainedEarningsAccumulatedLosses 2024-05-31 NI055516 core:FurnitureFittings 2024-05-31 NI055516 bus:Director2 2024-05-31 NI055516 bus:Director2 2024-05-31 NI055516 bus:Director2 2023-06-01 2024-05-31 NI055516 bus:SmallEntities 2024-06-01 2025-02-28 NI055516 bus:AuditExemptWithAccountantsReport 2024-06-01 2025-02-28 NI055516 bus:SmallCompaniesRegimeForAccounts 2024-06-01 2025-02-28 NI055516 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-02-28 NI055516 bus:FullAccounts 2024-06-01 2025-02-28 NI055516 core:ComputerEquipment 2024-06-01 2025-02-28 NI055516 core:ComputerEquipment 2025-02-28 NI055516 core:ComputerEquipment 2024-05-31
COMPANY REGISTRATION NUMBER: NI055516
Finance Matters (NI) Limited
Filleted Unaudited Financial Statements
28 February 2025
Finance Matters (NI) Limited
Balance Sheet
28 February 2025
28 Feb 25
31 May 24
Note
£
£
Fixed assets
Tangible assets
6
1,556
Current assets
Debtors
7
189
24,249
Cash at bank and in hand
58,149
53,895
--------
--------
58,338
78,144
Creditors: amounts falling due within one year
8
11,686
16,293
--------
--------
Net current assets
46,652
61,851
--------
--------
Total assets less current liabilities
46,652
63,407
Provisions
327
--------
--------
Net assets
46,652
63,080
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
46,552
62,980
--------
--------
Shareholders funds
46,652
63,080
--------
--------
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.
For the period ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Finance Matters (NI) Limited
Balance Sheet (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
Ewan Boyle
Director
Company registration number: NI055516
Finance Matters (NI) Limited
Notes to the Financial Statements
Period from 1 June 2024 to 28 February 2025
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8 Cromac Place, Belfast, BT7 2JB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Fully amortised
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
20% reducing balance
Computers
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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 balance sheet 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2024: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2024 and 28 February 2025
150,000
---------
Amortisation
At 1 June 2024 and 28 February 2025
150,000
---------
Carrying amount
At 28 February 2025
---------
At 31 May 2024
---------
6. Tangible assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 June 2024 and 28 February 2025
8,004
12,380
20,384
-------
--------
--------
Depreciation
At 1 June 2024
7,090
11,738
18,828
Charge for the period
914
642
1,556
-------
--------
--------
At 28 February 2025
8,004
12,380
20,384
-------
--------
--------
Carrying amount
At 28 February 2025
-------
--------
--------
At 31 May 2024
914
642
1,556
-------
--------
--------
7. Debtors
28 Feb 25
31 May 24
£
£
Trade debtors
11,127
Other debtors
189
13,122
----
--------
189
24,249
----
--------
8. Creditors: amounts falling due within one year
28 Feb 25
31 May 24
£
£
Corporation tax
10,981
13,365
Other creditors
705
2,928
--------
--------
11,686
16,293
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
28 Feb 25
31 May 24
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
58,149
53,895
--------
--------
10. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
28 Feb 25
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Joanne Mullen
9,687
( 9,687)
-------
----
-------
----
31 May 24
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Joanne Mullen
9,687
9,687
----
-------
----
-------
The loan was on an interest-free basis .