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Registration number: NI625518

NMFS Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

NMFS Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

NMFS Limited

Company Information

Director

Mr Niall Malley

Registered office

14A Turnavall Road
Newry
Co Down
BT34 1LZ

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors & Tax Advisors5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

NMFS Limited

(Registration number: NI625518)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48,939

47,106

Current assets

 

Debtors

5

46,915

66,923

Cash at bank and in hand

 

172,145

172,050

 

219,060

238,973

Creditors: Amounts falling due within one year

6

(96,875)

(95,645)

Net current assets

 

122,185

143,328

Total assets less current liabilities

 

171,124

190,434

Creditors: Amounts falling due after more than one year

6

(11,703)

(27,863)

Provisions for liabilities

(5,907)

(6,629)

Net assets

 

153,514

155,942

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

153,414

155,842

Shareholders' funds

 

153,514

155,942

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 April 2025
 

.........................................
Mr Niall Malley
Director

   
     
 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
14A Turnavall Road
Newry
Co Down
BT34 1LZ

These financial statements were authorised for issue by the director on 10 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% Reducing balance basis

Motor vehicles

20% Reducing balance basis

Office equipment

25% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

16,000

11,735

43,612

17,539

88,886

Additions

-

1,343

10,500

1,184

13,027

Disposals

-

-

(3,650)

-

(3,650)

At 31 July 2024

16,000

13,078

50,462

18,723

98,263

Depreciation

At 1 August 2023

-

7,810

19,951

14,019

41,780

Charge for the year

-

1,317

6,365

1,176

8,858

Eliminated on disposal

-

-

(1,314)

-

(1,314)

At 31 July 2024

-

9,127

25,002

15,195

49,324

Carrying amount

At 31 July 2024

16,000

3,951

25,460

3,528

48,939

At 31 July 2023

16,000

3,925

23,661

3,520

47,106

Included within the net book value of land and buildings above is £16,000 (2023 - £16,000) in respect of freehold land and buildings.
 

 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

33,978

46,770

Prepayments

3,996

3,180

Other debtors

8,941

16,973

 

46,915

66,923

 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

16,811

17,894

Trade creditors

 

32,456

34,747

Taxation and social security

 

26,038

22,821

Accruals and deferred income

 

20,300

20,050

Other creditors

 

1,270

133

 

96,875

95,645

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,703

27,863

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,321

18,318

Hire purchase contracts

3,382

9,545

11,703

27,863

Current loans and borrowings

 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024
£

2023
£

Bank borrowings

10,648

10,648

Hire purchase contracts

6,163

7,246

16,811

17,894

Bank borrowings

Bounce back loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 4 August 2026. The carrying amount at year end is £18,969 (2023 - £28,966).

The Ulster Bank also holds a fixed and floating charge over the property and undertakings of the company.

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £330.00 (2023 - £20.00) per each Ordinary Share

33,000

2,000

 

 

10

Related party transactions

 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mr Niall Malley

Directors loan

(8,802)

(26,490)

36,500

1,208

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr Niall Malley

Directors loan

5,215

(18,516)

4,500

(8,802)

 

NMFS Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

10,400

10,380

Dividends paid to the director

2024
£

2023
£

Mr Niall Malley

Niall Malley

16,500

2,000