NIACE LIMITED

Company limited by guarantee

Company Registration Number:
NI604145 (Northern Ireland)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

NIACE LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

NIACE LIMITED

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Principal activities of the company

The company is a company limited by guarantee and was established by Ulster University and Queen’s University Belfast to hold the building hosting the Northern Ireland Advanced Composites and Engineering Centre (“NIACE”) and the lease for the site. NIACE Limited is owned and managed on a 70:30 ratio by Queen’s University Belfast and Ulster University reflecting the current ownership ratio.

Political and charitable donations

The company made no political contributions in either the year ended 31 July 2024 or 31 July 2023.

Company policy on disabled employees

The company made no political contributions in either the year ended 31 July 2024 or 31 July 2023.



Directors

The director shown below has held office during the whole of the period from
1 August 2023 to 31 July 2024

Mrs Anne McLaughlin


Secretary Margaret Connolly

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
26 February 2025

And signed on behalf of the board by:
Name: Mrs Anne McLaughlin
Status: Director

NIACE LIMITED

Profit And Loss Account

for the Period Ended 31 July 2024

2024 2023


£

£
Turnover: 192,772 192,772
Gross profit(or loss): 192,772 192,772
Administrative expenses: ( 129,253 ) ( 128,822 )
Other operating income: 6,060 22,871
Operating profit(or loss): 69,579 86,821
Profit(or loss) before tax: 69,579 86,821
Profit(or loss) for the financial year: 69,579 86,821

NIACE LIMITED

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 5,911,524 6,031,897
Total fixed assets: 5,911,524 6,031,897
Current assets
Debtors: 4 90,279 90,280
Cash at bank and in hand: 70,570 69,189
Total current assets: 160,849 159,469
Creditors: amounts falling due within one year: 5 ( 233,902 ) ( 232,592 )
Net current assets (liabilities): (73,053) (73,123)
Total assets less current liabilities: 5,838,471 5,958,774
Creditors: amounts falling due after more than one year: 6 ( 3,483,099 ) ( 3,555,498 )
Accruals and deferred income: ( 6,060 )
Total net assets (liabilities): 2,355,372 2,397,216
Members' funds
Profit and loss account: 2,355,372 2,397,216
Total members' funds: 2,355,372 2,397,216

The notes form part of these financial statements

NIACE LIMITED

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption 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 directors acknowledge their 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.

This report was approved by the board of directors on 26 February 2025
and signed on behalf of the board by:

Name: Mrs Anne McLaughlin
Status: Director

The notes form part of these financial statements

NIACE LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets.

    Intangible fixed assets amortisation policy

    Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment losses. Certain items of tangible fixed assets were revalued to fair value on the date of transition to FRS 102 and are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation

    Other accounting policies

    Impairment , Income recognition,taxation

NIACE LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

NIACE LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2023 7,115,254 7,115,254
Additions
Disposals
Revaluations
Transfers
At 31 July 2024 7,115,254 7,115,254
Depreciation
At 1 August 2023 1,083,357 1,083,357
Charge for year 120,373 120,373
On disposals
Other adjustments
At 31 July 2024 1,203,730 1,203,730
Net book value
At 31 July 2024 5,911,524 5,911,524
At 31 July 2023 6,031,897 6,031,897

NIACE LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Debtors

2024 2023
£ £
Trade debtors 90,279 90,280
Total 90,279 90,280

NIACE LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 150,445 150,282
Accruals and deferred income 83,457 82,310
Total 233,902 232,592

NIACE LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 3,483,099 3,555,498
Total 3,483,099 3,555,498

NIACE LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

7. Financial Commitments

The future lease payments are in respect of the reversionary lease arrangements in place up to 30 April 2079.