Nahinch Limited NI608484 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true NI608484 2023-12-01 2024-11-30 NI608484 2024-11-30 NI608484 bus:OrdinaryShareClass1 2024-11-30 NI608484 core:CurrentFinancialInstruments 2024-11-30 NI608484 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 NI608484 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 NI608484 core:Goodwill 2024-11-30 NI608484 core:FurnitureFittingsToolsEquipment 2024-11-30 NI608484 bus:SmallEntities 2023-12-01 2024-11-30 NI608484 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 NI608484 bus:FilletedAccounts 2023-12-01 2024-11-30 NI608484 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 NI608484 bus:RegisteredOffice 2023-12-01 2024-11-30 NI608484 bus:Director2 2023-12-01 2024-11-30 NI608484 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 NI608484 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 NI608484 core:Goodwill 2023-12-01 2024-11-30 NI608484 core:FurnitureFittings 2023-12-01 2024-11-30 NI608484 core:FurnitureFittingsToolsEquipment 2023-12-01 2024-11-30 NI608484 countries:NorthernIreland 2023-12-01 2024-11-30 NI608484 2023-11-30 NI608484 core:Goodwill 2023-11-30 NI608484 core:FurnitureFittingsToolsEquipment 2023-11-30 NI608484 2022-12-01 2023-11-30 NI608484 2023-11-30 NI608484 bus:OrdinaryShareClass1 2023-11-30 NI608484 core:CurrentFinancialInstruments 2023-11-30 NI608484 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 NI608484 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 NI608484 core:FurnitureFittingsToolsEquipment 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI608484

Nahinch Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Nahinch Limited

(Registration number: NI608484)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,260

2,825

Investment property

6

1,213,497

1,213,497

Investments

7

1

2

 

1,215,758

1,216,324

Current assets

 

Debtors

8

4,251

58,377

Cash at bank and in hand

 

143,267

54,750

 

147,518

113,127

Creditors: Amounts falling due within one year

9

(139,986)

(131,397)

Net current assets/(liabilities)

 

7,532

(18,270)

Total assets less current liabilities

 

1,223,290

1,198,054

Creditors: Amounts falling due after more than one year

9

(553,738)

(549,328)

Provisions for liabilities

(120,542)

(120,471)

Net assets

 

549,010

528,255

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

549,009

528,254

Shareholders' funds

 

549,010

528,255

For the financial year ending 30 November 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.

 

Nahinch Limited

(Registration number: NI608484)
Balance Sheet as at 30 November 2024

Approved and authorised by the director on 8 May 2025
 

.........................................
Ross Sweeney
Director

 

Nahinch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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: c/o The Old Barn, 6 Seaport Avenue, Portballintrae, Co Antrim, BT57 8SB.

These financial statements were authorised for issue by the director on 8 May 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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts..

Revenue recognition

Rental income represents the net amount of rental and related charges invoiced to tenants excluding value added tax.

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.

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 group operates and generates taxable income.

 

Nahinch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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

Fixtures and fittings

20% per annum reducing balance basis

Investment property

Investment properties are accounted for in accordance with the requirements of Financial Reporting Standard 102. They are included in the financial statements at their fair value as at the balance sheet date. Fair value gains and losses are reported through the statement of changes in equity.

Depreciation is not provided on investment properties. While this may be a departure from the requirement of the Companies Act 2006, the director considers that systematic annual depreciation is not warranted on the basis that the properties are held for investment not consumption. The accounting policy adopted is therefore necessary to present a true and fair view.

Goodwill and licenses

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Liquor licences acquired are held at cost and are not depreciated as the director considers these to be a non depreciating asset, held for investment not consumption.

 

Nahinch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Borrowings

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Nahinch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill & licences
 £

Total
£

Cost or valuation

At 1 December 2023

121,477

121,477

At 30 November 2024

121,477

121,477

Amortisation

At 1 December 2023

121,477

121,477

At 30 November 2024

121,477

121,477

Carrying amount

At 30 November 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

40,410

40,410

At 30 November 2024

40,410

40,410

Depreciation

At 1 December 2023

37,585

37,585

Charge for the year

565

565

At 30 November 2024

38,150

38,150

Carrying amount

At 30 November 2024

2,260

2,260

At 30 November 2023

2,825

2,825

 

Nahinch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Investment properties

2024
£

At 1 December

1,213,497

At 30 November

1,213,497


Investment properties are stated at fair value.

There has been no valuation of investment property by an independent valuer.

7

Investments

2024
£

2023
£

Investments in subsidiaries

1

2


The company owns 100% of the share capital of Portnaboe Limited. The investment is stated at cost.
Kashmire Ltd, a 100% subsidary as at 1st December 2023 was disolved on 6th August 2024.

8

Debtors

2024
£

2023
£

Trade debtors

3,483

-

Amounts owed by related parties

-

57,704

Other debtors

152

-

Prepayments

616

673

4,251

58,377

 

Nahinch Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,954

5,010

Amounts owed to related parties

44,624

48,083

Taxation and social security

25,872

29,514

Accruals and deferred income

23,437

23,437

Other creditors

36,099

25,353

139,986

131,397

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

553,738

549,328

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1