REGISTERED NUMBER: 10327881 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Nirac Design Engineering Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K S Chambers

N R Peatling

I R A Conway

REGISTERED OFFICE:

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

REGISTERED NUMBER:

10327881 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Tangible assets

4

11,210

15,135

CURRENT ASSETS

Debtors

5

123,033

13,309

Cash at bank

267,992

274,133

391,025

287,442

CREDITORS

Amounts falling due within one year

6

(229,685

)

(41,077

)

NET CURRENT ASSETS

161,340

246,365

TOTAL ASSETS LESS CURRENT LIABILITIES

172,550

261,500

PROVISIONS FOR LIABILITIES

-

(2,876

)

NET ASSETS

172,550

258,624

CAPITAL AND RESERVES

Called up share capital

60

90

Capital redemption reserve

30

-

Retained earnings

172,460

258,534

172,550

258,624

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:

N R Peatling - Director

1.	STATUTORY INFORMATION

Nirac Design Engineering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 March 2024 are the first that are prepared in accordance with FRS Section 102 section 1A. The previous financial statements were prepared in accordance with FRS 105. The date of transition to FRS 102 Section 1A is 01 January 2023.

Deferred tax has been provided on accelerated capital allowances and other timing differences, where appropriate.

The transition to FRS 102 Section 1A had the following effect on the financial statements:

- Retained earnings as at 31 December 2023 decreased by £2,876

- Retained earnings as at 01 January 2023 decreased by £3,972

- The loss for the year ended 31 December 2023 decreased by £1,096

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

136

32,800

2,313

35,249

DEPRECIATION

At 1 January 2024

100

17,864

2,150

20,114

Charge for year

28

3,734

163

3,925

At 31 December 2024

128

21,598

2,313

24,039

NET BOOK VALUE

At 31 December 2024

8

11,202

-

11,210

At 31 December 2023

36

14,936

163

15,135

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

87,144

-

Other debtors

35,889

13,309

123,033

13,309

Other debtors includes prepayments and accrued income of £35,889 (2023 - £7,690).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

-

2,040

Trade creditors

27,872

16,542

Taxation and social security

7,837

69

Other creditors

193,976

22,426

229,685

41,077

Other creditors includes accruals and deferred income of £154,785 (2023 - £1,645).

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

-

2,040

Hire purchase liabilities were secured on the individual assets being so acquired.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

N R Peatling

Balance outstanding at start of year

-

-

Amounts advanced

3,311

3,311

Amounts repaid

(3,311

)

(3,311

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The loan was interest free and repayable on demand.