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Company Registration No. NI694263 (Northern Ireland)
THE NORN IRISH GIFT SHOP LTD Unaudited accounts for the year ended 28 February 2025
THE NORN IRISH GIFT SHOP LTD Unaudited accounts Contents
Page
Company information
3
Accountants' report
4
Statement of financial position
5
Notes to the accounts
6
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THE NORN IRISH GIFT SHOP LTD Company Information for the year ended 28 February 2025
Directors
Fiona Lane Keith Lane
Company Number
NI694263 (Northern Ireland)
Registered Office
6 CLONETRACE LANE BROUGHSHANE BALLYMENA BT43 7HX NORTHERN IRELAND
Accountants
DJB Accounting Ltd 34 Knockmoyle Drive Greystone Road Antrim BT41 1HE
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THE NORN IRISH GIFT SHOP LTD Accountants' report
Accountants' report to the board of directors of THE NORN IRISH GIFT SHOP LTD on the preparation of the unaudited statutory accounts for the year ended 28 February 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of THE NORN IRISH GIFT SHOP LTD for the year ended 28 February 2025 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of THE NORN IRISH GIFT SHOP LTD, as a body, in accordance with the terms of our engagement letter dated 6 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of THE NORN IRISH GIFT SHOP LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than THE NORN IRISH GIFT SHOP LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that THE NORN IRISH GIFT SHOP LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of THE NORN IRISH GIFT SHOP LTD. You consider that THE NORN IRISH GIFT SHOP LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of THE NORN IRISH GIFT SHOP LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
DJB Accounting Ltd 34 Knockmoyle Drive Greystone Road Antrim BT41 1HE 1 May 2025
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THE NORN IRISH GIFT SHOP LTD Statement of financial position as at 28 February 2025
2025
2024
Notes
£
£
Current assets
Inventories
38,532
8,532
Cash at bank and in hand
21,496
11,230
60,028
19,762
Creditors: amounts falling due within one year
4
(47,805)
(21,121)
Net current assets/(liabilities)
12,223
(1,359)
Net assets/(liabilities)
12,223
(1,359)
Capital and reserves
Profit and loss account
12,223
(1,359)
Shareholders' funds
12,223
(1,359)
For the year ending 28 February 2025 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2025 and were signed on its behalf by
Fiona Lane Director Company Registration No. NI694263
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THE NORN IRISH GIFT SHOP LTD Notes to the Accounts for the year ended 28 February 2025
1
Statutory information
THE NORN IRISH GIFT SHOP LTD is a private company, limited by shares, registered in Northern Ireland, registration number NI694263. The registered office is 6 CLONETRACE LANE, BROUGHSHANE, BALLYMENA, BT43 7HX, NORTHERN IRELAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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THE NORN IRISH GIFT SHOP LTD Notes to the Accounts for the year ended 28 February 2025
4
Creditors: amounts falling due within one year
2025
2024
£
£
VAT
(3,839)
-
Taxes and social security
(5,605)
-
Loans from directors
57,249
21,121
47,805
21,121
5
Average number of employees
During the year the average number of employees was 3 (2024: 3).
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