ACCOUNTS - Final Accounts

Registered number: NI066824

Nautilus (NI) Limited

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024

Nautilus (NI) Limited

Registered number: NI066824

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		7,305		8,766
Tangible assets	5		1,259		1,793
			8,564		10,559
Current assets
Debtors: amounts falling due within one year	6	57,452		78,655
Cash at bank and in hand	7	20,809		42,285
		78,261		120,940
Creditors: amounts falling due within one year	8	(631,815)		(582,492)
Net current liabilities			(553,554)		(461,552)
Total assets less current liabilities			(544,990)		(450,993)

Net liabilities			(544,990)		(450,993)

Capital and reserves
Called up share capital	10	1	1
Profit and loss account	9	(544,991)	(450,994)
		(544,990)	(450,993)

Page 1

Nautilus (NI) Limited

Registered number: NI066824

Balance Sheet (continued)

As at 31 December 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 November 2025.

Mr Jose Calixto

Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

Nautilus (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

Nautilus (NI) Limited is a private company limited by shares incorporated in Northern Ireland within the United Kingdom. The registration number and address of the registered office are given in the company information section of these financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in Sterling, rounded to the nearest pound.

The following principal accounting policies have been applied:

2.2

Going concern

The company is supported by its directors and its parent company, Nautilus (GB) Limited. Both the parent company and the directors have expressed their willingness to continue supporting the company for the forseeable future.
The directors of Nautilus (NI) Limited have reviewed the resources available, and believe that the Company has adequate resources to continue in operational existence for the foreseeable future.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

Nautilus (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Plant and machinery	-	20%	reducing balance
				Computer equipment	-	33%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

Nautilus (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

Nautilus (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Employees

The average monthly number of employees, including the directors, during the year was 3. (2023 - 3).

4.	Intangible assets

		Other intangible assets
		£
	Cost
	At 1 January 2024	14,605
	At 31 December 2024	14,605
	Amortisation
	At 1 January 2024	5,840
	Charge for the year on owned assets	1,460
	At 31 December 2024	7,300
	Net book value
	At 31 December 2024	7,305
	At 31 December 2023	8,765

Page 6

Nautilus (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

5.	Tangible fixed assets

	Plant and machinery	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	6,080	23,272	29,352
At 31 December 2024	6,080	23,272	29,352
Depreciation
At 1 January 2024	5,646	21,913	27,559
Charge for the year	87	447	534
At 31 December 2024	5,733	22,360	28,093
Net book value
At 31 December 2024	347	912	1,259
At 31 December 2023	434	1,358	1,792

Debtors

					2024	2023
					£	£


Trade debtors	3,162	5,662
Other debtors	4,906	4,156
Prepayments and accrued income	49,384	68,837
	57,452	78,655

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	20,809	42,285
	20,809	42,285

Page 7

Nautilus (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Other loans	25,000	25,000
Trade creditors	10,062	9,391
Amounts owed to group undertakings	506,371	508,296
Corporation tax	5	5
Other creditors	51,647	-
Accruals and deferred income	38,730	39,800
	631,815	582,492

Reserves

Profit and loss account

This balance includes all current and prior period retained profits and losses.

10.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share share of £1.00	1	1

11.	Controlling party

The ultimate parent company is Nautilus (GB) Limited, a company incorporated in England. At the end of the year Nautilus (GB) Limited owned 100% of the Company's issued Ordinary Share Capital.

Page 8