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REGISTERED NUMBER: 07448597 (England and Wales)













Financial Statements

for the Year Ended 31 December 2021

for

IK-UK Limited

IK-UK Limited (Registered number: 07448597)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IK-UK Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: A P Marwood
E Berge



REGISTERED OFFICE: 140 Coniscliffe Road
DARLINGTON
County Durham
DL3 7RT



REGISTERED NUMBER: 07448597 (England and Wales)



SENIOR STATUTORY AUDITOR: Antony Luckett BCom BFP FCA DChA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

IK-UK Limited (Registered number: 07448597)

Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 242,038
Tangible assets 5 - 150,805
- 392,843

CURRENT ASSETS
Stocks 6 - 332,754
Debtors 7 102,611 801,503
Cash at bank and in hand 718 154,245
103,329 1,288,502
CREDITORS
Amounts falling due within one year 8 2,208,323 2,747,744
NET CURRENT LIABILITIES (2,104,994 ) (1,459,242 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,104,994

)

(1,066,399

)

CAPITAL AND RESERVES
Called up share capital 11 2,416,000 2,416,000
Retained earnings (4,520,994 ) (3,482,399 )
SHAREHOLDERS' FUNDS (2,104,994 ) (1,066,399 )

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 29 June 2022 and were signed on its behalf by:





E Berge - Director


IK-UK Limited (Registered number: 07448597)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

IK-UK Limited 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.

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.

Going concern
The financial statements have been prepared on a basis other than that of a going concern due to the fact that the company ceased trading during the year. All remaining assets are held at their recoverable amounts. All liabilities which can be reliably estimated have been provided for.

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

Income recognition
Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses. All intangible assets have been disposed of during the year.

IK-UK Limited (Registered number: 07448597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold land and buildings10% - 20% on cost
Fixtures, fittings and equipment10% on cost
Plant and machinery10% - 33% on cost
Computer equipment10% - 33% on cost
Motor vehicles25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is recognised in the income statement.

Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss.

When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Government grants
Revenue based grants are recognised when the company receives the grant.

Stocks and work-in-progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Work in progress is valued based on estimated stage of completion.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes in profit or loss.


IK-UK Limited (Registered number: 07448597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research activities is mainly recognised as an expense in the period in which it is incurred. The elements not expensed in the period are recognised in the balance sheet.

Foreign currencies
Transactions in foreign currencies are recognised at the rates of exchange prevailing on the first day of the month of the transaction. There is no conversion or retranslation of these transactions at the end of the month. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on that date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when fair value was determined. Gains and losses arising on retranslation are included in net profit or loss for the period, except for exchange differences arising on non-monetary assets and liabilities where the changes in fair value are recognised directly in the statement of comprehensive income.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, less any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 42 ) .

IK-UK Limited (Registered number: 07448597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. INTANGIBLE FIXED ASSETS
Software Development
& licences costs Totals
£    £    £   
COST
At 1 January 2021 208,933 151,318 360,251
Additions 54,326 - 54,326
Disposals (263,259 ) (151,318 ) (414,577 )
At 31 December 2021 - - -
AMORTISATION
At 1 January 2021 - 118,213 118,213
Amortisation for year 33,749 9,316 43,065
Eliminated on disposal (33,749 ) (127,529 ) (161,278 )
At 31 December 2021 - - -
NET BOOK VALUE
At 31 December 2021 - - -
At 31 December 2020 208,933 33,105 242,038

The net book value of intangible assets includes £nil (2020: £103,001) in respect of assets held under leases.

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2021 179,753 1,382,414 50,791
Additions - - -
Disposals (5,926 ) (1,382,414 ) (50,791 )
At 31 December 2021 173,827 - -
DEPRECIATION
At 1 January 2021 166,239 1,282,017 50,791
Charge for year 14,317 12,730 -
Eliminated on disposal (6,729 ) (1,294,747 ) (50,791 )
At 31 December 2021 173,827 - -
NET BOOK VALUE
At 31 December 2021 - - -
At 31 December 2020 13,514 100,397 -

IK-UK Limited (Registered number: 07448597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2021 16,818 135,151 1,764,927
Additions - 1,328 1,328
Disposals (16,818 ) (136,479 ) (1,592,428 )
At 31 December 2021 - - 173,827
DEPRECIATION
At 1 January 2021 16,818 98,257 1,614,122
Charge for year - 10,268 37,315
Eliminated on disposal (16,818 ) (108,525 ) (1,477,610 )
At 31 December 2021 - - 173,827
NET BOOK VALUE
At 31 December 2021 - - -
At 31 December 2020 - 36,894 150,805

6. STOCKS
2021 2020
£    £   
Raw materials - 231,590
Work-in-progress - 101,164
- 332,754

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 90,002 668,206
Amounts owed by group undertakings - 6,496
Other debtors 7,950 38,551
Prepayments and accrued income 4,659 88,250
102,611 801,503

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 178,071 88,854
Hire purchase contracts (see note 9) - 22,835
Trade creditors 6,443 203,572
Amounts owed to parent 1,820,110 1,966,964
Amounts owed to fellow group undertaking 5,756 396,621
Taxation and social security - 50,451
Other creditors 18,011 7,364
Accruals 179,932 11,083
2,208,323 2,747,744

IK-UK Limited (Registered number: 07448597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2021 2020
£    £   
Net obligations repayable:
Within one year - 22,835

Non-cancellable operating leases
2021 2020
£    £   
Within one year - 30,957
Between one and five years - 3,832
- 34,789

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank overdrafts 178,071 88,854
Hire purchase contracts - 22,835
178,071 111,689

Bank overdrafts are secured by a fixed and floating charge over the assets of the company. The charge includes a covenant to pay amounts owed to the bank by fellow group companies.

Hire purchase creditors are secured on the assets to which they relate.

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
48,320 Ordinary £50 2,416,000 2,416,000

The company has one class of shares which carry no rights to fixed income.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antony Luckett BCom BFP FCA DChA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

IK-UK Limited (Registered number: 07448597)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued

Emphasis of Matter - basis of preparation

We draw attention to note 2 to the financial statements which explains that the company ceased trading during 2021. As a result, the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than that of a going concern.

Our opinion is not modified in respect of this matter.

13. CONTINGENT LIABILITIES

The company is currently in the process of defending a legal claim from a competitor. The matter is still with each party's legal advisors to progress and the outcome cannot be accurately assessed at this point.

Per section 21.4 of FRS102, there are three conditions to meet in order for a provision to be recognised in the financial statements. The last of these being that the amount of the obligation can be estimated reliably. The directors are of the opinion that this is not the case at the moment.

In accordance with section 21.5 of FRS102 disclosure is therefore being made of this matter as a contingent liability.It is not possible to estimate either the timing or the financial outcome of the case at this point, although the company is confident of its position and will continue to defend the action.

14. RELATED PARTY TRANSACTIONS

As a wholly owned subsidiary undertaking, the company has taken advantage of the exemption in FRS 102 Section 1A to not disclose transactions with wholly owned entities in the group.

15. ULTIMATE CONTROLLING PARTY

The parent company of IK-UK Limited is IK Group AS, a company incorporated in Norway.

The smallest and largest set of consolidated financial statements including the company are those prepared by IK Group AS. The financial statements may be obtained from Christian August Thorings veg 9, 4033 Stavanger, Norway.