COMPUTE NORDIC LIMITED

Company Registration Number:
12092432 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

COMPUTE NORDIC LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

COMPUTE NORDIC LIMITED

Balance sheet

As at 31 December 2022


Notes

2022

5 months to 31 December 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 14,500 12,000
Investments: 4 319,800 264,800
Total fixed assets: 334,300 276,800
Current assets
Stocks: 0
Debtors: 5 183,000 0
Investments: 6 87,800 0
Total current assets: 270,800 0
Creditors: amounts falling due within one year: 7 (122,000) (6,432)
Net current assets (liabilities): 148,800 (6,432)
Total assets less current liabilities: 483,100 270,368
Creditors: amounts falling due after more than one year:   0
Total net assets (liabilities): 483,100 270,368
Capital and reserves
Called up share capital: 100 100
Share premium account: 210,000 60,000
Revaluation reserve:8270,000210,268
Profit and loss account: 3,000
Shareholders funds: 483,100 270,368

The notes form part of these financial statements

COMPUTE NORDIC LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 15 October 2023
and signed on behalf of the board by:

Name: HARALD RIISE
Status: Director

The notes form part of these financial statements

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 5 months to 31 December 2021
Average number of employees during the period 0 0

Company has agreed to acquire Bluefjords AS of Norway 100% and have partly paid for the acquisition. The acquisition is processing and is expected to complete by end of next financial year.

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible Assets

Total
Cost £
At 01 January 2022 12,000
Additions 2,500
At 31 December 2022 14,500
Net book value
At 31 December 2022 14,500
At 31 December 2021 12,000

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Fixed investments

We have invested in various datacentre containers and transformer capacity. The assets are at Bluefjords AS datacentre site in Norway

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Debtors

We have no clients due to pay debt later than 30 days.

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Current investments

Compute Nordic entered into a final agreement to acquire 100% of Bluefjords AS. The transaction is not complete but as a part of the transaction Compute Nordic has already acquired and paid for shares in Bluefjords AS.

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Creditors: amounts falling due within one year note

This is a balance which we hold as a guarantee from clients. When the contract end with the client we will pay out any money owed to the client. We expect about GBP 122,000.00 for 2023.

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

8. Revaluation reserve

2022
£
Balance at 01 January 2022 210,268
Surplus or deficit after revaluation 59,732
Balance at 31 December 2022 270,000

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

9. Financial commitments

We have committed to spend additional NOK 14,000,000.00 on completing the acquisition of Bluefjords AS.This equates to approximately GBP 1,100,000.00

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

10. Related party transactions

Name of the related party: CR Venture Capital Limited
Relationship:
Consulting services
Description of the Transaction: 2 subcontractors work through CR Venture Capital as consultants.There are no outstanding payments or liabilities as of Dec 31st 2022.
£
Balance at 01 January 2022 0
Balance at 31 December 2022 120,000
Name of the related party: TIM CONNOLLY
Relationship:
Consultant
Description of the Transaction: Various consulting Services over the year. There are no outstanding consulting fees as of Dec. 31st 2022.
£
Balance at 01 January 2022 0
Balance at 31 December 2022 86,000

COMPUTE NORDIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

11. Off balance sheet arrangements

Agreement with Bluefjords Holding AS to complete acquisition of Bluefjords AS. This will have a large impact on Compute Nordic net assets position.As of end of next account year Compute Nordic Limited intends to consolidate Bluefjords AS as a fully owned subisiary of Compute Nordic Limited. As a part of this and due to the values involved Cushman & Wakefield has been appointed to make a valuation of Bluefjords AS. Furthermore Deloitte in Norway audits Bluefjords AS accounts in Norway.Based on this Deloitte in the UK will be appointed as auditors of Compute Nordic Limited going forward.