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Company Registration No. 06647236 (England and Wales)
Nordic Balance Limited Unaudited accounts for the year ended 31 March 2023
Nordic Balance Limited Unaudited accounts Contents
Page
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Nordic Balance Limited Company Information for the year ended 31 March 2023
Directors
Mr Pierre Francois Meyer Mrs Joanna Meyer
Company Number
06647236 (England and Wales)
Registered Office
7 Wisley Road London SW11 6NF United Kingdom
Accountants
Virtue Accounting Limited 53 Warwick Street Coventry CV5 6ET
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Nordic Balance Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
239,559 
268,458 
Current assets
Debtors
163,262 
178,038 
Cash at bank and in hand
20,514 
34,084 
183,776 
212,122 
Creditors: amounts falling due within one year
(128,034)
(83,354)
Net current assets
55,742 
128,768 
Total assets less current liabilities
295,301 
397,226 
Creditors: amounts falling due after more than one year
(203,317)
(323,352)
Provisions for liabilities
Deferred tax
(17,605)
(27,325)
Net assets
74,379 
46,549 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
74,279 
46,449 
Shareholders' funds
74,379 
46,549 
For the year ending 31 March 2023 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
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 27 October 2023 and were signed on its behalf by
Mr Pierre Francois Meyer Director Company Registration No. 06647236
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Nordic Balance Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Nordic Balance Limited is a private company, limited by shares, registered in England and Wales, registration number 06647236. The registered office is 7 Wisley Road, London, SW11 6NF, United Kingdom.
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Fixtures & fittings
15% reducing balance
Computer equipment
33% straight line
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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.
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Nordic Balance Limited Notes to the Accounts for the year ended 31 March 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 April 2022
356,644 
Additions
4,882 
At 31 March 2023
361,526 
Depreciation
At 1 April 2022
88,186 
Charge for the year
33,781 
At 31 March 2023
121,967 
Net book value
At 31 March 2023
239,559 
At 31 March 2022
268,458 
5
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
206,405 
306,500 
6
Loans to directors
Movements on directors' loan accounts represents timing differences between amounts owed, and payments made to, directors in respect of expenses, remuneration and dividends. At the reporting date amount owed by the company to Mr Meyer was £1,144, a movement of £5,312 from the £4,168 owed to the company at the beginning of the period. At the reporting date amount owed to the company by Mrs Meyer was £nil, a movement of £5k from £5k owed to the company at the beginning of the period. Interest has not been charged on these balances and no guarantees have been provided by either the company or the directors.
7
Average number of employees
During the year the average number of employees was 9 (2022: 9).
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