IRIS Accounts Production v23.2.0.158 SC354920 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC3549202022-03-31SC3549202023-03-31SC3549202022-04-012023-03-31SC3549202021-03-31SC3549202021-04-012022-03-31SC3549202022-03-31SC354920ns16:Scotland2022-04-012023-03-31SC354920ns15:PoundSterling2022-04-012023-03-31SC354920ns11:Director12022-04-012023-03-31SC354920ns11:PrivateLimitedCompanyLtd2022-04-012023-03-31SC354920ns11:SmallEntities2022-04-012023-03-31SC354920ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-31SC354920ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC354920ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC354920ns11:FullAccounts2022-04-012023-03-31SC354920ns11:Director22022-04-012023-03-31SC354920ns11:CompanySecretary12022-04-012023-03-31SC354920ns11:RegisteredOffice2022-04-012023-03-31SC354920ns6:CurrentFinancialInstruments2022-03-31SC354920ns6:CurrentFinancialInstruments2023-03-31SC354920ns6:ShareCapital2022-03-31SC354920ns6:ShareCapital2023-03-31SC354920ns6:RetainedEarningsAccumulatedLosses2022-03-31SC354920ns6:RetainedEarningsAccumulatedLosses2023-03-31SC354920ns6:LandBuildings2022-03-31SC354920ns6:PlantMachinery2022-03-31SC354920ns6:LandBuildings2022-04-012023-03-31SC354920ns6:PlantMachinery2022-04-012023-03-31SC354920ns6:LandBuildings2023-03-31SC354920ns6:PlantMachinery2023-03-31SC354920ns6:LandBuildings2022-03-31SC354920ns6:PlantMachinery2022-03-31SC354920ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-31SC354920ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31
REGISTERED NUMBER: SC354920 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Norsepharm Limited

Norsepharm Limited (Registered number: SC354920)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Norsepharm Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: T Clyde
Ms R J May





SECRETARY:





REGISTERED OFFICE: Skirlo
Berstane Road
Kirkwall
Orkney
KW15 1SZ





REGISTERED NUMBER: SC354920 (Scotland)





ACCOUNTANTS: Foubister & Bain
4 Broad Street
Kirkwall
Orkney
KW15 1NX

Norsepharm Limited (Registered number: SC354920)

Balance Sheet
31 March 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
590,515 Tangible assets 4 568,162

CURRENT ASSETS
68,218 Stocks 77,906
141,014 Debtors 5 257,644
190,079 Cash at bank and in hand 78,419
399,311 413,969
CREDITORS
264,949 Amounts falling due within one year 6 257,728
134,362 NET CURRENT ASSETS 156,241

724,877
TOTAL ASSETS LESS CURRENT
LIABILITIES

724,403

18,147 PROVISIONS FOR LIABILITIES 15,673
706,730 NET ASSETS 708,730

CAPITAL AND RESERVES
1 Called up share capital 1
706,729 Retained earnings 708,729
706,730 SHAREHOLDERS' FUNDS 708,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Norsepharm Limited (Registered number: SC354920)

Balance Sheet - continued
31 March 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2023 and were signed on its behalf by:





T Clyde - Director


Norsepharm Limited (Registered number: SC354920)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Norsepharm Limited is a private company, limited by shares , registered in Scotland. 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.

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

Tangible fixed assets
Aircraft - 5% Straight Line
Fixture & Fittings - 20% Reducing Balance
Office Equipment - 33% Straight Line
Motor Vehicles - 25% Reducing Balance

No depreciation is currently provided on Heritable Property.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Norsepharm Limited (Registered number: SC354920)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Norsepharm Limited (Registered number: SC354920)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1 April 2022 751,302 485,672 265,630
Disposals (35,805 ) - (35,805 )
At 31 March 2023 715,497 485,672 229,825
DEPRECIATION
At 1 April 2022 160,787 - 160,787
Charge for year 11,032 - 11,032
Eliminated on disposal (24,484 ) - (24,484 )
At 31 March 2023 147,335 - 147,335
NET BOOK VALUE
At 31 March 2023 568,162 485,672 82,490
At 31 March 2022 590,515 485,672 104,843

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 257,644 141,014

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 235,225 229,282
Taxation 22,503 25,033
Other creditors - 10,634
257,728 264,949

7. RELATED PARTY DISCLOSURES

Torquil Clyde, the director of the company, had a balance outstanding to him of £nil as at 31 March 2023 (2022- £10,634). This loan is interest free with no fixed repayment terms but repayable on demand.