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Company registration number: 10664544

Navtor UK Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Navtor UK Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Navtor UK Limited

(Registration number: 10664544)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,939

1,904

Current assets

 

Debtors

5

89,320

66,646

Cash at bank and in hand

 

22,267

27,525

 

111,587

94,171

Creditors: Amounts falling due within one year

6

(23,361)

(20,090)

Net current assets

 

88,226

74,081

Net assets

 

91,165

75,985

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

91,164

75,984

Total equity

 

91,165

75,985

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 


T A Svanes
Director


B Hetland
Director

 
 

Navtor UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

The company is a wholly owned subsidiary of Navtor AS, a company incorporated in Norway. The Navtor group is a global leading force in the provision of innovative e-Navigation solutions, and a total supplier of navigational products and services for the maritime sector. NAVTOR, as a service and data supplier to the maritime industry, continue to be committed to ensuring business and service continuity. The strength of the company’s suppliers and the diversity of the company’s customers has meant that no external or additional group support has been required by the company. The directors continue to monitor the future opportunities of the company and are confident that the company is a going concern. However, in addition the directors have obtained confirmation from Navtor AS that financial support will be available for at least 12 months from the date of approving these accounts.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of VAT, returns, rebates and discounts.

The company's services are provided to other group entities and its income is a recahrge of the costs incurred plus an appropriate mark up.

 

Navtor UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33.3% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Amounts owed by group undertakings are amounts due for services performed in the ordinary course of business.

Amounts owed by group undertakings are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Navtor UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2022 - 6).

 

Navtor UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

4

Tangible assets

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2023

7,811

7,811

Additions

2,046

2,046

At 31 December 2023

9,857

9,857

Depreciation

At 1 January 2023

5,907

5,907

Charge for the year

1,011

1,011

At 31 December 2023

6,918

6,918

Carrying amount

At 31 December 2023

2,939

2,939

At 31 December 2022

1,904

1,904

5

Debtors

Current

2023
£

2022
£

Amounts owed by group undertakings

87,343

64,780

Other debtors

1,977

1,866

 

89,320

66,646

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

6,179

1,242

Taxation and social security

6,492

8,131

Corporation tax

3,996

3,050

Other creditors

6,694

7,667

23,361

20,090

 

Navtor UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,670 (2022 - £2,644).

8

Parent and ultimate parent undertaking

The company's immediate parent is Navtor AS, incorporated in Norway.

 

9

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 January 2024 was Christopher Walford ACA, who signed for and on behalf of Albert Goodman LLP.