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REGISTERED NUMBER: 09131544 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Nordic Products & Services Ltd

Nordic Products & Services Ltd (Registered number: 09131544)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Nordic Products & Services Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTOR: M J Roddy





REGISTERED OFFICE: Church Road
Stockton on Tees
TS18 2HN





REGISTERED NUMBER: 09131544 (England and Wales)





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

Nordic Products & Services Ltd (Registered number: 09131544)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,334 23,127
Tangible assets 5 141,054 192,094
153,388 215,221

CURRENT ASSETS
Stocks 6 56,311 49,147
Debtors 7 644,098 842,194
Cash at bank and in hand 315,676 67,016
1,016,085 958,357
CREDITORS
Amounts falling due within one year 8 333,174 551,043
NET CURRENT ASSETS 682,911 407,314
TOTAL ASSETS LESS CURRENT
LIABILITIES

836,299

622,535

CREDITORS
Amounts falling due after more than one
year

9

(290,316

)

(81,616

)

PROVISIONS FOR LIABILITIES 12 - (17,853 )
NET ASSETS 545,983 523,066

CAPITAL AND RESERVES
Called up share capital 13 2 2
Retained earnings 545,981 523,064
SHAREHOLDERS' FUNDS 545,983 523,066

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Nordic Products & Services Ltd (Registered number: 09131544)

Balance Sheet - continued
30 June 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 September 2023 and were signed by:





M J Roddy - Director


Nordic Products & Services Ltd (Registered number: 09131544)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Nordic Products & Services Ltd 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.

There were no material departures from that standard.

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.

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 is recognised when the service has been provided.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

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


Nordic Products & Services Ltd (Registered number: 09131544)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 110,999
AMORTISATION
At 1 July 2022 87,872
Amortisation for year 10,793
At 30 June 2023 98,665
NET BOOK VALUE
At 30 June 2023 12,334
At 30 June 2022 23,127

Nordic Products & Services Ltd (Registered number: 09131544)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2022 32,598 206,296 27,244
Additions 650 7,297 610
At 30 June 2023 33,248 213,593 27,854
DEPRECIATION
At 1 July 2022 - 97,217 24,126
Charge for year 8,194 37,051 1,138
At 30 June 2023 8,194 134,268 25,264
NET BOOK VALUE
At 30 June 2023 25,054 79,325 2,590
At 30 June 2022 32,598 109,079 3,118

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 77,937 2,782 346,857
Additions - 2,782 11,339
At 30 June 2023 77,937 5,564 358,196
DEPRECIATION
At 1 July 2022 31,800 1,620 154,763
Charge for year 15,411 585 62,379
At 30 June 2023 47,211 2,205 217,142
NET BOOK VALUE
At 30 June 2023 30,726 3,359 141,054
At 30 June 2022 46,137 1,162 192,094

6. STOCKS
2023 2022
£    £   
Stocks 56,311 41,247
Work-in-progress - 7,900
56,311 49,147

Nordic Products & Services Ltd (Registered number: 09131544)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 322,314 766,818
Amounts owed from parent
undertaking 275,110 -
Directors' current accounts 9,991 -
Prepayments and accrued income 36,683 75,376
644,098 842,194

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 34,758
Other loans 44,502 79,560
Hire purchase contracts (see note 10) 21,918 3,521
Trade creditors 102,166 103,813
Amounts owed to related undertakings 26,280 40,124
Taxation and social security 96,635 187,421
Other creditors 2,924 3,408
Directors' current accounts - 35,702
Accruals and deferred income 28,749 62,736
333,174 551,043

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 19,167 29,167
Other loans - 2-5 years 197,663 39,304
Hire purchase contracts (see note 10) 73,486 13,145
290,316 81,616

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 21,918 3,521
Between one and five years 73,486 13,145
95,404 16,666

Nordic Products & Services Ltd (Registered number: 09131544)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 66,300 24,300
Between one and five years 127,075 81,000
193,375 105,300

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 242,165 118,864
Hire purchase contracts 95,404 16,666
337,569 135,530

Hire Purchase obligations are secured on the assets to which they relate.

Other loans are secured with a fixed and floating charge over the assets of the company.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 17,853

Deferred
tax
£   
Balance at 1 July 2022 17,853
Losses available (17,853 )
Balance at 30 June 2023 -

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

Nordic Products & Services Ltd (Registered number: 09131544)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
M J Roddy
Balance outstanding at start of year - -
Amounts advanced 9,991 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,991 -

15. RELATED PARTY DISCLOSURES

2023 2022
£ £

Amounts due to the directors - 35,702

No interest has been charged.

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is PKM Holdings Ltd.

The registered office of the ultimate controlling party is 140 Coniscliffe Road, Darlington, County Durham, United Kingdom, DL3 7RT