Company registration number 09874566 (England and Wales)
NORWEX UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
NORWEX UK LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
NORWEX UK LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORWEX UK LTD FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norwex UK Ltd for the period ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Norwex UK Ltd, as a body, in accordance with the terms of our engagement letter dated 18 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Norwex UK Ltd and state those matters that we have agreed to state to the board of directors of Norwex UK Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norwex UK Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Norwex UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norwex UK Ltd. You consider that Norwex UK Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Norwex UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
20 March 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
NORWEX UK LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
30 June 2023
31 December 2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
7,427
Current assets
Stocks
-
611,794
Debtors
5
-
0
37,840
Cash at bank and in hand
138,663
25,835
138,663
675,469
Creditors: amounts falling due within one year
6
(6,600)
(1,519,448)
Net current assets/(liabilities)
132,063
(843,979)
Net assets/(liabilities)
132,063
(836,552)
Capital and reserves
Called up share capital
7
70,000
70,000
Capital contribution
3,100,000
2,300,000
Profit and loss reserves
(3,037,937)
(3,206,552)
Total equity
132,063
(836,552)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
Mr T Zrinzo
Ms J K Letain
Director
Director
Company registration number 09874566 (England and Wales)
NORWEX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Norwex UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Farm Cottage, Felmersham Road, Carlton, Bedford, MK43 7NA.

1.1
Reporting period

The financial statements have been prepared for an 18-month period and the comparatives presented are for a year. As a result, the comparative period amounts presented in these financial statements will not be entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.3
Going concern

The company ceased trading true30 June 2023 and therefore cannot be considered a going concern. The business is being wound up in a controlled and solvent manner and the director is of the opinion that this does not adversely affect the value of the balance sheet as at 30 June 2023.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates..

1.5
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% per annum on a straight line basis
Computers
25% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

NORWEX UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Exceptional item
2023
2021
£
£
Expenditure
Amounts written off intercompany loans
(1,103,264)
-
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was 5 (2021 - 5).

NORWEX UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2022
7,949
11,356
19,305
Additions
-
0
1,298
1,298
Disposals
(7,949)
(12,654)
(20,603)
At 30 June 2023
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2022
7,949
3,929
11,878
Depreciation charged in the period
-
0
4,487
4,487
Eliminated in respect of disposals
(7,949)
(8,416)
(16,365)
At 30 June 2023
-
0
-
0
-
0
Carrying amount
At 30 June 2023
-
0
-
0
-
0
At 31 December 2021
-
0
7,427
7,427
5
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
-
0
5,881
Amounts owed by group undertakings
-
0
15,172
Other debtors
-
0
16,787
-
0
37,840
6
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
-
0
4,027
Amounts owed to group undertakings
-
0
1,153,964
Taxation and social security
-
0
116,806
Other creditors
6,600
244,651
6,600
1,519,448
NORWEX UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
7
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
70,000
70,000
70,000
70,000
8
Capital contribution
2023
2021
£
£
At the beginning of the period
2,300,000
2,300,000
Additions
800,000
-
At the end of the period
3,100,000
2,300,000

The capital contribution reserve represents shareholder contributions which have been made by the parent company.

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