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REGISTERED NUMBER: 14374044 (England and Wales)










FINANCIAL STATEMENTS

FOR THE PERIOD

23 SEPTEMBER 2022 TO 31 DECEMBER 2023

FOR

NORTAL SOLUTIONS LTD

NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 23 SEPTEMBER 2022 TO 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044)

BALANCE SHEET
31 DECEMBER 2023

Notes £   
CURRENT ASSETS
Debtors 4 48,147
Cash at bank 98,828
146,975
CREDITORS
Amounts falling due within one year 5 566,069
NET CURRENT LIABILITIES (419,094 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(419,094

)

CAPITAL AND RESERVES
Called up share capital 100
Other reserves 11,235
Retained earnings (430,429 )
(419,094 )

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 Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:





T P Hedley - Director


NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 23 SEPTEMBER 2022 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

Nortal Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 14374044

Registered office: The Scalpel
18th Floor
52 Lime Street
London
EC3M 7AF

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.

Going concern
The directors have prepared detailed profit and loss forecasts which reflect management's plans and the operating environment in order for them to assess the company's ability to continue as a going concern. The directors draw attention to the fact the business has been only been incorporated since September 2022 and believe the company has the potential to establish itself as a profitable business. Following their assessment, the directors have not identified any going concern uncertainties and the financial statements are prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the fair value of consideration received or receivable in relation to consultancy services, excluding discounts, rebates or value added tax. Revenue is recognised to the extent that there is a right to consideration. Where a contract has only been partially completed at the balance sheet date, revenue represents the fair value of the service provided to date, in accordance with the terms of the contract.

Taxation
Taxation for the period 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.

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 period 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.

NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 23 SEPTEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Amounts owed by group undertakings 47,036
Other debtors 1,111
48,147

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 1,889
Amounts owed to group undertakings 530,865
Taxation and social security 18,525
Other creditors 14,790
566,069

6. FINANCIAL INSTRUMENTS

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Colin Young BA FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting

8. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Nortal AS, a company registered in Estonia. The ultimate parent undertaking is Nortal Group Holding OU, a company registered in Estonia.

The smallest group consolidating the results of the Company is Nortal AS and the largest group consolidating the results of the Company is Nortal Group Holding OU. The registered office of both companies is Harju maakond, Tallinn, Lasnamäe linnaosa, Lõõtsa tn 6, 11415 where copies of the consolidated financial statements may be obtained.

9. SHARE-BASED PAYMENT TRANSACTIONS

Equity settled share options in the ultimate parent Nortal Group Holding OU have been issued to a director of the company. The fair value of the liability incurred in respect of equity-settled share-based payment transactions is measured using an appropriate option pricing model at grant date. The fair value of these options is being recognised over their vesting period, to the extent they are expected to vest, through the profit or loss.