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REGISTERED NUMBER: 03216776 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Protan (Uk) Ltd

Protan (Uk) Ltd (Registered number: 03216776)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Protan (Uk) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs M Marquard-Smith
E Moe
E Oyno



REGISTERED OFFICE: Unit 12 Taurus Park
Europa Boulevard
Warrington
WA5 7ZT



REGISTERED NUMBER: 03216776 (England and Wales)



SENIOR STATUTORY AUDITOR: Janine Boyo BFP ACA MAAT



AUDITORS: Voisey & Co LLP
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Protan (Uk) Ltd (Registered number: 03216776)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 14,166 -

CURRENT ASSETS
Stocks 6 945,529 880,466
Debtors 7 1,827,160 1,473,786
Cash at bank 1,207,864 437,305
3,980,553 2,791,557
CREDITORS
Amounts falling due within one year 8 2,716,665 1,971,130
NET CURRENT ASSETS 1,263,888 820,427
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,278,054

820,427

CAPITAL AND RESERVES
Called up share capital 10 200,000 200,000
Retained earnings 11 1,078,054 620,427
SHAREHOLDERS' FUNDS 1,278,054 820,427

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 22 March 2024 and were signed on its behalf by:




E Moe - Director



Mrs M Marquard-Smith - Director


Protan (Uk) Ltd (Registered number: 03216776)

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

1. STATUTORY INFORMATION

Protan (Uk) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Protan (Uk) Ltd (Registered number: 03216776)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment loses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Fixture & Fittings- 20%-33.33% straight line
Computer equipment - 20% - 33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indiction of a significant change since the last reporting date.
Gains and losses on disposals are detemined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Costs for maintenance of assets are expensed as incurred as operating expenses, whereas costs for improvements and upgrading's are added to the acquisition cost and depreciated with the related asset. If the recoverable amount of the asset is lower than the carrying value, the asset is written down to the recoverable amount. The recoverable amount is the greater of net realisable value and value in use. Value in use is the present value of the future cash flows expected to be generated by the asset.

Protan (Uk) Ltd (Registered number: 03216776)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks consist of raw materials, work in progress and finished goods (from own production as well as purchased for sale), and are valued at the lower of cost and net realizable value.

Cost includes expenditures incurred in acquiring the inventories and costs of bringing goods to their present location and condition. The calculation of cost for work in progress and finished goods from own production is based on the standard cost method (including indirect production cost).

The net realisable value of the inventories should be based on estimated sales value of the goods as finished products, taken into account any obsolescence and quality issues as well as sales costs. The calculation of net realisable value of work in progress should also take into account any remaining production costs to convert the work in progress into finished goods.

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.

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.

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.

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.

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.

Protan (Uk) Ltd (Registered number: 03216776)

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

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

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.

Financial instruments are recognised in the company's statement of financial position 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 net 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 costs 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Protan (Uk) Ltd (Registered number: 03216776)

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

2. ACCOUNTING POLICIES - continued

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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 receipts 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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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

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. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are recognised at their discounted net present value.

Finance costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method os that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 13 ) .

Protan (Uk) Ltd (Registered number: 03216776)

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

4. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

9,458

9,020

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 - 16,749 16,749
Additions 14,571 - 14,571
At 31 December 2023 14,571 16,749 31,320
DEPRECIATION
At 1 January 2023 - 16,749 16,749
Charge for year 405 - 405
At 31 December 2023 405 16,749 17,154
NET BOOK VALUE
At 31 December 2023 14,166 - 14,166
At 31 December 2022 - - -

6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 945,529 880,466

7. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 1,616,366 1,293,407
Other debtors 29,794 27,986
VAT 164,091 152,393
1,810,251 1,473,786

Amounts falling due after more than one year:
Other debtors 16,909 -

Aggregate amounts 1,827,160 1,473,786

Protan (Uk) Ltd (Registered number: 03216776)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 882,405 602,214
Amounts owed to group undertakings 1,507,948 1,217,612
Tax 145,073 59,588
Social security and other taxes 34,383 12,415
Other creditors 146,856 79,301
2,716,665 1,971,130

The amounts owed to group companies are due to Protan AS and are repayable on demand and interest free.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 135,888 92,588
Between one and five years 309,045 133,599
444,933 226,187

Operating lease is a lease agreement where the significant risks and rewards have not been transferred to the lessee. For operating lease agreements, lease payments are recognised as expenses on a straight-line basis over the lease period.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
200,000 Ordinary £1 200,000 200,000

11. RESERVES
Retained
earnings
£   

At 1 January 2023 620,427
Profit for the year 457,627
At 31 December 2023 1,078,054

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

The Report of the Auditors was unqualified.

Janine Boyo BFP ACA MAAT (Senior Statutory Auditor)
for and on behalf of Voisey & Co LLP

Protan (Uk) Ltd (Registered number: 03216776)

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

13. OTHER FINANCIAL COMMITMENTS

Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, there were no unpaid contributions due to the fund.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Protan AS.

The ultimate controlling party is Moelsa Industrier AS.

Copies of the consolidated financial statements of Moelsa Industrier AS are publicy available at PO Box 420, 3002 Drammen, Norway.