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REGISTERED NUMBER: 12840805 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

NDL INDUSTRIES (UK) LTD

NDL INDUSTRIES (UK) LTD (REGISTERED NUMBER: 12840805)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NDL INDUSTRIES (UK) LTD

COMPANY INFORMATION
for the Year Ended 30 November 2023







DIRECTOR: R Baxter





REGISTERED OFFICE: 17 Burners Lane
Kiln Farm
Milton Keynes
MK11 3HA





REGISTERED NUMBER: 12840805 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

NDL INDUSTRIES (UK) LTD (REGISTERED NUMBER: 12840805)

BALANCE SHEET
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,360 -

CURRENT ASSETS
Stocks 55,360 18,252
Debtors 5 251,864 5,052
Cash at bank 33,814 4,240
341,038 27,544
CREDITORS
Amounts falling due within one year 6 773,777 309,743
NET CURRENT LIABILITIES (432,739 ) (282,199 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(431,379

)

(282,199

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (431,380 ) (282,200 )
(431,379 ) (282,199 )

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 July 2024 and were signed by:





R Baxter - Director


NDL INDUSTRIES (UK) LTD (REGISTERED NUMBER: 12840805)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

NDL Industries (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.

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.

The financial statements have been prepared on the going concern basis in light of the fact that the parent company, NDL Industries Inc., has confirmed to provide financial support to NDL Industries (UK) Ltd for at least 12 months and 1 day following the signing of the audit report.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised for the sale of goods at shipment. This is when the significant risks and rewards of ownership are deemed to have been transferred, it is probable that the economic benefit will flow to the company and the revenue and associated costs can be reliably measured.

Tangible fixed assets
Tangible assets are initially measured at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment 55% on cost

Stocks
Stocks are valued at the lower of cost, determined on a first-in-first-out basis, and net realisable value, after
making due allowance for obsolete and slow moving items.

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


NDL INDUSTRIES (UK) LTD (REGISTERED NUMBER: 12840805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 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.

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.

Financial instruments
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 1,875
At 30 November 2023 1,875
DEPRECIATION
Charge for year 515
At 30 November 2023 515
NET BOOK VALUE
At 30 November 2023 1,360

NDL INDUSTRIES (UK) LTD (REGISTERED NUMBER: 12840805)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 70,546 845
Other debtors 94,449 2,416
VAT 14,575 1,791
Prepayments and accrued income 72,294 -
251,864 5,052

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 73,385 5,299
Amounts owed to group undertakings 674,163 284,694
Taxation and social security 5,154 -
Other creditors & accruals 21,075 19,750
773,777 309,743

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.11.23 30.11.22
£    £   
Within one year 49,506 1,995
Between one and five years 351,134 -
400,640 1,995

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

The Report of the Auditors was unqualified.

Amy Enslin (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants.

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

9. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

10. ULTIMATE PARENT COMPANY

The ultimate parent company is NDL Industries Inc., a company incorporated in Canada with registered office at Suite 2400, 745 Thurlow Street, Vancouver, British Columbia, V6E 0C5, Canada. This is the largest group for which consolidated accounts are produced. Consolidated accounts are not publicly available.