IRIS Accounts Production v24.2.0.383 04939530 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Ordinary 1.00000 Ordinary 'A' 1.00000 Ordinary 'B' 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh049395302022-12-31049395302023-12-31049395302023-01-012023-12-31049395302021-12-31049395302022-01-012022-12-31049395302022-12-3104939530ns15:EnglandWales2023-01-012023-12-3104939530ns14:PoundSterling2023-01-012023-12-3104939530ns10:Director12023-01-012023-12-3104939530ns10:Director22023-01-012023-12-3104939530ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104939530ns10:SmallEntities2023-01-012023-12-3104939530ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3104939530ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104939530ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104939530ns10:FullAccounts2023-01-012023-12-3104939530ns10:OrdinaryShareClass12023-01-012023-12-3104939530ns10:OrdinaryShareClass22023-01-012023-12-3104939530ns10:OrdinaryShareClass32023-01-012023-12-3104939530ns10:CompanySecretary12023-01-012023-12-3104939530ns10:RegisteredOffice2023-01-012023-12-3104939530ns5:CurrentFinancialInstruments2023-12-3104939530ns5:CurrentFinancialInstruments2022-12-3104939530ns5:ShareCapital2023-12-3104939530ns5:ShareCapital2022-12-3104939530ns5:RetainedEarningsAccumulatedLosses2023-12-3104939530ns5:ShareCapital2021-12-3104939530ns5:RetainedEarningsAccumulatedLosses2021-12-3104939530ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3104939530ns5:PreviouslyStatedAmount2022-01-012022-12-3104939530ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3104939530ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2022-12-3104939530ns5:PreviouslyStatedAmount2022-12-3104939530ns5:PriorPeriodIncreaseDecreasens5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104939530ns5:PriorPeriodIncreaseDecrease2023-01-012023-12-3104939530ns5:ShareCapital2022-12-3104939530ns5:RetainedEarningsAccumulatedLosses2022-12-3104939530ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104939530ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3104939530ns5:PlantMachinery2023-01-012023-12-3104939530ns5:FurnitureFittings2023-01-012023-12-3104939530ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3104939530ns5:PlantMachinery2022-12-3104939530ns5:FurnitureFittings2022-12-3104939530ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3104939530ns5:PlantMachinery2023-12-3104939530ns5:FurnitureFittings2023-12-3104939530ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3104939530ns5:PlantMachinery2022-12-3104939530ns5:FurnitureFittings2022-12-3104939530ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104939530ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104939530ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3104939530ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3104939530ns5:DeferredTaxation2022-12-3104939530ns5:DeferredTaxation2023-12-3104939530ns10:OrdinaryShareClass12023-12-3104939530ns10:OrdinaryShareClass22023-12-3104939530ns10:OrdinaryShareClass32023-12-31
REGISTERED NUMBER: 04939530 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Nordhavn Europe Limited

Nordhavn Europe Limited (Registered number: 04939530)






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




Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 4

Notes to the Financial Statements 5


Nordhavn Europe Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Roach
N R O Russell





SECRETARY: N R O Russell





REGISTERED OFFICE: Bennett House
The Dean
Alresford
Hampshire
SO24 9BH





REGISTERED NUMBER: 04939530 (England and Wales)





ACCOUNTANTS: Butler & Co Alresford Limited
Chartered Accountants
Bennett House
The Dean
Alresford
Hampshire
SO24 9BH

Nordhavn Europe Limited (Registered number: 04939530)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,440 50,215

CURRENT ASSETS
Debtors 5 240,851 337,093
Cash at bank and in hand 1,410,540 419,218
1,651,391 756,311
CREDITORS
Amounts falling due within one year 6 1,361,756 441,172
NET CURRENT ASSETS 289,635 315,139
TOTAL ASSETS LESS CURRENT
LIABILITIES

355,075

365,354

PROVISIONS FOR LIABILITIES 8 14,606 9,541
NET ASSETS 340,469 355,813

CAPITAL AND RESERVES
Called up share capital 9 1,001 1,001
Retained earnings 339,468 354,812
SHAREHOLDERS' FUNDS 340,469 355,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Nordhavn Europe Limited (Registered number: 04939530)

Balance Sheet - continued
31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:




N R O Russell - Director



P Roach - Director


Nordhavn Europe Limited (Registered number: 04939530)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,001 372,698 373,699

Changes in equity
Profit for the year - 357,354 357,354
Total comprehensive income - 357,354 357,354
Dividends - (161,400 ) (161,400 )
Balance at 31 December 2022 1,001 568,652 569,653
Prior year adjustment - (213,840 ) (213,840 )
As restated 1,001 354,812 355,813

Changes in equity
Profit for the year - 100,656 100,656
Total comprehensive income - 100,656 100,656
Dividends - (116,000 ) (116,000 )
Balance at 31 December 2023 1,001 339,468 340,469

Nordhavn Europe Limited (Registered number: 04939530)

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

1. STATUTORY INFORMATION

Nordhavn Europe Limited 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.

Turnover
Turnover represents commission on the sale of new and used boats, and receipts in respect of commissioning and repairs undertaken excluding value added tax. Commission is recognised in the period in which it is earned.

Debtors includes amounts recoverable on service contracts. Where the outcome of a transaction can be estimated reliably, revenue is recognised by reference to the stage of completion of the transaction at the balance sheet date (in accordance with FRS 102 paragraph 23.14).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Nordhavn Europe Limited (Registered number: 04939530)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 21,100 71,380 17,796 110,276
Additions - 31,133 7,681 38,814
Disposals - (27,490 ) (2,824 ) (30,314 )
At 31 December 2023 21,100 75,023 22,653 118,776
DEPRECIATION
At 1 January 2023 2,110 48,718 9,233 60,061
Charge for year 2,110 15,482 3,879 21,471
Eliminated on disposal - (27,490 ) (706 ) (28,196 )
At 31 December 2023 4,220 36,710 12,406 53,336
NET BOOK VALUE
At 31 December 2023 16,880 38,313 10,247 65,440
At 31 December 2022 18,990 22,662 8,563 50,215

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 155,434 271,372
Amounts recoverable on service contracts 1,800 25,048
Other debtors 10,963 10,963
Directors' current accounts 376 -
Corporation tax 50,160 -
VAT 9,730 17,721
Prepayments 12,388 11,989
240,851 337,093

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 73,546 88,834
Corporation tax 26,974 29,903
Social security and other taxes - 1,741
Other creditors 1,259,676 53,126
Directors' current accounts 60 68
Accrued expenses 1,500 267,500
1,361,756 441,172

Nordhavn Europe Limited (Registered number: 04939530)

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

7. SECURED DEBTS

There is a registered charge for a rent deposit. £7,766 due or to become due from the company to Marina Developments Limited under the terms of a rent deposit deed creating the charge.

8. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances 14,606 9,541

Deferred
tax
£   
Balance at 1 January 2023 9,541
Accelerated capital allowances 5,065
Balance at 31 December 2023 14,606

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
510 Ordinary £1 510 510
490 Ordinary 'A' £1 490 490
1 Ordinary 'B' £1 1 1
1,001 1,001

The Ordinary shares and Ordinary 'A' shares carry full voting rights, entitlement to dividends and any distribution made on a winding up of the company.

The Ordinary 'B' shares only carry entitlement to dividends.

Dividends may be paid to the holders of one or more classes of shares to the exclusion of the other at the director's discretion.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £116,000 (2022 - £161,400) were paid to the directors .

Nordhavn Europe Limited (Registered number: 04939530)

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

10. RELATED PARTY DISCLOSURES - continued

N R O Russell
A director and shareholder of the company
2023 2022
£ £
Amount due (from)/to related party at the balance sheet date (376 ) 8


P Roach
A director and shareholder of the company
2023 2022
£ £
Amount due to related party at the balance sheet date 60 60

11. ULTIMATE CONTROLLING PARTY

During the period under review the company was under the ultimate control of Mr N Russell, a director and the majority shareholder.