Company registration number 8590880 (England and Wales)
SCANDINAVIAN TRADING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SCANDINAVIAN TRADING LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
3 - 4
Notes to the financial statements
5 - 11
SCANDINAVIAN TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company in the year under review that of supplying passive fire protection products to the Scandinavian markets. The export of passive fire protection products produced in the UK represents 85%-90% of total sales. We currently have agents in Norway and Sweden who are marketing our products.

 

Results and dividends

The net profit for the year is down from last year despite an increase in turnover. This was a result of substantially increased materials and transport costs. Considering the many challenges this year, we are pleased with the overall results as we expected this as we have invested in operational costs as part of expansion.

 

Review of business

Export of Passive Fire Protection

We have had increased costs this year as we invested in satisfying an increased demand for international requirements for product documentation. We are confident that these investments will increase sales in the coming year.

Interior building materials.

The import and sale of building materials continues to struggle to get off the ground - this time due to the cost-of-living crisis. We did invest in further marketing during 2023 which we are hopeful will translate into future sales.

 

Accounts

We are satisfied with the results for 2023 and aim to increase the turnover of both the passive fire products and our interior building materials in 2024 as a result of investments made in 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs B E Eklo
Mrs M Burton
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mrs M Burton
Director
30 August 2024
SCANDINAVIAN TRADING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SCANDINAVIAN TRADING LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scandinavian Trading Limited for the year ended 31 December 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 Scandinavian Trading Limited, as a body, in accordance with the terms of our engagement letter dated 19 February 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Scandinavian Trading Limited and state those matters that we have agreed to state to the board of directors of Scandinavian Trading Limited, 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 Scandinavian Trading Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Scandinavian Trading Limited 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 Scandinavian Trading Limited. You consider that Scandinavian Trading Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Scandinavian Trading Limited. 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.

Dartnell Accounting Limited
30 August 2024
Chartered Accountants
16 Gorselands Close
West Byfleet
Surrey
KT14 6PU
SCANDINAVIAN TRADING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
6,667
5,843
Tangible assets
5
38,997
196,459
45,664
202,302
Current assets
Stocks
19,775
21,445
Debtors
6
190,000
148,654
Cash at bank and in hand
465,013
311,148
674,788
481,247
Creditors: amounts falling due within one year
7
(142,100)
(78,305)
Net current assets
532,688
402,942
Total assets less current liabilities
578,352
605,244
Creditors: amounts falling due after more than one year
8
-
0
(28,729)
Provisions for liabilities
(7,417)
(5,785)
Net assets
570,935
570,730
Capital and reserves
Called up share capital
2,000
2,000
Other reserves
168,940
168,940
Profit and loss reserves
399,995
399,790
Total equity
570,935
570,730

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 year ended 31 December 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 year 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.

SCANDINAVIAN TRADING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mrs M  Burton
Director
Company registration number 8590880 (England and Wales)
SCANDINAVIAN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

Scandinavian Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Gorselands Close, West Byfleet, Surrey, KT14 6PU.

1.1
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. The principal accounting policies adopted are set out below.

1.2
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development Costs
4 years
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.

SCANDINAVIAN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -

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:

Land and buildings Leasehold
25% on reducing balance
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
Boat
20 years

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Cash and cash equivalents

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

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SCANDINAVIAN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
SCANDINAVIAN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023
8,765
Additions
5,618
At 31 December 2023
14,383
Amortisation and impairment
At 1 January 2023
2,922
Amortisation charged for the year
4,794
At 31 December 2023
7,716
Carrying amount
At 31 December 2023
6,667
At 31 December 2022
5,843
SCANDINAVIAN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Boat
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
12,504
5,015
15,383
38,359
70,430
148,500
290,191
Additions
-
0
-
0
-
0
4,286
-
0
-
0
4,286
Disposals
(7,203)
-
0
(1,791)
(26,925)
-
0
(148,500)
(184,419)
At 31 December 2023
5,301
5,015
13,592
15,720
70,430
-
0
110,058
Depreciation and impairment
At 1 January 2023
10,066
2,829
11,763
21,881
35,927
11,266
93,732
Depreciation charged in the year
419
546
805
3,186
8,626
-
0
13,582
Eliminated in respect of disposals
(6,402)
-
0
(1,390)
(17,195)
-
0
(11,266)
(36,253)
At 31 December 2023
4,083
3,375
11,178
7,872
44,553
-
0
71,061
Carrying amount
At 31 December 2023
1,218
1,640
2,414
7,848
25,877
-
0
38,997
At 31 December 2022
2,438
2,186
3,620
16,478
34,503
137,234
196,459
SCANDINAVIAN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
97,073
58,912
Amounts owed by group undertakings
15,062
29,208
Other debtors
70,115
52,784
Prepayments and accrued income
7,750
7,750
190,000
148,654
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
28,729
2,813
Trade creditors
97,246
61,452
Corporation tax
12,822
11,843
Other creditors
2,103
997
Accruals and deferred income
1,200
1,200
142,100
78,305
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
28,729
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
7,417
5,785
2023
Movements in the year:
£
Liability at 1 January 2023
5,785
Charge to profit or loss
1,632
Liability at 31 December 2023
7,417
SCANDINAVIAN TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Deferred taxation
(Continued)
- 11 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
97,403
101,552
11
Directors' transactions

Dividends totalling £18,200 (2022 - £12,200) were paid in the year in respect of shares held by the company's directors.

2023-12-312023-01-01false30 August 2024CCH SoftwareCCH Accounts Production 2024.100The principal activity of the company in the year under review was that of supplying passive fire protection
products to the Scandinavian markets.
Mrs B E EkloMrs M Burtonfalsefalse
85908802023-01-012023-12-318590880bus:Director12023-01-012023-12-318590880bus:Director22023-01-012023-12-3185908802023-12-3185908802022-12-318590880core:IntangibleAssetsOtherThanGoodwill2023-12-318590880core:IntangibleAssetsOtherThanGoodwill2022-12-318590880core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-318590880core:PlantMachinery2023-12-318590880core:FurnitureFittings2023-12-318590880core:ComputerEquipment2023-12-318590880core:MotorVehicles2023-12-318590880core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-318590880core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-318590880core:PlantMachinery2022-12-318590880core:FurnitureFittings2022-12-318590880core:ComputerEquipment2022-12-318590880core:MotorVehicles2022-12-318590880core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-318590880core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-318590880core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-318590880core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-318590880core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-318590880core:CurrentFinancialInstruments2023-12-318590880core:CurrentFinancialInstruments2022-12-318590880core:ShareCapital2023-12-318590880core:ShareCapital2022-12-318590880core:OtherMiscellaneousReserve2023-12-318590880core:OtherMiscellaneousReserve2022-12-318590880core:RetainedEarningsAccumulatedLosses2023-12-318590880core:RetainedEarningsAccumulatedLosses2022-12-318590880core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-318590880core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-318590880core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-318590880core:PlantMachinery2023-01-012023-12-318590880core:FurnitureFittings2023-01-012023-12-318590880core:ComputerEquipment2023-01-012023-12-318590880core:MotorVehicles2023-01-012023-12-318590880core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3185908802022-01-012022-12-318590880core:IntangibleAssetsOtherThanGoodwill2022-12-318590880core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-318590880core:PlantMachinery2022-12-318590880core:FurnitureFittings2022-12-318590880core:ComputerEquipment2022-12-318590880core:MotorVehicles2022-12-318590880core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3185908802022-12-318590880core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-318590880core:Non-currentFinancialInstruments2023-12-318590880core:Non-currentFinancialInstruments2022-12-318590880bus:PrivateLimitedCompanyLtd2023-01-012023-12-318590880bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-318590880bus:FRS1022023-01-012023-12-318590880bus:AuditExemptWithAccountantsReport2023-01-012023-12-318590880bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP