Company Registration No. 5399405 (England and Wales)
NOBLE NORDMANN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NOBLE NORDMANN LIMITED
COMPANY INFORMATION
Directors
J Enevoldsen
M Enevoldsen
P Poulsen
Company number
5399405
Registered office
Horton House
Exchange Flags
Liverpool
L2 3YL
Solicitors
Anderson Strathern LLP
58 Morrison Street
Edinburgh
EH3 8BP
NOBLE NORDMANN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NOBLE NORDMANN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,184
2,608
Current assets
Stocks
344,414
775,834
Debtors
5
365,894
739,650
Cash at bank and in hand
309,193
58,545
1,019,501
1,574,029
Creditors: amounts falling due within one year
6
(1,411,604)
(1,346,721)
Net current (liabilities)/assets
(392,103)
227,308
Total assets less current liabilities
(390,919)
229,916
Creditors: amounts falling due after more than one year
7
(472,248)
(455,429)
Net liabilities
(863,167)
(225,513)
Capital and reserves
Called up share capital
5,001
5,001
Profit and loss reserves
(868,168)
(230,514)
Total equity
(863,167)
(225,513)

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.

NOBLE NORDMANN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
J Enevoldsen
Director
Company registration number 5399405 (England and Wales)
NOBLE NORDMANN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Noble Nordmann Limited is a private company limited by shares incorporated in England and Wales. The registered office is Horton House, Exchange Flags, Liverpool, L2 3YL.

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.

A company is exempt from the requirement to prepare consolidated financial statements the company, and the group headed by it, qualify as small as set out in section 383 of the Act and the group is not ineligible as set out in section 384 of the Act.

1.2
Going concern

The directors consider it appropriate to prepare the accounts on the going concern basis on the basis of shareholder support to ensure that there is sufficient funding available to the entity to allow it to continue as a going concern for a period of at least 12 months from the date of signing the financial statements.true

1.3
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.

 

 

Revenue from the sale of trees 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.

1.4
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.

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:

Plant and machinery
20% straight line

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.

NOBLE NORDMANN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

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.

1.7
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 balance sheet 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 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 cost 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.

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.

NOBLE NORDMANN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial 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 payments 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.

1.8
Equity instruments

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
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
-
0
-
0
NOBLE NORDMANN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
196,602
Depreciation and impairment
At 1 January 2023
193,994
Depreciation charged in the year
1,424
At 31 December 2023
195,418
Carrying amount
At 31 December 2023
1,184
At 31 December 2022
2,608

During 2018, Noble Nordmann sold land and buildings at 3 sites retaining ownership of the Christmas trees which still remained on the land. The new owners have granted a lease until 31 December 2025 thereby allowing Noble Nordmann to access the Christmas trees.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
337,227
393,858
Amounts owed by group undertakings
-
0
317,125
Other debtors
28,667
28,667
365,894
739,650
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
967,697
988,513
Trade creditors
91,568
44,220
Other creditors
352,339
313,988
1,411,604
1,346,721
NOBLE NORDMANN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
472,248
455,429
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, totalling £15.

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Jimmi Enevoldsen is a director of both JE Management , Noble Nordmann AS and Noble Nordmann Limited.

 

During the year the company was charged fees of £78,903 (2022: £91,882) by Noble Nordmann AS. During the year trees to the value of £nil (2022: £nil) were purchased from Noble Nordmann AS. There was a balance of £nil (2022: £317,125) outstanding and included within debtors. Interest charged on this balance in the period was £nil (2022: £16,442).

 

There was a balance of £123,983 (2022: £121,862) outstanding to JE Management and included within creditors due within one year. Interest of £7,195 (2022: £7,366) was charged by JE Management.

 

At the year end the company owed £472,248 (2022: £455,429) to the parent company, Noble Nordmann Holdings AS which is shown in creditors. The loan is subject to interest at 6%. Loan interest during the period amounted to £nil (2022: £25,456).

10
Parent company

Noble Nordmann Limited is a wholly owned subsidiary of Noble Nordmann Holding A/S, Baunegårdsvej 5, Thorsø, 8881. The ultimate controlling interest in Noble Nordmann Holding AS is Jimmi Enevoldsen, a director of the company.

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