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REGISTERED NUMBER: 11603612 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2023

for

Nuvik Global Limited

Nuvik Global Limited (Registered number: 11603612)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Nuvik Global Limited (Registered number: 11603612)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 320,704 374,216
Tangible assets 5 416,385 673,593
737,089 1,047,809

CURRENT ASSETS
Stocks 2,066,822 1,624,230
Debtors 6 2,370,431 825,094
Cash at bank 172,900 913,635
4,610,153 3,362,959
CREDITORS
Amounts falling due within one year 7 (2,251,509 ) (541,706 )
NET CURRENT ASSETS 2,358,644 2,821,253
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,095,733

3,869,062

CREDITORS
Amounts falling due after more than one
year

8

-

(1,060,000

)

PROVISIONS FOR LIABILITIES (55,700 ) (111,004 )
NET ASSETS 3,040,033 2,698,058

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,039,933 2,697,958
3,040,033 2,698,058

Nuvik Global Limited (Registered number: 11603612)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2024 and were signed on its behalf by:





Mr M Rabey - Director


Nuvik Global Limited (Registered number: 11603612)

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

1. STATUTORY INFORMATION

Nuvik Global Limited is a private company, limited by shares, domiciled in England, registration number 11603612.The registered office is Infinity House, Unit 11 Commerce Way, Leighton Buzzard, LU7 4RW.

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.

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 group companies.

Turnover
Turnover represents net invoiced sales of cleaning wipes, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, will be amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost of manufacture and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by the purchase price of materials used in the manufacture of the cleaning wipes.

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.


Nuvik Global Limited (Registered number: 11603612)

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

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 500,000 35,115 535,115
AMORTISATION
At 1 January 2023 150,000 10,899 160,899
Charge for year 50,000 3,512 53,512
At 31 December 2023 200,000 14,411 214,411
NET BOOK VALUE
At 31 December 2023 300,000 20,704 320,704
At 31 December 2022 350,000 24,216 374,216

Nuvik Global Limited (Registered number: 11603612)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,514,601
Additions 75,184
Disposals (22,995 )
At 31 December 2023 1,566,790
DEPRECIATION
At 1 January 2023 841,008
Charge for year 312,463
Eliminated on disposal (3,066 )
At 31 December 2023 1,150,405
NET BOOK VALUE
At 31 December 2023 416,385
At 31 December 2022 673,593

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 509,511 397,149
Amounts owed by group undertakings 1,762,889 292,136
Amounts owed by related parties 90,205 124,409
Other debtors 7,826 11,400
2,370,431 825,094

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 529,248 107,627
Amounts owed to group undertakings 1,155,767 64,323
Taxation and social security 555,796 354,415
Other creditors 10,698 15,341
2,251,509 541,706

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings - 1,060,000

Nuvik Global Limited (Registered number: 11603612)

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

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

The Report of the Auditors was unqualified.

Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA

10. RELATED PARTY DISCLOSURES

At the year end, the company was owed £90,205 by an associated company (2022: £124,409).
This associate paid interest of £nil during the year (2022: £75,410).

11. ULTIMATE PARENT ENTITY

The controlling party is Demco Group Limited.

Demco Group Limited is registered in Scotland under registration number SC584425. The registered office is Spectrum House South View, Dales Industrial Estate, Peterhead, Scotland, AB42 3JF.