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REGISTERED NUMBER: 13070509 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NORDIC SEMICONDUCTOR UK LIMITED

NORDIC SEMICONDUCTOR UK LIMITED (REGISTERED NUMBER: 13070509)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NORDIC SEMICONDUCTOR UK LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: P Elstad
L Pettersson





REGISTERED OFFICE: 7a Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT





REGISTERED NUMBER: 13070509 (England and Wales)

NORDIC SEMICONDUCTOR UK LIMITED (REGISTERED NUMBER: 13070509)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 247,661 371,492
Tangible assets 5 1,013,222 581,752
1,260,883 953,244

CURRENT ASSETS
Debtors 6 1,911,196 1,145,416
Cash at bank 612,787 745,134
2,523,983 1,890,550
CREDITORS
Amounts falling due within one year 7 460,023 943,731
NET CURRENT ASSETS 2,063,960 946,819
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,324,843

1,900,063

PROVISIONS FOR LIABILITIES 196,429 101,705
NET ASSETS 3,128,414 1,798,358

CAPITAL AND RESERVES
Called up share capital 860,100 860,100
Share option reserve 99,964 227,946
Retained earnings 2,168,350 710,312
SHAREHOLDERS' FUNDS 3,128,414 1,798,358

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 3 September 2024 and were signed on its behalf by:




P Elstad - Director



L Pettersson - Director


NORDIC SEMICONDUCTOR UK LIMITED (REGISTERED NUMBER: 13070509)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Nordic Semiconductor UK 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
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' 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 wholly owned subsidiaries within the group.

Turnover
Turnover represents costs recharged with mark-up, excluding value added tax, performed during the year.

Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Goodwill
Intellectual property, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment-33.33% on cost
Fixtures and fittings-20% on cost
Plant and machinery-33.33% on cost

Financial instruments
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost.. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

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 tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.

Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits

Current and deferred tax assets and liabilities are not discounted and are 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.

Foreign currencies
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

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.

NORDIC SEMICONDUCTOR UK LIMITED (REGISTERED NUMBER: 13070509)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Intragroup recharges
The company incurs costs throughout the year which relate to the UK based operation and these are recharged monthly to the group and shown as sales.

The recharges are calculated based on the total overheads of the UK company for the month, plus a 10% mark-up, in line with a formula which is defined in the intercompany agreement. At the end of the year, management reserve the right to make an adjustment to the recharge to ensure that the costs in each of the individual companies are in line with the turnover of that company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 81 (2022 - 68 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 619,154
AMORTISATION
At 1 January 2023 247,662
Charge for year 123,831
At 31 December 2023 371,493
NET BOOK VALUE
At 31 December 2023 247,661
At 31 December 2022 371,492

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 892,060
Additions 773,534
At 31 December 2023 1,665,594
DEPRECIATION
At 1 January 2023 310,308
Charge for year 342,064
At 31 December 2023 652,372
NET BOOK VALUE
At 31 December 2023 1,013,222
At 31 December 2022 581,752

NORDIC SEMICONDUCTOR UK LIMITED (REGISTERED NUMBER: 13070509)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 788,389 936,074
Intercompany loan 109,297 -
Other debtors 139,475 117,708
Corporation tax 796,722 -
Prepayments and accrued income 77,313 91,634
1,911,196 1,145,416

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 65,859 52,126
Intercompany loan - 8,447
Corporation tax - 139,269
Social security and other taxes 161,237 157,464
Other creditors - 2,663
Accruals and deferred income 232,927 583,762
460,023 943,731

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 304,778 184,990
Between one and five years 1,048,211 491,287
In more than five years 17,772 -
1,370,761 676,277

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

The Report of the Auditors was unqualified.

Katharine Halsall (Senior Statutory Auditor)
for and on behalf of Caldwell Penn Limited, Statutory Auditor

10. RELATED PARTY DISCLOSURES

As at the year end, the parent company, Nordic Semiconductor ASA, owed the company £109,297 (2022 - Nordic Semiconductor UK Limited owed the parent company £8,447) which is shown in Amounts due from Group Undertakings.

11. ULTIMATE PARENT UNDERTAKING

The director considers Nordic Semiconductor ASA (incorporated in Norway) to be the Ultimate Controlling Party.

Nordic Semiconductor ASA is the parent company for which the company is a member and for which consolidated financial statements are prepared. The registered office and principal place of business of Nordic Semiconductor ASA is: Otto Nielsens v 12, 7052 Trondheim, Norway.