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REGISTERED NUMBER: 03054901 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Arribatec UK Ltd

Arribatec UK Ltd (Registered number: 03054901)






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




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Arribatec UK Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M D Bloomer
A R Burrows
G Johansen
B Brocks





SECRETARY: M D Bloomer





REGISTERED OFFICE: Studio 3, Phoenix Square
17 Morledge Street
Leicester
Leicestershire
LE1 1TA





REGISTERED NUMBER: 03054901 (England and Wales)





AUDITORS: BDO Northern Ireland
Chartered accountant & statutory auditor
Metro Building, 1st Floor
6-9 Donegall Square South
Belfast
BT1 5JA

Arribatec UK Ltd (Registered number: 03054901)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of management and computer consultancy services.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M D Bloomer
A R Burrows
G Johansen
B Brocks

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, BDO Northern Ireland, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Arribatec UK Ltd (Registered number: 03054901)

Report of the Directors
for the Year Ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





M D Bloomer - Director


20 May 2024

Report of the Independent Auditors to the Members of
Arribatec UK Ltd

Opinion
We have audited the financial statements of Arribatec UK Ltd (the 'company') for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standard are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Arribatec UK Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Arribatec UK Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and the regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006 and FRS 101, "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;

- enquiries of management; and

- considering the effectiveness of the control environment and monitoring compliance with laws and regulations.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities.

This description forms part of our auditor's report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Arribatec UK Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Laura S V Jackson (Senior Statutory Auditor)
for and on behalf of BDO Northern Ireland
Chartered accountant & statutory auditor
Metro Building, 1st Floor
6-9 Donegall Square South
Belfast
BT1 5JA

20 May 2024

Arribatec UK Ltd (Registered number: 03054901)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

Period
1.5.22
Year Ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 4 5,395,427 2,930,340

Cost of sales (3,892,981 ) (2,137,077 )
GROSS PROFIT 1,502,446 793,263

Administrative expenses (1,242,299 ) (686,118 )
260,147 107,145

Other operating income 4,236 8,472
OPERATING PROFIT 264,383 115,617

Interest receivable and similar income 2,845 1
267,228 115,618

Interest payable and similar expenses 6 (656 ) (580 )
PROFIT BEFORE TAXATION 7 266,572 115,038

Tax on profit 8 (65,053 ) (21,037 )
PROFIT FOR THE FINANCIAL YEAR 201,519 94,001


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

201,519

94,001

Arribatec UK Ltd (Registered number: 03054901)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Owned
Tangible assets 9 45,330 67,168
Right-of-use
Tangible assets 9, 14 7,426 36,103
52,756 103,271

CURRENT ASSETS
Debtors 10 1,838,484 1,297,612
Contract assets 4 68,065 78,074
Cash at bank 397,653 374,217
2,304,202 1,749,903
CREDITORS
Amounts falling due within one year 11 (830,055 ) (620,388 )

CONTRACT LIABILITIES
Amounts falling due within one year 4 (576,692 ) (480,618 )
NET CURRENT ASSETS 897,455 648,897
TOTAL ASSETS LESS CURRENT
LIABILITIES

950,211

752,168

CREDITORS
Amounts falling due after more than one
year

12

-

(7,426

)

PROVISIONS FOR LIABILITIES 15 (11,446 ) (7,496 )
NET ASSETS 938,765 737,246

CAPITAL AND RESERVES
Called up share capital 16 1,272 1,272
Share premium 51,428 51,428
Retained earnings 17 886,065 684,546
SHAREHOLDERS' FUNDS 938,765 737,246

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2024 and were signed on its behalf by:





M D Bloomer - Director


Arribatec UK Ltd (Registered number: 03054901)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 May 2022 1,272 590,545 51,428 643,245

Changes in equity
Total comprehensive income - 94,001 - 94,001
Balance at 31 December 2022 1,272 684,546 51,428 737,246

Changes in equity
Total comprehensive income - 201,519 - 201,519
Balance at 31 December 2023 1,272 886,065 51,428 938,765

Arribatec UK Ltd (Registered number: 03054901)

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

1. STATUTORY INFORMATION

Arribatec UK Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


In the prior year the company changed its accounting period end date from the 30 April 2023 to 31 December 2022 in order to align itself with group reporting and accounting dates. The current 12 month reporting period ending 31 December 2023 is therefore not entirely comparable to the previous 8 month accounting period ending 31 December 2022.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year adoption that the financial statements are being presented under FRS101 "Reduced Disclosure Framework". Previously the financial statements have been prepared in accordance with UK-adopted international accounting standards IFRS.

No adjustments have been required due to the conversion to adopt FRS101 "Reduced Disclosure Framework".

Arribatec UK Ltd (Registered number: 03054901)

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

2. ACCOUNTING POLICIES - continued

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii),
B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued
Operations;
the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral
Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91
and 93 of IFRS 16 Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118,
119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present
comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111
and 134 to 136 of IAS 1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions
entered into between two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of
Assets.
The information is included in the consolidated financial statements of Arribatec Group ASA, a company incorporated in Norway. These financial statements may be obtained from Arribatec Group ASA, Lorenfaret 1D, 0585 Oslo, Norge.

New Standards, interpretations and amendments adopted from 1 January 2023

The following new standards and amendments are effective for the period beginning 1 January 2023:

- IFRS17 insurance contracts
- Disclosure of Accounting policies (Amendments to IAS 1 Presentation of financial statements and
IFRS Practice statement 2 Making materiality judgements).
- Definition of Accounting estimates (amendments ti IAS 8 Accounting policies, Changes in
accounting estimates and Errors)
- Deferred tax related to Assets and Liabilities arising from a single transaction (Amendments to
IAS Income Taxes)
- International Tax reform - Pillar 2 Model rules (Amendment to IAS 12 Income Taxes).

None of these amendments had any impact on the company.

Arribatec UK Ltd (Registered number: 03054901)

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

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be reliably measured; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold - Over the term of the lease
Furniture, fittings and equipment - 20% on cost
Computer equipment - 50% on cost

Financial instruments
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortisation 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.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

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.

Leases
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Arribatec UK Ltd (Registered number: 03054901)

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

2. ACCOUNTING POLICIES - continued

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions have have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Estimated useful life of property, plant and equipment
At the date of capitalising property, plant and equipment, the company estimates the useful life of the asset based on management's judgement and experience.Variances between actual and estimated useful economic lives could impact results both positively and negatively. The useful economic lives are reviewed annually and amended where necessary to reflect current accounting estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets.

4. TURNOVER

Revenue from contracts with customers
Period
1.5.22
Year Ended to
31.12.23 31.12.22
£ £

Contract revenue recognised as revenue 5,395,427 2,930,340

Contract balances
Period
1.5.22
Year Ended to
31.12.23 31.12.22
£    £   
Contract assets

Current
Contract assets 68,065 78,074

Contract liabilities

Current
Contract liabilities 576,692 480,618

Arribatec UK Ltd (Registered number: 03054901)

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

5. EMPLOYEES AND DIRECTORS
Period
1.5.22
Year Ended to
31.12.23 31.12.22
£    £   
Wages and salaries 2,510,468 1,376,450
Social security costs 298,838 181,688
Other pension costs 291,680 162,730
3,100,986 1,720,868

The average number of employees during the year was as follows:
Period
1.5.22
Year Ended to
31.12.23 31.12.22

Administration 8 8
Consultants 26 24
34 32

Period
1.5.22
Year Ended to
31.12.23 31.12.22
£ £
Directors' remuneration 273,589 197,929
Directors' pension contributions to money purchase schemes 46,345 32,211

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.22
Year Ended to
31.12.23 31.12.22
£    £   
Leasing 656 580

Arribatec UK Ltd (Registered number: 03054901)

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

7. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):
Period
1.5.22
Year Ended to
31.12.23 31.12.22
£    £   
Cost of inventories recognised as expense 3,892,981 2,137,077
Depreciation - owned assets 37,645 22,368
Depreciation - assets on hire purchase contracts or finance leases 28,677 18,702
Loss on disposal of fixed assets 950 -
Foreign exchange differences (4,236 ) (8,472 )

8. TAXATION

Analysis of tax expense
Period
1.5.22
Year Ended to
31.12.23 31.12.22
£    £   
Current tax:
Corporation tax 61,103 -

Deferred tax 3,950 21,037
Total tax expense in statement of comprehensive income 65,053 21,037

Factors affecting the tax expense
The tax assessed for the year is higher (2022 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.5.22
Year Ended to
31.12.23 31.12.22
£    £   
Profit before income tax 266,572 115,038
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

62,700

21,857

Effects of:
Enhanced capital allowances received (53 ) (820 )
Increase in deferred tax rate 2,462 -
Differing tax rates applicable during the period (56 ) -
Tax expense 65,053 21,037

The UK corporation tax rate was 19% until 1 April 2023 when the tax rate increased to 25% for the remainder of the year ended 31 December 2023.

Factors that may affect future tax charges:
The Finance Bill 2021 provided for an increase in the mainstream corporation tax rate to 25% from 1 April 2023. Deferred tax has been measured using these enacted rates and reflected in these financial statements. Deferred tax has been calculated at 25%.

Arribatec UK Ltd (Registered number: 03054901)

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

9. TANGIBLE FIXED ASSETS
Furniture,
fittings
Long and
leasehold equipment Totals
£    £    £   
COST
At 1 January 2023 85,782 171,539 257,321
Additions - 16,757 16,757
Disposals - (10,416 ) (10,416 )
At 31 December 2023 85,782 177,880 263,662
DEPRECIATION
At 1 January 2023 49,679 104,371 154,050
Charge for year 28,677 37,645 66,322
Eliminated on disposal - (9,466 ) (9,466 )
At 31 December 2023 78,356 132,550 210,906
NET BOOK VALUE
At 31 December 2023 7,426 45,330 52,756
At 31 December 2022 36,103 67,168 103,271

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 982,152 807,403
Amounts owed by group undertakings 706,091 388,642
Other debtors 150,241 101,567
1,838,484 1,297,612

Other debtors includes prepayments and accrued income of £140,742 (2022 - £101,567).

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Leases (see note 13) 7,426 29,344
Trade creditors 122,012 169,647
Amounts owed to group undertakings 114,787 17,884
Corporation tax 61,103 -
Social security and other taxes 159,609 64,406
VAT 101,656 94,208
Other creditors 5,006 3,787
Accruals and deferred income 258,456 241,112
830,055 620,388

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Leases (see note 13) - 7,426

Arribatec UK Ltd (Registered number: 03054901)

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

13. FINANCIAL LIABILITIES - BORROWINGS

31.12.23 31.12.22
£    £   
Current:
Leases (see note 14) 7,426 29,344

Non-current:
Leases (see note 14) - 7,426

Terms and debt repayment schedule

1 year or
less
£   
Leases 7,426

14. LEASING

Right-of-use assets

Tangible fixed assets

31.12.23 31.12.22
£    £   
COST
At 1 January 2023 85,782 85,782

DEPRECIATION
At 1 January 2023 49,679 30,977
Charge for year 28,677 18,702
78,356 49,679

NET BOOK VALUE 7,426 36,103

Arribatec UK Ltd (Registered number: 03054901)

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

14. LEASING - continued

Lease liabilities

Minimum lease payments fall due as follows:

31.12.23 31.12.22
£ £
Gross obligations repayable:
Within one year 7,500 30,000
Between one and five years - 7,500
7,500 37,500


31.12.23 31.12.22
£ £
Net obligations repayable:
Within one year 7,426 29,344
Between one and five years - 7,426
7,426 36,770

31.12.23 31.12.22
£ £
Lease payments incurred:
Lease payments 30,000 30,000

15. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 11,446 12,762
Tax losses carried forward - (5,266 )
11,446 7,496

Deferred
tax
£   
Balance at 1 January 2023 7,496
Movement 3,950
Balance at 31 December 2023 11,446

Arribatec UK Ltd (Registered number: 03054901)

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

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
800 A Ordinary £1 800 800
100 B Ordinary £1 100 100
300 C Ordinary £1 300 300
72 D Ordinary £1 72 72
1,272 1,272

Each share in each of the share classes is entitled to, vote with one vote per share, receive dividends equal to that declared within their own class and the repayment of capital on sale or winding up of the company equally across all classes.

17. RESERVES

Retained Earnings:
Retained earnings represents cumulative profits and losses, net of dividends paid and other adjustments.

Share Premium:
Share premium account represents the premium paid for new shares in excess of the nominal value.

18. ULTIMATE CONTROLLING PARTY

The immediate parent and ultimate controlling party is Arribatec Group ASA who prepare consolidated financial statements incorporating Arribatec UK Ltd. The consolidated financial statements can be obtained from Arribatec Group ASA, Lorenfaret 1D, 0585 Oslo, Norge.