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REGISTERED NUMBER: 06424596 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Gexcon UK Ltd

Gexcon UK Ltd (Registered number: 06424596)






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


Gexcon UK Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D Price
G Morrison
P Taylor
P Nielsen
B E Osthus





REGISTERED OFFICE: 32 Derby Street
Ormskirk
Lancashire
L39 2BY





REGISTERED NUMBER: 06424596 (England and Wales)





AUDITORS: Myersons
Statutory Auditors
Chartered Accountants
32 Derby Street
Ormskirk
Lancashire
L39 2BY

Gexcon UK Ltd (Registered number: 06424596)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,948 14,264
Tangible assets 5 76,731 37,266
90,679 51,530

CURRENT ASSETS
Debtors 6 503,026 495,341
Cash at bank and in hand 28,878 127,044
531,904 622,385
CREDITORS
Amounts falling due within one year 7 422,783 206,416
NET CURRENT ASSETS 109,121 415,969
TOTAL ASSETS LESS CURRENT
LIABILITIES

199,800

467,499

PROVISIONS FOR LIABILITIES - 4,581
NET ASSETS 199,800 462,918

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 189,800 452,918
SHAREHOLDERS' FUNDS 199,800 462,918

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 20 September 2024 and were signed on its behalf by:





D Price - Director


Gexcon UK Ltd (Registered number: 06424596)

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

1. STATUTORY INFORMATION

Gexcon 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Computer software is being developed internally and is measured at cost less any accumulated amortisation and any accumulated impairment losses. It is being amortised evenly over its estimated useful life of four years. Future economic benefits and revenues are expected to be achieved once the software has been fully developed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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.

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.

Research and development
Expenditure incurred on research and development is expensed in the profit and loss or capitalised as an intangible fixed asset dependent on its nature.

Gexcon UK Ltd (Registered number: 06424596)

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

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable are either direct to employee personal pension schemes or an auto enrolment scheme set up by the company. All are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 79,611
Additions 4,673
At 31 December 2023 84,284
AMORTISATION
At 1 January 2023 65,347
Amortisation for year 4,989
At 31 December 2023 70,336
NET BOOK VALUE
At 31 December 2023 13,948
At 31 December 2022 14,264

Gexcon UK Ltd (Registered number: 06424596)

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

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 13,891 7,220 13,682 85,986 120,779
Additions 26,098 908 9,771 23,665 60,442
Disposals - - (1,362 ) (175 ) (1,537 )
At 31 December 2023 39,989 8,128 22,091 109,476 179,684
DEPRECIATION
At 1 January 2023 13,891 6,876 13,063 49,683 83,513
Charge for year 2,301 445 1,161 16,451 20,358
Eliminated on disposal - - (743 ) (175 ) (918 )
At 31 December 2023 16,192 7,321 13,481 65,959 102,953
NET BOOK VALUE
At 31 December 2023 23,797 807 8,610 43,517 76,731
At 31 December 2022 - 344 619 36,303 37,266

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 426,913 408,103
Amounts owed by group undertakings - 71,430
Other debtors - 561
Tax 24,545 -
Deferred tax asset 18,662 -
Prepayments 32,906 15,247
503,026 495,341

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 94,550 30,094
Amounts owed to group undertakings 68,572 -
Tax - 24,545
Social security and other taxes 67,588 82,646
VAT 61,591 52,805
Other creditors 7,300 -
Accruals and deferred income 123,182 16,326
422,783 206,416

Gexcon UK Ltd (Registered number: 06424596)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 90,769 15,687
Between one and five years 236,988 5,832
327,757 21,519

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Ordinary £1 10,000 10,000

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

The Report of the Auditors was unqualified.

Nicola Price ACA FCCA (Senior Statutory Auditor)
for and on behalf of Myersons

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Gexcon AS, a company registered in Norway. The company's ultimate parent company as at the balance sheet date was Longship Fund II LP situated in Guernsey.