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REGISTERED NUMBER: 07890820 (England and Wales)











Financial Statements

for the Year Ended 31 December 2023

for

Njord Offshore Ltd

Njord Offshore Ltd (Registered number: 07890820)






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


Njord Offshore Ltd

Company Information
for the year ended 31 December 2023







DIRECTORS: T A Mehew
L S Roed





REGISTERED OFFICE: Maud's Court
Long Lane
Tendring
Essex
CO16 0BG





REGISTERED NUMBER: 07890820 (England and Wales)





AUDITORS: Tile & Co
Warden House
37 Manor Road
Colchester
Essex
CO3 3LX

Njord Offshore Ltd (Registered number: 07890820)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,479 14,748
Investments 5 15,153 15,153
32,632 29,901

CURRENT ASSETS
Debtors 6 2,105,633 1,910,062
Cash at bank 515,551 639,605
2,621,184 2,549,667
CREDITORS
Amounts falling due within one year 7 1,788,428 1,769,435
NET CURRENT ASSETS 832,756 780,232
TOTAL ASSETS LESS CURRENT
LIABILITIES

865,388

810,133

PROVISIONS FOR LIABILITIES - 460
NET ASSETS 865,388 809,673

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 855,388 799,673
SHAREHOLDERS' FUNDS 865,388 809,673

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 19 September 2024 and were signed on its behalf by:





T A Mehew - Director


Njord Offshore Ltd (Registered number: 07890820)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Njord Offshore 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 (£).


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.

Significant judgements and estimates
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of income and expenditure.
The judgements that have a significant effect on the amounts recognised in these financial statements are outlined below.

Principal v Agent

Njord has primary responsibility for providing vessel management services, sourcing goods and for all expenditure.
In accordance with contracts with the vessel owners :
1. Njord are responsible for the acceptability of the goods and services required by the vessel owners.
2. Njord are required to source suitable goods at the best possible price and tender for large expenditure from at least 3 separate quotes.
Njord takes on inventory risk from the point of purchase until the expense is recharged and payment is received.
Njord bear the credit risk for the amounts receivable from the vessel owners. These amounts are recharged monthly but can be refused or queried.
In the event of any disputes regarding a charter, Njord would be responsible.
Njord accounts for all income as turnover, including all amounts recharged.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover includes revenue earned from the recharge of goods & services, fees for the technical and commercial management of vessels, fees for the management of vessel crews, commission from the management of new build vessels, fees for the supervision of in build vessels, commission for the chartering of vessels and vessel consultancy.

Turnover from the recharge of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

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.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Njord Offshore Ltd (Registered number: 07890820)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Investment in joint venture
Investments in joint ventures are measured at cost less accumulated impairment losses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

Njord Offshore Ltd (Registered number: 07890820)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 150,465
Additions 14,502
At 31 December 2023 164,967
DEPRECIATION
At 1 January 2023 135,717
Charge for year 11,771
At 31 December 2023 147,488
NET BOOK VALUE
At 31 December 2023 17,479
At 31 December 2022 14,748

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 January 2023
and 31 December 2023 15,153
NET BOOK VALUE
At 31 December 2023 15,153
At 31 December 2022 15,153

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,183,758 982,460
Other debtors 921,875 927,602
2,105,633 1,910,062

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1,391,612 1,638,113
Taxation and social security - 18,634
Other creditors 396,816 112,688
1,788,428 1,769,435

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

The Report of the Auditors was unqualified.

Jonathon Tile (Senior Statutory Auditor)
for and on behalf of Tile & Co

Njord Offshore Ltd (Registered number: 07890820)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the total commitment to future minimum lease payments under non-cancellable operating lease was £27,918 (2022 £30,454).

10. CONTROLLING PARTY

The controlling party is Wind Holding Limited.