REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Njord Offshore Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |