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REGISTERED NUMBER: 10481675 (England and Wales)

















Financial Statements

for the Year Ended 31 December 2023

for

NR Electric UK Limited

NR Electric UK Limited (Registered number: 10481675)






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


NR Electric UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr J Li
Mr W Luo
Mr W Yan





REGISTERED OFFICE: Unit 10, Woodrow Business Centre
Woodrow Way,
Irlam
Manchester
M44 6NN





REGISTERED NUMBER: 10481675 (England and Wales)





AUDITORS: Sterling Partners Limited
Chartered Accountants
Statutory Auditors
2nd Floor, Grove House
774-780 Wilmslow Road
Didsbury
Manchester
Greater Manchester
M20 2DR

NR Electric UK Limited (Registered number: 10481675)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 48,893 57,520

CURRENT ASSETS
Debtors 6 491,715 665,874
Cash at bank 2,029,814 2,044,824
2,521,529 2,710,698
CREDITORS
Amounts falling due within one year 7 (34,243 ) (234,212 )
NET CURRENT ASSETS 2,487,286 2,476,486
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,536,179

2,534,006

PROVISIONS FOR LIABILITIES 8 (9,290 ) (14,380 )
NET ASSETS 2,526,889 2,519,626

CAPITAL AND RESERVES
Called up share capital 9 1,932,624 1,932,624
Retained earnings 594,265 587,002
SHAREHOLDERS' FUNDS 2,526,889 2,519,626

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 26 September 2024 and were signed on its behalf by:





Mr J Li - Director


NR Electric UK Limited (Registered number: 10481675)

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

1. STATUTORY INFORMATION

NR Electric 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.

NR Electric Co.,Ltd is the parent company of NR Electric UK Limited. The registered office is 69 Suyuan Avenue, Jiangning, Nanjing 211102, China.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 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 sale of goods and form the rendering of services.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Construction contracts
When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the extent that it is probable that costs are recoverable.

When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous contract provision.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

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.


NR Electric UK Limited (Registered number: 10481675)

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

3. ACCOUNTING POLICIES - continued
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
The financial statements are presented in Sterling, which is also the functional currency of the Company.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the balance sheet date. All differences are taken to the statement of comprehensive income.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 9,137 8,763 69,734 87,634
DEPRECIATION
At 1 January 2023 1,743 4,321 24,050 30,114
Charge for year 1,109 666 6,852 8,627
At 31 December 2023 2,852 4,987 30,902 38,741
NET BOOK VALUE
At 31 December 2023 6,285 3,776 38,832 48,893
At 31 December 2022 7,394 4,442 45,684 57,520

NR Electric UK Limited (Registered number: 10481675)

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

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors - 124,106
Other debtors 12,624 12,923
Retentions 452,377 -
VAT 4,717 82,798
Prepayments 21,997 71,015
491,715 290,842

Amounts falling due after more than one year:
Retentions - 375,032

Aggregate amounts 491,715 665,874

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 9,402 9,402
Trade creditors 1,148 60,255
Tax 2,533 125,868
Social security and other taxes 8,259 11,496
Accrued expenses 12,901 27,191
34,243 234,212

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 9,290 14,380

Deferred
tax
£   
Balance at 1 January 2023 14,380
Provided during year (5,090 )
Accelerated capital allowances
Tax losses
Balance at 31 December 2023 9,290

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,932,624 Ordinary 1 1,932,624 1,932,624

NR Electric UK Limited (Registered number: 10481675)

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

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

The Report of the Auditors was unqualified.

Mir Seyed Mokhtassi BSc FCA CTA (Senior Statutory Auditor)
for and on behalf of Sterling Partners Limited

11. PENSION COMMITMENTS

The company operate a defined contribution pension scheme.

12. OTHER FINANCIAL COMMITMENTS

As at 31st December 2023, the company had outstanding commitments in respect of operating lease totalling £9,049 (2022: £33,182).

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is NARI Technology Co., Ltd.