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Company No: SC549670 (Scotland)

NORBIT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

NORBIT LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

NORBIT LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
NORBIT LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DIRECTORS John Fraser
Peter Koldgaard Eriksen
Per Jørgen Weisethaunet
REGISTERED OFFICE Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
Scotland
United Kingdom
COMPANY NUMBER SC549670 (Scotland)
AUDITOR A9 Accountancy Limited
Elm House
Cradlehall Business Park
Inverness
IV2 5GH
NORBIT LIMITED

DIRECTORS' REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
NORBIT LIMITED

DIRECTORS' REPORT (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2023.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial period was that of a provider of tailored technology solutions to global maritime markets.

DIVIDENDS

No dividend was paid for the current financial year (2022: £Nil).

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

John Fraser
Peter Koldgaard Eriksen
Per Jørgen Weisethaunet

STRATEGIC REPORT

The directors have taken advantage of the small companies exemption provided by Section 414B of the Companies Act 2006 not to provide a Strategic Report.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

So far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware; and

The directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

A resolution to reappoint A9 Accountancy Limited will be proposed at the forthcoming Annual General Meeting.



Approved by the Board of Directors and signed on its behalf by:

John Fraser
Director
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
Scotland
United Kingdom

29 September 2024

NORBIT LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
NORBIT LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the annual report 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial 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;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* 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. The directors 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.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORBIT LIMITED

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORBIT LIMITED (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Norbit Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, and notes to the financial statements, including significant accounting policies.

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 loss 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.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors is responsible for the other information contained within the annual report. 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. 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 course of 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.

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement, the Directors is 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 determines is 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 is 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 intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor’s 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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

•United Kingdom Generally Accepted Accounting Practice
•Companies Act 2006
•Corporation Tax legislation
•VAT legislation
•Health and safety

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management. We corroborated these enquiries through our review of external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk.

The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

•Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;
•Performing audit work procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias.
•Procedures to confirm the existence and completeness of revenue ensuring recognised in line with the company’s accounting policies.
•Enquiries with management regarding the compliance with laws and regulations, including health and safety requirements, including health and safety requirements.


Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed noncompliance 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: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:
•the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
•the Directors’ report has been prepared in accordance with applicable legal requirements.

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 Directors’ report. We have nothing to report in respect of the following matters in relation to which 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 was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors’ report and from the requirement to prepare a strategic report.

Use of our report

This report is made solely to the company's Members 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 the Members in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Hollie Mackay-Bungaroo BSc CA (Senior Statutory Auditor)
For and on behalf of
A9 Accountancy Limited
Statutory Auditor

Elm House
Cradlehall Business Park
Inverness
IV2 5GH

01 October 2024

NORBIT LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
NORBIT LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
Note 2023 2022
£ £
Turnover 3 887,957 894,502
Cost of sales ( 36,667) ( 316,702)
Gross profit 851,290 577,800
Administrative expenses ( 686,749) ( 523,356)
Other operating loss 0 ( 1,480)
Operating profit 164,541 52,964
Interest receivable and similar income 4 9,834 814
Interest payable and similar expenses 4 ( 22,310) 0
Profit before taxation 152,065 53,778
Tax on profit 7 ( 37,540) ( 11,482)
Profit for the financial year 114,525 42,296
Retained earnings at the beginning of financial year 141,839 99,543
Profit for the financial year 114,525 42,296
Retained earnings at the end of financial year 256,364 141,839

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NORBIT LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
NORBIT LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 8 10,064 3,069
10,064 3,069
Current assets
Stocks 9 572,700 0
Debtors 10 92,482 105,815
Cash at bank and in hand 299,522 252,742
964,704 358,557
Creditors: amounts falling due within one year 11 ( 618,943) ( 120,954)
Net current assets 345,761 237,603
Total assets less current liabilities 355,825 240,672
Provision for liabilities 12 ( 1,396) ( 768)
Net assets 354,429 239,904
Capital and reserves 14
Called-up share capital 100 100
Share premium account 97,965 97,965
Profit and loss account 256,364 141,839
Total shareholder's funds 354,429 239,904

The financial statements of Norbit Limited (registered number: SC549670) were approved and authorised for issue by the Board of Directors on 29 September 2024. They were signed on its behalf by:

John Fraser
Director
NORBIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
NORBIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Norbit Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Bishop's Court, 29 Albyn Place, Aberdeen, AB10 1YL, Scotland, United Kingdom.

The principal activities are set out in the Directors’ Report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

•Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
•Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
•Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Norbit ASA. These consolidated financial statements are available from its registered office, Stiklestadveien 1,
7041 Trondheim, Norway.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 - 10 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate. At each reporting date, an assessment is made for impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.

The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.

Critical judgements in applying the Company’s accounting policies

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Key source of estimation uncertainty

Depreciation - useful life and residual value of tangible fixed assets
The company depreciates their fixed assets on a straight line basis based on original cost to the company and has resulted in a depreciation charge of £2,236 (2022 - £88). This involves management estimates on the expected useful life of the assets and the period over which economic benefits will be derived.

3. Turnover

Breakdown by business class

An analysis of the Company's turnover by class of business is set out below.

2023 2022
£ £
Global maritime 887,957 894,502

Breakdown by geographical market:

An analysis of the Company's turnover by geographical market is set out below.

2023 2022
£ £
United Kingdom 183,156 349,974
Europe excluding United Kingdom 704,801 544,528
887,957 894,502

4. Finance (costs)/income (net)

2023 2022
£ £
Interest receivable and similar income 9,834 814
Interest payable and similar expenses ( 22,310) 0
(12,476) 814

5. Staff number and costs

2023 2022
Number Number
The average monthly number of employees (including directors) was: 6 5

Their aggregate remuneration comprised:

2023 2022
£ £
Wages and salaries 415,446 324,625
Social security costs 44,160 35,887
Other retirement benefit costs 29,247 24,159
488,853 384,671

A defined contribution pension scheme is operated by the company on behalf of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents employer contributions payable by the company to the fund and amounted to £29,247 (2022 - £24,159). Company contributions amounting to £nil (2022 - £nil) were payable to the fund at year end and are included in creditors.

6. Directors' remuneration

2023 2022
£ £
Directors' emoluments 112,320 127,296
Company contributions to money purchase pension schemes 12,480 13,520
124,800 140,816

7. Tax on profit

2023 2022
£ £
Current tax on profit
UK corporation tax 36,912 11,110
Total current tax 36,912 11,110
Deferred tax
Origination and reversal of timing differences 628 372
Total deferred tax 628 372
Total tax on profit 37,540 11,482

8. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 January 2023 98,000 3,157 101,157
Additions 5,319 3,912 9,231
At 31 December 2023 103,319 7,069 110,388
Accumulated depreciation
At 01 January 2023 98,000 88 98,088
Charge for the financial year 340 1,896 2,236
At 31 December 2023 98,340 1,984 100,324
Net book value
At 31 December 2023 4,979 5,085 10,064
At 31 December 2022 0 3,069 3,069

9. Stocks

2023 2022
£ £
Stocks 572,700 0

10. Debtors

2023 2022
£ £
Trade debtors 60,761 105,322
Other debtors 24,400 0
Prepayments 7,321 493
92,482 105,815

11. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 11,038 14,709
Amounts owed to related parties (note 15) 534,067 82,636
Payroll taxes payable 7,165 0
Taxation and social security 36,912 11,110
VAT 7,407 0
Accruals and deferred income 22,354 12,499
618,943 120,954

12. Provision for liabilities

Deferred taxation Total
£ £
At 01 January 2023 768 768
Charged to the Statement of Income and Retained Earnings 628 628
At 31 December 2023 1,396 1,396

Deferred tax

2023 2022
£ £
Accelerated capital allowances 1,396 768
Provision for deferred tax 1,396 768

13. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 768) ( 396)
Charged to the Statement of Income and Retained Earnings ( 628) ( 372)
At the end of financial year ( 1,396) ( 768)

14. Called-up share capital and reserves

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
Presented as follows:
Called-up share capital presented as equity 100 100

The Company's other reserves are as follows:

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

15. Related party transactions

The Company has taken advantage of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

16. Controlling party

Parent Company:

Norbit ASA
Stiklestadveien 1, 7041 Trondheim, Norway