Company No:
Contents
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 |
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
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:
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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 |
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.
Report on the audit of the financial statements
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.
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.
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.
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.
For and on behalf of
Statutory Auditor
Cradlehall Business Park
Inverness
IV2 5GH
Note | 2023 | 2022 | ||
£ | £ | |||
Turnover | 3 |
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Cost of sales | (
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Gross profit |
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Administrative expenses | (
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Other operating loss |
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Operating profit |
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Interest receivable and similar income | 4 |
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Interest payable and similar expenses | 4 | (
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Profit before taxation |
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Tax on profit | 7 | (
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Profit for the financial year |
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Retained earnings at the beginning of financial year |
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Profit for the financial year |
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Retained earnings at the end of financial year |
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Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 8 |
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10,064 | 3,069 | |||
Current assets | ||||
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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964,704 | 358,557 | |||
Creditors: amounts falling due within one year | 11 | (
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Net current assets | 345,761 | 237,603 | ||
Total assets less current liabilities | 355,825 | 240,672 | ||
Provision for liabilities | 12 | (
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Net assets | 354,429 | 239,904 | ||
Capital and reserves | 14 | |||
Called-up share capital |
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Share premium account |
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Profit and loss account |
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Total shareholder's funds | 354,429 | 239,904 |
The financial statements of Norbit Limited (registered number:
John Fraser
Director |
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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.
Plant and machinery |
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Office equipment |
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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.
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.
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.
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.
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 |
2023 | 2022 | ||
£ | £ | ||
Interest receivable and similar income |
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Interest payable and similar expenses | (
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(12,476) | 814 |
2023 | 2022 | ||
Number | Number | ||
The average monthly number of employees (including directors) was: |
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Their aggregate remuneration comprised:
2023 | 2022 | ||
£ | £ | ||
Wages and salaries |
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Social security costs |
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Other retirement benefit costs |
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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.
2023 | 2022 | ||
£ | £ | ||
Directors' emoluments |
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Company contributions to money purchase pension schemes |
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124,800 | 140,816 |
2023 | 2022 | ||
£ | £ | ||
Current tax on profit | |||
UK corporation tax |
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Total current tax |
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Deferred tax | |||
Origination and reversal of timing differences |
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Total deferred tax |
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Total tax on profit |
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Plant and machinery | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||||
At 31 December 2023 |
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At 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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Prepayments |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties (note 15) |
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Payroll taxes payable |
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Taxation and social security |
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VAT |
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Accruals and deferred income |
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Deferred taxation | Total | ||
£ | £ | ||
At 01 January 2023 |
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768 | |
Charged to the Statement of Income and Retained Earnings |
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628 | |
At 31 December 2023 |
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1,396 | |
Deferred tax
2023 | 2022 | ||
£ | £ | ||
Accelerated capital allowances |
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Provision for deferred tax |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Presented as follows: | |||
Called-up share capital presented as equity | 100 | 100 |
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.
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.
Parent Company:
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Stiklestadveien 1, 7041 Trondheim, Norway |