Company Registration No. 11783696 (England and Wales)
66 North UK Limited
Unaudited accounts
for the year ended 31 December 2023
66 North UK Limited
Unaudited accounts
Contents
66 North UK Limited
Company Information
for the year ended 31 December 2023
Director
Helgi Runar Oskarsson
Company Number
11783696 (England and Wales)
Registered Office
Unit 2
100 Regent Street
66 North Office
London
W1B 5SR
United Kingdom
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
66 North UK Limited
Accountants' report
Accountants' report to the director of 66 North UK Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
66 North UK Limited for the year ended
31 December 2023 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of 66 North UK Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of 66 North UK Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 66 North UK Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that 66 North UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of 66 North UK Limited. You consider that 66 North UK Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of 66 North UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
25 October 2024
66 North UK Limited
Statement of financial position
as at 31 December 2023
Intangible assets
141,028
176,285
Tangible assets
2,005,452
2,114,712
Inventories
445,213
249,605
Cash at bank and in hand
56,564
132,534
Creditors: amounts falling due within one year
(5,566,862)
(3,797,731)
Net current liabilities
(4,382,519)
(2,945,209)
Net liabilities
(2,236,039)
(654,212)
Called up share capital
1,000
1,000
Profit and loss account
(2,237,039)
(655,212)
Shareholders' funds
(2,236,039)
(654,212)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 October 2024 and were signed on its behalf by
Helgi Runar Oskarsson
Director
Company Registration No. 11783696
66 North UK Limited
Notes to the Accounts
for the year ended 31 December 2023
66 North UK Limited is a private company, limited by shares, registered in England and Wales, registration number 11783696. The registered office is Unit 2, 100 Regent Street, 66 North Office, London, W1B 5SR, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Investments in shares are included at fair value.
66 North UK Limited
Notes to the Accounts
for the year ended 31 December 2023
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
4
Intangible fixed assets
Other
At 31 December 2023
176,285
Charge for the year
35,257
At 31 December 2023
35,257
At 31 December 2023
141,028
At 31 December 2022
176,285
66 North UK Limited
Notes to the Accounts
for the year ended 31 December 2023
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2023
86,827
2,053,184
2,140,011
Additions
5,197
365,170
370,367
At 31 December 2023
92,024
2,418,354
2,510,378
At 1 January 2023
1,364
23,935
25,299
Charge for the year
18,076
461,551
479,627
At 31 December 2023
19,440
485,486
504,926
At 31 December 2023
72,584
1,932,868
2,005,452
At 31 December 2022
85,463
2,029,249
2,114,712
Finished goods
445,213
249,605
Amounts falling due within one year
Accrued income and prepayments
81,277
-
Amounts falling due after more than one year
Other debtors
456,318
471,858
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
31,375
178,510
Amounts owed to group undertakings and other participating interests
5,222,140
4,013,380
Taxes and social security
-
14,737
Other creditors
313,347
61,667
66 North UK Limited
Notes to the Accounts
for the year ended 31 December 2023
66 North UK Limited is 100% owned by Sjóklæðagerðin hf of:
11 Midhrauni
Gardabae
210
Iceland
10
Average number of employees
During the year the average number of employees was 9 (2022: 4).