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REGISTERED NUMBER: 09304592 (England and Wales)















Report of the Director and

Financial Statements for the Year Ended 31 July 2024

for

Nine United UK Limited

Nine United UK Limited (Registered number: 09304592)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Nine United UK Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: T Holch Povlsen





REGISTERED OFFICE: 16 Queen Anne's Gate
London
SW1H 9AA





REGISTERED NUMBER: 09304592 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Nine United UK Limited (Registered number: 09304592)

Report of the Director
for the Year Ended 31 July 2024

The director presents his report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of trading with furniture, accessories and rugs and acting as a sales partner.

The results for the period and the financial position at the period end, were considered unacceptable by the director.

DIRECTOR
T Holch Povlsen held office during the whole of the period from 1 August 2023 to the date of this report.

RESULTS AND DIVIDENDS
The Company's loss for the period amounted to GBP 27,025. The Director does not recommend the payment of a dividend.

POST BALANCE SHEET EVENTS
No post balance sheet events have occured since 31 July 2024 which require reporting or disclosing in the accounts.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.


Nine United UK Limited (Registered number: 09304592)

Report of the Director
for the Year Ended 31 July 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:



T Holch Povlsen - Director


1 October 2024

Report of the Independent Auditors to the Members of
Nine United UK Limited (Registered number: 09304592)

Opinion
We have audited the financial statements of Nine United UK Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. 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).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 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.

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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Nine United UK Limited (Registered number: 09304592)


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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director 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 director determines 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 director 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Nine United UK Limited (Registered number: 09304592)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, 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 them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

1 October 2024

Nine United UK Limited (Registered number: 09304592)

Income Statement
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 862,332 906,134

Cost of sales 81,360 115,739
GROSS PROFIT 780,972 790,395

Administrative expenses 774,203 898,120
OPERATING PROFIT/(LOSS) 4 6,769 (107,725 )

Interest receivable and similar income 5 4,857 4,241
11,626 (103,484 )

Interest payable and similar expenses 38,651 29,279
LOSS BEFORE TAXATION (27,025 ) (132,763 )

Tax on loss 6 - -
LOSS FOR THE FINANCIAL YEAR (27,025 ) (132,763 )

Nine United UK Limited (Registered number: 09304592)

Other Comprehensive Income
for the Year Ended 31 July 2024

2024 2023
Notes £    £   

LOSS FOR THE YEAR (27,025 ) (132,763 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(27,025

)

(132,763

)

Nine United UK Limited (Registered number: 09304592)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 7,599 53,350

CURRENT ASSETS
Stocks 106,399 82,066
Debtors 8 314,816 346,578
Cash at bank 99,015 80,859
520,230 509,503
CREDITORS
Amounts falling due within one year 9 1,198,329 1,206,328
NET CURRENT LIABILITIES (678,099 ) (696,825 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(670,500

)

(643,475

)

CAPITAL AND RESERVES
Called up share capital 10 200,000 200,000
Retained earnings 11 (870,500 ) (843,475 )
SHAREHOLDERS' FUNDS (670,500 ) (643,475 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 1 October 2024 and were signed by:





T Holch Povlsen - Director


Nine United UK Limited (Registered number: 09304592)

Statement of Changes in Equity
for the Year Ended 31 July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 200,000 (710,712 ) (510,712 )

Changes in equity
Total comprehensive income - (132,763 ) (132,763 )
Balance at 31 July 2023 200,000 (843,475 ) (643,475 )

Changes in equity
Total comprehensive income - (27,025 ) (27,025 )
Balance at 31 July 2024 200,000 (870,500 ) (670,500 )

Nine United UK Limited (Registered number: 09304592)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Nine United 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The balance sheet shows liabilities exceed assets by GBP 670,500. The parent company has confirmed that it will maintain financial support for the foreseeable future to enable the company to continue normal trading operations.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest and similar income and charges

Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Tangible fixed assets
The cost of tangible fixed assets is their purchase cost, together with any incidental expenses of acquisition.

Depreciation is charged on tangible fixed assets on a straight line basis. The principal rates in use are as follows:

Fixtures and fittings: 20% per annum straight line basis

Writedown for impairment of fixed assets

The carrying amounts of intangible and tangible fixed assets are reviewed on an annual basis to determine whether there is any indication of impairment exceeding the writedowns in connection with general amortisation and depreciation. Where writedown for impairment is required, writedown is made to the recoverable amount, if lower. The recoverable amount of the asset is determined as the higher of net selling price and value in use. Where it is not possible to determine the recoverable amount of the individual asset, the impairment writedown requirement is assessed in respect of the smallest group of assets for which it is possible to determine the recoverable amount.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies
Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the date of transactions. Monetary assets and liabilities denominated in foreign currencies are translated at period end rates. The resulting exchange differences are dealt with in the profit and loss account in the period to which they arise.

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
Debtors are valued individually and provisions are made according to this valuation.

Nine United UK Limited (Registered number: 09304592)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 16,301 7,964

5. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Interest 4,857 4,241

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 July 2024 nor for the year ended 31 July 2023.

7. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 77,230
Additions 60,787
Disposals (99,358 )
At 31 July 2024 38,659
DEPRECIATION
At 1 August 2023 23,880
Charge for year 16,301
Eliminated on disposal (9,121 )
At 31 July 2024 31,060
NET BOOK VALUE
At 31 July 2024 7,599
At 31 July 2023 53,350

Nine United UK Limited (Registered number: 09304592)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 175,166 108,736
Amounts owed by group undertakings 138,293 167,149
Other debtors - 62,164
VAT - 7,295
Prepayments and accrued income 1,357 1,234
314,816 346,578

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 115,734 178,590
Amounts owed to group undertakings 1,009,615 967,309
Social security and other taxes 7,053 12,758
VAT 22,217 -
Accruals and deferred income 43,710 47,671
1,198,329 1,206,328

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200,000 Ordinary 1 200,000 200,000

11. RESERVES
Retained
earnings
£   

At 1 August 2023 (843,475 )
Deficit for the year (27,025 )
At 31 July 2024 (870,500 )

12. RELATED PARTY DISCLOSURES

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.

13. PARENT UNDERTAKING AND RELATED PARTIES

The company is a wholly owned subsidiary of Union Nine A/S., a Company incorporated in Denmark.

The ultimate parent company is Nine United A/S, a Company incorporated in Denmark.


The ultimate controlling party is T. Holch Povlsen by virtue of his 75% shareholding in the ultimate parent company.