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REGISTERED NUMBER: SC088781 (Scotland)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

NORSE LIMITED

NORSE LIMITED (REGISTERED NUMBER: SC088781)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NORSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: W C Strachan
A Strachan



SECRETARY: A Strachan



REGISTERED OFFICE: Broadfold Road
Bridge of Don
Aberdeen
SCOTLAND
AB23 8EE



REGISTERED NUMBER: SC088781 (Scotland)



ACCOUNTANTS: Albert Tiong & Co
53 Wykeham Road
Scotstounhill
Glasgow
Lanarkshire
G13 3YP



BANKERS: Bank of Scotland
Aberdeen, Tullos Branch
10 Greenwell Road
Aberdeen
AB12 3AZ

NORSE LIMITED (REGISTERED NUMBER: SC088781)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 944,586 986,030

CURRENT ASSETS
Stocks 5 965,702 817,364
Debtors 6 3,166,162 2,684,395
Cash at bank and in hand 346,209 406,462
4,478,073 3,908,221
CREDITORS
Amounts falling due within one year 7 1,666,340 1,020,698
NET CURRENT ASSETS 2,811,733 2,887,523
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,756,319

3,873,553

PROVISIONS FOR LIABILITIES 8 10,690 11,965
NET ASSETS 3,745,629 3,861,588

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 10 3,744,629 3,860,588
SHAREHOLDERS' FUNDS 3,745,629 3,861,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NORSE LIMITED (REGISTERED NUMBER: SC088781)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:




A Strachan - Director



W C Strachan - Director


NORSE LIMITED (REGISTERED NUMBER: SC088781)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Norse Limited is a private company, limited by shares , registered in Scotland. 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

NORSE LIMITED (REGISTERED NUMBER: SC088781)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 April 2022
and 31 March 2023 750,590 149,944 32,906
DEPRECIATION
At 1 April 2022 18,000 81,000 14,859
Charge for year 6,000 3,000 658
At 31 March 2023 24,000 84,000 15,517
NET BOOK VALUE
At 31 March 2023 726,590 65,944 17,389
At 31 March 2022 732,590 68,944 18,047

Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 194,303 267,010 127,196 1,521,949
DEPRECIATION
At 1 April 2022 145,481 198,812 77,767 535,919
Charge for year 7,323 17,049 7,414 41,444
At 31 March 2023 152,804 215,861 85,181 577,363
NET BOOK VALUE
At 31 March 2023 41,499 51,149 42,015 944,586
At 31 March 2022 48,822 68,198 49,429 986,030

5. STOCKS
2023 2022
£    £   
Stocks 965,702 817,364

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,153,368 760,285
Other debtors 20,450 7,450
Maggie Property Ltd 1,431,508 1,427,857
Pitmedden Property Ltd 389,541 389,541
VAT 101,311 22,289
Prepayments 69,984 76,973
3,166,162 2,684,395

NORSE LIMITED (REGISTERED NUMBER: SC088781)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,177,884 699,572
Corporation Tax 39,330 (7,325 )
Social security and other taxes 185,748 174,392
Other creditors 9,409 10,879
Recovery Loan Scheme 223,931 -
Directors' current accounts - 15,540
Accrued expenses 30,038 127,640
1,666,340 1,020,698

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 10,690 11,965

Deferred
tax
£   
Balance at 1 April 2022 11,965
Decrease in provision (1,275 )
Balance at 31 March 2023 10,690

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary 1 1,000 1,000

10. RESERVES
Retained
earnings
£   

At 1 April 2022 3,860,588
Profit for the year 104,041
Dividends (220,000 )
At 31 March 2023 3,744,629