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REGISTERED NUMBER: SC354920 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Norsepharm Limited

Norsepharm Limited (Registered number: SC354920)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Norsepharm Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: T Clyde
Ms R J May





SECRETARY:





REGISTERED OFFICE: Skirlo
Berstane Road
Kirkwall
Orkney
KW15 1SZ





REGISTERED NUMBER: SC354920 (Scotland)





ACCOUNTANTS: Foubister & Bain
4 Broad Street
Kirkwall
Orkney
KW15 1NX

Norsepharm Limited (Registered number: SC354920)

Balance Sheet
31 March 2024

2023 2024
£    £    Notes £    £   
FIXED ASSETS
- Intangible assets 4 675,000
568,162 Tangible assets 5 569,442
568,162 1,244,442

CURRENT ASSETS
77,906 Stocks 152,060
257,644 Debtors 6 263,207
78,419 Cash at bank and in hand 151,454
413,969 566,721
CREDITORS
257,728 Amounts falling due within one year 7 995,193
156,241 NET CURRENT (LIABILITIES)/ASSETS (428,472 )

724,403
TOTAL ASSETS LESS CURRENT
LIABILITIES

815,970

15,673 PROVISIONS FOR LIABILITIES 20,943
708,730 NET ASSETS 795,027

CAPITAL AND RESERVES
1 Called up share capital 1
708,729 Retained earnings 795,026
708,730 SHAREHOLDERS' FUNDS 795,027

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Norsepharm Limited (Registered number: SC354920)

Balance Sheet - continued
31 March 2024


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 25 November 2024 and were signed on its behalf by:





T Clyde - Director


Norsepharm Limited (Registered number: SC354920)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Norsepharm 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Aircraft - 5% Straight Line
Fixture & Fittings - 20% Reducing Balance
Office Equipment - 33% Straight Line
Motor Vehicles - 25% Reducing Balance

No depreciation is currently provided on Heritable Property.

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

Norsepharm Limited (Registered number: SC354920)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Norsepharm Limited (Registered number: SC354920)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 675,000
At 31 March 2024 675,000
NET BOOK VALUE
At 31 March 2024 675,000

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1 April 2023 715,497 485,672 229,825
Additions 12,875 - 12,875
At 31 March 2024 728,372 485,672 242,700
DEPRECIATION
At 1 April 2023 147,335 - 147,335
Charge for year 11,595 - 11,595
At 31 March 2024 158,930 - 158,930
NET BOOK VALUE
At 31 March 2024 569,442 485,672 83,770
At 31 March 2023 568,162 485,672 82,490

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 263,207 257,644

Norsepharm Limited (Registered number: SC354920)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 650,000 -
Trade creditors 297,311 235,225
Taxation 47,882 22,503
995,193 257,728