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REGISTERED NUMBER: 02708448 (England and Wales)



















Financial Statements

for the Year Ended 31 May 2024

for

Norex Forest Products Limited

Norex Forest Products Limited (Registered number: 02708448)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Norex Forest Products Limited

Company Information
for the year ended 31 May 2024







DIRECTORS: S A Creagh Chapman
Mrs C D Creagh Chapman





REGISTERED OFFICE: 1st Floor, Cromwell House
14 Fulwood Place
London
WC1V 6HZ





REGISTERED NUMBER: 02708448 (England and Wales)





ACCOUNTANTS: Gorrie Whitson Limited
1st Floor, Cromwell House
14 Fulwood Place
London
WC1V 6HZ

Norex Forest Products Limited (Registered number: 02708448)

Abridged Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,823 29,299

CURRENT ASSETS
Stocks 218,100 251,262
Debtors 268,948 441,356
Cash at bank 412,381 247,254
899,429 939,872
CREDITORS
Amounts falling due within one year 489,138 605,579
NET CURRENT ASSETS 410,291 334,293
TOTAL ASSETS LESS CURRENT
LIABILITIES

431,114

363,592

CAPITAL AND RESERVES
Called up share capital 80,000 80,000
Retained earnings 351,114 283,592
SHAREHOLDERS' FUNDS 431,114 363,592

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

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

Norex Forest Products Limited (Registered number: 02708448)

Abridged Balance Sheet - continued
31 May 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 February 2025 and were signed on its behalf by:





S A Creagh Chapman - Director


Norex Forest Products Limited (Registered number: 02708448)

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

1. STATUTORY INFORMATION

Norex Forest Products 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.

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.
Plant and machinery etc - 25% on cost and 20% on cost

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
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Norex Forest Products Limited (Registered number: 02708448)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable (debtors) and payable (creditors).

Debt instruments such as accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured. initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. if a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits that are subject to an insignificant risk to changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 52,852
DEPRECIATION
At 1 June 2023 23,553
Charge for year 8,476
At 31 May 2024 32,029
NET BOOK VALUE
At 31 May 2024 20,823
At 31 May 2023 29,299

Norex Forest Products Limited (Registered number: 02708448)

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

5. RELATED PARTY DISCLOSURES

The company's ultimate controlling party is a director, Mr S A Creagh-Chapman.