REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
NORTAL SOLUTIONS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
NORTAL SOLUTIONS LTD |
NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Other reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Nortal Solutions Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£) and have been rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Following the decision to transfer the trade and assets of the company to a fellow group subsidiary and then liquidate the company the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
The directors consider there to be no material difference between the valuation of the assets and liabilities on a going concern and the values included in the balance sheet. |
Comparative period |
The prior period was for the period from incorporation on the 23 September 2022 to 31 December 2023. Consequently the current period profit and loss represents the 12 month period to 31 December 2024 and the comparatives are for a 15 month period. |
Related party exemption |
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. |
Turnover |
Turnover represents the fair value of consideration received or receivable in relation to consultancy services, excluding discounts, rebates or value added tax. Revenue is recognised to the extent that there is a right to consideration. Where a contract has only been partially completed at the balance sheet date, revenue represents the fair value of the service provided to date, in accordance with the terms of the contract. |
NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets |
Basic financial assets, which include debtors and cash and cash equivalents, 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. Amortised cost is determined as being the transaction price less any amounts settled and any impairment losses. Financial assets classified as receivable within one year are not amortised. |
A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
Basic financial liabilities |
Basic financial liabilities, including trade, group and other creditors (including accruals) payable are initially measured at the transaction price and subsequently measured at amortised cost 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 receivable within one year are not amortised. |
Debt instruments are carried at amortised cost using the effective interest rate 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. |
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. |
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 |
NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Emphasis of matter |
We draw attention to Note 2 to the financial statements which explains that the directors intend to transfer the trade and assets of the company to a fellow group subsidiary and then intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. |
Our opinion is not modified in respect of this matter. |
8. | POST BALANCE SHEET EVENTS |
As part of a group restructuring the directors have decided to transfer the trade and assets of the company to a fellow group subsidiary and then liquidate the company. |
9. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Nortal AS, a company registered in Estonia. The ultimate parent undertaking is Nortal Group Holding OU, a company registered in Estonia. |
The smallest group consolidating the results of the Company is Nortal AS and the largest group consolidating the results of the Company is Nortal Group Holding OU. The registered office of both companies is Harju maakond, Tallinn, Lasnamäe linnaosa, Lõõtsa tn 6, 11415 where copies of the consolidated financial statements may be obtained. |
NORTAL SOLUTIONS LTD (REGISTERED NUMBER: 14374044) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
10. | SHARE-BASED PAYMENT TRANSACTIONS |
Equity settled share options in the ultimate parent Nortal Group Holding OU were issued to a director of the company. The fair value of the liability incurred in respect of equity-settled share-based payment transactions was measured using an appropriate option pricing model at grant date. The fair value of these options were being recognised over their vesting period, to the extent they were expected to vest, through the profit or loss. |
In June 2024 the options were terminated. the fair value of the options up to the date of termination was recognised as a gain in the profit or loss. |