REGISTERED NUMBER: 08594260 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

NVO Consolidation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J G Jennings

A O Platt

REGISTERED OFFICE:

Matthew Good House

Bridgehead Business Park

Orchid Road, Hessle

Hull

East Yorkshire

HU13 0DH

REGISTERED NUMBER:

08594260 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Tangible assets

4

2,260

4,086

CURRENT ASSETS

Debtors

5

2,317,815

1,231,406

Cash at bank

513,017

828,741

2,830,832

2,060,147

CREDITORS

Amounts falling due within one year

6

934,424

701,177

NET CURRENT ASSETS

1,896,408

1,358,970

TOTAL ASSETS LESS CURRENT LIABILITIES

1,898,668

1,363,056

PROVISIONS FOR LIABILITIES

525

1,021

NET ASSETS

1,898,143

1,362,035

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,898,142

1,362,034

SHAREHOLDERS' FUNDS

1,898,143

1,362,035

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 31 March 2025 and were signed on its behalf by:

J G Jennings - Director

1.	STATUTORY INFORMATION

The company is a private company limited by share capital incorporated in the the United Kingdom and domiciled in England. The address of its registered office is Matthew Good House, Bridgehead Business Park, Orchid Road, Hessle, East Riding of Yorkshire, HU13 0DH.

The company has taken advantage of the exemption to prepare a Statement of Cash Flows, as permitted by Financial Reporting Standard 102.

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 preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies this is covered in more detail below.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be a reasonable under the circumstances.

(a) Critical judgements in applying the entity's accounting policies

The directors are of the opinion that there are no critical judgements that have been applied in preparing the financial statements

(b) Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are considered to be no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer, the company retains no continuing involvement or control over the goods or when the bonded goods are released by Customs, the amount of revenue can be measured reliably, it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company's sales channels have been met, as described below.

Freight forwarding revenue represents the invoiced value of freights forwarded, revenue is recognised on the date of arrival of an import vessel or the date of departure of an export vessel. Where the service is not specific to a vessel then the recognition is based on when a service is rendered.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows.

Plant and machinery- 5 years

The assets residual values, useful lives and deprecation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carry amount and are recognized in profit or loss.

Taxation

Tax is recognised in profit or loss expect that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on basis of tax rates and laws that have been enacted of substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, expect that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits: and

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences expect in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between the fair value of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Functional and presentational currency

The company functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-Monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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.

Debtors

Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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 in the case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 the Profit and Loss account.

For financial assets measured at amotised 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 best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangement and a defined contribution pension plan.

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. The company operates an annual bonus plan for certain employees. An expense is recognised in the Profit and Loss account when the company has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

and 31 December 2024

10,166

DEPRECIATION

At 1 January 2024

6,080

Charge for year

1,826

At 31 December 2024

7,906

NET BOOK VALUE

At 31 December 2024

2,260

At 31 December 2023

4,086

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

424,814

213,961

Amounts owed by group undertakings

1,680,312

896,349

Other debtors

212,689

121,096

2,317,815

1,231,406

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

497,241

436,843

Taxation and social security

128,316

94,788

Other creditors

308,867

169,546

934,424

701,177

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Stothard BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8.	RELATED PARTY DISCLOSURES

During the year the company had the following transactions with related parties:

31.12.24

31.12.23

£

£

Purchases from related parties

1,236,878

1,310,491

Sales to related parties

952,625

622,730

Rents paid to related parties

34,968

24,000

Amounts owed to related parties

43,381

39,405

Amounts owed from related parties

71,406

17,576

The related party has a 20% interest in MSA Group B.V..

The company is exempt from disclosure of related party transactions with other wholly owned group undertakings.