Company registration number 09322483 (England and Wales)
NORELEM LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NORELEM LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NORELEM LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
795
Current assets
Debtors
4
92,316
34,459
Cash at bank and in hand
97,553
179,187
189,869
213,646
Creditors: amounts falling due within one year
5
(12,722)
(48,061)
Net current assets
177,147
165,585
Net assets
177,942
165,585
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
7
177,941
165,584
Total equity
177,942
165,585
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
N Kipp
Director
Company registration number 09322483 (England and Wales)
NORELEM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Norelem Ltd is a private company, limited by shares, incorporated in England and Wales. The registered office is, The Innovation Centre, 1 Devon Way, Birmingham, B31 2TS. The company registration number is 09322483.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including, current trading results, forecast future cash flows and support from its parent group. Based on these assessments and having regard to the resources available to the entity as at the date of approval of these financial statements, the Directors have concluded that there is no material uncertainty regarding the Company's ability to meet its liabilities as they fall due, and hence that it is appropriate to prepare these financial statements on a going concern basis.true
1.3
Turnover
Revenue is recognised in the period in which services are provided.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. 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.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
Computers
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Statement of comprehensive income.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
NORELEM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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 and loans from and to related parties.
Debt instruments, including loans and other amounts receivable and payable, are initially measured at transactions price. Debt instruments that are payable or receivable within one year, typically trade creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included the Statement of comprehensive income for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 1).
NORELEM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
4,509
Additions
809
At 31 December 2024
5,318
Depreciation
At 1 January 2024
4,509
Depreciation charged in the year
14
At 31 December 2024
4,523
Carrying amount
At 31 December 2024
795
At 31 December 2023
4
Debtors
2024
2023
£
£
Amounts owed by group undertakings
73,659
Other debtors
18,657
34,459
92,316
34,459
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
359
4,301
Amounts owed to group undertakings
23,540
Corporation tax
4,033
2,170
Other taxation and social security
370
Other creditors
7,960
18,050
12,722
48,061
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
NORELEM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Reserves
Profit and loss account
This reserve records all current and prior period retained profits and losses.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Senior Statutory Auditor:
Richard Haydon
Statutory Auditor:
PKF Smith Cooper Audit Limited
Date of audit report:
11 June 2025
9
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,098 (2023 - £1,080). Contributions totaling £Nil (2023 - £210) were payable to the fund at the balance sheet date and included in other creditors.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
4,179
14,913
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with a fellow subsidiary company Norelem Normelemente KG:
Turnover (commissions receivable) £289,101 (2023 - £185,739). Interest free amount due from Norelem Normelemente KG at the balance sheet date was £73,659 (2023 - due to £23,540).
12
Parent company
The parent company is NK Beteiligungen GmbH. The parent company is ICG GmbH & Co. KG a company registered in Germany whose address is Volmarstraße 2, 71706 Markgröningen, Germany. The smallest and largest group for which financial statements are prepared is ICG GmbH & Co. KG. These financial statements are not publicly available.
13
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
NORELEM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Prior period adjustment
(Continued)
- 6 -
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
9,163
Profit as adjusted
9,163
During the year management concluded that costs incurred should all be included as cost of sales on the basis they are direct costs of the entity reimbursed by the group through a recharge to the group (see note 10). The correction is a reclassification of administrative costs of £93,544 to direct costs and does not change the prior year profit , balance sheet position at 31 December 2023 or the opening balance sheet position at 1 January 2023.