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Registration number: 08535086

Norwegian Paper UK Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 39

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Company Information

Directors

Mr A M Kaupang

Mr T E Seljaas

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is that of printing, paper processing and paper merchants to the packaging industry.

Fair review of the business

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover and profit margins.

Overall the directors are satisfied with the profitability of the group.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

7,726,130

8,565,407

Turnover growth

%

(10)

(22)

Gross profit margin

%

29

26

Profit before tax

£

638,446

347,433

The net assets of the group as at 31 December 2024 is £3,074,574 (2023: £2,892,756).

Principal risks and uncertainties

The board of directors undertake a regular review of the group and the board of directors have identified that the principal risks faced by Norwegian Paper UK Limited relate to competition and the effects of the current economic climate.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
Mr T E Seljaas
Director

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr A M Kaupang

Mr T E Seljaas

Financial instruments

Objectives and policies

The group's principal financial instruments comprise of the trade debtors, bank balance, trade creditors, hire purchase agreements and loans to the group. The main purpose of these instruments is to raise funds for the group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the group, there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts.

In respect of the bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest in addition to invoice discounting facilities. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The hire purchase agreements are provided by financial institutions at a fixed rate of interest and with monthly repayment instalments. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Loans comprise of loans from financial institutions and the interest rates are a mix of fixed and variable rates. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

Future developments

The directors do not envisage the business of the group changing in the forseeable future, but continually look for opportunities for further expansion.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Directors' Report for the Year Ended 31 December 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
Mr T E Seljaas
Director

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group and company's transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Independent Auditor's Report to the Members of Norwegian Paper UK Limited

Opinion

We have audited the financial statements of Norwegian Paper UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Independent Auditor's Report to the Members of Norwegian Paper UK Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Independent Auditor's Report to the Members of Norwegian Paper UK Limited

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the group and company through discussions with directors and other management, and from our commercial knowledge and experience of the printing, paper processing and paper merchants of the packaging industry;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group and company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Independent Auditor's Report to the Members of Norwegian Paper UK Limited

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators and the group and company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Ruskin Wilson (Senior Statutory Auditor)
For and on behalf of Thompson Jenner LLP, Statutory Auditor

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

31 March 2025

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

7,726,130

8,565,407

Cost of sales

 

(5,479,554)

(6,345,446)

Gross profit

 

2,246,576

2,219,961

Administrative expenses

 

(1,621,199)

(1,845,214)

Operating profit

4

625,377

374,747

Other interest receivable and similar income

5

30,441

-

Interest payable and similar expenses

6

(17,372)

(27,314)

Profit before tax

 

638,446

347,433

Taxation

9

(156,628)

(83,361)

Profit for the financial year

 

481,818

264,072

Profit/(loss) attributable to:

 

Owners of the company

 

481,818

264,072

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Profit for the year

481,818

264,072

Total comprehensive income for the year

481,818

264,072

Total comprehensive income attributable to:

Owners of the company

481,818

264,072

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

7,936

-

Tangible assets

11

973,282

1,026,065

 

981,218

1,026,065

Current assets

 

Stocks

13

1,616,063

1,773,381

Debtors

14

2,061,673

1,719,375

Cash at bank and in hand

 

793,402

837,189

 

4,471,138

4,329,945

Creditors: Amounts falling due within one year

16

(2,151,320)

(2,131,860)

Net current assets

 

2,319,818

2,198,085

Total assets less current liabilities

 

3,301,036

3,224,150

Creditors: Amounts falling due after more than one year

16

(31,892)

(107,081)

Provisions for liabilities

17

(194,570)

(224,313)

Net assets

 

3,074,574

2,892,756

Capital and reserves

 

Called up share capital

19

100

100

Revaluation reserve

20

12,402

16,726

Other reserves

20

262,499

262,499

Retained earnings

20

2,799,573

2,613,431

Equity attributable to owners of the company

 

3,074,574

2,892,756

Shareholders' funds

 

3,074,574

2,892,756

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
Mr A M Kaupang
Director

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

12

88,257

88,257

Current assets

 

Debtors

14

100,000

100,000

Creditors: Amounts falling due within one year

16

(188,157)

(188,157)

Net current liabilities

 

(88,157)

(88,157)

Net assets

 

100

100

Capital and reserves

 

Called up share capital

19

100

100

Shareholders' funds

 

100

100

The company made a profit after tax for the financial year of £300,000 (2023 - profit of £250,000).

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
Mr A M Kaupang
Director

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Merger reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2024

100

16,726

262,499

2,613,431

2,892,756

2,892,756

Profit for the year

-

-

-

481,818

481,818

481,818

Dividends

-

-

-

(300,000)

(300,000)

(300,000)

Transfers

-

(4,324)

-

4,324

-

-

At 31 December 2024

100

12,402

262,499

2,799,573

3,074,574

3,074,574

Share capital
£

Revaluation reserve
£

Merger reserve
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

100

23,271

262,499

2,592,814

2,878,684

2,878,684

Profit for the year

-

-

-

264,072

264,072

264,072

Dividends

-

-

-

(250,000)

(250,000)

(250,000)

Transfers

-

(6,545)

-

6,545

-

-

At 31 December 2023

100

16,726

262,499

2,613,431

2,892,756

2,892,756

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

100

-

100

Profit for the year

-

300,000

300,000

Dividends

-

(300,000)

(300,000)

At 31 December 2024

100

-

100

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

-

100

Profit for the year

-

250,000

250,000

Dividends

-

(250,000)

(250,000)

At 31 December 2023

100

-

100

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

481,818

264,072

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

86,090

91,426

Profit on disposal of tangible assets

(11,033)

(10,429)

Finance income

5

(30,441)

-

Finance costs

6

17,372

27,314

Income tax expense

9

156,628

83,361

 

700,434

455,744

Working capital adjustments

 

Decrease in stocks

13

157,318

1,538,143

Increase in trade debtors

14

(342,298)

(109,824)

Increase/(decrease) in trade creditors

16

232,267

(641,663)

Cash generated from operations

 

747,721

1,242,400

Income taxes paid

9

(86,139)

(126,635)

Net cash flow from operating activities

 

661,582

1,115,765

Cash flows from investing activities

 

Interest received

30,441

-

Acquisitions of tangible assets

(47,720)

(76,871)

Proceeds from sale of tangible assets

 

25,719

23,200

Acquisition of intangible assets

10

(8,210)

-

Net cash flows from investing activities

 

230

(53,671)

Cash flows from financing activities

 

Interest paid

6

(17,372)

(27,314)

Repayment of bank borrowing

 

(84,814)

(79,585)

Payments to finance lease creditors

 

(7,585)

(17,920)

Dividends paid

(300,000)

(250,000)

Net cash flows from financing activities

 

(409,771)

(374,819)

Net increase in cash and cash equivalents

 

252,041

687,275

Cash and cash equivalents at 1 January

 

96,754

(590,521)

Cash and cash equivalents at 31 December

 

348,795

96,754

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

300,000

250,000

Adjustments to cash flows from non-cash items

 

Finance income

(300,000)

(250,000)

Net cash flow from operating activities

 

-

-

Cash flows from investing activities

 

Interest received

300,000

250,000

Cash flows from financing activities

 

Dividends paid

(300,000)

(250,000)

Net increase/(decrease) in cash and cash equivalents

 

-

-

Cash and cash equivalents at 1 January

 

-

-

Cash and cash equivalents at 31 December

 

-

-

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £300,000 (2023 - profit of £250,000).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill except in situations relating to group restructure where the difference in nominal value of the shares issued plus the fair value of any other consideration given and the nominal value of the shares received in exchange are shown as a movement within the consolidated reserves represented as a merger reserve.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

Critical accounting judgements and estimation uncertainty

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 reasonable under the circumstances.

Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii. Stock provisioning
It is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue on delivery of goods to the customers.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, less their estimated residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land and buildings

15% reducing balance

Plant and machinery

5% - 15% reducing balance / 25% straight line

Motor Vehicles

20% straight line

Fixtures and Fittings

15% reducing balance / 25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Merger accounting

Group reconstructions are accounted for using merger accounting. The difference in nominal value of the shares issued plus the fair value of any other consideration given and the nominal value of the shares received in exchange are shown as a movement within the consolidated reserves represented as a merger reserve.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Revenue

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

7,726,130

8,565,407

The analysis of the group's Turnover for the year by market is as follows:

2024
£

2023
£

UK

6,860,735

8,190,247

Europe

841,073

329,218

Rest of world

24,322

45,942

7,726,130

8,565,407

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

85,817

91,426

Amortisation expense

273

-

Foreign exchange losses/(gains)

7,858

(18,281)

Profit on disposal of property, plant and equipment

(11,033)

(10,429)

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

1,688

-

Other finance income

28,753

-

30,441

-

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

14,043

24,415

Interest expense on other finance liabilities

3,329

2,899

17,372

27,314

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,348,919

1,467,326

Social security costs

90,498

102,628

Pension costs, defined contribution scheme

110,403

128,101

Other employee expense

5,420

9,540

1,555,240

1,707,595

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

34

35

Administration and support

14

16

48

51

8

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

2,400

2,400

Audit of the financial statements of subsidiaries of the company pursuant to legislation

19,800

18,900

22,200

21,300

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024


 

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

190,842

90,532

UK corporation tax adjustment to prior periods

(4,471)

578

186,371

91,110

Deferred taxation

Arising from origination and reversal of timing differences

(29,743)

(7,749)

Tax expense in the income statement

156,628

83,361

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

638,446

347,433

Corporation tax at standard rate

159,612

81,716

Tax increase from effect of capital allowances and depreciation

11,375

2,228

Tax (decrease)/increase from other short-term timing differences

(4,471)

578

Effect of expense not deductible in determining taxable profit (tax loss)

25,179

1,343

Effect of tax losses

(5,325)

-

Deferred tax credit from unrecognised temporary difference from a prior period

(29,742)

(3,702)

Deferred tax expense relating to changes in tax rates or laws

-

1,198

Total tax charge

156,628

83,361

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddled this date in the prior year, a blended corporation tax rate of 23.52% was applied which was calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

194,570

-

194,570

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

224,313

-

224,313

The directors have considered the deferred tax liabilities and conclude that it is not possible to state the estimated amounts which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

10

Intangible assets

Group

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

-

-

Additions acquired separately

8,210

8,210

At 31 December 2024

8,210

8,210

Amortisation

At 1 January 2024

-

-

Amortisation charge

274

274

At 31 December 2024

274

274

Carrying amount

At 31 December 2024

7,936

7,936

At 31 December 2023

-

-

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

97,599

164,593

72,508

1,613,529

1,948,229

Additions

-

9,654

-

38,066

47,720

Disposals

-

(1,495)

-

(67,067)

(68,562)

At 31 December 2024

97,599

172,752

72,508

1,584,528

1,927,387

Depreciation

At 1 January 2024

86,903

133,411

21,675

680,175

922,164

Charge for the year

1,604

5,402

10,000

68,811

85,817

Eliminated on disposal

-

(1,051)

-

(52,825)

(53,876)

At 31 December 2024

88,507

137,762

31,675

696,161

954,105

Carrying amount

At 31 December 2024

9,092

34,990

40,833

888,367

973,282

At 31 December 2023

10,696

31,182

50,833

933,354

1,026,065

Included within the net book value of land and buildings above is £9,092 (2023 - £10,696) in respect of short leasehold land and buildings.
 

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

Revaluation

A company within the group revalued its plant and machinery on 18 May 2014. The company used an independent valuer and the assets were valued on an open market basis.

At this point the company recorded its plant and machinery using the revaluation model.

Upon transition to FRS102 the company elected to use the optional transition exemption in order to use a previous revaluation as deemed cost and converted to using the cost model for measurement of plant and machinery.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant and machinery

-

94,140

   
 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Creative Paper Products Limited*

Ordinary

100%

100%

 

     

Brown Brothers Group Limited*

Ordinary

100%

100%

 

     

Suttons Packaging Limited

Ordinary

100%

100%

 

     

* indicates direct investment of the company

Subsidiary undertakings

Creative Paper Products Limited

The principal activity of Creative Paper Products Limited is printing and paper processing

Brown Brothers Group Limited

The principal activity of Brown Brothers Group Limited is paper merchants to the packaging industry

Suttons Packaging Limited

The principal activity of Suttons Packaging Limited is sale of packaging

All of the above subsidiaries are included in the consolidation.

The registered office of all of the above companies is 28 Alexandra Terrace, Exmouth, Devon, EX8 1BD.

All of the above companies are incorporated in England & Wales.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

2024
£

2023
£

Investments in subsidiaries

88,257

88,257

Subsidiaries

£

Cost or valuation

At 1 January 2024

88,257

At 31 December 2024

88,257

Carrying amount

At 31 December 2024

88,257

At 31 December 2023

88,257

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Creative Paper Products Limited

Ordinary

100%

100%

Brown Brothers Group Limited

Ordinary

100%

100%

Subsidiary undertakings

Creative Paper Products Limited

The principal activity of Creative Paper Products Limited is printing and paper processing.

Brown Brothers Group Limited

The principal activity of Brown Brothers Group Limited is paper merchants to the packaging industry.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

1,258,610

1,394,950

-

-

Work in progress

105,828

148,421

-

-

Finished goods and goods for resale

251,625

230,010

-

-

1,616,063

1,773,381

-

-

14

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,270,580

1,320,818

-

-

Amounts owed by related parties

25

700,000

300,000

100,000

100,000

Other debtors

 

11,123

7,441

-

-

Prepayments

 

79,970

91,116

-

-

 

2,061,673

1,719,375

100,000

100,000

15

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

793,402

837,189

-

-

Invoice discounting facility

(444,607)

(740,435)

-

-

Cash and cash equivalents in statement of cash flows

348,795

96,754

-

-

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

515,756

828,794

-

-

Trade creditors

 

855,533

687,919

-

-

Amounts due to related parties

25

188,157

188,157

188,157

188,157

Social security and other taxes

 

288,115

288,277

-

-

Outstanding defined contribution pension costs

 

18,833

13,221

-

-

Other creditors

 

12,425

14,253

-

-

Accruals

 

136,822

75,792

-

-

Corporation tax liability

9

135,679

35,447

-

-

 

2,151,320

2,131,860

188,157

188,157

Due after one year

 

Loans and borrowings

21

31,892

107,081

-

-

17

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 January 2024

224,313

224,313

Increase (decrease) in existing provisions

(29,743)

(29,743)

At 31 December 2024

194,570

194,570

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £110,403 (2023 - £128,101).

Contributions totalling £18,833 (2023 - £13,221) were payable to the scheme at the end of the year and are included in creditors.

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

20

Reserves

Group

Merger Reserve

This reserve arises when the nominal value of the shares issued plus the fair value of any other consideration given and the nominal value of the shares received in exchange differ.

Revaluation Reserve

This reserve arises from the fair value revaluation of a company's plant and machinery on an open market basis (See Note 9).

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

21

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

71,149

80,774

-

-

Invoice discounting facility

444,607

740,435

-

-

Hire purchase contracts

-

7,585

-

-

515,756

828,794

-

-

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

31,892

107,081

-

-

Group

Bank borrowings

The group's loans are secured by way of fixed and floating charges over the group's assets. The finance lease and hire purchase contracts are secured on the individual assets financed.

The bank loans which terminate in 2026 are repayable by monthly capital repayments. The rates of interest are either 2.01% per annum above base rate, 2.50% fixed per annum or 4.90% per annum above base rate.

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

22

Obligations under leases and hire purchase contracts

Group

Finance leases

The group use hire purchase contracts to acquire plant and machinery. There are no contingent rental, renewal or purchase option clauses. The hire purchase creditors are secured on the individual assets financed.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

7,585

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

183,702

185,025

Later than one year and not later than five years

252,688

190,391

436,390

375,416

The amount of non-cancellable operating lease payments recognised as an expense during the year was £185,026 (2023 - £174,025).

23

Dividends

2024

2023

£

£

Interim dividend of £3,000.00 (2023 - £2,500.00) per ordinary share

300,000

250,000

 

 
 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

24

Analysis of changes in net debt

Group

At 1 January 2024
£

Financing cash flows
£

At 31 December 2024
£

Cash and cash equivalents

Cash

837,189

(43,788)

793,401

Invoice discounting facility

(740,435)

295,829

(444,606)

96,754

252,041

348,795

Borrowings

Long term borrowings

(187,855)

84,814

(103,041)

Lease liabilities

(7,585)

7,585

-

(195,440)

92,399

(103,041)

 

(98,686)

344,440

245,754

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

25

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

288,322

402,228

At the balance sheet date the amounts due from key management was £2,299 (2023: £nil).

Summary of transactions with parent


Norwegian Paper Holdings AS

 
During the year the group paid dividends to its parent company, Norwegian Paper Holdings AS, totalling £300,000 (2023: £250,000).

At the balance sheet date the amount due to Norwegian Paper Holdings AS, included in note 16, was £188,157 (2023: £188,157). This balance comprises interest free intercompany loans which are repayable on demand.

At the balance sheet date the amount due from Norwegian Paper Holdings AS, included in note 14, was £700,000 (2023: £300,000). This balance represents interest bearing loans with interest being charged at 5%p.a. The loans are repayable in April 2025.

 

Summary of transactions with other related parties

Group undertakings of Norwegian Paper Holdings AS
 During the year, Norwegian Paper UK Limited and its consolidated subsidiaries have made sales of £43,703 (2023: £39,466) and purchases of £1,129,568 (2023: £344,024) to subsidiaries and associates of the parent company, Norwegian Paper Holdings AS. As at the year end, balances of £nil (2023: £nil) were due from and £194,659 (2023: £106,224) were due to those companies.
 

 

Norwegian Paper UK Limited
(Registration number: 08535086)

Notes to the Financial Statements for the Year Ended 31 December 2024

26

Parent and ultimate parent undertaking

The company's immediate parent is Norwegian Paper Holdings AS, incorporated in Norway.

 The most senior parent entity producing publicly available financial statements is Norwegian Paper Holdings AS. The ultimate controlling party is Mr A M Kaupang.

The parent of the largest group in which these financial statements are consolidated is Norwegian Paper Holdings AS, incorporated in Norway.

The address of Norwegian Paper Holdings AS is:

PB163, 48 91
Grimstad
Osterkogen 20, NO-4879
Grimstad
Norway