ACCOUNTS - Final Accounts preparation

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Registered Number:09507628

NORDAN SCANDIC LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


NORDAN SCANDIC LIMITED

COMPANY INFORMATION

Directors	C Greenwood
	G Irvine
	D Kroslid


Registered number	09507628


Registered office	27 Old Gloucester Street
	London
	WC1N 3AX


Independent auditors	Anderson Anderson & Brown Audit LLP
	81 George Street
	Edinburgh
	EH2 3ES


NORDAN SCANDIC LIMITED

CONTENTS

	Page
Directors' report	1
Directors' responsibilities statement	2
Independent auditors' report	3 - 6
Profit and loss account	7
Balance sheet	8
Notes to the financial statements	9 - 16


NORDAN SCANDIC LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity

The principal activity of the company is the supply of windows.

Directors

The directors who served during the year were:

C Greenwood

G Irvine

D Kroslid

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Anderson Anderson & Brown Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

G Irvine

Director

Date: 7 March 2025

Page 1


NORDAN SCANDIC LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then 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;

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

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

Page 2


NORDAN SCANDIC LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORDAN SCANDIC LIMITED

Opinion

We have audited the financial statements of Nordan Scandic Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and loss account, the Balance sheet and the related notes, 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 Company's affairs as at 31 December 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 3


NORDAN SCANDIC LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORDAN SCANDIC LIMITED (CONTINUED)

Opinion on other matters 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

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

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

∙the 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 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.

Page 4


NORDAN SCANDIC LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORDAN SCANDIC LIMITED (CONTINUED)

Auditors' 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 Auditors' 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:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

∙Management override of controls to manipulate the Company’s key performance indicators to meet targets

∙Timing of revenue recognition

∙Management judgements applied in calculating provisions

∙Compliance with relevant laws and regulations which may impact on the financial statements and those that
the company needs to comply with for the purpose of trading

Our audit procedures to respond to these risks included:

∙Testing journal entries and other adjustments for appropriateness

∙Testing a sample of sales transactions, tracing to source documents and vouching recognition is in the
correct period

∙Evaluating the business rationale of significant transactions outside the normal course of business

∙Reviewing judgements made by management in their calculation of accounting estimates for potential
management bias

∙Enquiries of management about litigation and claims and inspection of relevant correspondence

∙Reviewing legal and professional fees to identify indicators of actual or potential litigation, cliams and any
non-compliance with laws and regulations

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 5


NORDAN SCANDIC LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORDAN SCANDIC LIMITED (CONTINUED)

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 Auditors' 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.

Stuart Rose (Senior statutory auditor)

for and on behalf of

Anderson Anderson & Brown Audit LLP

Statutory Auditor

81 George Street

Edinburgh

EH2 3ES

7 March 2025

Page 6


NORDAN SCANDIC LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£


Turnover	13,367,680	11,158,744
Cost of sales	(10,110,886)	(8,394,480)
Gross profit	3,256,794	2,764,264
Administrative expenses	(2,008,097)	(1,513,676)
Operating profit	1,248,697	1,250,588
Interest receivable and similar income	47,733	39,454
Interest payable and similar expenses	(11,314)	(2,105)
Profit before tax	1,285,116	1,287,937
Tax on profit	(379,102)	(317,859)
Profit for the financial year	906,014	970,078

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 9 to 16 form part of these financial statements.

Page 7


NORDAN SCANDIC LIMITED REGISTERED NUMBER:09507628

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		4,151		16,655
Tangible assets	5		443,927		425,142
			448,078		441,797
Current assets
Stocks	6	320,250		193,707
Debtors: amounts falling due within one year	7	2,193,136		2,047,684
Cash at bank and in hand	8	213,005		641,172
		2,726,391		2,882,563
Creditors: amounts falling due within one year	9	(2,220,884)		(2,159,299)
Net current assets			505,507		723,264
Total assets less current liabilities			953,585		1,165,061
Creditors: amounts falling due after more than one year	10		-		(17,428)
Provisions for liabilities
Deferred tax	12	(1,099)		(1,164)
			(1,099)		(1,164)
Net assets			952,486		1,146,469

Capital and reserves
Called up share capital	257,242	257,242
Profit and loss account	695,244	889,227
	952,486	1,146,469

The financial statements have been prepared 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 and authorised for issue by the board and were signed on its behalf by:

................................................

G Irvine

Director

Date: 7 March 2025

The notes on pages 9 to 16 form part of these financial statements.

Page 8


NORDAN SCANDIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

NorDan Scandic Limited is a limited liability company incorporated in England. The registered office is No.1 London Bridge, London, SE1 9BG.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 9


NORDAN SCANDIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life of 10 years.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except 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 the basis of tax rates and laws that have been enacted or 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, except 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values 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.

2.7

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.

Page 10


NORDAN SCANDIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property	-	4%	straight line
Motor vehicles	-	25%	straight line
Fixtures & fittings	-	25%	straight line
Computer equipment	-	25%	straight line

The assets' residual values, useful lives and depreciation 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 carrying amount and are recognised in profit or loss.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.9

Debtors

Short-term debtors are measured at 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.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

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.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 11


NORDAN SCANDIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 9)

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2024	125,000
	At 31 December 2024	125,000
	Amortisation
	At 1 January 2024	108,345
	Charge for the year on owned assets	12,504
	At 31 December 2024	120,849
	Net book value
	At 31 December 2024	4,151
	At 31 December 2023	16,655

Page 12


NORDAN SCANDIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Freehold property	Motor vehicles	Fixtures & fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	393,178	50,980	63,463	56,435	564,056
Additions	-	-	88,562	2,869	91,431
Disposals	-	-	(54,522)	(1,976)	(56,498)
At 31 December 2024	393,178	50,980	97,503	57,328	598,989
Depreciation
At 1 January 2024	47,618	13,808	53,602	23,886	138,914
Charge for the year on owned assets	15,727	12,745	28,690	14,655	71,817
Disposals	-	-	(53,730)	(1,939)	(55,669)
At 31 December 2024	63,345	26,553	28,562	36,602	155,062
Net book value
At 31 December 2024	329,833	24,427	68,941	20,726	443,927
At 31 December 2023	345,560	37,172	9,861	32,549	425,142

6.	Stocks
		2024	2023
		£	£

	Finished goods and goods for resale	320,250	193,707

Debtors

					2024	2023
					£	£


Trade debtors	1,935,622	1,924,810
Amounts owed by group undertakings	10,761	715
Other debtors	202,622	84,847
Prepayments and accrued income	44,131	37,312
	2,193,136	2,047,684

Page 13


NORDAN SCANDIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	213,005	641,172

9.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	98,056	90,474
Amounts owed to group undertakings	1,569,787	1,257,708
Corporation tax	13,129	187,191
Other taxation and social security	28,438	35,396
Obligations under finance lease and hire purchase contracts	17,428	17,428
Other creditors	274,397	421,722
Accruals and deferred income	219,649	149,380
	2,220,884	2,159,299

10.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Net obligations under finance leases and hire purchase contracts	-	17,428
	-	17,428

Within one year	17,428	17,428
Between 1-5 years	-	17,428
	17,428	34,856

Page 14


NORDAN SCANDIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Deferred taxation
	The deferred tax liability at the year end is detailed below:

	2024	2023
	£	£

At beginning of year	(1,164)	2,004
Charged to profit or loss	65	(3,168)
At end of year	(1,099)	(1,164)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(3,412)	(7,039)
Short term timing differences	2,313	5,875
	(1,099)	(1,164)

Not later than 1 year	71,897	18,793
Later than 1 year and not later than 5 years	127,380	3,196
	199,277	21,989

14.	Related party transactions
	Transactions The Company has taken advantage of the exemptions within FRS 102 section 1AC.35 (Related Party Disclosures) which allow exemption from the disclosure of related party transactions with other group companies. A director received a dividend of £Nil (2023: £105,000).

Page 15


NORDAN SCANDIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Controlling party

NorDan Scandic Limited's immediate parent company is NorDan UK Limited , a company incorporated in England.
The ultimate holding company is Johs Rasmussen AS, a company incorporated in Norway. Copies of Johs Rasmussen AS accounts, which include the results of the company, are available from Bronnoysundregistrene, The Register of Annual Company Accounts, N-8910, Bronnoysund, Norway.

Page 16