REGISTERED NUMBER: 04939530 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Nordhavn Europe Limited

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

4

Notes to the Financial Statements

5

DIRECTORS:

P Roach

N R O Russell

SECRETARY:

N R O Russell

REGISTERED OFFICE:

The Old Stables

Sutton Manor Farm

Bishop's Sutton

Alresford

Hampshire

SO24 0AA

REGISTERED NUMBER:

04939530 (England and Wales)

ACCOUNTANTS:

Butler & Co Alresford Limited

Chartered Accountants

The Old Stables

Sutton Manor Farm

Bishops Sutton

Alresford

Hampshire

SO24 0AA

FIXED ASSETS

Tangible assets

4

44,359

65,440

CURRENT ASSETS

Debtors

5

385,778

240,851

Cash at bank and in hand

177,272

1,410,540

563,050

1,651,391

CREDITORS

Amounts falling due within one year

6

274,710

1,361,756

NET CURRENT ASSETS

288,340

289,635

TOTAL ASSETS LESS CURRENT LIABILITIES

332,699

355,075

PROVISIONS FOR LIABILITIES

8

7,070

14,606

NET ASSETS

325,629

340,469

CAPITAL AND RESERVES

Called up share capital

9

1,001

1,001

Retained earnings

324,628

339,468

SHAREHOLDERS' FUNDS

325,629

340,469

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

N R O Russell - Director

P Roach - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1,001

568,652

569,653

Prior year adjustment

-

(213,840

)

(213,840

)

As restated

1,001

354,812

355,813

Changes in equity

Profit for the year

-

100,656

100,656

Total comprehensive income

-

100,656

100,656

Dividends

-

(116,000

)

(116,000

)

Balance at 31 December 2023

1,001

339,468

340,469

Changes in equity

Profit for the year

-

94,558

94,558

Total comprehensive income

-

94,558

94,558

Dividends

-

(109,398

)

(109,398

)

Balance at 31 December 2024

1,001

324,628

325,629

1.	STATUTORY INFORMATION

Nordhavn Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents commission on the sale of new and used boats, and receipts in respect of commissioning and repairs undertaken excluding value added tax. Commission is recognised in the period in which it is earned.

Debtors includes amounts recoverable on service contracts. Where the outcome of a transaction can be estimated reliably, revenue is recognised by reference to the stage of completion of the transaction at the balance sheet date (in accordance with FRS 102 paragraph 23.14).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

21,100

75,023

22,653

118,776

Additions

-

710

-

710

At 31 December 2024

21,100

75,733

22,653

119,486

DEPRECIATION

At 1 January 2024

4,220

36,710

12,406

53,336

Charge for year

2,110

15,486

4,195

21,791

At 31 December 2024

6,330

52,196

16,601

75,127

NET BOOK VALUE

At 31 December 2024

14,770

23,537

6,052

44,359

At 31 December 2023

16,880

38,313

10,247

65,440

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

198,133

155,434

Amounts recoverable on service contracts

113,950

1,800

Other debtors

10,963

10,963

Directors' current accounts

-

376

Corporation tax

-

50,160

VAT

48,273

9,730

Prepayments

14,459

12,388

385,778

240,851

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

227,467

73,546

Corporation tax

34,404

26,974

Social security and other taxes

1,850

-

Other creditors

9,439

1,259,676

Directors' current accounts

-

60

Accrued expenses

1,550

1,500

274,710

1,361,756

7.	SECURED DEBTS

There is a registered charge for a rent deposit. £7,766 due or to become due from the company to Marina Developments Limited under the terms of a rent deposit deed creating the charge.

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

7,070

14,606

Deferred

tax

£

Balance at 1 January 2024

14,606

Accelerated capital allowances

(7,536

)

Balance at 31 December 2024

7,070

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

510

Ordinary

£1

510

510

490

Ordinary 'A'

£1

490

490

1

Ordinary 'B'

£1

1

1

1,001

1,001

The Ordinary shares and Ordinary 'A' shares carry full voting rights, entitlement to dividends and any distribution made on a winding up of the company.

The Ordinary 'B' shares only carry entitlement to dividends.

Dividends may be paid to the holders of one or more classes of shares to the exclusion of the other at the director's discretion.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £109,398 (2023 - £116,000) were paid to the directors .

N R O Russell

A director and shareholder of the company

2024

2023

£

£

Amount due (from)/to related party at the balance sheet date

-

(376

)

P Roach

A director and shareholder of the company

2024

2023

£

£

Amount due to related party at the balance sheet date

-

60

11.	ULTIMATE CONTROLLING PARTY

During the period under review the company was under the ultimate control of Mr N Russell, a director and the majority shareholder.