REGISTERED NUMBER: 09912598 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NORMAGRUP UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr I G Alvarez

REGISTERED OFFICE:

First Floor

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

REGISTERED NUMBER:

09912598 (England and Wales)

SENIOR STATUTORY AUDITOR:

David Webb FCA

AUDITORS:

Edwards

Chartered Accountants

Statutory Auditor

34 High Street

Aldridge

Walsall

West Midlands

WS9 8LZ

FIXED ASSETS

Tangible assets

4

239

1,272

CURRENT ASSETS

Stocks

10,828

23,969

Debtors

5

13,399

52,952

Cash at bank

308,507

674,803

332,734

751,724

CREDITORS

Amounts falling due within one year

6

1,087,635

1,410,854

NET CURRENT LIABILITIES

(754,901

)

(659,130

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(754,662

)

(657,858

)

CAPITAL AND RESERVES

Called up share capital

7

150,000

150,000

Retained earnings

(904,662

)

(807,858

)

SHAREHOLDERS' FUNDS

(754,662

)

(657,858

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2025 and were signed by:

Mr I G Alvarez - Director

1.	STATUTORY INFORMATION

Normagrup UK 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.

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of twelve months or less.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Short leasehold improvements

-

20% on cost

Fixtures and fittings

-

25% on cost

Office equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Short term trade 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, less any impairment.

Basic financial liabilities

Short term trade creditors are measured at 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.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities, and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For long term finance they rely on the loans from Inversiones Agonsa S L. In assessing going concern they have assumed that these loans will not be repaid for the foreseeable future and, on that basis, they continue to adopt the going concern basis of accounting.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Short

Fixtures

leasehold

and

Office

improvements

fittings

equipment

Totals

£

£

£

£

Cost

At 1 January 2024

5,000

640

659

6,299

Disposals

-

(182

)

-

(182

)

At 31 December 2024

5,000

458

659

6,117

Depreciation

At 1 January 2024

3,833

640

554

5,027

Charge for year

1,000

-

33

1,033

Eliminated on disposal

-

(182

)

-

(182

)

At 31 December 2024

4,833

458

587

5,878

Net book value

At 31 December 2024

167

-

72

239

At 31 December 2023

1,167

-

105

1,272

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

9,357

52,952

Other debtors

4,042

-

13,399

52,952

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

2,260

7,340

Amounts owed to participating interests

1,071,745

1,332,604

Taxation and social security

807

60,267

Other creditors

12,823

10,643

1,087,635

1,410,854

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

150,000

Ordinary

£1

150,000

150,000

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

The Report of the Auditors was unqualified.

David Webb FCA (Senior Statutory Auditor)

for and on behalf of Edwards

9.	RELATED PARTY DISCLOSURES

During the year the company repaid amounts totalling £257,897 (2023 - £176,614) to Inversiones Agonsa, S.L. and were charged interest of £6,531 (2023 - £15,825) by Inversiones Agonsa, S.L. Due to the retranslation of intercompany balances, the company recognised a foreign exchange gain/(loss) of (£1,757) (2023 - £8,298). The balance outstanding at the year end was £276,000 (2023 - £525,609) and is included in amounts owed to participating interests.

During the year the company purchased goods from Normagrup Technology, S.A for a total value of £26,634 (2023 £205,102) and none of the outstanding balance was repaid (2023 - £215,460). Due to the retranslation of intercompany balances, the company has recognised a foreign exchange gain/(loss) of £37,884 (2023 - (£11,880)). The balance outstanding at the year end was £795,745 (2023 - £806,995) and is included in amounts owed to participating interests.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Inversiones Agonsa S L U.

The ultimate controlling party is Inversiones Agonsa S L, a company registered in Spain who own 90% of the called up share capital. The registered office of the company is Marques de Santa Cruz no 8 2-A, 33007, Oviedo (Asturias), Spain.