Nord Gold (Uk) Limited - Limited company accounts 20.1

NORD GOLD (UK) LIMITED

Directors' Report and

Financial Statements

for the Year Ended 31 December 2019

Page

Company Information

1

Directors' Report

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

Directors:

E A Tulubenskiy

N. Zelenskiy

Secretary:

E A Tulubenskiy

Registered office:

Kerman & Co LLP

200 Strand

London

WC2R 1DJ

Registered number:

10430636 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 December 2019.

Principal activity

The principal activity of the company in the year under review was that of a holding company.

Directors

The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this

report.

E A Tulubenskiy

N. Zelenskiy

Financial instruments

FRS102 required the Directors Report to give details of Financial Instruments, and risks relating to them.

Financial instruments comprise of cash and working capital, i.e. the trade debtors and the trade creditors that arise

during the course of the day to day business. This can result in a liquidity risk. The liquidity risk is controlled by

maintaining a healthy balance between debtors and creditors. The debtor risk is controlled through a stringent credit

control policy and regular monitoring of any outstanding amounts for both time and credit limits. Trade creditor

liquidity risks are managed by ensuring that sufficient funds are available to meet amounts as and when they fall due

and in accordance with agreed payment terms.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to

small companies.

On behalf of the board:

E A Tulubenskiy - Director

28 May 2020

Turnover

-

Operating profit and

Profit before taxation

-

Tax on profit

-

Profit for the financial year

-

Current assets

Debtors

5

1

Total assets less current liabilities

1

Capital and reserves

Called up share capital

6

1

Shareholders' funds

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2020 and were
signed on its behalf by:

E A Tulubenskiy - Director

N. Zelenskiy - Director

1.	Statutory information

Nord Gold (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.

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In applying the Company's accounting policies, the directors are required to make judgements, estimates and

assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimated

and assumptions are based on the best and most reliable evidence available at the time when the decisions are

made, and are based on historical experience and other factors that are considered to be applicable. Due to the

inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and

outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised, if the revision affects only that period,

or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

There were no critical judgements that the directors made in the process of applying the Company's accounting

policies.

Key sources of estimation uncertainty

There were no key assumptions concerning the future, and other key sources of estimation uncertainty that

have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within

the next financial year.

(ii) Recoverability of receivables

The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing

recoverability the directors consider factors such as the ageing of the receivables, past experience and

recoverability, and the credit profile of individual or groups of customers.

Going concern

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

The current economic conditions present increased risks for all businesses. In response to such conditions, the

directors have carefully considered these risks including an assessment on uncertainty on future trading

projection for a period of at least 12 months from the date of signing the financial statements, and the extent

to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity,

sufficient to meet the demands of the business including any capital and servicing obligations and external

debt liabilities.

Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it

is probably that the obligation will be required to be settled, and a reliable estimate can be made of the amount

of the obligation. The amount recognised as a provision is the best estimate of the consideration required to

settle the present obligation at the end of the reporting taking into account the risks and uncertainties

surrounding the obligation. Provisions are discounted when the time value of money is material.

Financial instruments

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions

of the financial instrument. The Company holds financial instruments which comprise trade and other

payables. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

4.	Employees and directors

The average number of employees during the year was 2 (2018 - 2 ) .

5.

Debtors: amounts falling due within one year

2019

2018

£

Amounts owed by group undertakings

1

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

1

Ordinary

£1

1

7.

Reserves

Retained

earnings

£

Profit for the year

-

At 31 December 2019

-

8.	Ultimate controlling party

The company's ultimate parent company is Nord Gold SE, a company registered in the UK which prepares

consolidated financial statements, copies of which can be obtained from 5th Floor, 6 St Andrew Street, London

EC4A 3AE.