Nuvik UK Ltd - Accounts to registrar (filleted) - small 23.2.5

Nuvik UK Ltd - Accounts to registrar (filleted) - small 23.2.5

NUVIK UK LTD - Company Information

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REGISTERED NUMBER: 11603624 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2022

for

Nuvik UK Ltd

Previously known as
Uniwipe Europe Limited
Nuvik UK Ltd (Registered number: 11603624)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Balance Sheet 1

Notes to the Financial Statements 3


Nuvik UK Ltd (Registered number: 11603624)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
FIXED ASSETS
Tangible assets 4 166,302 48,697
Investments 5 4,197 4,197
170,499 52,894

CURRENT ASSETS
Stocks 159,991 228,494
Debtors 6 2,405,453 1,805,935
Cash at bank 289,285 3,985,167
2,854,729 6,019,596
CREDITORS
Amounts falling due within one year 7 (1,126,511 ) (1,454,001 )
NET CURRENT ASSETS 1,728,218 4,565,595
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,898,717
4,618,489

CREDITORS
Amounts falling due after more than one
year
8
-
(1,282
)

PROVISIONS FOR LIABILITIES (3,263 ) (5,126 )
NET ASSETS 1,895,454 4,612,081

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,895,354 4,611,981
1,895,454 4,612,081

The notes form part of these financial statements

Page 1 continued...
Nuvik UK Ltd (Registered number: 11603624)

Balance Sheet - continued
31 December 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2023 and were signed on its behalf by:





Mr M Rabey - Director


The notes form part of these financial statements

Page 2
Nuvik UK Ltd (Registered number: 11603624)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Nuvik UK Limited is a private company, limited by shares, domiciled in England, registration number 11603624. The registered office is Infinity House, Unit 11 Commerce Way, Leighton Buzzard, LU7 4RW.

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.

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 group undertakings.

Turnover
Turnover represents net invoiced sales of goods in respect of cleaning wipes, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Page 3 continued...
Nuvik UK Ltd (Registered number: 11603624)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement 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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 11 ) .

Page 4 continued...
Nuvik UK Ltd (Registered number: 11603624)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 67,422
Additions 143,385
At 31 December 2022 210,807
DEPRECIATION
At 1 January 2022 18,725
Charge for year 25,780
At 31 December 2022 44,505
NET BOOK VALUE
At 31 December 2022 166,302
At 31 December 2021 48,697

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2022
and 31 December 2022 20,495
DEPRECIATION
At 1 January 2022 9,565
Charge for year 2,186
At 31 December 2022 11,751
NET BOOK VALUE
At 31 December 2022 8,744
At 31 December 2021 10,930

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 4,197
NET BOOK VALUE
At 31 December 2022 4,197
At 31 December 2021 4,197

Page 5 continued...
Nuvik UK Ltd (Registered number: 11603624)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 2,377,053 1,743,341
Amounts owed by group undertakings - 42,030
Other debtors 28,400 20,564
2,405,453 1,805,935

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Hire purchase contracts 1,282 5,124
Trade creditors 107,624 94,146
Amounts owed to group undertakings 406,755 822,227
Amounts owed to related parties - 40,000
Taxation and social security 336,341 264,718
Other creditors 274,509 227,786
1,126,511 1,454,001

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Hire purchase contracts - 1,282

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Hire purchase contracts 1,282 6,406

Amounts due in relation to hire purchase are secured against the assets to which they relate.

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

The Report of the Auditors was unqualified.

Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA

11. RELATED PARTY DISCLOSURES

At the year end, the company owed £nil to a minority shareholder (2021 : £40,000).

12. ULTIMATE PARENT ENTITY

The controlling party is Demco Group Limited.

Demco Group Limited is registered in Scotland under registration number SC584425. The registered office is Spectrum House South View, Dales Industrial Estate, Peterhead, Scotland, AB42 3JF.

Page 6