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REGISTERED NUMBER: SC335377 (Scotland)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

STIM SCOTLAND LTD

STIM SCOTLAND LTD (REGISTERED NUMBER: SC335377)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


STIM SCOTLAND LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Carl Erik Arnesen
Tor Erik Tveit



SECRETARY: Laura Elizabeth Crilly



REGISTERED OFFICE: 5 Dunrobin Court
14 North Avenue
Clydebank Business Park
Clydebank
Glasgow
G81 2QP



REGISTERED NUMBER: SC335377 (Scotland)



AUDITORS: Stewart Gilmour & Co.
3rd Floor
St George's Buildings
5 St Vincent Place
Glasgow
G1 2DH



BANKERS: Virgin Money
2 Princes Square
East Kilbride
G74 1LJ



SOLICITORS: Cloch Solicitors
1st Floor, Standard Buildings
94 Hope Street
Glasgow
G2 6PH

STIM SCOTLAND LTD (REGISTERED NUMBER: SC335377)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 608 1,097

CURRENT ASSETS
Stocks 5 32,918 22,981
Debtors 6 88,437 268,192
Cash at bank 304,217 148,511
425,572 439,684
CREDITORS
Amounts falling due within one year 7 46,417 296,747
NET CURRENT ASSETS 379,155 142,937
TOTAL ASSETS LESS CURRENT
LIABILITIES

379,763

144,034

PROVISIONS FOR LIABILITIES 8 116 209
NET ASSETS 379,647 143,825

CAPITAL AND RESERVES
Called up share capital 9 9,001 9,001
Retained earnings 10 370,646 134,824
SHAREHOLDERS' FUNDS 379,647 143,825

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 4 July 2024 and were signed on its behalf by:





Tor Erik Tveit - Director


STIM SCOTLAND LTD (REGISTERED NUMBER: SC335377)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Stim Scotland Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 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.
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Computer 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.

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.

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.

Grants received
Government grants received in respect of expenditure charged in the profit and loss account during the year have been included in profit and loss. The remainder are deferred and included in the profit and loss account by instalments over the expected useful lives of the assets to which they relate.

STIM SCOTLAND LTD (REGISTERED NUMBER: SC335377)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 105,897 43,673 17,606 167,176
Additions - - 775 775
At 31 December 2023 105,897 43,673 18,381 167,951
DEPRECIATION
At 1 January 2023 105,897 42,678 17,504 166,079
Charge for year - 968 296 1,264
At 31 December 2023 105,897 43,646 17,800 167,343
NET BOOK VALUE
At 31 December 2023 - 27 581 608
At 31 December 2022 - 995 102 1,097

5. STOCKS
2023 2022
£    £   
Goods for resale 32,918 22,981

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 65,242 232,228
Amounts due by other group
companies 575 575
Corporation Tax recoverable - 13,263
Prepayments and accrued income 22,620 22,126
88,437 268,192

STIM SCOTLAND LTD (REGISTERED NUMBER: SC335377)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 35,633 10,306
Social security and other taxes 6,225 7,763
Amounts due to parent company 1,292 273,504
Accruals and deferred income 3,267 5,174
46,417 296,747

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 116 209

Deferred
tax
£   
Balance at 1 January 2023 209
Income statement credit (93 )
Balance at 31 December 2023 116

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,001 Ordinary £1 9,001 9,001

10. RESERVES
Retained
earnings
£   

At 1 January 2023 134,824
Profit for the year 235,822
At 31 December 2023 370,646

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

The Report of the Auditors was unqualified.

Sheila L Tannock C.A. (Senior Statutory Auditor)
for and on behalf of Stewart Gilmour & Co.

12. POST BALANCE SHEET EVENTS

On 12 April 2024 Summa Equity acquired a majority shareholding in Stim Scotland Ltd's parent company, Stim AS. Stim Scotland Ltd directors Paal Christian Kruger and Sunil Kadri resigned with effect from 30 April 2024 and 7 May 2024, respectively. They were replaced by new directors, Carl Erik Arnesen on 30 April 2024 and Tor Erik Tveit on 7 May 2024.

STIM SCOTLAND LTD (REGISTERED NUMBER: SC335377)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. ULTIMATE CONTROLLING PARTY

During the year ended 31 December 2023 the ultimate parent company of Stim Scotland Ltd was Pitancia AS, which is registered in Norway. As detailed in the Post Balance Sheet Events note, Stim Scotland Ltd's immediate parent company was taken over by Summa Equity on 12 April 2024.

Mr Jim Roger Nordly, chairman and managing director of Pitancia AS, had been recorded at Companies House as a person who had significant influence or control as the member of a firm. The Board of Summa Equity now exercise ultimate control over Stim Scotland Ltd.