Company registration number 09660060 (England and Wales)
STUDSVIK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STUDSVIK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
STUDSVIK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,021
-
0
Investments
3
15
15
1,036
15
Current assets
Debtors
5
233,843
1,410,392
Cash at bank and in hand
1,133,684
459,053
1,367,527
1,869,445
Creditors: amounts falling due within one year
6
(204,261)
(535,894)
Net current assets
1,163,266
1,333,551
Total assets less current liabilities
1,164,302
1,333,566
Creditors: amounts falling due after more than one year
7
-
0
(700,000)
Net assets
1,164,302
633,566
Capital and reserves
Called up share capital
1,600,000
1,600,000
Profit and loss reserves
(435,698)
(966,434)
Total equity
1,164,302
633,566

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 27 March 2024 and are signed on its behalf by:
Mr D G Oxberry
Director
Company Registration No. 09660060
STUDSVIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Studsvik Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Richard House, Winckley Square, Preston, PR1 3HP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The opportunities in the nuclear waste treatment market are significantly increasing and the proven Studsvik technology is well placed to meet its needs. Near term technology license sales for our technology support the growth of the company and its increasing importance in the marketplace. As the company continues to develop the Waste Treatment Technology market in the UK and Europe, additional income will come into the company through Technology sales. The directors are confident that the company has the continued technical and financial support from the parent company, if needed.true

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources and group support to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

Income is accrued for one major project based on the cost to complete and released to the statement of comprehensive income upon achievement of the relevant project milestones.

 

Income is deferred where work has been invoiced in advance of the stage of project completion, with such income being released to the statement of comprehensive income upon achievement of the relevant project milestones.

 

Revenue from licenses is classified as "right to use" licenses where control over the license is received by the customer directly at the time of sale and delivery. Therefore, license revenues are recognised when the customer receives the license.

STUDSVIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in non-subsidiary undertakings are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

STUDSVIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
STUDSVIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
15
15
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023
-
0
Additions
1,050
At 31 December 2023
1,050
Depreciation and impairment
At 1 January 2023
-
0
Depreciation and impairment charged in the year
29
At 31 December 2023
29
Carrying amount
At 31 December 2023
1,021
At 31 December 2022
-
0
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,202,969
Other debtors
233,843
207,423
233,843
1,410,392
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
37,294
46,354
Amounts owed to group undertakings
-
0
212,815
Taxation and social security
100,910
248,060
Other creditors
66,057
28,665
204,261
535,894
STUDSVIK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
700,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lee Van Houplines FCA
Statutory Auditor:
MHA Moore and Smalley
9
Related party transactions

The company has taken advantage of the exemption permitted under FRS 102 Section 1A33.5 from disclosing transactions between wholly owned members of a group.

10
Parent company

The immediate and ultimate parent company is Studsvik AB, a company incorporated in Sweden, with a registered office at Studsvik AB, 611 82, Nyköping, Sweden.

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