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REGISTERED NUMBER: SC666249 (Scotland)












EDDA SUPPLY SHIPS III LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






EDDA SUPPLY SHIPS III LIMITED (REGISTERED NUMBER: SC666249)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EDDA SUPPLY SHIPS III LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Ms L J Vail
H H Overlie





REGISTERED OFFICE: Nautilus House
Waterloo Quays
Aberdeen
AB11 5BS





REGISTERED NUMBER: SC666249 (Scotland)

EDDA SUPPLY SHIPS III LIMITED (REGISTERED NUMBER: SC666249)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £
CURRENT ASSETS
Debtors 4 1,251,520 855,784
Cash at bank 9,958 63,574
1,261,478 919,358
CREDITORS
Amounts falling due within one year 5 (1,225,237 ) (909,561 )
NET CURRENT ASSETS 36,241 9,797
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,241

9,797

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 36,240 9,796
36,241 9,797

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 Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:




Ms L J Vail - Director



H H Overlie - Director


EDDA SUPPLY SHIPS III LIMITED (REGISTERED NUMBER: SC666249)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Edda Supply Ships III Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 £1.

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

The company has taken advantage of the small companies exemption not to prepare consolidated accounts.

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

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

Financial instruments are recognised 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 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.

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

Basic financial assets
Basic financial assets, which include trade, other debtors, loans to fellow group companies 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 unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

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 its liabilities.

EDDA SUPPLY SHIPS III LIMITED (REGISTERED NUMBER: SC666249)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basis financial liabilities, including trade and other 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.

Foreign exchange
Transaction in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in the foreign currencies are translated at the rate of exchange ruling at the report date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

Taxation
The tax expense represents the sum of the current tax expense and deferred tax expenses. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transactions or event it related to and is also charged or credited to other comprehensive income or equity.

Current tax assets and current tax liabilities are deferred tax assets and deferred tax liabilities are offset, it and only if there is a legal enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the assets and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have accrued at the balance sheet date.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Delay liquidated damages
Income and expenditure in relation to liquidated damages is recognised in the period it relates to.

3. EMPLOYEES AND DIRECTORS

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 1,251,080 723,598
Amounts owed by group undertakings 439 -
Other debtors 1 132,186
1,251,520 855,784

EDDA SUPPLY SHIPS III LIMITED (REGISTERED NUMBER: SC666249)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 4,978 31,446
Amounts owed to group undertakings 1,168,528 726,589
Taxation and social security 41,298 23,947
Other creditors 10,433 127,579
1,225,237 909,561

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

The Report of the Auditors was unqualified.

G Brown FCCA ACA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited

7. PARENT COMPANY

Edda Wind ASA is regarded by the directors as being the company's ultimate parent company, a company incorporated in Norway.

The smallest group for which consolidated accounts are drawn up of which the company is a member is Edda Wind ASA.

Edda Wind ASA is a public listed company under ticker EWIND. The largest investors are Geveran Trading Co. Limited, a company indirectly controlled by trusts established by Mr. John Fredriksen, Wilhelmsen New Energy AS, a company controlled by Wilh. Wilhelmsen Holding AS, and EPS Ventures Ltd, a subsidiary of the Quantum Pacific Shipping group associated with Mr. Idan Ofer.

The consolidated accounts can be obtained from the parent company's registered office of Smedasundet 97, Haugesund, Norway.