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REGISTERED NUMBER: 13085971 (England and Wales)












Financial Statements

for the Year Ended 31 December 2024

for

Kongsberg Precision Cutting Systems UK
Limited

Kongsberg Precision Cutting Systems UK
Limited (Registered number: 13085971)






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


Kongsberg Precision Cutting Systems UK
Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: S A Fox
V Iourtchenko





REGISTERED OFFICE: 280 Bishopsgate
London
EC2M 4AG





REGISTERED NUMBER: 13085971 (England and Wales)





AUDITORS: Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

Kongsberg Precision Cutting Systems UK
Limited (Registered number: 13085971)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 47,877 86,180
Tangible assets 5 3,366 846
51,243 87,026

CURRENT ASSETS
Debtors 6 782,477 534,548
Cash at bank 9,745 58,302
792,222 592,850
CREDITORS
Amounts falling due within one year 7 637,328 602,114
NET CURRENT ASSETS/(LIABILITIES) 154,894 (9,264 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,137

77,762

CAPITAL AND RESERVES
Called up share capital 8 10,001 10,001
Share premium 9 118,057 118,057
Retained earnings 9 78,079 (50,296 )
SHAREHOLDERS' FUNDS 206,137 77,762

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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





V Iourtchenko - Director


Kongsberg Precision Cutting Systems UK
Limited (Registered number: 13085971)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Kongsberg Precision Cutting Systems 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. 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.

The financial statements are prepared in pound sterling (GBP or £), which is the functional currency of the company.

The company is dependent on the continued financial support of Kongsberg Precision Cutting Systems Belgium BV. The Directors of Kongsberg Precision Cutting Systems Belgium BV have agreed to provide continued financial support to ensure the company will be able to trade as a going concern for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
The directors of the company do not consider there to be any critical accounting judgements or key sources of estimation uncertainty.

Turnover
Turnover comprises revenue recognised by the company in respect of management fees charged to the parent company for provision of services. The turnover is based on costs incurred in providing services plus an agreed mark up.

Revenue in relation to management fees recharged is recognised annually in the same accounting period in which the costs were incurred.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

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 etc - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Kongsberg Precision Cutting Systems UK
Limited (Registered number: 13085971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 191,511
AMORTISATION
At 1 January 2024 105,331
Charge for year 38,303
At 31 December 2024 143,634
NET BOOK VALUE
At 31 December 2024 47,877
At 31 December 2023 86,180

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 1,563
Additions 3,947
At 31 December 2024 5,510
DEPRECIATION
At 1 January 2024 717
Charge for year 1,427
At 31 December 2024 2,144
NET BOOK VALUE
At 31 December 2024 3,366
At 31 December 2023 846

Kongsberg Precision Cutting Systems UK
Limited (Registered number: 13085971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed from parent 722,078 494,303
Other debtors 60,399 40,245
782,477 534,548

The amount owed from the parent company is unsecured, interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 16,894
Trade creditors 33,353 176,404
Amounts owed to group undertakings 402,039 206,621
Taxation and social security 79,505 47,365
Other creditors 122,431 154,830
637,328 602,114

The amount owed from the parent company is unsecured, interest is charged at a market rate (Note 5) and is repayable on demand.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,001 Ordinary £1 10,001 10,001

9. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 (50,296 ) 118,057 67,761
Profit for the year 128,375 128,375
At 31 December 2024 78,079 118,057 196,136

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

The Report of the Auditors was unqualified.

Simon Moss FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co

Kongsberg Precision Cutting Systems UK
Limited (Registered number: 13085971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. RELATED PARTY DISCLOSURES

During the year the Company charged management recharges to Kongsberg Precision Cutting Systems Belgium BV, its immediate parent company, of £2,395,282 (2023: £2,302,826).

At the balance sheet date an amount was owed to the Company from Kongsberg Precision Cutting Systems Belgium BV totalling £722,078 (2023: £494,303). Interest is charged at a market rate on this loan and interest received totalled £11,490 (2023: £Nil) for the year.

At the balance sheet date an amount of £1,443 (2023: £138,395) was owed to Kongsberg Cutting Systems Belgium BV in relation to recharged costs.

At the balance sheet date an amount of £Nil (2023: £659) was owed to Kongsberg Precision Cutting Systems s.r.o in relation to recharged costs.

Also during the year Kongsberg Precision Cutting Systems Belgium BV loaned the Company £Nil (2023: £2,075,000). Interest is charged at a market rate on the loans and totalled £20,023 (2023: £249,768) for the year.

At the balance sheet date an amount of £402,039 (2023: £206,621) was owed by the Company to Kongsberg Precision Cutting Systems Belgium BV in relation to the above loans.

12. IMMEDIATE CONTROLLING PARTY

The parent undertaking of the smallest and largest group for which consolidated group financial statements were drawn up and of which Kongsberg Precision Cutting Systems UK Limited was a member, was Van Gogh Intermediate Holdings SARL, a company incorporated in Luxemburg.

Kongsberg Precision Cutting Systems Belgium BV is the immediate parent undertaking.

The Company's ultimate controlling party is Opengate Capital Partners, a company registered in the Caymen Islands.

Publicly available financial statements for Van Gogh Intermediate Holdings SARL can be obtained from 2A rue Nicolas Bove, 1253 Luxemburg.