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Registered number: 06426895
CEGAL LIMITED
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Countify
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3—4
Independent Auditor's Report 5—8
Income Statement 9
Statement of Financial Position 10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—22
Page 1
Company Information
Directors Mr Trym Gudmundsen
Mr Christopher Cartwright
Company Number 06426895
Registered Office 4 Ac Court
High Street
Thames Ditton
KT7 0SR
Accountants Countify
3rd Floor, St Georges Building
5 St Vincent Place
Glasgow
G1 2DH
Auditors Kirk Rice LLP
Zeeta House
200 Upper Richmond Road, Putney
London
SW15 2SH
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
2024 has been a an exceptional year for Cegal Limited. The Company grew faster than many of its competitors during the year, despite the company going through a large integration process and many organisational changes.
This also demonstrates the potential of our company going forward. The vision for Cegal Limited is to build a next generation tech company that is enabling a more sustainable future. The energy industry is transforming at a very high pace. We see a clear trend in traditional oil and gas companies joining forces with power and utilities companies to collaborate towards more renewable and sustainable energy. These are not different industries anymore, but a joint energy sector, committed to producing secure, reliable and more renewable energy.
The key to this green energy transformation lies in technology. We believe we will see unprecedented tech investments within this sector over the next decade, not only on windmills, solar panels and equipment, but also on software, data analytics services, integration, cloud operations, and security.
On top of this rapid transformation, customers are struggling with increasingly complex IT, huge amounts of data from a myriad of systems, sensors and sources, increased demands on turning tech investments into business value, and increased pressure on security and compliance.
Consequently, the Group’s mission is to turn complex IT into digital success, by delivering modern Industry Software that increases efficiency and control, super skilled Consulting services that integrate technologies and turn data into insight, and specialised Cloud Operations services of mission critical IT in a modern hybrid cloud environment. Going forward, the Group’s vision is to build a true next generation tech company that enables a more sustainable future.
Principal Risks and Uncertainties
The company has exposure to currency risk. Currency risk includes risk from contractual purchase or sale denominated in foreign currencies. This currency risk is reduced by having part of the cost base in foreign currencies. The company considers various risk mitigating factors, including hedging of foreign currency risks, on an ongoing basis.
Research and Development
During the current year, the company continued to spend on research & development activities, providing new products to the market and improving existing products with new functionalities.
Key performance indicators
The following are considered to be the company’s key performance indicators:
  • Revenue grew by 2% in 2024 to £14.1m (2023: £13.8m)
  • EBITDA of £1.3m (2023: £2m)
  • Net recruitment increased from 75 Employees in 2023 to 78 employees in 2024 
On behalf of the board
Mr Trym Gudmundsen
Director
27/03/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The company's principal activity continues to be that of IT and geoscience services to the oil and gas industry.
Future Developments
Looking into 2025, we continue to be optimistic. We anticipate a continued tough market for the generalist IT services in 2025, and we therefore made some changes to the organization to be better positioned for 2025. 
The digitalization growth in Energy continues to be high, and demand for Cegal’s core offerings in scalable cloud solutions, data management, and IT governance remains robust.
Our operational priorities will be to continue our global expansion in energy through scalable Cloud and Services offerings, pursue larger global customers in close partnerships with Microsoft and Oracle, cross-sell and upsell our software, data management, and IT governance services, and continue to assist our customers in increasing revenue, reducing costs, minimizing emissions,
and enjoying better sleep at night. 
We will also continue to invest in developing our people, having fun together, attracting top talent, and fostering an unstoppable culture, which is the true fuel in our company.
Cegal has emerged as a global tech powerhouse in the energy sector, but we have only scratched the surface of what this company can achieve. Hence, we are charging forward into 2025 and towards our vision of building the world’s leading tech company for the energy industry that enables a more sustainable future
Dividends
The results for the year are set out on page 7.
No ordinary dividends were paid during the year.
Directors
The directors who held office during the year were as follows:
Mr Mitchell Sutherland
(Resigned 30/04/2024)
Mr Trym Gudmundsen
Miss Randi Navarro
(Resigned 26/02/2025)
Mr Christopher Cartwright
(Appointed 06/01/2025)
Auditor
In accordance with the company's articles, a resolution proposing that Kirk Rice LLP be reappointed as auditor of the company will be put at a General Meeting.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium sized
companies exemption.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
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Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Kirk Rice LLP, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Trym Gudmundsen
Director
27/03/2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of CEGAL LIMITED (the company) for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in to the financial statements preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our audit approach was developed by obtaining an understanding of the Company's activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control environment. Based on this understanding we assessed those aspects of the Company's transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our approach accordingly.
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with Companies Act 2006 and FRS 102.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the Company's financial statements. Our tests included, but were not limited to:
  • Reviewing of meeting minutes, contracts and agreements.
  • Assessing financial statement disclosures, and agreeing these to supporting evidence, for compliance with applicable laws and regulations.
  • Confirmation of group inter-company balances owed to and from Cegal Limited.
  • Testing of journal entries in areas where we identified particular fraud risk criteria.
  • Holding discussions with management and the board of directors to identify any significant or unusual transactions, and known or suspected instances of fraud or non-compliance with laws and regulations.
  • Considering the effectiveness of the control environment in monitoring compliance with laws and regulations.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's member, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
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Page 8
Kalbinder Sanghera (Senior Statutory Auditor)
for and on behalf of Kirk Rice LLP , Statutory Auditor
27/03/2025
Kirk Rice LLP
Zeeta House
200 Upper Richmond Road, Putney
London
SW15 2SH
Page 8
Page 9
Income Statement
2024 2023
Notes £ £
TURNOVER 3 14,124,351 13,839,213
Cost of sales (4,791,949 ) (4,847,429 )
GROSS PROFIT 9,332,402 8,991,784
Administrative expenses (8,622,352 ) (7,701,556 )
OPERATING PROFIT 4 710,050 1,290,228
Other interest receivable and similar income 9 22,167 10,475
Interest payable and similar charges 10 - (61 )
PROFIT BEFORE TAXATION 732,217 1,300,642
Tax on Profit 11 (297,490 ) (352,814 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 434,727 947,828
The notes on pages 13 to 22 form part of these financial statements.
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Page 10
Statement of Financial Position
Registered number: 06426895
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 867,631 976,694
Tangible Assets 13 353,146 471,757
1,220,777 1,448,451
CURRENT ASSETS
Stocks 14 172,104 -
Debtors 15 4,319,798 2,594,888
Cash at bank and in hand 1,833,723 2,716,617
6,325,625 5,311,505
Creditors: Amounts Falling Due Within One Year 16 (1,910,638 ) (1,535,411 )
NET CURRENT ASSETS (LIABILITIES) 4,414,987 3,776,094
TOTAL ASSETS LESS CURRENT LIABILITIES 5,635,764 5,224,545
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (37,628 ) (61,136 )
NET ASSETS 5,598,136 5,163,409
CAPITAL AND RESERVES
Called up share capital 20 20,000 20,000
Income Statement 5,578,136 5,143,409
SHAREHOLDERS' FUNDS 5,598,136 5,163,409
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on ..................... and were signed on its behalf by:
Mr Trym Gudmundsen
Director
27/03/2025
The notes on pages 13 to 22 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 January 2023 20,000 4,195,581 4,215,581
Profit for the year and total comprehensive income - 947,828 947,828
As at 31 December 2023 and 1 January 2024 20,000 5,143,409 5,163,409
Profit for the year and total comprehensive income - 434,727 434,727
As at 31 December 2024 20,000 5,578,136 5,598,136
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (337,029 ) 2,292,535
Interest paid - (61 )
Tax paid (250,046 ) (667,812 )
Net cash (used in)/generated from operating activities (587,075 ) 1,624,662
Cash flows from investing activities
Purchase of intangible assets (275,467 ) -
Purchase of tangible assets (42,519 ) (395,142 )
Interest received 22,167 36,834
Net cash used in investing activities (295,819 ) (358,308 )
(Decrease)/increase in cash and cash equivalents (882,894 ) 1,266,354
Cash and cash equivalents at beginning of year 2 2,716,617 1,450,263
Cash and cash equivalents at end of year 2 1,833,723 2,716,617
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash (used in)/generated from operations
2024 2023
£ £
Profit for the financial year 434,727 947,828
Adjustments for:
Tax on profit 297,490 352,814
Interest expense - 61
Interest income (22,059 ) (10,475 )
Amortisation of intangible assets 384,530 337,223
Depreciation of tangible assets 161,130 110,318
Movements in working capital:
Increase in stocks (172,104 ) -
(Increase)/decrease in trade and other debtors (1,807,019 ) 576,626
Increase/(decrease) in trade and other creditors 386,276 (21,860 )
Net cash (used in)/generated from operations (337,029 ) 2,292,535
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,833,723 2,716,617
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 2,716,617 (882,894) 1,833,723
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Notes to the Financial Statements
1. General Information
CEGAL LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 06426895 . The registered office is 4 Ac Court, High Street, Thames Ditton, KT7 0SR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
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 £.
2.2. Significant judgements and estimations
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 
Critical judgements 
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. 
Useful lives of property, plant and equipment 
In determining appropriate depreciation rates to apply against property, plant and equipment, the directors have used their knowledge and experience of both the company and the industry to assess the useful lives of each individual asset. 
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services 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.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over 10 years
Plant & Machinery 33% straight line
Motor Vehicles 33% straight line
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.8. 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 statement of financial position 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 trade and other receivables 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 
Other financial assets 
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. 
Impairment of financial assets 
Financial assets, other than those held at fair value through profit and loss, 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. The impairment loss is recognised in profit and loss. 
Derecognition of financial assets 
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 
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. 
Basic financial liabilities 
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 
Other financial liabilities 
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. 
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. 
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2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
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.
2.12. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.13. Research & Development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way. 
3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
3rd party resale 704,930 1,168,158
Cloud operations 4,572,930 5,854,053
Products 6,212,272 4,571,357
Services 2,634,219 2,245,645
14,124,351 13,839,213
Analysis of turnover by geographical market is as follows:
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2024 2023
£ £
United Kingdom 8,514,487 9,243,620
Europe 5,432,439 51,004
Rest of the world 177,425 4,544,589
14,124,351 13,839,213
4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Exchange differences 80,403 251,690
Depreciation of tangible fixed assets 161,130 110,318
Amortisation of intangible fixed assets 384,530 337,223
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 16,521 13,250
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 5,542,974 4,733,503
Social security costs 637,441 552,626
Other pension costs 297,976 267,235
6,478,391 5,553,364
7. Average Number of Employees
Average number of employees, including directors, during the year was: 78 (2023: 75)
78 75
8. Directors' remuneration
2024 2023
£ £
Emoluments 191,360 162,625
Company contributions to money purchase pension schemes 5,129 9,323
196,489 171,948
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9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest received 2,088 2,072
Other interest received on financial instruments 20,079 8,403
22,167 10,475
10. Interest Payable and Similar Charges
2024 2023
£ £
Non bank interest on loans - 61
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 23.5% 320,998 315,281
Deferred Tax
Origination and reversal of timing differences (23,508 ) 37,533
Total tax charge for the period 297,490 352,814
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 732,217 1,300,642
Tax on profit at 25% (UK standard rate) 183,054 305,918
Goodwill/depreciation not allowed for tax 136,415 105,264
Expenses not deductible for tax purposes 15,287 12,830
Capital allowances (13,758 ) (68,991 )
Short term timing differences (23,508 ) 37,533
Research and Development tax credit - (39,740 )
Total tax charge for the period 297,490 352,814
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12. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 3,327,637
Additions 275,467
As at 31 December 2024 3,603,104
Amortisation
As at 1 January 2024 2,350,943
Provided during the period 384,530
As at 31 December 2024 2,735,473
Net Book Value
As at 31 December 2024 867,631
As at 1 January 2024 976,694
13. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 195,084 262,806 20,772 74,716
Additions 2,934 - - 7,179
As at 31 December 2024 198,018 262,806 20,772 81,895
Depreciation
As at 1 January 2024 25,200 262,806 20,772 50,062
Provided during the period 19,760 - - 11,219
As at 31 December 2024 44,960 262,806 20,772 61,281
Net Book Value
As at 31 December 2024 153,058 - - 20,614
As at 1 January 2024 169,884 - - 24,654
Computer Equipment Total
£ £
Cost
As at 1 January 2024 651,018 1,204,396
Additions 32,406 42,519
As at 31 December 2024 683,424 1,246,915
Depreciation
As at 1 January 2024 373,799 732,639
Provided during the period 130,151 161,130
As at 31 December 2024 503,950 893,769
...CONTINUED
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Net Book Value
As at 31 December 2024 179,474 353,146
As at 1 January 2024 277,219 471,757
14. Stocks
2024 2023
£ £
Finished goods 172,104 -
15. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,355,868 776,566
Amounts owed by group undertakings 2,067,408 943,436
Other debtors 896,522 874,886
4,319,798 2,594,888
16. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 571,302 136,640
Other creditors 42,762 32,738
Corporation tax (11,049 ) -
Taxation and social security 321,350 384,106
Accruals and deferred income 986,273 981,927
1,910,638 1,535,411
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 37,628 61,136
19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 61,136 61,136
Origination and reversal of timing differences (23,508 ) (23,508 )
Balance at 31 December 2024 37,628 37,628
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20. Share Capital
2024 2023
Allotted, called up and fully paid £ £
20,000 Ordinary Shares of £ 1.00 each 20,000 20,000
21. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 346,500 393,960
Later than one year and not later than five years 1,201,397 556,973
1,547,897 950,933
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £297,976 (2023: £267,235).
At the statement of financial position date contributions of £NIL were due to the fund and are included in creditors.
23. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
24. Controlling Parties
The parent company, holding 100% of the ordinary share capital is Cegal GeoScience AS , a private limited company registered in Norway. The registered office is: Vestre Svanholmen 4, 4313 Sandnes, POB 335, 4068 Stavanger .
The ultimate controlling party is Norvestor SPV I L.P. , a private limited company registered in Island of Guernsey. The principal place of business of Norvestor SPVI L.P. is East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3PP.
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