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REGISTERED NUMBER: 02443087 (England and Wales)















Report of the Director and

Financial Statements for the Year Ended 31 December 2024

for

Global Scanning UK Ltd

Global Scanning UK Ltd (Registered number: 02443087)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Global Scanning UK Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTOR: P C Jacobsen





REGISTERED OFFICE: 5 Brunel Court
Burrel Road
St. Ives
PE27 3LW





REGISTERED NUMBER: 02443087 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Global Scanning UK Ltd (Registered number: 02443087)

Report of the Director
for the Year Ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of holding its investments in Global Scanning Suzhou Co. Ltd. and Global Scanning Denmark A/S.

FUTURE DEVELOPMENTS
Global Scanning UK Ltd. is a company in the Global Scanning Group, with Global Scanning Suzhou Co. Ltd producing large format scanner and Global Scanning Denmark A/S being the main operating company in the group.
The large format scanner market is stable. Global Scanning Group is continuing its emphasis on research and development to maintain its market position and grow its sales. This is expected to result in new products during the coming year.

EVENTS SINCE THE END OF THE YEAR
No events have occurred after the balance sheet date that would materially affect the company’s financial position or require disclosure in these financial statements.

DIRECTORS
The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

P C Jacobsen - appointed 5 February 2024
A Snorgaard - resigned 20 March 2024

FINANCIAL INSTRUMENTS
The company financed its activities with a combination of intercompany loans, cash and short term deposits. Other financial assets and liabilities, such as trade debtors and trade creditors, arose directly from the company's operating activities. Financial instruments give rise to foreign currency, interest rate, credit, price and liquidity risk, information on how these risks arise is set out in the Strategic report, as are the objectives, policies and processes for their management and the methods used to measure each risk.

GOING CONCERN
The directors have prepared a high-level forecast for the period to 31 December 2026, being the going concern period assessed.

The company is reliant on parental support to settle its liabilities as they fall due. The company has therefore obtained a support letter from Scandinavian Credit Fund I AB (the Fund) for at least twelve months from when the financial statements are authorised for issue

Therefore, the directors have prepared these financial statements on a going concern basis.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Global Scanning UK Ltd (Registered number: 02443087)

Report of the Director
for the Year Ended 31 December 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





P C Jacobsen - Director


21 July 2025

Report of the Independent Auditors to the Members of
Global Scanning UK Ltd (Registered number: 02443087)

Opinion
We have audited the financial statements of Global Scanning UK Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

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;
-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 Auditors' 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Global Scanning UK Ltd (Registered number: 02443087)


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 Report of the Director.

We have nothing to report in respect of the following matters where 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 and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on pages two and three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Global Scanning UK Ltd (Registered number: 02443087)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

21 July 2025

Global Scanning UK Ltd (Registered number: 02443087)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes $    $    $    $   

TURNOVER 3 - 1,611,297

Cost of sales - 1,030,624
GROSS PROFIT - 580,673

Distribution costs - 7,516
Administrative expenses - 714,066
- 721,582
OPERATING LOSS - (140,909 )

Income from shares in group undertakings 6 - 3,000,000
Interest receivable and similar income 7 - 41,544
- 3,041,544
- 2,900,635

Interest payable and similar expenses 8 - 4,798
PROFIT BEFORE TAXATION 9 - 2,895,837

Tax on profit 10 - (27,184 )
PROFIT FOR THE FINANCIAL YEAR - 2,923,021

Global Scanning UK Ltd (Registered number: 02443087)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes $    $   

PROFIT FOR THE YEAR - 2,923,021


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

-

2,923,021

Global Scanning UK Ltd (Registered number: 02443087)

Balance Sheet
31 December 2024

2024 2023
Notes $    $    $    $   
FIXED ASSETS
Owned
Right-of-use
Tangible assets - -
Investments 11 10,306,762 10,306,762
10,306,762 10,306,762

CURRENT ASSETS
Debtors 12 457,223 457,223
NET CURRENT ASSETS 457,223 457,223
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,763,985

10,763,985

CAPITAL AND RESERVES
Called up share capital 13 21,332 21,332
Share premium 14 316,775 316,775
Capital redemption reserve 14 461,606 461,606
Retained earnings 14 9,964,272 9,964,272
SHAREHOLDERS' FUNDS 10,763,985 10,763,985

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 21 July 2025 and were signed by:





P C Jacobsen - Director


Global Scanning UK Ltd (Registered number: 02443087)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
$    $    $    $    $   
Balance at 1 January 2023 21,332 7,041,251 316,775 461,606 7,840,964

Changes in equity
Total comprehensive income - 2,923,021 - - 2,923,021
Balance at 31 December 2023 21,332 9,964,272 316,775 461,606 10,763,985

Changes in equity
Balance at 31 December 2024 21,332 9,964,272 316,775 461,606 10,763,985

Global Scanning UK Ltd (Registered number: 02443087)

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

1. STATUTORY INFORMATION

Global Scanning UK Ltd 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 preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of the second sentence of paragraph 89, and paragraphs 52, 58, 90, 91 and 93 of IFRS 16
Leases;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to
(c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
- paragraphs 53(a), (h) and (j) of IFRS 16;
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment; and
- paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to
136 of IAS 1;
the requirements of
- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.
For the purposes of FRS 101 reduced disclosure exemptions, equivalent disclosures are included in the publicly available consolidated financial statements of Global Scanning A/S. See note 18 for details.

Going Concern
The directors have prepared a high-level forecast for the period to 31 December 2026, being the going concern period assessed.

The company is reliant on parental support to settle its liabilities as they fall due. The company has therefore obtained a support letter from Scandinavian Credit Fund I AB (the Fund) for at least twelve months from when the financial statements are authorised for issue

Therefore, the directors have prepared these financial statements on a going concern basis.

Global Scanning UK Ltd (Registered number: 02443087)

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

2. ACCOUNTING POLICIES - continued
Group financial statements
The company is exempt by virtue of Section 399 of the Companies Act 2006 from the requirement to prepare group accounts on the grounds that it is subject to the small regime. Also, it is a wholly owned subsidiary undertaking of Global Scanning A/S, a company incorporated in Denmark, and its subsidiary undertakings are included in the consolidated accounts of that undertaking. Global Scanning A/S prepares its financial statements, in all material respects, in accordance with the EC 7th Directive.

These financial statements represent information about the company as an individual undertaking and not about its group.

The consolidated financial statements of Global Scanning A/S, in which the results of Global Scanning UK Ltd and its subsidiaries are included, can be obtained at www.cvr.dk.

Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

IFRS 16
The critical estimates and assumptions used by the company for IFRS 16, that have an effect on the reported amounts of assets and liabilities, are outlined below.

Lease term
The company determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease where this is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease where this is reasonably certain not to be exercised.

For options for the company to extend and or terminate lease terms the company applies judgement in
evaluating whether it is reasonably certain to exercise these options, taking account of all relevant factors,
that create an economic incentive for it to do so. After the lease commencement date, the company assesses the lease term if there has been a significant event or change in circumstances that is within its control and which affects its ability to exercise (or not to exercise) the option to renew and / or to terminate (e.g. a change in business strategy).

Turnover
Revenue from contracts with customers is recognised when the control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.
Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and other sales taxes or duty. The following specific recognition criteria must also be net before revenue is recognised:

Sales of goods:
Revenue from the sales of goods is recognised at the point in time when the control of the assets is transferred to the customers, in line with the relevant terms of trade.

Royalties
Revenue income is recognised based on the product sales by the company's subsidiary undertaking in the US.

Warranties:
The company sells scanners with a standard 1 year return to factory warranty. Where extended warranties are sold, revenue is deferred and becomes earned revenues over the coverage period, becoming fully realised at the time the contract expire.

Global Scanning UK Ltd (Registered number: 02443087)

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

2. ACCOUNTING POLICIES - continued

Cost of sales
Cost of sales comprises costs incurred in generating the revenue for the year. Cost of sales includes provisions for loss on returned goods.

Expenditures
Expenditures include expenses relating to the Entity's ordinary activities, including expenses for premises, sales as well as office expenses, etc. This item also includes writedowns of debtors recognised in current assets.

Staff costs
Staff costs comprise wages and salaries, and social security contributions, pension contributions, etc. for entity staff.

Interest and similar income and charges
Interest and similar income and charges are recognised in the profit and loss account over the term of such
instruments at a constant rate on the carrying amount.

Investments in subsidiaries and associated companies
Investments in subsidiaries and associated companies are valued at cost less any provision for impairment.

Financial instruments
Financial assets
Initial recognition and measurement:
All financial assets are recognised initially at fair value plus, in the case of investments not at fair value through profit or loss, directly attributable transaction costs. The company's financial assets include cash,
and short-term deposits, trade and other receivables and loans.

Loans and receivables:
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market. Such assets are initially recognised at fair value and subsequently measured at
amortised cost using the effective interest (EIR) method, less impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
EIR. The EIR amortisation is included in finance revenue in the income statement. Losses arising from impairment are recognised in the income statement in other operating expenses.

Financial liabilities
Initial recognition and measurement:
The company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.

Interest bearing loans and borrowings:
Obligations for loans and borrowings are recognised when the company becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable
transaction costs.

After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.

Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost.

Offsetting of financial instruments:
Financial assets and financial liabilities are offset and the net amount reported in the balance sheet if, and
only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

Global Scanning UK Ltd (Registered number: 02443087)

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

2. ACCOUNTING POLICIES - continued

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Research and development
Research costs are expensed as incurred. Development expenditure on an individual project is recognised
as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.

Following initial recognition of the development expenditure as an asset; the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development, the asset
is tested for impairment annually.

Foreign currencies
Since the majority of the company's revenues and expenses are denominated in US dollars the director's
have determined the functional currency of the company to be US dollars

Monetary assets and liabilities denominated in foreign currencies are translated into US dollars at rates of
exchange ruling at the balance sheet date. All differences are taken to the income statement.

Transactions in foreign currencies are translated into US dollars at the rate ruling on the date of the
transaction.

Leases
The company's lease commitments relate mainly to properties. Leases are typically negotiated on an individual basis and thus contain a wide range of terms and conditions, including options to extend of terminate. The lease liability is considered to be an indicator of the future cash outflows, there are no significant restrictions or covenants, residual value guarantees or sale and leaseback transactions.

Company assesses at contract inception whether a contract is, or contains, a lease. The company initially
recognises a right-of-use asset and a corresponding liability at the date at which the leased asset is available.

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets is equal to the aggregate
lease liabilities recognised on day 1, adjusted for any initial direct costs incurred, any lease incentives received and any lease payments made at or before the commencement date. Right-of-use assets are
depreciated on a straight line basis over the lease term. Right of use assets are tested for impairment at each
year end.

At the commencement date of the lease, the company recognises lease liabilities measured at the present
value of the lease payments to be made over the lease term, discounted at the incremental borrowing rate.
The lease payments include fixed payments less any lease incentives received and amounts expected to be
paid under residual value guarantees. In calculating the present value of the lease payments, the company
uses its incremental borrowing rate at the lease commencement date as the interest rate implicit in the lease
is not readily determinable. Following recognition, the liability is reduced for the lease payments made and
increased by the interest accrued. Moreover, the carrying amount of the lease liability is re-measured in the
event of a modification, such as a change in the lease term or change in the lease payments. The interest, cost is charged to the income statement over the lease period so as to produce a constant periodic rate of
interest on the remaining liability for each period.

Global Scanning UK Ltd (Registered number: 02443087)

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

2. ACCOUNTING POLICIES - continued

The company applies the short-term lease exemption to those leases that have a lease term of 12 months or
less from the commencement date and also applies the exemption for leases of low value assets to office
equipment. Lease payments relating to these exemptions are recognised in operating expenses on a straight-
line basis over the lease term.

4. EMPLOYEES AND DIRECTORS

2024 2023
$ $
Wages and salaries 0 130,163
Social security costs 0 14,428
other pension costs 0 2,707
0 147,298

The average number of employees during the year was os follows:
2024 2023
Administration 0 2
Production 0 0
0 2

5. DIRECTORS' EMOLUMENTS

The director of the company is also director of other companies within the Group. The directors' service to the company do not occupy a significant amount of his time. As such the director do not consider that he has received any remuneration for his incidental services to the company for the year ended 31 December 2024 (2023 - $nil).

6. INCOME FROM SHARES IN GROUP UNDERTAKINGS
2024 2023
$    $   
Shares in group undertakings - 3,000,000

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
$    $   
Interest on loan to parent - 41,544

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
$    $   
Interest on lease liabilities - 1,165
Interest, Intercompany - 3,633
- 4,798

Global Scanning UK Ltd (Registered number: 02443087)

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

9. PROFIT BEFORE TAXATION

This is stated after charging/(crediting)
20242023
$$
Auditor's remuneration - Audit015,296
Auditor's remuneration - Tax compliance services00
Auditor's remuneration - Other services03,824
Depreciation of owned fixed assets01,492
Depreciation of Right of Use Asset05,338
Research and development expenditure written off083,297
Amortisation of deferred development expenditure060,487
Short term lease rental0555
Difference on foreign exchange0(38,127)

10. TAXATION

Analysis of tax income
2024 2023
$    $   
Current tax:
Tax - (27,184 )
Total tax income in income statement - (27,184 )

Factors affecting the tax expense
The tax assessed for the year is the same as (2023 - lower) the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
$    $   
Profit before income tax - 2,895,837
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.500%)

-

680,522

Effects of:
tax purposes
Income not taxable - (705,000 )
(charged)/credited directly to
recognised in tax computation
for changes in tax rates
between opening and closing

Difference - (2,706 )
Tax income - (27,184 )

Global Scanning UK Ltd (Registered number: 02443087)

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

11. INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
$    $    $   
COST
At 1 January 2024
and 31 December 2024 173,600 10,133,162 10,306,762
NET BOOK VALUE
At 31 December 2024 173,600 10,133,162 10,306,762
At 31 December 2023 173,600 10,133,162 10,306,762

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Global Scanning Suzhou Co. Ltd
Registered office: Building 39, Dongjing Industrial Zone, No 9 Dongfu Rd, Suzhou Industrial Park, Suzhou, Jiangsu 215123, China
Nature of business: Manufacturer
%
Class of shares: holding
Ordinary shares 100.00

Associated company

Global Scanning Denmark A/S
Registered office: Svanevang 2, 3450 Allerød, Denmark
Nature of business: Manufacturer
%
Class of shares: holding
Ordinary shares 48.37

The directors are of the opinion that the carrying value of the investments in subsidiaries and associated companies are fairly stated at cost and that they have not suffered any impairment in value.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
$    $   
Amounts owed by group undertakings 457,223 457,223

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: $    $   
13,943 Ordinary shares 1 21,332 21,332

Global Scanning UK Ltd (Registered number: 02443087)

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

14. RESERVES

Capital redemption reserve
This reserve resulted from the repurchase and cancellation of shares in 2012.

Share premium account
This reserve records the amount above nominal value received for share issued less transaction costs.

Profit and Loss account
This reserve comprises accumulated profits less dividends.

15. CONTINGENT LIABILITIES

Nordea Bank Denmark A/S has a Credit Agreement to provide the group company Global Scanning Denmark A/S with loan facilities equating to a variable credit line of up to DKK 6,000,000 at the end of 2024 (2023: DKK 6,000,000). The facility is in place as part of the funding of the whole Global Scanning Group. Global Scanning UK Limited acts as chargor for the loan facilities, which is secured by a floating charge over all the company´s current assets. As at the year ended 31 December 2024, USD 0 was drawn down in these facilities (2023: USD 749,561).

16. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions available in paragraph 8(k) of FRS 101 as to the
disclosure of transactions with group entities because the company's financial position and financial performance are included in the consolidated financial statements of Global Scanning A/S.

17. EVENTS AFTER THE REPORTING PERIOD

No events have occurred after the balance sheet date that would materially affect the company’s financial position or require disclosure in these financial statements.

18. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking and controlling party is Global Scanning A/S, a company incorporated and registered in Denmark. The company's results have been included in the consolidated financial statements of Global Scanning A/S, copies of which can be obtained from:

Global Scanning A/S
Svanevang 2
3450 Allerød
Denmark

Global Scanning A/S is owned by RIDDARGATAN SPV S AB, which is owned by Skandinaviska Kreditfonden AB, an entity incorporated in Sweden, and hence as at the year-end, is considered to be the company's ultimate controlling party.