| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Kongsberg Norcontrol Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Kongsberg Norcontrol Limited |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Statement of Profit or Loss | 8 |
| Statement of Profit or Loss and Other Comprehensive Income | 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 |
| Kongsberg Norcontrol Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| Woodlands Grange |
| Woodlands Lane |
| Bradley Stoke |
| Bristol |
| BS32 4JY |
| BANKERS: |
| 25 Bank Street |
| Canary Wharf |
| London |
| E14 5JP |
| SOLICITORS: |
| Portland Square |
| Bristol |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The principal performance indicators used by the board are as follows: |
| 2024 | 2023 |
| Increase / (Decline) in turnover | 183% | 43.4% |
| Pre-tax profit margin | 16.5% | 15.2% |
| SECTION 172(1) STATEMENT |
| The Directors of the company must act in accordance with a set of general duties that are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows: |
| 'A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to: |
| the likely consequences of any decisions in the long term; |
| the interests of the company's employees; |
| the need to foster the company's business relationships with suppliers, customers and others; |
| the impact of the company's operations on the community and environment; |
| the desirability of the company maintaining a reputation for high standards of business conduct; and |
| the need to act fairly as between shareholders of the company.' |
| It is important to recognise that in a large organisation such as ours, the Directors fulfil their duties partly through a governance framework that delegates day-to-day decision-making to employees of the Company. |
| ENGAGEMENT WITH EMPLOYEES |
| We manage our people's performance and share common values that inform and guide our behaviour so we achieve our goals in the right way, for our business to succeed. |
| ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
| We develop and maintain strong client relationships and we value all of our suppliers. |
| STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS |
| We report under the Corporate Governance Code. |
| FINANCIAL INSTRUMENTS |
| The company's financial instruments comprise of bank borrowing, asset finance, cash and liquid resources, and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. |
| The company seeks to minimise financial risk and appropriate terms are negotiated with lenders, suppliers and customers. Management reviews the terms and the relationships and manages the exposure as appropriate. |
| POLICY ON PAYMENT OF SUPPLIERS |
| It is the company’s policy to agree terms of payment prior to commencing trade with any supplier and to abide by those terms based on the timely submission of satisfactory invoices. |
| Trade creditor days of the company for the year ended 31 December 2023 was 6 days (2022: 8 days) based on the ratio of company trade creditors, including group suppliers, at the end of the year to the amounts invoiced during the year by trade creditors. |
| ON BEHALF OF THE BOARD: |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the company in the year under review were those of the sales, installation, service, repair and maintenance of maritime surveillance systems for ports, coastal authorities and off shore applications. |
| DIVIDENDS |
| A final dividend of £4,000,000 shall become payable on the 14th July 2025 for the year ended 31st December 2024 (£800,000 2023). |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| BUSINESS REVIEW |
| The business review is detailed within the Strategic Report on page 2. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The director is responsible for preparing the Report of the Director, Strategic Report 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 International Financial Reporting Standards as adopted by the European Union. 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; |
| - state that the financial statements comply with IFRS; |
| - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Dunkley's, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Kongsberg Norcontrol Limited |
| Opinion |
| We have audited the financial statements of Kongsberg Norcontrol Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK. |
| 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 for the year then ended; |
| - | have been properly prepared in accordance with IFRSs as adopted by the UK; 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 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 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 directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| 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 Report of the Directors. |
| 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 directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Report of the Independent Auditors to the Members of |
| Kongsberg Norcontrol Limited |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
| Report of the Independent Auditors to the Members of |
| Kongsberg Norcontrol Limited |
| 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: |
| We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| Identifying and assessing potential risks related to irregularities |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, bonus levels and performance targets. |
| - any matters we identified, having obtained, and reviewed the company's documentation of their policies and procedures relating to: |
| o identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance. |
| o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud. |
| o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. |
| - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition. |
| We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. |
| Audit response to risks identified |
| Our procedures to respond to risks identified included the following: |
| - enquiring of management, concerning actual and potential litigation and claims. |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. |
| - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Kongsberg Norcontrol Limited |
| 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. |
| for and on behalf of |
| Statutory Auditor |
| Chartered Accountants |
| Woodlands Grange |
| Woodlands Lane |
| Bradley Stoke |
| Bristol |
| BS32 4JY |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Statement of Profit or Loss |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| CONTINUING OPERATIONS |
| Revenue |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Other operating income |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT |
| Finance costs | 4 | (60,271 | ) | (39,874 | ) |
| Finance income | 4 | 325,495 | 109,113 |
| PROFIT BEFORE INCOME TAX | 5 |
| Income tax | 6 | ( |
) | ( |
) |
| PROFIT FOR THE YEAR |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Statement of Profit or Loss and Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Statement of Financial Position |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| ASSETS |
| NON-CURRENT ASSETS |
| Owned |
| Property, plant and equipment | 8 |
| Right-of-use |
| Property, plant and equipment | 8, 15 |
| CURRENT ASSETS |
| Trade and other receivables | 9 |
| Tax receivable |
| Cash and cash equivalents | 10 |
| TOTAL ASSETS |
| EQUITY |
| SHAREHOLDERS' EQUITY |
| Called up share capital | 11 |
| Share premium | 12 |
| Retained earnings | 12 |
| TOTAL EQUITY |
| LIABILITIES |
| NON-CURRENT LIABILITIES |
| Financial liabilities - borrowings |
| Lease liabilities | 14, 15 |
| Deferred tax | 16 | 8,456 | 18,664 |
| CURRENT LIABILITIES |
| Trade and other payables | 13 |
| Financial liabilities - borrowings |
| Lease liabilities | 14, 15 |
| TOTAL LIABILITIES |
| TOTAL EQUITY AND LIABILITIES |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Lease interest paid | (60,207 | ) | (39,128 | ) |
| Tax paid | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Purchase of right of use assets | - | (361,019 | ) |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Payment of lease liabilities | ( |
) |
| New leases in the year | - | 311,979 |
| dividends paid | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year | 2 | 2,389,337 |
| Cash and cash equivalents at end of year | 2 |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Notes to the Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before income tax |
| Depreciation charges |
| Finance costs | 60,271 | 39,874 |
| Finance income | (325,495 | ) | (109,113 | ) |
| 3,201,479 | 1,118,450 |
| Decrease/(increase) in trade and other receivables | ( |
) |
| Increase in trade and other payables |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 7,113,670 | 1,978,725 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 1,978,725 | 2,389,337 |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Kongsberg Norcontrol Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| Revenue recognition |
| Revenue represents net invoiced sales of goods and services, excluding value added tax. |
| In respect of long-term contracts and contracts for on-going services, turnover is recognised by reference to the stage of completion. |
| Cash and cash equivalents |
| Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value. |
| In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position. |
| Property, plant and equipment |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 statement of financial position date. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Leases |
| Leases are recognised as operating leases. The lease liability is initially recognised at the present value of future lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. |
| Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. |
| Employee benefit costs |
| The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account. |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Directors | 1 | 1 |
| Employees | 14 | 10 |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Directors' remuneration |
| 4. | NET FINANCE INCOME |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Finance income: |
| Deposit account interest |
| HMRC interest | 28,023 | 18,886 |
| Finance costs: |
| Bank interest |
| Hire purchase | 11,275 | 8,681 |
| Motor & equipment leasing | 48,932 | 30,447 |
| Net finance income |
| 5. | PROFIT BEFORE INCOME TAX |
| The profit before income tax is stated after charging: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Cost of inventories recognised as expense |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts or finance leases |
| Auditors' remuneration | 11,000 | 7,075 |
| Foreign exchange differences |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | INCOME TAX |
| Analysis of tax expense |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| Taxation - current year |
| Deferred tax | ( |
) | ( |
) |
| Total tax expense in statement of profit or loss |
| Factors affecting the tax expense |
| The tax assessed for the year is higher (2023 - lower) than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before income tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Adjustments in respect of prior years | 1,485 | (11,992 | ) |
| Expenses not deductible | 3,830 | 3,371 |
| Tax rate changes | - | (16,500 | ) |
| Tax expense |
| 7. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Final |
| 8. | PROPERTY, PLANT AND EQUIPMENT |
| Improvements |
| Short | to | Plant and |
| leasehold | property | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | TRADE AND OTHER RECEIVABLES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current: |
| Trade debtors |
| Other debtors | 9,080 | 5,497 |
| Prepayments |
| 10. | CASH AND CASH EQUIVALENTS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Cash in hand |
| Bank accounts |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary A | £1 | 1 | 1 |
| Ordinary | £1 | 60,000 | 60,000 |
| 60,001 | 60,001 |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 2,310,449 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2024 | 4,026,932 |
| 13. | TRADE AND OTHER PAYABLES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current: |
| Trade creditors |
| Social security and other taxes |
| Customer advances |
| Amounts owed to group |
| undertakings | 708,380 | 156,990 |
| Accrued expenses | 216,132 | 352,443 |
| VAT | 538,841 | 296,816 |
| 14. | FINANCIAL LIABILITIES - BORROWINGS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current: |
| Leases (see note 15) | 85,508 | 46,948 |
| Non-current: |
| Leases (see note 15) | 275,511 | 360,519 |
| Terms and debt repayment schedule |
| 1 year or |
| less | 1-2 years | 2-5 years | Totals |
| £ | £ | £ | £ |
| Leases | 85,508 | 78,269 | 197,242 | 361,019 |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | LEASING |
| Right-of-use assets |
| Property, plant and equipment |
| 31.12.24 | 31.12.23 |
| £ | £ |
| COST |
| At 1 January 2024 | 508,285 | 147,266 |
| Additions | - | 361,019 |
| 508,285 | 508,285 |
| DEPRECIATION |
| At 1 January 2024 | 100,819 | 51,779 |
| Charge for year | 46,447 | 49,040 |
| 147,266 | 100,819 |
| NET BOOK VALUE | 361,019 | 407,466 |
| Lease liabilities |
| Minimum lease payments fall due as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Gross obligations repayable: |
| Within one year | 96,783 | 55,629 |
| Between one and five years | 275,511 | 300,495 |
| In more than five years | - | 60,024 |
| 372,294 | 416,148 |
| Finance charges repayable: |
| Within one year | 11,275 | 8,681 |
| Net obligations repayable: |
| Within one year | 85,508 | 46,948 |
| Between one and five years | 275,511 | 300,495 |
| In more than five years | - | 60,024 |
| 361,019 | 407,467 |
| 16. | DEFERRED TAX |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Balance at 1 January | 18,664 | 21,019 |
| Accelerated capital allowances |
| Deferred tax charge to I/S for period | (10,208 | ) | (2,355 | ) |
| Balance at 31 December |
| Kongsberg Norcontrol Limited (Registered number: 02361227) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 17. | ULTIMATE PARENT COMPANY |
| The parent company is Kongsberg Norcontol AS (registered in Norway). |
| The ultimate parent company and controlling party is Kongsberg Gruppen ASA (registered in Norway). |
| 18. | RELATED PARTY DISCLOSURES |
| During the year the company sold goods and services to Kongsberg Norcontol AS (its Norwegian parent) totalling £62,020 (2023: £nil) and purchased goods and services amounting to £11,060,218 (2023: £ £2,380,870). |
| As at 31 December 2024, the company owed £708,380 (2023: £156,990) to the parent company. |