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REGISTERED NUMBER: 02361227 (England and Wales)







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: Steve Guest
Lene Vesterlund
Karin Margareta Gjersoe


SECRETARY: Phillip Robin Hogan


REGISTERED OFFICE: 310 Bristol Business Park
The Crescent Stoke Gifford
Bristol
South Glos
BS16 1EJ


REGISTERED NUMBER: 02361227 (England and Wales)


SENIOR STATUTORY AUDITOR: Lisa White FCCA


AUDITORS: Dunkley's
Statutory Auditor
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY


BANKERS: J P Morgan Chase Bank
25 Bank Street
Canary Wharf
London
E14 5JP


SOLICITORS: Henriques Griffiths
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:





Lene Vesterlund - Director


6 August 2025

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
Steve Guest has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Per-Erik Kristoffersen - resigned 13 June 2024
Lene Vesterlund - appointed 13 June 2024

Karin Margareta Gjersoe was appointed as a director after 31 December 2024 but prior to the date of this report.

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:





Lene Vesterlund - Director


6 August 2025

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.




Lisa White FCCA (Senior Statutory Auditor)
for and on behalf of Dunkley's
Statutory Auditor
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY

12 August 2025

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 20,338,821 7,185,732

Cost of sales (15,172,921 ) (4,961,071 )
GROSS PROFIT 5,165,900 2,224,661

Other operating income 12,170 1,393
Administrative expenses (2,080,897 ) (1,202,923 )
OPERATING PROFIT 3,097,173 1,023,131

Finance costs 4 (60,271 ) (39,874 )

Finance income 4 325,495 109,113
PROFIT BEFORE INCOME TAX 5 3,362,397 1,092,370

Income tax 6 (845,914 ) (247,972 )
PROFIT FOR THE YEAR 2,516,483 844,398

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 2,516,483 844,398

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,516,483 844,398

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 8 118,060 122,823
Right-of-use
Property, plant and equipment 8, 15 361,019 407,466
479,079 530,289
CURRENT ASSETS
Trade and other receivables 9 2,297,016 4,116,807
Tax receivable 139,556 349,655
Cash and cash equivalents 10 7,113,670 1,978,725
9,550,242 6,445,187
TOTAL ASSETS 10,029,321 6,975,476
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 11 60,001 60,001
Share premium 12 17,157 17,157
Retained earnings 12 4,009,775 2,293,292
TOTAL EQUITY 4,086,933 2,370,450
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Lease liabilities 14, 15 275,511 360,519
Deferred tax 16 8,456 18,664
283,967 379,183
CURRENT LIABILITIES
Trade and other payables 13 5,572,913 4,178,895
Financial liabilities - borrowings
Lease liabilities 14, 15 85,508 46,948
5,658,421 4,225,843
TOTAL LIABILITIES 5,942,388 4,605,026
TOTAL EQUITY AND LIABILITIES 10,029,321 6,975,476


The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2025 and were signed on its behalf by:





Lene Vesterlund - Director


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 60,001 1,448,894 17,157 1,526,052

Changes in equity
Total comprehensive income - 844,398 - 844,398
Balance at 31 December 2023 60,001 2,293,292 17,157 2,370,450

Changes in equity
Dividends - (800,000 ) - (800,000 )
Total comprehensive income - 2,516,483 - 2,516,483
Balance at 31 December 2024 60,001 4,009,775 17,157 4,086,933

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 6,415,288 (398,221 )
Interest paid (64 ) (746 )
Lease interest paid (60,207 ) (39,128 )
Tax paid (646,023 ) 17,249
Net cash from operating activities 5,708,994 (420,846 )

Cash flows from investing activities
Purchase of tangible fixed assets (53,096 ) (49,839 )
Purchase of right of use assets - (361,019 )
Interest received 325,495 109,113
Net cash from investing activities 272,399 (301,745 )

Cash flows from financing activities
Payment of lease liabilities (46,448 ) -
New leases in the year - 311,979
dividends paid (800,000 ) -
Net cash from financing activities (846,448 ) 311,979

Increase/(decrease) in cash and cash equivalents 5,134,945 (410,612 )
Cash and cash equivalents at beginning of year 2 1,978,725 2,389,337

Cash and cash equivalents at end of year 2 7,113,670 1,978,725

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 3,362,397 1,092,370
Depreciation charges 104,306 95,319
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 1,819,791 (3,512,004 )
Increase in trade and other payables 1,394,018 1,995,333
Cash generated from operations 6,415,288 (398,221 )

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 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 UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property - 20% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

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 949,192 562,668
Social security costs 109,578 63,310
Other pension costs 66,428 24,082
1,125,198 650,060

The average number of employees during the year was as follows:
31.12.24 31.12.23

Directors 1 1
Employees 14 10
15 11

31.12.24 31.12.23
£    £   
Directors' remuneration 147,221 129,774

4. NET FINANCE INCOME
31.12.24 31.12.23
£    £   
Finance income:
Deposit account interest 297,472 90,227
HMRC interest 28,023 18,886
325,495 109,113
Finance costs:
Bank interest 64 746
Hire purchase 11,275 8,681
Motor & equipment leasing 48,932 30,447
60,271 39,874

Net finance income 265,224 69,239

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 15,172,921 4,961,071
Depreciation - owned assets 57,859 46,279
Depreciation - assets on hire purchase contracts or finance leases 46,447 49,040
Auditors' remuneration 11,000 7,075
Foreign exchange differences 6,860 26,021

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 856,122 250,327

Deferred tax (10,208 ) (2,355 )
Total tax expense in statement of profit or loss 845,914 247,972

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 3,362,397 1,092,370
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

840,599

273,093

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 845,914 247,972

7. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of £1 each
Final 800,000 -

8. PROPERTY, PLANT AND EQUIPMENT
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2024 508,285 181,399 29,593
Additions - 32,013 -
At 31 December 2024 508,285 213,412 29,593
DEPRECIATION
At 1 January 2024 100,819 92,487 25,102
Charge for year 46,447 40,599 4,491
At 31 December 2024 147,266 133,086 29,593
NET BOOK VALUE
At 31 December 2024 361,019 80,326 -
At 31 December 2023 407,466 88,912 4,491

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 56,922 88,884 865,083
Additions - 21,083 53,096
At 31 December 2024 56,922 109,967 918,179
DEPRECIATION
At 1 January 2024 42,373 74,013 334,794
Charge for year 4,524 8,245 104,306
At 31 December 2024 46,897 82,258 439,100
NET BOOK VALUE
At 31 December 2024 10,025 27,709 479,079
At 31 December 2023 14,549 14,871 530,289

9. TRADE AND OTHER RECEIVABLES

31.12.24 31.12.23
£    £   
Current:
Trade debtors 2,090,880 3,948,790
Other debtors 9,080 5,497
Prepayments 197,056 162,520
2,297,016 4,116,807

10. CASH AND CASH EQUIVALENTS

31.12.24 31.12.23
£    £   
Cash in hand 6,134 6,134
Bank accounts 7,107,536 1,972,591
7,113,670 1,978,725

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
1 Ordinary A £1 1 1
60,000 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 2,293,292 17,157 2,310,449
Profit for the year 2,516,483 2,516,483
Dividends (800,000 ) (800,000 )
At 31 December 2024 4,009,775 17,157 4,026,932


13. TRADE AND OTHER PAYABLES

31.12.24 31.12.23
£    £   
Current:
Trade creditors 306,011 79,359
Social security and other taxes 43,746 24,003
Customer advances 3,759,803 3,269,284
Amounts owed to group
undertakings 708,380 156,990
Accrued expenses 216,132 352,443
VAT 538,841 296,816
5,572,913 4,178,895

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 8,456 18,664

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.