Acorah Software Products - Accounts Production 16.4.675 false true true 31 December 2023 1 July 2023 false 31 July 2025 1 January 2024 31 December 2024 31 December 2024 10031742 R A Coveney J J Durairatnam L A Hovem K Oerbeck-Nilssen R T Stebbings true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10031742 2023-12-31 10031742 2024-12-31 10031742 2024-01-01 2024-12-31 10031742 frs-core:CurrentFinancialInstruments 2024-12-31 10031742 frs-core:Non-currentFinancialInstruments 2024-12-31 10031742 frs-core:ComputerEquipment 2024-12-31 10031742 frs-core:ComputerEquipment 2024-01-01 2024-12-31 10031742 frs-core:ComputerEquipment 2023-12-31 10031742 frs-core:FurnitureFittings 2024-12-31 10031742 frs-core:FurnitureFittings 2024-01-01 2024-12-31 10031742 frs-core:FurnitureFittings 2023-12-31 10031742 frs-core:OtherReservesSubtotal 2024-12-31 10031742 frs-core:SharePremium 2024-12-31 10031742 frs-core:ShareCapital 2024-12-31 10031742 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 10031742 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10031742 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 10031742 frs-bus:SmallEntities 2024-01-01 2024-12-31 10031742 frs-bus:Audited 2024-01-01 2024-12-31 10031742 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10031742 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 10031742 frs-bus:OrdinaryShareClass1 2024-12-31 10031742 frs-bus:OrdinaryShareClass2 2024-01-01 2024-12-31 10031742 frs-bus:OrdinaryShareClass2 2024-12-31 10031742 frs-bus:PreferenceShareClass1 2024-01-01 2024-12-31 10031742 frs-bus:PreferenceShareClass1 2024-12-31 10031742 1 2024-01-01 2024-12-31 10031742 frs-core:UnlistedNon-exchangeTraded 2024-12-31 10031742 frs-core:UnlistedNon-exchangeTraded 2023-12-31 10031742 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 10031742 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-12-31 10031742 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 10031742 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-12-31 10031742 frs-bus:Director1 2024-01-01 2024-12-31 10031742 frs-bus:Director2 2024-01-01 2024-12-31 10031742 frs-bus:Director3 2024-01-01 2024-12-31 10031742 frs-bus:Director4 2024-01-01 2024-12-31 10031742 frs-bus:Director5 2024-01-01 2024-12-31 10031742 frs-countries:EnglandWales 2024-01-01 2024-12-31 10031742 2023-06-30 10031742 2023-12-31 10031742 2023-07-01 2023-12-31 10031742 frs-core:CurrentFinancialInstruments 2023-12-31 10031742 frs-core:Non-currentFinancialInstruments 2023-12-31 10031742 frs-core:OtherReservesSubtotal 2023-12-31 10031742 frs-core:SharePremium 2023-12-31 10031742 frs-core:ShareCapital 2023-12-31 10031742 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10031742 frs-bus:OrdinaryShareClass1 2023-07-01 2023-12-31 10031742 frs-bus:OrdinaryShareClass2 2023-07-01 2023-12-31 10031742 frs-bus:PreferenceShareClass1 2023-07-01 2023-12-31 10031742 frs-core:Non-currentFinancialInstruments 1 2023-12-31
Registered number: 10031742
CyberOwl Limited
Financial Statements
For The Year Ended 31 December 2024
Michael Price Associates Limited
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—7
Page 1
Balance Sheet
Registered number: 10031742
31 December 2024 31 December 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 137,661 135,886
Investments 5 1 1
137,662 135,887
CURRENT ASSETS
Debtors 6 546,488 1,874,311
Cash at bank and in hand 4,425,548 1,162,239
4,972,036 3,036,550
Creditors: Amounts Falling Due Within One Year 7 (1,413,826 ) (2,917,968 )
NET CURRENT ASSETS (LIABILITIES) 3,558,210 118,582
TOTAL ASSETS LESS CURRENT LIABILITIES 3,695,872 254,469
Creditors: Amounts Falling Due After More Than One Year 8 - (3,648,021 )
NET ASSETS/(LIABILITIES) 3,695,872 (3,393,552 )
CAPITAL AND RESERVES
Called up share capital 9 2,531 997
Share premium account 24,639,080 8,163,325
Other reserves - 235,457
Profit and Loss Account (20,945,739 ) (11,793,331 )
SHAREHOLDERS' FUNDS 3,695,872 (3,393,552)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R T Stebbings
Director
31/07/2025
The notes on pages 2 to 7 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
CyberOwl Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10031742 . The registered office is 5th Floor Vivo Building, 30 Stamford Street, London, SE1 9LQ.
The comparative information is unaudited. The comparative figures are for a 6 month period, as the company shortened its accounting reference date from 30 June 2024 to 31 December 2023.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The functional currency is Sterling £. 
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of DNV Group As. These consolidated financial statements are available from its registered office NO -1322, Hovik, Norway.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
CyberOwl Limited is a wholly owned subsidiary of DNV Group As and the results of CyberOwl Limited are included in the consolidated financial statements of DNV Group As which are available from NO -1322, Hovik, Norway.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The parent company has provided a letter of support stating it is able to and will continue to support the Company's operations for at least 12 months from the date of signing the financial statement. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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Page 3
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings Straight line over 3 years
Computer Equipment Straight line over 3 years
Assets are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e. the higher of the fair value less cost to sell and value in use) of the asset is estimated to determine the amount of impairment loss.
2.5. Financial Instruments
The company’s financial instruments comprise a single financial liability, which is measured at amortised cost. The company does not have any derivative instruments or financial assets other than cash at bank.
Financial liabilities are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. The company is not exposed to significant credit, market or liquidity risk arising from financial instruments.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Operating Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.9. Cash and Cash Equivalents
Cash and cash equivalents include cash at bank and in hand. These balances are held to meet short-term operational needs.
2.10. Valuation of investments
Investments in subsidiaries are measured at cost less impairment.
Investments are reviewed for impairment whenever there is any indication that these assets may be impaired. If any such indication exists, the recoverable amount (i.e. the higher of the fair value less cost to sell and value in use) of the asset is estimated to determine the amount of impairment loss.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2023: 18)
26 18
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 255,535 - 255,535
Additions 70,212 20,109 90,321
As at 31 December 2024 325,747 20,109 345,856
Depreciation
As at 1 January 2024 119,649 - 119,649
Provided during the period 85,874 2,672 88,546
As at 31 December 2024 205,523 2,672 208,195
Net Book Value
As at 31 December 2024 120,224 17,437 137,661
As at 1 January 2024 135,886 - 135,886
The fixtures & fittings as of 1 January 2024 are restated. 
5. Investments
Unlisted
£
Cost
As at 1 January 2024 1
As at 31 December 2024 1
Provision
As at 1 January 2024 -
As at 31 December 2024 -
Net Book Value
As at 31 December 2024 1
As at 1 January 2024 1
The following was a subsidiary undertaking of the Company:
Name
Registered office
Class of shares
Holding
Cyberowl Pte. Ltd
160 Robinson Road, #14-04 Singapore Business Federation Center. Singapore 068914
Ordinary
100%
The aggregate of the share capital and reserves as at 31 December 2024 and the profit of loss for the year ended on that date for the subsidiary undertaking were as follows:
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Page 5
Name
Aggregate of share capital and reserves
Profit / (loss)

Cyberowl Pte. Ltd
£138,297
£117,329
6. Debtors
31 December 2024 31 December 2023
as restated
£ £
Due within one year
Trade debtors 53,763 73,076
Prepayments and accrued income 35,863 39,837
Other debtors 45,677 508,514
Amounts owed by group undertakings 411,185 1,252,884
546,488 1,874,311
7. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
as restated
£ £
Trade creditors 99,835 311,365
Bank loans and overdrafts - 758,374
Other taxes and social security 449,266 392,184
Other creditors 12,363 21,565
Accruals and deferred income 544,317 168,851
Amounts owed to group undertakings 308,045 1,265,629
1,413,826 2,917,968
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2024 31 December 2023
as restated
£ £
Bank loans - 1,327,860
Redeemable preference shares - 2,320,161
- 3,648,021
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Page 6
9. Share Capital
31 December 2024 31 December 2023
as restated
Allotted, called up and fully paid £ £
66,327 Ordinary Shares of £ 0.01 each 663 126
87,072 Ordinary A shares of £ 0.01 each 871 871
1,534 997
Preference Shares
31 December 2024 31 December 2023
as restated
Allotted, called up and fully paid £ £
99,708 Preference Shares of £ 0.01 each 997 -
On 11 December 2024, 53,691 Ordinary shares of £0.01 were issued at a premium of £148.99 per share. 
On 01 December 2023, the company issued 24,421 Preference shares at a premium of £26.22 per share and 20,974 at a premium of £20.97 per share. On 15 January 2024, a further 38,489 Preference Shares were issued at a premium of £26.22 per share. The Preference Shares were originally issued with no fixed interest rate. However they included a fixed redemption date and fixed premium and were therefore originally classified as debt. The redemption premium crystalises upon the earlier of set trigger points, or a set redemption date. During the year one of the trigger events occurred with the sale of the company.  The redemption premium has therefore been charged to the profit and loss account and has been spread over the period since issue to the date of the trigger event. 
As part of the acquisition 100 per cent of the Preference Shares were acquired by the Parent company and the Preference Shares have been denoted as non-redeemable and any future dividends are discretionary. Therefore the Preference shares have been classified as equity at the year end.
10. Other Commitments
Lessee
The company has a rolling monthly operating lease commitment in respect of office space.
11. Pension Commitments
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £28,432 (2023: £16.377). Contributions totalling £10,610 (2023: £5,925) were payable to the scheme at the end of the year and included in creditors.
12. Ultimate Controlling Party
On 30 July 2024, DNV AS acquired the whole of the share capital of the company.  At the year end the company is under the control of DNV AS a company registered in Norway
13. Prior year adjustment note
In preparing these financial statements, management have identified a number of errors relating to prior periods. Accordingly, prior year adjustments have been made. The prior year adjustments relate to the incorrect classification of fixed assets as stock, and the application of a transfer pricing adjustment which affects prior years. 
Original
Adjustment 1

Adjustment 2

Adjustment 3

As Restated

Fixed Assets B/f
255,535.00 
255,535.00 
Depreciation to date
-119,649.00 
-119,649.00 
Investments
1.00 
1.00 
...CONTINUED
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Page 7
Stock
168,036.00 
-168,036.00 
Debtors
1,874,312.00 
1,874,311.00 
Cash
1,162,239.00 
-
1,162,239.00
Creditors < 1YR
-1,504,315.00 
-1,265,628.00
-148,026.00 
-2,917,969.00
Creditors > 1YR
-3,796,047.00 
148,026.00 
-3,648,021.00 
Net assets / (liability)
-2,095,774.00 
-32,150.00 
-1,265,628.00 
-3,393,552.00 
Adjustment 1 - Relates to the restatement of fixed assets originally classified as stock. This increased the loss for 2023 by £32,150 and brought forward losses by the same amount.
Adjustment 2 - Relates to the amendment of a transfer pricing agreement between the company and its subsidiary which has been applied retrospectively. This has increased the loss for 2023 by £306,818 and for prior years (up to 2023) by £958,811, an increase in brought forward losses by £1,265,629.
Adjustment 3 - Relates to the reallocation of creditor balances between due within one year and greater than one year to correctly classify the prior year balances. This has no effect on the loss for the year.
Relates to 2023
The total effect on profit of the prior year adjustment is set out below:
Description
Amount (£)
Loss for 2023 as originally stated
(1,162,446)
Adjustment 1
(32,150)
Adjustment 2 – 2023 component 
(306,818)
Revised 2023 loss
(1,504,415)
14. Audit Information
The auditor's report on the accounts of CyberOwl Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Andrew Turner (Senior Statutory Auditor) for and on behalf of Mercer & Hole LLP , Statutory Auditor.
Mercer & Hole LLP
21 Lombard Street
London
EC3V 9AH
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