Company registration number 13757438 (England and Wales)
EMMA SYSTEMS UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EMMA SYSTEMS UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
EMMA SYSTEMS UK LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,926
2,192
Current assets
Debtors
4
29,069
41,489
Cash at bank and in hand
135,511
98,206
164,580
139,695
Creditors: amounts falling due within one year
5
(159,342)
(158,175)
Net current assets/(liabilities)
5,238
(18,480)
Net assets/(liabilities)
7,164
(16,288)
Capital and reserves
Called up share capital
6
1,300,000
900,000
Profit and loss reserves
(1,292,836)
(916,288)
Total equity
7,164
(16,288)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
Mr C Amtrup
Director
Company registration number 13757438 (England and Wales)
EMMA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Emma Systems UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is c/o Craufurd Hale Group, Ground Floor, Arena Court, Crown Lane, MAIDENHEAD, SL6 8QZ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

In preparing the financial statements, the directors have considered the ability of the company to continue as a going concern and are actively monitoring its financial condition, liquidity, operations and workforce to inform their decisions.true

The company is in its third period of trade and the directors anticipated making losses still through to 31 December 202 4 as it continues to establish itself in the United Kingdom market. The company made a loss for the period ended 31 December 202 4 of £376,548 (202 3: £4 46,776) and at the balance sheet date had net assets of £7,164 (202 3: net liabilities of £16,288).

The directors have reviewed the latest financial information and prepared cash flow forecasts identifying all known contractual cash commitments for a period including the twelve months from the date of approval of the financial statements and compared this to current cash holdings. The parent company has continued to financially support Emma Systems UK Ltd and will continue to provide additional funding by way of additional shares being issued as and when required. The directors of the parent company have also confirmed that the parent company has the ability and will continue to support the company financially to ensure that the company can meet its debts as and when they fall due.

Market conditions at present are really good. The company is the only supplier of this type of product and UK companies are very focused on tools to support them in being compliant with customs. After 3 years of operation in the UK, Emma Systems UK Ltd's name is becoming well known in the market, and the directors are very optimistic for the future.

Sales have continued to grow as the company continues to establish itself in the United Kingdom market and there are a number of new contracts entered into since the balance sheet date as well as a number of contracts in the pipeline. It is the directors clear objective to break even in the next financial period.

On the above basis, the directors have concluded that there are no material uncertainties that lead to significant doubt upon the company’s ability to continue as a going concern and therefore the directors believe that it remains appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

EMMA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from contracts for the provision of software solutions for customs clearance, forwarding, post-declaration archiving and compliance is recognised over the term of the licence on a straight line basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost over their useful lives on the following bases:

Computers
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and represents include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets are classified as receivable within one year and are not amortised on the basis that they are receivable within one year or less.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

EMMA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price. Financial liabilities are classified as payable within one year and are not amortised on the basis that payment is due within one year or less.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities on the basis that payment is due within one year or less.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
EMMA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
2,904
Additions
514
At 31 December 2024
3,418
Depreciation and impairment
At 1 January 2024
712
Depreciation charged in the year
780
At 31 December 2024
1,492
Carrying amount
At 31 December 2024
1,926
At 31 December 2023
2,192
EMMA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,460
8,784
Other debtors
16,609
32,705
29,069
41,489
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,401
15,931
Amounts owed to group undertakings
105,846
105,846
Taxation and social security
15,476
14,468
Other creditors
35,619
21,930
159,342
158,175
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,300,000
900,000
1,300,000
900,000

On 14 February 202 4 400,000 ordinary shares of £1 each were issued and fully paid to provide further working capital for the company.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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 loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Paul Fagan FCCA
Statutory Auditor:
Craufurd Hale Audit Services Limited
Date of audit report:
9 April 2025
EMMA SYSTEMS UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Parent company

The immediate parent company is Vind Industry AS, a company incorporated in Norway.

The ultimate parent company is Tungsten AS, a company incorporated in Norway.

The ultimate controlling party is Harald Hoegh by virtue of his controlling interest in the ultimate parent company.

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