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

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.

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 amounts 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.

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 2024 as it continues to establish itself in the United Kingdom market. The company made a loss for the period ended 31 December 2024 of £376,548 (2023: £446,776) and at the balance sheet date had net assets of £7,164 (2023: 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.

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.

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.

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:

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.

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

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, 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.

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.

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. Amounts payable are classified as current liabilities on the basis that payment is due within one year or less.

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.

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

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

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

On 14 February 2024 400,000 ordinary shares of £1 each were issued and fully paid to provide further working capital for the company.

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:

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.

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.