REGISTERED NUMBER: SC227775 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Grading Systems (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H O Anensen

G Mo

D L Peach

REGISTERED OFFICE:

Marine Park

Vidlin

Shetland

ZE2 9QB

REGISTERED NUMBER:

SC227775 (Scotland)

ACCOUNTANTS:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

13,143

14,379

13,143

14,379

CURRENT ASSETS

Stocks

230,991

225,463

Debtors

6

173,768

74,089

Cash at bank

297,110

1,129,324

701,869

1,428,876

CREDITORS

Amounts falling due within one year

7

106,544

829,082

NET CURRENT ASSETS

595,325

599,794

TOTAL ASSETS LESS CURRENT LIABILITIES

608,468

614,173

PROVISIONS FOR LIABILITIES

2,140

1,839

NET ASSETS

606,328

612,334

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

606,228

612,234

SHAREHOLDERS' FUNDS

606,328

612,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

H O Anensen - Director

G Mo - Director

D L Peach - Director

1.	STATUTORY INFORMATION

Grading Systems (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of sixteen years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

and 31 December 2024

250,356

AMORTISATION

At 1 January 2024

and 31 December 2024

250,356

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

7,171

91,299

21,341

36,207

156,018

Additions

-

5,744

-

-

5,744

At 31 December 2024

7,171

97,043

21,341

36,207

161,762

DEPRECIATION

At 1 January 2024

5,397

86,735

18,334

31,173

141,639

Charge for year

1,434

3,056

752

1,738

6,980

At 31 December 2024

6,831

89,791

19,086

32,911

148,619

NET BOOK VALUE

At 31 December 2024

340

7,252

2,255

3,296

13,143

At 31 December 2023

1,774

4,564

3,007

5,034

14,379

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

167,163

70,443

Other debtors

6,605

3,646

173,768

74,089

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

46,398

2,262

Taxation and social security

53,894

65,588

Other creditors

6,252

761,232

106,544

829,082

8.	ULTIMATE CONTROLLING PARTY

The parent company is Egersund Net AS, a company incorporated in Norway. Egersund Net AS is fully

owned by Akva Group ASA.