REGISTERED NUMBER: SC335377 (Scotland)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

STIM SCOTLAND LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Tor Erik Tveit

Carl Erik Arnesen

SECRETARY:

Laura Elizabeth Crilly

REGISTERED OFFICE:

5 Dunrobin Court

14 North Avenue

Clydebank Business Park

Clydebank

Glasgow

G81 2QP

REGISTERED NUMBER:

SC335377 (Scotland)

AUDITORS:

Stewart Gilmour & Co.

Chartered Accountants

3rd Floor, St George's Buildings

5 St Vincent Place

Glasgow

G1 2DH

BANKERS:

Virgin Money

2 Princes Square

East Kilbride

G74 1LJ

SOLICITORS:

Cloch Solicitors

1st Floor, Standard Buildings

94 Hope Street

Glasgow

G2 6PH

FIXED ASSETS

Intangible assets

4

529,544

-

Tangible assets

5

521,316

608

1,050,860

608

CURRENT ASSETS

Stocks

127,095

32,918

Debtors

6

1,121,234

88,437

Cash at bank

231,677

304,217

1,480,006

425,572

CREDITORS

Amounts falling due within one year

7

758,708

46,417

NET CURRENT ASSETS

721,298

379,155

TOTAL ASSETS LESS CURRENT LIABILITIES

1,772,158

379,763

CREDITORS

Amounts falling due after more than one year

8

(1,241,330

)

-

PROVISIONS FOR LIABILITIES

(2,971

)

(116

)

NET ASSETS

527,857

379,647

CAPITAL AND RESERVES

Called up share capital

9

9,001

9,001

Retained earnings

518,856

370,646

SHAREHOLDERS' FUNDS

527,857

379,647

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 15 December 2025 and were signed on its behalf by:

Tor Erik Tveit - Director

1.	STATUTORY INFORMATION

Stim Scotland Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The accounts are rounded to the nearest whole Pound.

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.

Preparation of consolidated financial statements

The financial statements contain information about Stim Scotland Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Heritable property

-

2% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on cost

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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Grants received

Government grants received in respect of expenditure charged in the profit and loss account during the year have been included in profit and loss. The remainder are deferred and included in the profit and loss account by instalments over the expected useful lives of the assets to which they relate.

Pension costs

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

588,382

At 31 December 2024

588,382

AMORTISATION

Charge for year

58,838

At 31 December 2024

58,838

NET BOOK VALUE

At 31 December 2024

529,544

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

-

167,951

167,951

Additions

516,000

20,251

536,251

At 31 December 2024

516,000

188,202

704,202

DEPRECIATION

At 1 January 2024

-

167,343

167,343

Charge for year

10,320

5,223

15,543

At 31 December 2024

10,320

172,566

182,886

NET BOOK VALUE

At 31 December 2024

505,680

15,636

521,316

At 31 December 2023

-

608

608

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,076,231

65,242

Other debtors

45,003

23,195

1,121,234

88,437

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

607,949

35,633

Taxation and social security

138,959

6,225

Other creditors

11,800

4,559

758,708

46,417

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

1,241,330

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

9,001

Ordinary

£1

9,001

9,001

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sheila L Tannock C.A. (Senior Statutory Auditor)

for and on behalf of Stewart Gilmour & Co.

11.	ULTIMATE CONTROLLING PARTY

The ultimate holding company of Stim Scotland Ltd is Herd HoldCo AS, a company registered in Norway. Herd HoldCo AS is controlled by the Board of Summa Equity Fund III and Nordly Holdings AS.