CyberOwl Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—6

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.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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 £.

These financial statements are the company’s individual financial statements.

The company has elected to take advantage of the exemption under Companies Act section 401 from preparing group accounts on the grounds that it is included in the consolidated financial statements of its ultimate parent.

Consolidated financial statements, including this company, are prepared by DNV Group As, the intermediate parent and are publicly available from NO -1322, Hovik, Norway, or via its website: www.dnv.com.

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

2.2. Going Concern Disclosure

The company has made a loss before tax of £4,191,784 in the year and has net liabilities of £752,118 at the balance sheet date. 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.

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 5 years
Computer Equipment	Straight line over 5 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.

With effect from 1 January 2025, the Company revised the useful economic life (UEL) of its assets from 3 years to 5 years, aligning with DNV AS accounting policies. The impact of this change in 2025 is a £53,909 reduction in the depreciation charge.

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CyberOwl Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 25 (2024: 26)

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CyberOwl Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	325,747	20,109	345,856
Additions	102,422	32,148	134,570

As at 31 December 2025	428,169	52,257	480,426

Depreciation
As at 1 January 2025	205,523	2,672	208,195
Provided during the period	40,835	6,993	47,828

As at 31 December 2025	246,358	9,665	256,023

Net Book Value
As at 31 December 2025	181,811	42,592	224,403

As at 1 January 2025	120,224	17,437	137,661

5. Investments

	Unlisted
	£
Cost
As at 1 January 2025	1

As at 31 December 2025	1

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	1

As at 1 January 2025	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 2025 and the profit of loss for the year ended on that date for the subsidiary undertaking were as follows:

Name	Aggregate of share capital and reserves	Profit / (loss)
Cyberowl Pte. Ltd	£80,696	(£57,601)

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CyberOwl Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	196,775	53,763
Prepayments and accrued income	66,955	35,863
Other debtors	91,299	45,677
Amounts owed by group undertakings	154,979	411,185

	510,008	546,488

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	103,127	99,835
Bank loans and overdrafts	404,335	-
Other taxes and social security	457,749	449,266
Other creditors	7,546	12,363
Accruals and deferred income	543,007	544,317
Amounts owed to group undertakings	251,892	308,045

	1,767,656	1,413,826

During the year, the company entered into a group cash‑pooling arrangement operated by the parent undertaking. At the balance sheet date, the amount owed in respect of this was £404,335 (2024: £Nil)

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
66,327 Ordinary Shares of £ 0.01 each	663	663
87,072 Ordinary A shares of £ 0.01 each	871	871

	1,534	1,534

Preference Shares

	2025	2024
Allotted, called up and fully paid	£	£
99,708 Preference Shares of £ 0.01 each	997	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 by DNV AS in 2024, 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.

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CyberOwl Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Other Commitments

Lessee

The company has a rolling monthly operating lease commitment in respect of office space.

10. 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 £27,645 (2024: £28,432). Contributions totalling £5,620 (2024: £10,610) were payable to the scheme at the end of the year and included in creditors.

11. Controlling Party

On 30 July 2024, DNV AS acquired 100% of the company’s issued share capital.

The Company’s immediate parent is DNV AS, a company registered in Norway (registered address: 1, Veritasveien, Høvik, 1363, Norway).

The ultimate owner and controlling party is Stiftelsen Det Norske Veritas, incorporated in Norway (registered address: 1, Veritasveien, Høvik, 1363, Norway). This is the largest group in which the company is consolidated. The financial statements are published online at www.detnorskeveritas.com.

The smallest group in which the company is consolidated is DNV Group AS, the intermediate parent, a company registered in Norway (registered address: 1, Veritasveien, Høvik, 1363, Norway). The financial statements are available upon request from DNV (Corporate Communications), 1322 Høvik, Norway, and are published online at https://annualreport.dnv.com/.

12. Audit Information

The auditor's report on the accounts of CyberOwl Limited for the year ended 31 December 2025 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

3 Lombard Street

London

EC3V 9AA

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		224,403		137,661
Investments	5		1		1

			224,404		137,662
CURRENT ASSETS
Debtors	6	510,008		546,488
Cash at bank and in hand		281,126		4,425,548

		791,134		4,972,036
Creditors: Amounts Falling Due Within One Year	7	(1,767,656 )		(1,413,826 )

NET CURRENT ASSETS (LIABILITIES)			(976,522 )		3,558,210

TOTAL ASSETS LESS CURRENT LIABILITIES			(752,118 )		3,695,872

NET (LIABILITIES)/ASSETS			(752,118 )		3,695,872

CAPITAL AND RESERVES
Called up share capital	8		2,531		2,531
Share premium account			24,639,080		24,639,080
Profit and Loss Account			(25,393,729 )		(20,945,739 )

SHAREHOLDERS' FUNDS			(752,118)		3,695,872