Contents of the Financial Statements

for the Period Ended 31 December 2019

Directors' report period ended 31 December 2019

The directors present their report with the financial statements of the company for the period ended 31 December 2019

Directors

The director shown below has held office during the whole of the period from
12 July 2018 to 31 December 2019

The directors shown below have held office during the period of
25 September 2018 to 31 December 2019

The director shown below has held office during the period of
12 July 2018 to 10 December 2019

The directors shown below have held office during the period of
12 July 2018 to 25 September 2018

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 August 2020

And signed on behalf of the board by:
Name: Pehr Henrik Ohlsen
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2019

Balance sheet

As at 31 December 2019

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Tangible fixed assets depreciation policy

  Tangible assets are stated at historical cost less accumulated depreciation and provision for any impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the profit and loss account during the financial period in which they are incurred.Depreciation is included in operating expenses and is provided on a straight-line basis over the following estimated useful lives as follows:Buildings : 40 years andFurniture, fittings and equipment: 3 years.The assets’ residual values and useful lives are reviewed on an annual basis. Borrowing costs directly associated with the purchase or development of fixed assets are capitalised.An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.Tangible assets derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the profit and loss account in the period of derecognition.

  Intangible fixed assets amortisation policy

  Non-financial assets not ready to use are not subject to amortisation and are tested annually for impairment. Non-financial assets which are in use are subject to amortisation and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use.For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows. Prior impairments of non-financial assets are reviewed for possible reversal at each reporting date.

  Other accounting policies

  a) Basis of preparationThese financial statements have been prepared on the going concern basis, under the historical cost convention and in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006.b) Statement of complianceThe financial statements have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.c) Foreign currenciesThe company’s financial statements are presented in British Pound, which is also the company’s functional currency.Transactions denominated in foreign currencies are translated into British Pound at rates of exchange ruling on the date the transaction occurred. Monetary assets and liabilities denominated in foreign currencies are translated into British Pound at rates of exchange ruling at the balance sheet date. Foreign exchange gains and losses arerecognised in the profit and loss account.d) Revenue recognitionNet revenues have been disclosed instead of turnover as this more meaningfully reflects the nature and results of the company’s activities. This includes net revenues from investments in the subsidiary.Net revenues from investment in the subsidiary include dividend income and gains and losses on sale of investment. Dividends receivable are recognised as income when the right to receive the payment has been established.Interest income is recognised using the effective interest rate method.e) Tangible assetsTangible assets are stated at historical cost less accumulated depreciation and provision for any impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the profit and loss account during the financial period in which they are incurred.Depreciation is included in operating expenses and is provided on a straight-line basis over the following estimated useful lives as follows:Buildings : 40 years andFurniture, fittings and equipment: 3 years.The assets’ residual values and useful lives are reviewed on an annual basis. Borrowing costs directly associated with the purchase or development of fixed assets are capitalised.An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.Tangible assets derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the profit and loss account in the period of derecognition.f) Impairment of non-financial assetsNon-financial assets not ready to use are not subject to amortisation and are tested annually for impairment. Non-financial assets which are in use are subject to amortisation and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairmentloss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use.For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows. Prior impairments of non-financial assets are reviewed for possible reversal at each reporting date.g)Financial instruments i) Financial assetsThe company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments.Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognized at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.Such assets are subsequently carried at amortised cost using the effective interest method.At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.If there is a decrease in the impairment loss arising from an event occurring after the impairment wasrecognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. ii) Financial liabilitiesBasic financial liabilities, including trade and other payables, bank loans, loans from the parent undertaking, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. iii) OffsettingFinancial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.h) Share capitalOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.i) Cash at bank and in handCash at bank and in hand is highly liquid overnight deposits held in the ordinary course of business.j) Current and deferred taxThe tax expense comprises current and deferred tax. Tax is recognised in the profit and loss account.Current tax is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company operates and generates taxable income.Deferred tax is recognised in respect of all temporary differences that have originated, but not reversed at the balance sheet date, where transactions or events have occurred by that date that will result in an obligation to pay more tax or a right to pay less tax in the future with the following exceptions: (i) Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which future reversal of the underlying temporary differencescan be deducted. (ii) Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which temporary differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.k) Borrowing costsGeneral and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period inwhich they are incurred.

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 2. Employees

  	18 months to 31 December 2019
  Average number of employees during the period	0