Grading Systems (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC227775 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Grading Systems (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

H O Anensen

G Mo

E A Sodal

REGISTERED OFFICE:

Marine Park

Vidlin

Shetland

ZE2 9QB

REGISTERED NUMBER:

SC227775 (Scotland)

ACCOUNTANTS:

Bon Accord Accountancy Limited

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Intangible assets

4

137

1,451

Tangible assets

5

22,079

34,457

22,216

35,908

CURRENT ASSETS

Stocks

135,714

184,370

Debtors

6

270,345

53,266

Cash at bank

866,167

726,402

1,272,226

964,038

CREDITORS

Amounts falling due within one year

7

434,337

26,317

NET CURRENT ASSETS

837,889

937,721

TOTAL ASSETS LESS CURRENT LIABILITIES

860,105

973,629

CREDITORS

Amounts falling due after more than one year

8

(254

)

(1,088

)

PROVISIONS FOR LIABILITIES

(1,524

)

(3,148

)

NET ASSETS

858,327

969,393

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

858,227

969,293

SHAREHOLDERS' FUNDS

858,327

969,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 7 September 2022 and were signed on its behalf by:

H O Anensen - Director

G Mo - Director

E A Sodal - 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.

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 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2021

and 31 December 2021

250,356

AMORTISATION

At 1 January 2021

248,905

Amortisation for year

1,314

At 31 December 2021

250,219

NET BOOK VALUE

At 31 December 2021

137

At 31 December 2020

1,451

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

7,171

87,315

21,341

29,794

145,621

Additions

-

329

-

-

329

At 31 December 2021

7,171

87,644

21,341

29,794

145,950

DEPRECIATION

At 1 January 2021

1,088

67,541

14,213

28,322

111,164

Charge for year

1,438

9,028

1,782

459

12,707

At 31 December 2021

2,526

76,569

15,995

28,781

123,871

NET BOOK VALUE

At 31 December 2021

4,645

11,075

5,346

1,013

22,079

At 31 December 2020

6,083

19,774

7,128

1,472

34,457

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

245,346

14,888

Other debtors

24,999

38,378

270,345

53,266

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

21,374

1,057

Taxation and social security

68,609

21,489

Other creditors

344,354

3,771

434,337

26,317

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Other creditors

254

1,088

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21

31.12.20

£

£

C H Wangsmo

Balance outstanding at start of year

(61

)

(294

)

Amounts advanced

-

233

Amounts repaid

61

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(61

)

10.	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.