ARTEMIS_INTELLIGENT_POWER - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Artemis Intelligent Power Limited is a private company limited by shares incorporated in Scotland. The registered office is 27 Lauriston Street, Edinburgh, Scotland, EH3 9DQ. The principal place of business is Wester Shawfair, Danderhall, Dalkeith, EH22 1FD.

The prior reporting period had been shortened to 6 months in order to align with the immediate parent company. The comparative amounts and related notes are therefore not directly comparable.

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 £.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument

• Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Danfoss A/S. These consolidated financial statements are available from its registered office, 6430 Nordborg, Denmark.

As part of the Directors’ going concern review the 2023 year to date financial performance of the Company has been analysed, together with the financial position and performance of the Danfoss Group.

The company will continue to be dependent on funding from its ultimate parent company, Danfoss A/S, for a period of at least 12 months from the date of signing these financial statements. The ultimate parent company has confirmed that it is aware of the Company's present financial situation, that it has full confidence in the management of the company, that its current policy is to support the Company commercially and financially, and has placed an intercompany credit facility of a maximum amount of £1m at disposal on the Company’s bank account. The policy is not legally binding and the credit facility is uncommitted, and the Directors have therefore concluded this results in a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.

Although the ultimate parent company’s support is not legally binding, the directors and management team have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and continue to adopt the going concern basis in preparing the annual report and financial statements.

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the directors' opinion, there are no key judgements or key sources of estimation uncertainty applied to these financial statements.

The average monthly number of persons (including directors) employed by the company during the year was:

The Company has one class of ordinary shares which carry no rights to fixed income. All shares carry equal voting and capital distribution rights.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Following the hive up of trade and assets to the company's immediate parent, Danfoss Scotland Limited, the directors sought the consent of the landlord to assign the company's leased facility. This was accepted by the landlord but the lease was not formally novated.

The company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.

Danfoss Scotland Limited is the immediate parent company by virtue of owning 100% of the company's issued share capital.

The ultimate controlling party is the Bitten and Mads Clausen Foundation, a commercial foundation based in Denmark.

The smallest group in which the results of the company are consolidated is a group headed by Danfoss A/S, a Danish corporation which is the immediate parent company of Danfoss Scotland Limited. The consolidated financial statements of this group are available to the public and may be obtained from Danfoss A/S, 6430 Nordborg, Denmark.

The largest group in which the results of the company are consolidated is headed by the ultimate controlling party, Bitten & Mads Clausen's Foundation, a Danish commercial foundation. The consolidated financial statements of this group are available to the public and may be obtained from Bitten & Mads Clausens Fond, Nordborgvej 81, 6430 Nordborg, Denmark.