NOF Energy Ltd 05933450 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is the provision of business development support for members involved in the oil & gas, offshore wind, nuclear power and new energy sectors focussed on energy transition. These new sectors include but are not limited to Hydrogen and CCS which contribute to the UK ambition for net zero 2050. The company provides support to help members diversify and future proof their business to embrace decarbonisation, identifies opportunities and helps them to win work both in the UK and Globally. Digita Accounts Production Advanced 6.30.9574.0 true true false true 05933450 2021-04-01 2022-03-31 05933450 2022-03-31 05933450 core:RetainedEarningsAccumulatedLosses 2022-03-31 05933450 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2022-03-31 05933450 core:CurrentFinancialInstruments 2022-03-31 05933450 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05933450 core:Non-currentFinancialInstruments 2022-03-31 05933450 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05933450 core:OtherResidualIntangibleAssets 2022-03-31 05933450 core:FurnitureFittings 2022-03-31 05933450 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 05933450 core:MotorVehicles 2022-03-31 05933450 bus:SmallEntities 2021-04-01 2022-03-31 05933450 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 05933450 bus:FullAccounts 2021-04-01 2022-03-31 05933450 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 05933450 bus:RegisteredOffice 2021-04-01 2022-03-31 05933450 bus:Director1 2021-04-01 2022-03-31 05933450 bus:Director10 2021-04-01 2022-03-31 05933450 bus:Director12 2021-04-01 2022-03-31 05933450 bus:Director14 2021-04-01 2022-03-31 05933450 bus:Director16 2021-04-01 2022-03-31 05933450 bus:Director17 2021-04-01 2022-03-31 05933450 bus:Director19 2021-04-01 2022-03-31 05933450 bus:Director2 2021-04-01 2022-03-31 05933450 bus:Director5 2021-04-01 2022-03-31 05933450 bus:Director6 2021-04-01 2022-03-31 05933450 bus:Director8 2021-04-01 2022-03-31 05933450 bus:Director9 2021-04-01 2022-03-31 05933450 bus:CompanyLimitedByGuarantee 2021-04-01 2022-03-31 05933450 bus:Agent1 2021-04-01 2022-03-31 05933450 core:OtherResidualIntangibleAssets 2021-04-01 2022-03-31 05933450 core:FurnitureFittings 2021-04-01 2022-03-31 05933450 core:LandBuildings 2021-04-01 2022-03-31 05933450 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 05933450 core:MotorVehicles 2021-04-01 2022-03-31 05933450 core:Subsidiary1 2021-04-01 2022-03-31 05933450 countries:EnglandWales 2021-04-01 2022-03-31 05933450 2021-03-31 05933450 core:OtherResidualIntangibleAssets 2021-03-31 05933450 core:CostValuation 2021-03-31 05933450 core:FurnitureFittings 2021-03-31 05933450 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 05933450 core:MotorVehicles 2021-03-31 05933450 2020-04-01 2021-03-31 05933450 2021-03-31 05933450 core:RetainedEarningsAccumulatedLosses 2021-03-31 05933450 core:CurrentFinancialInstruments 2021-03-31 05933450 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 05933450 core:Non-currentFinancialInstruments 2021-03-31 05933450 core:Non-currentFinancialInstruments core:AfterOneYear 2021-03-31 05933450 core:OtherResidualIntangibleAssets 2021-03-31 05933450 core:FurnitureFittings 2021-03-31 05933450 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 05933450 core:MotorVehicles 2021-03-31 05933450 core:Subsidiary1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 05933450

NOF Energy Ltd (A company limited by guarantee)

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

NOF Energy Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 12

 

NOF Energy Ltd

Company Information

Directors

A I Mills

G Rafferty

N Kirkbride

A J Hayward

S Learney

J Leng

C T Hewitt

A Lowdon

J G Brown

D Armstrong

P J Pogue

T B Nightingale

Registered office

First Floor, Thames House
Mandale Business Park
Belmont Industrial Estate
Durham
DH1 1TH

Solicitors

Ward Hadaway
Sandgate House
102 Quayside
Newcastle upon Tyne
NE1 3DX

Bankers

Barclays Bank plc
53 Fawcett Street
Sunderland
SR1 1RS

Accountants

Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

 

NOF Energy Ltd

(Registration number: 05933450)
Statement of Financial Position as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

1,079

9,381

Tangible assets

5

17,477

10,096

Investments

6

1

1

Other financial assets

7

222,024

218,874

 

240,581

238,352

Current assets

 

Debtors

8

157,976

150,018

Cash at bank and in hand

 

973,848

627,959

 

1,131,824

777,977

Creditors: Amounts falling due within one year

9

(760,878)

(473,001)

Net current assets

 

370,946

304,976

Total assets less current liabilities

 

611,527

543,328

Creditors: Amounts falling due after more than one year

9

(34,022)

(42,774)

Net assets

 

577,505

500,554

Capital and reserves

 

Profit and loss account

577,505

500,554

Total equity

 

577,505

500,554

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

 

NOF Energy Ltd

(Registration number: 05933450)
Statement of Financial Position as at 31 March 2022 (continued)

Approved and authorised by the Board on 8 June 2022 and signed on its behalf by:
 

.........................................
J Leng
Director

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is First Floor, Thames House, Mandale Business Park, Belmont Industrial Estate, Durham, DH1 1TH.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company meets its day to day working capital requirements through cash generated from operations. The directors have assessed the potential impact of the COVID-19 virus and the financial impact on the company and have developed a business continuity plan should the impact of the pandemic widen.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover represents amounts receivable for services provided to members during the year, net of discounts and Value Added Tax.

Membership income is recognised on a straight line basis over the duration of the annual membership.

Event and consultancy income is recognised when the event has occurred or services have been provided.

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Asset class

Depreciation method and rate

 

Leasehold improvements

20% straight line

 

Motor vehicles

20% straight line

 

Fixtures and fittings

33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

33% straight line

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2021 - 12).

4

Intangible assets

Website
£

Total
£

Cost or valuation

At 1 April 2021

26,455

26,455

At 31 March 2022

26,455

26,455

Amortisation

At 1 April 2021

17,074

17,074

Amortisation charge

8,302

8,302

At 31 March 2022

25,376

25,376

Carrying amount

At 31 March 2022

1,079

1,079

At 31 March 2021

9,381

9,381

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

43,721

155,538

751

200,010

Additions

2,117

12,796

-

14,913

At 31 March 2022

45,838

168,334

751

214,923

Depreciation

At 1 April 2021

42,518

146,645

751

189,914

Charge for the year

640

6,892

-

7,532

At 31 March 2022

43,158

153,537

751

197,446

Carrying amount

At 31 March 2022

2,680

14,797

-

17,477

At 31 March 2021

1,203

8,893

-

10,096

6

Investments

2022
£

2021
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 April 2021

1

Carrying amount

At 31 March 2022

1

At 31 March 2021

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

6

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

NOF Energy Commercial Services Limited

First Floor, Thames House
Mandale Business Park
Belmont Industrial Estate
Durham
DH1 1TH

Ordinary

100%

100%

 

     

NOF Energy Commercial Services Limited is a dormant company.

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2021

218,874

218,874

Revaluations

3,919

3,919

Additions

12,757

12,757

Disposals

(13,526)

(13,526)

At 31 March 2022

222,024

222,024

Carrying amount

At 31 March 2022

222,024

222,024

8

Debtors

2022
£

2021
£

Trade debtors

91,171

67,426

Prepayments

56,456

46,754

Other debtors

10,349

31,110

Corporation tax asset

-

4,728

157,976

150,018

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

10

9,666

6,311

Trade creditors

 

29,410

15,293

Taxation and social security

 

61,066

39,757

Accruals and deferred income

 

543,350

305,431

Other creditors

 

117,386

106,209

 

760,878

473,001

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

34,022

42,774

10

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,666

6,311

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

34,022

42,774

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £51,615 (2021 - £92,170).

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

12

Related party transactions

The company is related to Bel Valves Limited by virtue of common director R J Turner. During the year the company raised invoices with a net value of £nil (2021 - £2,150) for services provided to Bel Valves Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to CMP Products Limited through director R J Turner. During the year the company raised invoices with a net value of £nil (2021 - £420) for services provided to CMP Products Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Stadium Export Limited through director R J Turner. During the year the company raised invoices with a net value of £nil (2021 - £350) for services provided to Stadium Export Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Tyne Pressure Testing Limited through director R J Turner. During the year the company raised invoices with a net value of £nil (2021 - £350) for services provided to Tyne pressure Testing Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Glenalmond Group Limited by virtue of common director N Kirkbride. During the year the company raised invoices with a net value of £nil (2021 - £2,500) for services provided to Glenalmond Group Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Ward Hadaway by virtue of director C T Hewitt being a partner. During the year the company raised invoices with a net value of £1,760 (2021 - £1,760) for services provided to Ward Hadaway. The company was invoiced £3,823 (2021 - £363) by Ward Hadaway for legal services. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Armstrong Consultancy Services (ACSL) Limited by virtue of common director D Armstrong. During the year the company raised invoices with a net value of £840 (2021 - £550) for services provided to Armstrong Consultancy Services (ACSL) Limited. At the year end £nil (2020 - £nil) was outstanding.

The company was related to PDL Solutions (Europe) Limited through director P W R Charlton. During the year the company raised invoices with a net value of £nil (2021 - £1,395) for services provided to PDL Solutions Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Francis Brown Limited by virtue of common director J G Brown. During the year the company raised invoices with a net value of £3,990 (2021 - £1,915) for services provided to Francis Brown Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Phusion IM Limited by virtue of common director A J Hayward. During the year the company raised invoices with a net value of £1,750 (2021 - £1,410) for services provided to Phusion IM Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Durham University through director A Lowdon. During the year the company raised invoices with a net value of £4,960 (2021 - £4,760) for services provided to Durham University. At the year end £nil (2021 - £nil) was outstanding.

The company is related to The Knowledge Spiral Ltd through director A Lowdon. During the year the company raised invoices with a net value of £2,993 (2021 - £nil) for services provided to Durham University. At the year end £3.591 (2021 - £nil) was outstanding.

 

NOF Energy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

The company is related to Jacobs through director A N Leigh. During the year the company raised invoices with a net value of £95 (2021 - £nil) for services provided to Jacobs. At the year end £nil (2021 - £nil) was outstanding.

The company is related to ITI Operations Limited through director A I Mills. During the year the company raised invoices with a net value of £2,845 (2021 - £2,535) for services provided to ITI Operations Limited. At the year end £nil (2021 - £nil) was outstanding.

The company is related to PX Group through director P J Pogue. During the year the company raised invoices with a net value of £165 (2021 - £nil) for services provided to PX Group. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Haskel Energy through director S Learney. During the year the company raised invoices with a net value of £1,760 (2021 - £nil) for services provided to Haskel Energy. At the year end £nil (2021 - £nil) was outstanding.

The company is related to Equinor New Energy Ltd through director T B Nightingale. During the year the company raised invoices with a net value of £38,933 (2021 - £nil) for services provided to Equinor New Energy Ltd. At the year end £nil (2021 - £nil) was outstanding.

All transactions were in the normal course of business and were at arms length.

13

Ultimate controlling party

In the opinion of the directors there is no ultimate controlling party. The company is owned by its members with the board of directors being made up of senior executives drawn from the membership.

When a company joins membership it is offered the opportunity to become a voting member with its liability limited to £1. Only voting members are permitted to vote at AGMs and EGMs.

At present there are a total of 46 voting members.

The company is operated by its management team with the Chief Executive reporting directly to the board.