Registered Number:
FOR THE YEAR ENDED 31 JANUARY 2023
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The directors present their report and the consolidated financial statements for the year ended 31 January 2023.
Axis Well Technology Group Limited is the holding company of the wider Axis Well Technology Group of companies which is an independent consultancy providing a comprehensive range of integrated energy and low carbon services.
Overall, the group has exceeded Directors’ expectation during the year improving revenues by £4.5m to £24.5m and EBITDA by £1.6m to £4.6m.
This was predominantly achieved with Carbon, Capture and Storage activity increasing by >60% and Decommissioning by >100%. These projects were principally UK based which impacted Axis’ international footprint with the proportion of turnover from overseas markets reducing to 42% from 53% in 2022. During the year Axis successfully entered an additional low carbon market focusing on Hydrogen (H2) production and storage. Examples of such initiatives include Axis assuming responsibility for:
∙Owners Engineer for H2 infrastructure development
∙Conceptual design of blue and green H2 production facilities onshore and offshore
Looking forward the Directors anticipate the continuing growth in global energy demand, high commodity prices, strong investment incentivisation from many governments looking to maintain energy security, and the increasing interest in carbon lowering technology will position the group to assist its clients in our three key markets:
∙Energy (our traditional oil and gas services) – where current activity is being supported by global economies facing multiple energy security challenges
∙Low Carbon – supported by the Energy Transition with the focus to date having been Carbon, Capture and Storage (CCS) and Hydrogen production and storage which is only expected to benefit from increasing demand both in the UK and Internationally
∙Decommissioning – supported by a stronger regulatory posture regarding mature fields reaching Cessation of Production
Liquidity risk
The Group, with the support of its principal shareholder, actively maintains a mixture of long term shareholder debt finance and bank working capital facilities that is designed to ensure the Group has sufficient working capital and funding available to support current and future expansion plans. Operational risk The Group regularly assesses risks that impact on the business, including its processes and procedures in relation to quality and health and safety. Through its quality management system, the Group conducts regular risk assessments and audits, with management fully committed to maintaining and improving controls and effective processes. The management team regularly reviews such risk assessments together with related health and safety matters. Foreign currency risk As the Group continues to expand its operations internationally the exposure to the financial risks of changes in foreign currency exchange rates will increase. The Group will, where deemed necessary, enter into forward currency contract to mitigate the risk.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
Financial key performance indicators
The key performance indicators used by the directors are EBITDA, employee utilisation, gross margins, cash generation and customer satisfaction.
The Group recognises the need for good communication and is committed to involving all employees in its development. Employees are kept informed of, consulted and encouraged to express their views on matters which are likely to affect their interest in and contribution to their company, its profitability and performance.
It is the Group's policy to give full consideration to suitable applications for employment by disabled persons. Where an employee becomes disabled whilst employed, arrangements are made whenever practicable to continue their employment or provide training for any other suitable position. Disabled persons are eligible to participate in all career development opportunities available to staff. All employees are given opportunities to develop their expertise and knowledge and to qualify for promotion in furtherance of their careers. Axis Well Technology Limited has Gold accreditation for Investors in People and is accredited for Investors in Young People, with both recently renewed until November 2023.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The directors present their report and the financial statements for the year ended 31 January 2023.
The operating profit before interest, tax, depreciation and amortisation amounted to £4,643,262 (2022 -£3,047,445). The loss for the year, after taxation, amounted to £11,896,253 (2022 - loss £2,930,081). The loss for the current year includes a goodwill impairment charge of £10,535,291.
During the year the directors did not propose a dividend (2022 - NIL).
The directors who served during the year were:
The Group remains committed to quality of service and personnel, and continues to innovate and invest in its people and develop its international client base.
All Ordinary and Preference shares in Axis Well Technology Group Limited were acquired on 2 June 2023 by RSK Environment Limited. On completion of this transaction, all Loan Notes were fully redeemed.
No other events have occurred which would change the financial position of the company or require adjustment of, or disclosure in the financial statements
The auditors, Anderson Anderson & Brown Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AXIS WELL TECHNOLOGY GROUP LIMITED
We have audited the financial statements of Axis Well Technology Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2023, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AXIS WELL TECHNOLOGY GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AXIS WELL TECHNOLOGY GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls to manipulate the company’s key performance indicators to meet targets
∙Timing and completeness of revenue recognition
∙Management judgement applied in calculating provisions
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness
∙Evaluating the business rationale of significant transactions outside the normal course of business
∙Reviewing judgments made by management in their calculation of accounting estimates for potential management bias
∙Enquiries of management about litigation and claims and inspection of relevant correspondence
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AXIS WELL TECHNOLOGY GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 35 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements . The loss after tax of the parent Company for the year was £19,989 (2022 - £7,174 ).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 35 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Axis Well Technology Group Limited (the Company) is a limited company incorporated in the United Kingdom. The address of its registered office is Spring Lodge, 172 Chester Road, Helsby, Cheshire, WA6 0AR and its principal place of business is Kettock Lodge, Campus 2, Balgownie Drive, Aberdeen, AB22 8GU.
The Company is a holding company of the wider Axis Well Technology group of companies, with Axis Well Technology Limited being the main trading entity. The principal activity of the Group is the provision of subsurface, petroleum and well engineering and operational support consultancy services to the international energy industry.
2.Accounting policies
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 February 2014.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors remain confident that the company can continue to operate as a going concern. This assessment is based on the understanding that the company and the wider group will continue to trade over the coming months, the projected 2023/24 EBITDA is forecast to continue the current year growth. This, along with retained reserves will allow the company to continue to meet it’s obligations as they fall due and operate as a going concern. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Impairment of debtors The group makes an assessment of recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider various factors including the ageing profile of debtors and historical experience. Impairment of intangible assets and goodwill The group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. The estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory of contractual provisions that can limit useful life and assumptions that marker participants would consider in respect of similar businesses.
Turnover comprises the invoice value of goods and services exclusive of value added tax.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
12.Taxation (continued)
The Government have announced that the corporation tax main rate will be increased to 25% for profits over £250,000 from 1 April 2023. As this rate has been substantively enacted the deferred tax provision has been based on the rate of 25%.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
24.Share capital (continued)
If the Company is precluded from paying the dividend on preference shares when due, a relevant rate as defined in the Articles of Association will be applied. The deferred shares may be redeemable by the Company at any time at its option for the issue price. The deferred shares have no rights to vote or to income or dividends of the Company. On a return of capital on liquidation or capital reduction or otherwise, the surplus assets of the Company remaining after payment of its liabilities shall be applied in the following order of priority: Firstly, where the Institutional Group Rate of Return is equal to or greater than 0.7, then the holders of the D ordinary shares as a class shall be entitled to receive such single amount (in aggregate) as is specified in the Articles of Association depending on the level of the Institutional Group rate of Return. In no circumstance shall the aggregate D ordinary share return exceed £3,400,000. Secondly, in paying to each holder of preferences shares, all unpaid arrears and accruals of the preference share dividends together with the issue price of the preference shares calculated up to and including the date the return of capital is made. Thirdly, in paying to each of the holders of the A, B, C and D ordinary shares any unpaid dividends which have been declared but are unpaid. Fourthly, in paying to each of the holders of the A, B, C and D ordinary shares an amount equal to the issue price of the shares. Thereafter, any balance of assets shall be distributed to the A, B and C ordinary shareholders in proportion to the amount of shares held. Any return on a particular class of share will be made amongst their holding pro rata as nearly as possible to their respective holdings of shares of that class.
The Group contributes to a defined contribution group pension scheme. There were £NIL unpaid contributions outstanding at the year end included in the accruals (2022 - £NIL).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Until 2 June 2023, the ultimate controlling party was Elysian Capital LLP on the basis that it controlled a controlling interest in the voting rights of the share capital of Axis Well Technology Group Limited.
On 2 June 2023, Axis Well Technology Group Limited was acquired by RSK Environment Limited. RSK Group Limited are now deemed to be the ultimate controlling party by virtue of it holding full control of the voting and dividend rights of RSK Environment Limited. The largest group in which the results of the Company are consolidated is that headed by Axis Well Technology Group Limited.
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