Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mr Paul Mark Henderson 11/03/2021 Mr David Allen Morgan 11/03/2021 14 November 2023 The principal activity of the Company during the financial year was subsea cabling work for the offshore renewable sector. SC691986 2023-02-28 SC691986 bus:Director1 2023-02-28 SC691986 bus:Director2 2023-02-28 SC691986 2022-02-28 SC691986 core:CurrentFinancialInstruments 2023-02-28 SC691986 core:CurrentFinancialInstruments 2022-02-28 SC691986 core:ShareCapital 2023-02-28 SC691986 core:ShareCapital 2022-02-28 SC691986 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC691986 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC691986 core:CostValuation 2022-02-28 SC691986 core:AdditionsToInvestments 2023-02-28 SC691986 core:CostValuation 2023-02-28 SC691986 core:ProvisionsForImpairmentInvestments 2022-02-28 SC691986 core:ProvisionsForImpairmentInvestments 2023-02-28 SC691986 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 SC691986 core:ImmediateParent core:CurrentFinancialInstruments 2022-02-28 SC691986 2021-03-10 SC691986 bus:OrdinaryShareClass1 2023-02-28 SC691986 2022-03-01 2023-02-28 SC691986 bus:FullAccounts 2022-03-01 2023-02-28 SC691986 bus:SmallEntities 2022-03-01 2023-02-28 SC691986 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC691986 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC691986 bus:Director1 2022-03-01 2023-02-28 SC691986 bus:Director2 2022-03-01 2023-02-28 SC691986 2021-03-11 2022-02-28 SC691986 core:CurrentFinancialInstruments 2022-03-01 2023-02-28 SC691986 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC691986 bus:OrdinaryShareClass1 2021-03-11 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC691986 (Scotland)

ASP ROPE ACCESS UK LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

ASP ROPE ACCESS UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

ASP ROPE ACCESS UK LIMITED

BALANCE SHEET

AS AT 28 FEBRUARY 2023
ASP ROPE ACCESS UK LIMITED

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 28.02.2023 28.02.2022
£ £
Fixed assets
Investments 3 485,415 0
485,415 0
Current assets
Debtors 4 945,839 70,830
Cash at bank and in hand 1,273,720 7,288
2,219,559 78,118
Creditors: amounts falling due within one year 5 ( 2,823,017) ( 247,690)
Net current liabilities (603,458) (169,572)
Total assets less current liabilities (118,043) (169,572)
Net liabilities ( 118,043) ( 169,572)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 118,143 ) ( 169,672 )
Total shareholder's deficit ( 118,043) ( 169,572)

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of ASP Rope Access UK Limited (registered number: SC691986) were approved and authorised for issue by the Director on 14 November 2023. They were signed on its behalf by:

Mr David Allen Morgan
Director
ASP ROPE ACCESS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
ASP ROPE ACCESS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

ASP Rope Access UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 29 Albyn Place, Aberdeen,AB10 1YL, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The company made a profit during the year of £51,529 (2022 Loss £169,672) has net liabilities of £118,043 (2022 £169,572).

The directors are satisfied that the financial support will continue to be available as required from group and parent undertakings and that loans advanced from group and parent undertakings will not be repayable until the company has sufficient funds to do so.

At the time of approving the financial statements, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of subsea cabling work and equipment provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised in the period in which the work is completed.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Fixed asset investments

Investments are recognised initially at cost which is the transaction price. Subsequently, they are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Year ended
28.02.2023
Period from
11.03.2021 to
28.02.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

Investments in joint ventures Total
£ £
Carrying value before impairment
At 01 March 2022 0 0
Additions 485,415 485,415
At 28 February 2023 485,415 485,415
Provisions for impairment
At 01 March 2022 0 0
At 28 February 2023 0 0
Carrying value at 28 February 2023 485,415 485,415
Carrying value at 28 February 2022 0 0

During the year, the company purchased 50% of the share capital of HV3 Solutions Limited for an initial consideration of £485,415. No final consideration has been recognised.

4. Debtors

28.02.2023 28.02.2022
£ £
Trade debtors 874,825 0
Amounts owed by Group undertakings 7,447 53,603
Deferred tax asset 42,260 0
Other debtors 21,307 17,227
945,839 70,830

5. Creditors: amounts falling due within one year

28.02.2023 28.02.2022
£ £
Trade creditors 13,309 1,481
Amounts owed to Group undertakings 25,291 25,291
Amounts owed to Parent undertakings 2,376,625 205,708
Amounts owed to directors 189 157
Other loans 209,166 0
Accruals 178,582 0
Other taxation and social security 18,745 14,243
Other creditors 1,110 810
2,823,017 247,690

Amounts owed to Group and parent undertakings are repayable on demand and do not bear interest.

6. Deferred tax

28.02.2023 28.02.2022
£ £
At the beginning of financial year/period 0 0
Credited to the Profit and Loss Account 42,260 0
At the end of financial year/period 42,260 0

7. Called-up share capital

28.02.2023 28.02.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Other related party transactions

28.02.2023 28.02.2022
£ £
Amounts due to group companies 2,401,915 230,999
Amounts owed by group companies (7,447) (53,603)

The loans are interest free and there are no fixed repayment terms in place.