APOLLO OFFSHORE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
Apollo Offshore Engineering Limited is a limited liability company incorporated in Scotland. The registered office is Nautilus House, 35 Waterloo Quay, Aberdeen, AB11 5BS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
These financial statements cover the period from incorporation on 9 May 2022 to 31 March 2023.
The company regularly monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements and the directors are satisfied that there are adequate resources in place to meet these present obligations of the company.
The funding position of the company is also dependant of the funding position of the wider GEG (Holdings) Limited group ("the group").
Forecasts are regularly produced to give management's best estimates of forward liquidity, leverage and forecast covenant compliance as defined in the Group's loan documentation. This is done to identify risks to liquidity and covenant compliance and to enable management to formulate appropriate and timely mitigation strategies.
The directors have reviewed the most recent projections and forecasts as prepared as part of its budgeting and strategic planning process, along with assessing severe but plausible downside sensitivity scenarios and their potential impacts on Group profitability and cash generation over the same period. By completing this analysis, these projections indicate that the Group's liquidity and covenant headroom is adequate. Therefore, the directors are confident that the Group has sufficient covenant headroom as well as adequate cash resources to meet all its liabilities as they fall due over the next 12 months. For these reasons the directors consider it appropriate to prepare the Group financial statements on a going concern basis.
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The Company has no employees other than the directors, who did not receive any remuneration.
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Called up share capital not paid
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