Company registration number 05933450 (England and Wales)
NOF ENERGY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NOF ENERGY LTD
CONTENTS
Page
Chief Executive's statement
1 - 2
Statement of financial position
3 - 4
Notes to the financial statements
5 - 12
NOF ENERGY LTD
CHIEF EXECUTIVE'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

NOF remains to be a reliable, forward-thinking and sustainable organisation with an enviable reputation for delivering high quality business development support to members.

Our membership network remains strong with member retention good. This is a clear sign that the support we provide is of value and makes a difference to the businesses we represent. NOF continues to be a key component of the energy sector supply chain across the UK and is often referred to as a safe pair of hands, an organisation which can be trusted and relied upon to deliver high quality support. Our engagement across all levels of the supply chain means we are very well connected to industry and well respected amongst the stakeholder community, including regional and national Government.

 

The NOF team is now 15 strong meaning we have a good level of internal resource to meet member needs and continue to provide high quality services. We have a friendly and dedicated team who continue to deliver.

 

In 2023 and 2024 new Board Directors have come onboard bringing new and fresh thinking. A 3–5-year Board Succession plan is in place, ensuring the expertise and knowledge is there to help shape the future direction of the organisation.

 

The service offering continues to evolve, members are and always have been at the heart of what we do and is reflected in our daily engagement activities. This member engagement is managed through multiple channels: face to face meetings, Teams meetings, networking at our own events and at the many industry events where NOF has a presence. This external event presence across the wider energy sectors means the team continue to grow their network and knowledge base about projects and opportunities which ultimately benefits our members. Attending external events allows the team to engage regularly with members.

 

In relation to the sectors in which we operate, energy transition is central to our strategy. This means continuing to focus on our oil and gas activities, capitalise on offshore wind and nuclear industry developments plus focus on the future potential in both CCS and Hydrogen. However, NOF is also quick to react to other opportunities that may present in related industries such as Geothermal, SAF and Defence as examples.

NOF continues to provide supply chain engagement support services across the energy industry to many of industry’s key clients including Dogger Bank Wind Farm, RWE, Drax, Worley and Jacobs to name but a few.

The events service continues to thrive and evolve. Numbers are increasing with exceptional feedback coming through from delegates. NOF takes huge pride in delivering high quality events that deliver impactful networking, knowledgeable speakers and the opportunity for members to further enhance their profile through sponsorship and exhibiting, all the while ensuring members get more benefits such as reduced costs to attend, pre and post event support

More flagship events were added to the calendar in addition to Offshore Wind North East (OWNE). Successful conferences and exhibitions delivered include the Scotland Supply Chain Conference, Energy Transition Conference and several networking lunches focussed on projects across the energy mix.

The OWNE Conference and Exhibition in November 2023 saw record numbers and we expect OWNE 2024 to be even better with the majority of stands and sponsorship opportunities in great demand.

NOF ENERGY LTD
CHIEF EXECUTIVE'S STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The Energi Coast offshore wind cluster is developing at pace. This cluster, owned and operated by NOF continues to lead the way and is the driving force behind a campaign to bring deepwater offshore wind to the region (fixed developments in deeper waters and floating offshore wind). The ultimate goal being a new leasing round in North East England.

NOF has also successfully delivered many supply chain engagement activities for clients (mainly operators, developers and Tier 1 contractors) under contract. These contracts mean NOF is well connected into projects which ultimately benefits members as well as the wider supply chain.

The NOF strategy is simple but very effective, we connect people in businesses to each other, we find and highlight opportunities for our members, we raise their profile to industry, deliver vital industry intelligence and importantly meet them on a regular basis. Introductions and referrals are at the heart of the NOF business mode; all delivered by a friendly, engaging and well-connected team.

This set of accounts shows a financial performance for 2023-24 that exceeds our budget expectations and importantly secures a long-term future for NOF. This organisation has a plan in place to ensure we are here for the long-term and we will continue to listen and consult with our members to ensure we deliver what they both want and need.

..............................
J Leng
Chief Executive
Date: .............................................
NOF ENERGY LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,761
7,945
Tangible assets
4
52,058
18,892
Investments
5
231,751
212,353
289,570
239,190
Current assets
Debtors
7
417,018
320,957
Cash at bank and in hand
1,185,478
1,011,582
1,602,496
1,332,539
Creditors: amounts falling due within one year
8
(1,089,887)
(865,162)
Net current assets
512,609
467,377
Total assets less current liabilities
802,179
706,567
Creditors: amounts falling due after more than one year
9
(13,950)
(23,414)
Net assets
788,229
683,153
Reserves
Income and expenditure account
788,229
683,153
Members' funds
788,229
683,153

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

NOF ENERGY LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
J Leng
Director
Company Registration No. 05933450
NOF ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information

NOF Energy Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is First Floor, Thames House, Mandale Business Park, Belmont Industrial Estate, Durham, DH1 1TH.

1.1
Accounting convention

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, modified to include the revaluation of listed investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Event income is recognised when the event has occurred

Consultancy income / commercial contract income is recognised when the service or series of activities under the agreement have been delivered

Marketing and Sponsorship income is recognised when the service has been provided

Subscription income from the offshore wind projects database is recognised on a straight-line basis over the duration of the annual subscription and aligned to the duration of NOF annual membership

Income from the public sector to support the Energi Coast cluster is recognised over a specific duration, usually 2 years.

Expenses include VAT where applicable as the company cannot reclaim it.

NOF ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software costs
33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Fixtures and fittings
33% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investments in shares which are not subsidiaries are initially measured at fair value, which is normally the transaction price (cost). Such assets are subsequently carried at fair value (and the changes in fair value are recognised in the profit and loss account), except that investments in shares that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

NOF ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

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.

NOF ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2
Employees

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

2024
2023
Number
Number
Total
15
15
3
Intangible fixed assets
Computer software costs
£
Cost
At 1 April 2023
35,235
Additions
1,445
At 31 March 2024
36,680
Amortisation and impairment
At 1 April 2023
27,290
Amortisation charged for the year
3,629
At 31 March 2024
30,919
Carrying amount
At 31 March 2024
5,761
At 31 March 2023
7,945
NOF ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
45,838
181,088
751
227,677
Additions
24,640
28,627
-
0
53,267
At 31 March 2024
70,478
209,715
751
280,944
Depreciation and impairment
At 1 April 2023
44,115
163,919
751
208,785
Depreciation charged in the year
3,142
16,959
-
0
20,101
At 31 March 2024
47,257
180,878
751
228,886
Carrying amount
At 31 March 2024
23,221
28,837
-
0
52,058
At 31 March 2023
1,723
17,169
-
0
18,892
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
Listed investments
231,750
212,352
231,751
212,353
Fixed asset investments revalued

The historic cost value of listed investments is £201,127 (2023 - £207,732)

Movements in fixed asset investments
Shares in subsidiaries
Listed investments
Total
£
£
£
Cost or valuation
At 1 April 2023
1
212,352
212,353
Additions
-
72,749
72,749
Valuation changes
-
15,924
15,924
Disposals
-
(69,275)
(69,275)
At 31 March 2024
1
231,750
231,751
Carrying amount
At 31 March 2024
1
231,750
231,751
At 31 March 2023
1
212,352
212,353
NOF ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
NOF Energy Commercial Services Limited
First Floor Thames House Mandale Business Park, Belmont Industrial Estate, Durham, DH1 1TH
Ordinary
100.00

The principal activity of the company is that of a dormant company.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
135,637
179,875
Prepayments and accrued income
281,381
141,082
417,018
320,957
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,383
9,919
Trade creditors
25,039
29,452
Taxation and social security
91,370
71,766
Other creditors
964,095
754,025
1,089,887
865,162
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,950
23,414
10
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

NOF ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
11
Operating lease commitments
Lessee

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

2024
2023
£
£
23,474
-
0
NOF ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
12
Related party transactions

The company is related to Ward Hadaway by virtue of director CT Hewitt being a partner. During the year the company raised invoices with a net value of £2,080 (2023: £2,120) for services provided to Ward Hadaway. The company was invoiced £1,803 (2023: £363) by Ward Hadaway for legal services. At the year end £nil (2023: £nil) was outstanding.

During the year, the company made sales of £4,488 (2023: £4,470) to Francis Brown Limited, a company related through Mr J Brown a director of the company. As at year end £nil was receivable (2023: £777).

During the year, the company sold £883 (2023: £725) of consultancy services to Armstrong consultancy, a company owned by D Armstrong a director of the company. No amounts were outstanding at the year-end (2023: £nil).

The company is related to Durham University through director A Lowdon. During the year the company made sales of £4,440 (2023: £9,290) to Durham University. At the year end £nil (2023 - £6,966) was outstanding.

The company is related to The Knowledge Spiral Ltd through director Mr A Lowdon. During the year the company raised invoices of £2,200 (2023: £nil) for services provided. At the year end £nil (2023: £nil) was outstanding.

During 2023, the company raised invoices of £490 (2023: £950) to PX Limited, a company where P Pogue is a director of the company. No amounts were outstanding at the year-end (2023: £nil).

During the year, the company raised invoices of £67,490 (2023: £57,335) to Equinor New Energy Limited, a related company through T Nightingale, an employee of the company. No amounts were outstanding at the year-end (2023: £nil).

During the year, the company raised invoices of £9,495 (2023: £7,495) to Dogger Bank Wind Farm, a related company through T Nightingale, an employee of the company. No amounts were outstanding at the year-end (2023: £nil).

The company is also related to DB Operational Base Limited through T Nightingale, an employee of the company. During the year the company raised invoices of £nil (2023: £31,981) for services provided. At the year end £nil (2023: £38,377) was outstanding.

During the year, the company raised invoices totalling £nil (2023: £1,495) to Phusion IM, a company where A Hayward was director until 1 July 2022. No amounts were outstanding at the year-end (2023: £nil).

During the year, the company raised invoices totalling £1,608 (2023: £nil) to Sword Phusion, a company where A Hayward was director. No amounts were outstanding at the year-end (2023: £nil).

During the year, the company was related to Haskel Energy, a company where S Learney was a director until 31 December 2022. Invoices raised to Heskel Energy during the year totalled £198 (2023: £1,935). At the year end £nil (2023: £2,322) was outstanding.

During the year, the company raised invoices totalling £nil (2023: £2,200) to ITI Operations, a company where A Mills was director until 8 November 2022. No amounts were outstanding at the year-end (2023: £nil).

During the year, the company raised invoices totalling £1,951 (2023: £nil) to ITS Limited, a company where A Mills was director. No amounts were outstanding at the year-end (2023: £nil).

During the year, the company raised invoices totalling £2,088 (2023: £nil) to PDL Solutions (Europe) Ltd, a company where E Waterman was an employee. No amounts were outstanding at the year-end (2023: £nil).

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