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Registered number: SC620936













AXESS NORTH SEA HOLDING LIMITED






INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
AXESS NORTH SEA HOLDING LIMITED
 

COMPANY INFORMATION


Directors
Lasse Iversen 
Kirsten Amundsgard 




Registered number
SC620936



Registered office
Axess House, Twin Spires Business Park
Mugiemoss Road

Bucksburn

Aberdeen

AB21 9NY




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
AXESS NORTH SEA HOLDING LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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AXESS NORTH SEA HOLDING LIMITED
REGISTERED NUMBER:SC620936

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 3 
8,434
8,434

  
8,434
8,434

Current assets
  

Debtors: amounts falling due within one year
 4 
100
100

  
100
100

Creditors: amounts falling due within one year
 5 
(8,370)
(8,370)

Net current liabilities
  
 
 
(8,270)
 
 
(8,270)

Net assets
  
164
164


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
64
64

  
164
164


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Lasse Iversen
Director

Date: 10 September 2024

The notes on pages 4 to 6 form part of these financial statements.

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AXESS NORTH SEA HOLDING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
-
100



Profit for the year
-
64
64



At 1 January 2023
100
64
164


At 31 December 2023
100
64
164


The notes on pages 4 to 6 form part of these financial statements.

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AXESS NORTH SEA HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Axess North Sea Holding Limited is a limited company incorporated in the United Kingdom. The registered office is Axess House, Twin Spires Business Park, Mugiemoss Road, Bucksburn, Aberdeen, AB21 9NY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 judgment in applying the company's accounting policies.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Axess Holding AS as at 31 December 2022 and these financial statements may be obtained from their registered office at P.O. Box 2197, 6402 Molde, Norway.

 
2.3

Going concern

The directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Demand for the group's products and services as well as availability of external finance have been considered in this assessment.
Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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AXESS NORTH SEA HOLDING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
8,434



At 31 December 2023
8,434





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Axess Operations de Mexico
Calle Bosque de Ciruelos 180 PP 101, Colonia Bosque De Las Lomas, CP 117000 Cuidad De Mexico
Ordinary
98%
Axess Guyana Inc.
c/o Cameron & Shepherd, 2 Avenue of the Republic, Georgetown, Guyana
Ordinary
100%

Page 5

 
AXESS NORTH SEA HOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
100
100



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
8,370
8,370



6.


Related party transactions

The company is a wholly owned subsidiary of Axess Holding AS and has taken advantage of the exemption given by section 1 AC.35 of FRS 102, which allows exemption from disclosure of related party transaction with other group companies on the basis that the company is a 100% subsidiary.


7.


Controlling party

The ultimate parent undertaking is Axess Holding AS, a company registered in Norway. The controlling parties are B Gjeldvik and G Gjeldvik.


8.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 September 2024 by James Pirrie (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.

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