Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalsetruetruetruetruetrue2023-01-01No description of principal activity116truefalse SC492895 2023-01-01 2023-12-31 SC492895 2022-01-01 2022-12-31 SC492895 2023-12-31 SC492895 2022-12-31 SC492895 2022-01-01 SC492895 c:Director1 2023-01-01 2023-12-31 SC492895 c:Director2 2023-01-01 2023-12-31 SC492895 c:RegisteredOffice 2023-01-01 2023-12-31 SC492895 d:CurrentFinancialInstruments 2023-12-31 SC492895 d:CurrentFinancialInstruments 2022-12-31 SC492895 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC492895 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC492895 d:ShareCapital 2023-12-31 SC492895 d:ShareCapital 2022-12-31 SC492895 d:ShareCapital 2022-01-01 SC492895 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC492895 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC492895 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 SC492895 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC492895 d:RetainedEarningsAccumulatedLosses 2022-01-01 SC492895 c:FRS102 2023-01-01 2023-12-31 SC492895 c:Audited 2023-01-01 2023-12-31 SC492895 c:FullAccounts 2023-01-01 2023-12-31 SC492895 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC492895 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC492895 2 2023-01-01 2023-12-31 SC492895 6 2023-01-01 2023-12-31 SC492895 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC492895 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 SC492895 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: SC492895














AXESS NORTH SEA LIMITED





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

 
AXESS NORTH SEA LIMITED
 

COMPANY INFORMATION


Directors
Lasse Iversen 
Kirsten Amundsgard 




Registered number
SC492895



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 LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9


 
AXESS NORTH SEA 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 judgements 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.

Page 1

 
AXESS NORTH SEA LIMITED
REGISTERED NUMBER:SC492895

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
1,225,643
1,317,471

  
1,225,643
1,317,471

Creditors: amounts falling due within one year
 7 
(515,631)
(670,191)

Net current assets
  
 
 
710,012
 
 
647,280

Total assets less current liabilities
  
710,013
647,281

  

Net assets
  
710,013
647,281


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
709,913
647,181

  
710,013
647,281


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 9 form part of these financial statements.

Page 2

 
AXESS NORTH SEA 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
525,275
525,375


Comprehensive income for the year

Profit for the year
-
121,906
121,906



At 1 January 2023
100
647,181
647,281


Comprehensive income for the year

Profit for the year
-
62,732
62,732


At 31 December 2023
100
709,913
710,013


The notes on pages 4 to 9 form part of these financial statements.

Page 3

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

1.


General information

Axess North Sea 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 judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
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, 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 had adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 4

 
AXESS NORTH SEA LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
AXESS NORTH SEA LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.12

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

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.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
AXESS NORTH SEA LIMITED
 

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

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
11
6


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1




Page 7

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

5.


Debtors

2023
2022
£
£


Trade debtors
522,949
592,406

Amounts owed by group undertakings
317,619
1,425

Other debtors
64,680
147,436

Prepayments and accrued income
319,723
555,923

Tax recoverable
-
19,157

Deferred taxation
672
1,124

1,225,643
1,317,471



6.


Cash and cash equivalents

2023
2022
£
£

Less: bank overdrafts
(288,828)
(405,255)



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
288,828
405,255

Trade creditors
154,685
101,839

Amounts owed to group undertakings
-
10

Corporation tax
6,058
-

Other taxation and social security
18,284
61,899

Other creditors
170
29,080

Accruals and deferred income
47,606
72,108

515,631
670,191



8.


Deferred taxation




2023


£






At beginning of year
1,124


Charged to the profit or loss
(452)



At end of year
672

Page 8

 
AXESS NORTH SEA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
672
1,124


9.


Related party transactions

The company is a wholly owned subsidiary of Axess International AS and has taken advantage of the exemption given by section 1AC.35 of FRS102, which allows exemption from disclosure of related party transactions with other group companies on the basis that the company is a 100% subsidiary.


10.


Ultimate parent undertaking and controlling parties

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


11.


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.

Page 9