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Stapem Offshore Limited
























Annual report and audited financial statements



For the year ended 31 December 2023



Registered number: 06900310

 
Stapem Offshore Limited
 


Company information


Directors
A Gerber 
J-M Gerber 
J-P Gerber 




Registered number
06900310



Registered office
130 Wood Street

London

EC2V 6DL




Independent auditor
Buzzacott LLP
Chartered Accountants

130 Wood Street

London

EC2V 6DL





 
Stapem Offshore Limited
 


Contents



Page
Directors' report
 
1 - 2
Group strategic report
 
3 - 4
Independent auditor's report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Notes to the financial statements
 
15 - 23


 
Stapem Offshore Limited
 
 

Directors' report
for the year ended 31 December 2023

The directors present their report and the financial statements of Stapem Offshore Limited ('the company') and its subsidiary (together 'the group') for the year ended 31 December 2023.

Directors

The directors who served during the year were:

A Gerber 
J-M Gerber 
J-P Gerber 

Directors' responsibilities statement

The directors are responsible for preparing the directors' report, group strategic report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to 601,463 (2022 - €1,328,317).

Dividends of €Nil (2022: €Nil) were paid to shareholders during the year.
Going concern
The company has sufficient liquid resources to continue as a going concern for the foreseeable future and the directors believe that the company will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.

Page 1

 
Stapem Offshore Limited
 

Directors' report (continued)
for the year ended 31 December 2023

Matters covered in the Group strategic report

The company has chosen in accordance with section 414C (11) of the Companies Act 2006 to set out the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 within the directors' report. It has been done so in respect of discussion of future
developments.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditor is aware of that information.

This report was approved by the board and signed on its behalf by:
 





................................................
A Gerber
Director

Date: 25 September 2024

Page 2

 
Stapem Offshore Limited
 


Group strategic report
for the year ended 31 December 2023

Introduction
 
The directors present their strategic report of the group for the year ended 31 December 2023.
Principal activity
The principal activity of the group during the year under review is that of the provision of technical assistance to marine, subsea, safety and aviation services.

Business strategy and objectives

The group’s overall objective is to become a leader of the activity listed above.
The group’s strategy for achieving this in the long run is to provide its staff with more benefits such as medical cover and specialist training than its competitors. This provides the group with a specialised and dedicated workforce with low staff turnover. 

Business model

The business model of the group is to provide specialist maritime, subsea, safety and aviation services to customers situated in Africa and the Middle East specifically Dubai and Qatar. This is achieved by assigning staff on the various projects stipulated by the customer.
The group is therefore reliant on its workforce and this is considered its key resource.
 
Future developments, business trends and factors

The directors of the company anticipate continued activities into the future.
The customer base is increasingly looking in more detail towards the welfare and training of staff of its suppliers and this is taken into consideration more and more when looking to conduct business.







 

Page 3

 
Stapem Offshore Limited
 


Group strategic report (continued)
for the year ended 31 December 2023

Principal risks and uncertainties
 
The directors are responsible for the company's system of internal controls and for reviewing its effectiveness. The internal control system is designed to manage, rather than eliminate the risk of failure to achieve the company's business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.
The directors have set out below the risks, which in their opinion could have a material impact on the company's results. The directors have assessed these risks and have taken steps to manage them.
Financial risk
The company exposes itself to a variety of financial risks. The directors have focused on the reduction, or where possible, the elimination of the impact of volatility in risk factors.
Profitability risk
The directors place importance on continuous monitoring on the performance of the business, and hold regular meetings to review in detail company performance.
Credit risk
The directors place strong emphasis on constantly improving controls over risk including seeking forms of security, guarantee or credit insurance where it is deemed appropriate to do so.
Insurable risk
The company incurs exposure to employer, public and property damage liability by virtue of the nature of its operations. The company places strong emphasis on health and safety and risk management practices and maintains insurance cover which further mitigates this risk, subject to levels of insurance excesses and deductibles, which, in the opinion of the directors and as advised by the insurance brokers to the company, are reasonably calculated.

Financial key performance indicators
 
The group's financial performance is monitored on a continual basis. This includes review of monthly management accounts.
The main KPIs that are reviewed are:
KPI                       Actual 2023                Actual 2022
Sales                        €35.08m                      €32.36m
Gross Profit              €4.63m                       €4.7m
Profit after tax         €0.60m
                        €1.32m


This report was approved by the board and signed on its behalf by:.



A Gerber
Director

Date: 25 September 2024

Page 4

 
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Independent auditor's report to the members of Stapem Offshore Limited
 for the year ended 31 December 2023

Opinion


We have audited the financial statements of Stapem Offshore Limited ('the parent company') and its subsidiary (together the 'group') for the year ended 31 December 2023, which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated and parent company statements of financial position,  the consolidated and parent company statement of changes in equity, the consolidated statement of cash flows, and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
img61c5.png 
 

Independent auditor's report to the members of Stapem Offshore Limited (continued)
for the year ended 31 December 2023

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
img53cf.png 
 

Independent auditor's report to the members of Stapem Offshore Limited (continued)
for the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the group through discussions with directors and other management at the planning stage;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company including Companies Act 2006, employment legislation and taxation legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through:
 
making enquiries of management;
inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws
and regulations.

To address the risk of fraud through management bias and override of controls, we:
 
determined the susceptibility of the group to management override of controls by checking the implementation of
controls and enquiring of individuals involved in the financial reporting process;
reviewed and carried out substantive testing to check the accuracy, classification, cut-off and presentation of income;
reviewed journal entries throughout the year to identify unusual transactions, particularly in relation to expenditure;
performed analytical procedures to identify any large, unusual or unexpected transactions; and
carried out substantive testing to check the occurrence and cut-off of expenditure.
Page 7

 
img791b.png 
 

Independent auditor's report to the members of Stapem Offshore Limited (continued)
for the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
 
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Worsey (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Chartered Accountants
130 Wood Street
London
EC2V 6DL

 
Date: 
25 September 2024
Page 8

 
Stapem Offshore Limited
 


Consolidated statement of comprehensive income
for the year ended 31 December 2023

2023
2022
Note

  

Turnover
 4 
35,075,010
32,364,801

Cost of sales
  
(30,446,378)
(27,671,773)

Gross profit
  
4,628,632
4,693,028

Administrative expenses
  
(3,941,961)
(3,179,859)

Operating profit
 5 
686,671
1,513,169

Interest receivable and similar income
 9 
5,468
-

Profit before taxation
  
692,139
1,513,169

Tax on profit
 10 
(90,676)
(184,852)

Profit for the financial year
  
601,463
1,328,317

Profit for the year attributable to:
  

Owners of the parent company
  
601,463
1,328,317

  
601,463
1,328,317

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 15 to 23 form part of these financial statements.

All amounts relate to continuing operations.

Page 9

 
Stapem Offshore Limited - Registered number:06900310


Consolidated statement of financial position
as at 31 December 2023

2023
2023
2022
2022
Note

  

Current assets
  

Debtors: amounts falling due within one year
 12 
6,598,896
7,181,256

Cash at bank and in hand
 13 
4,030,272
2,694,904

  
10,629,168
9,876,160

Creditors: amounts falling due within one year
 14 
(4,203,999)
(4,052,454)

Net current assets
  
 
 
6,425,169
 
 
5,823,706

Total assets less current liabilities
  
6,425,169
5,823,706

Net assets
  
6,425,169
5,823,706


Capital and reserves
  

Share capital
 15 
11,618
11,618

Profit and loss account
 16 
6,413,551
5,812,088

  
6,425,169
5,823,706


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




A Gerber
Director

Date: 25 September 2024

The notes on pages 15 to 23 form part of these financial statements.

Page 10

 
Stapem Offshore Limited - Registered number:06900310


Company statement of financial position
as at 31 December 2023

2023
2023
2022
2022
Note

Fixed assets
  

Investments
 11 
100
100

  
100
100

Current assets
  

Debtors: amounts falling due within one year
 12 
2,133,431
1,610,477

Cash at bank and in hand
 13 
1,818,579
2,244,230

  
3,952,010
3,854,707

Creditors: amounts falling due within one year
 14 
(1,135,490)
(1,059,506)

Net current assets
  
 
 
2,816,520
 
 
2,795,201

Total assets less current liabilities
  
2,816,620
2,795,301

Net assets
  
2,816,620
2,795,301


Capital and reserves
  

Share capital
 15 
11,618
11,618

Profit and loss account brought forward
  
2,783,683
2,764,984

Profit for the year
  
21,319
18,699

Profit and loss account carried forward
  
2,805,002
2,783,683

  
2,816,620
2,795,301


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


A Gerber
Director

Date: 25 September 2024

The notes on pages 15 to 23 form part of these financial statements.

Page 11

 
Stapem Offshore Limited
 


Consolidated statement of changes in equity
for the year ended 31 December 2023


 Share capital
Profit and loss account
Equity attributable to owners of parent company
Total equity



At 1 January 2022
11,618
4,483,771
4,495,389
4,495,389


Comprehensive income for the year

Profit for the year
-
1,328,317
1,328,317
1,328,317
Total comprehensive income for the year
-
1,328,317
1,328,317
1,328,317



At 1 January 2023
11,618
5,812,088
5,823,706
5,823,706


Comprehensive income for the year

Profit for the year
-
601,463
601,463
601,463
Total comprehensive income for the year
-
601,463
601,463
601,463


At 31 December 2023
11,618
6,413,551
6,425,169
6,425,169


Page 12

 
Stapem Offshore Limited
 


Company statement of changes in equity
for the year ended 31 December 2023


Share capital
Profit and loss account
Total equity



At 1 January 2022
11,618
2,764,984
2,776,602


Comprehensive income for the year

Profit for the year
-
18,699
18,699



At 1 January 2023
11,618
2,783,683
2,795,301


Comprehensive income for the year

Profit for the year
-
21,319
21,319


At 31 December 2023
11,618
2,805,002
2,816,620


Page 13

 
Stapem Offshore Limited
 


Consolidated statement of cash flows
for the year ended 31 December 2023

2023
2022

Cash flows from operating activities

Profit for the financial year
601,463
1,328,317

Adjustments for:

Interest receivable
(5,468)
-

Taxation charge
90,676
184,852

Decrease/(increase) in debtors
684,201
(1,357,663)

Increase in creditors
219,047
1,119,259

Corporation tax paid
(260,019)
(119,493)

Net cash generated from operating activities

1,329,900
1,155,272

Cash flows from investing activities

Interest received
5,468
-

Net cash from investing activities

5,468
-

Net increase in cash and cash equivalents
1,335,368
1,155,272

Cash and cash equivalents at beginning of year
2,694,904
1,539,632

Cash and cash equivalents at the end of year
4,030,272
2,694,904


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,030,272
2,694,904

4,030,272
2,694,904


The notes on pages 15 to 23 form part of these financial statements.

Page 14

 
Stapem Offshore Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

1.


General information

Stapem Offshore Limited (henceforth 'the company') is a private company limited by shares and is registered in England and Wales. Its company registration number is 06900310. The registered office is 130 Wood Street, London, EC2V 6DL and the principal place of business is 104 Lower Baggot Street, Dublin 2, DO2 Y940, Ireland.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102),'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') 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 (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.
The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102, para 1.12(b) not to present the Company Statement of cash flows.
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiary ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated income statement from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The group has sufficient liquid resources to continue as a going concern for the foreseeable future and the directors believe that the group will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.

Page 15

 
Stapem Offshore Limited
 

Notes to the financial statements
for the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the periods 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 turnover can be measured reliably;
• it is probable that the group 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. 

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Valuation of investments

Investments in the subsidiary are measured at cost less accumulated impairment.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties,
loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

 
2.10

Creditors

Short term creditors are measured at the transaction price. 

Page 16

 
Stapem Offshore Limited
 

Notes to the financial statements
for the year ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The group's functional and presentational currency is Euros.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Euros at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.12

Pensions

Defined contribution pension plan
The group operates a defined contribution plan for certain of 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 payments obligations.
The contributions are recognised as an expense in profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 17

 
Stapem Offshore Limited
 

Notes to the financial statements
for the year ended 31 December 2023

2.Accounting policies (continued)

 
2.13

Taxation

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 reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

 Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not consider there to have been any critical judgements or key sources of estimation uncertainty
during the year.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022

Africa
30,152,754
29,333,587

Rest of the world
4,922,256
3,031,214

35,075,010
32,364,801



5.


Operating profit

The operating profit is stated after charging:

2023
2022

Exchange differences
3,912
(63,640)

Other operating lease rentals
104,540
92,903

Defined contribution pension cost
855
1,950

Page 18

 
Stapem Offshore Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

6.


Auditor's remuneration

During the year, the Group obtained the following services from the company's auditor:


2023
2022

Fees payable to the company's auditor for the audit of the consolidated and parent company's financial statements
48,217
45,299


7.


Employees

Staff costs, including the directors' remuneration were as follows:


Group
Group
Company
Company
2023
2022
2023
2022


Wages and salaries
29,592,519
27,283,137
228,346
120,905

Social security costs
30,210
23,379
7,219
7,434

Cost of defined contribution scheme
855
1,950
855
1,950

29,623,584
27,308,466
236,420
130,289

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

Group
Group
Company
Company
2023
2022
2023
2022
No.
No.
No.
No.


Admin
10
8
4
4

Technicians
341
321
-
-

351
329
4
4







8.


Directors' remuneration

2023
2022

Directors' emoluments
96,306
72,011

96,306
72,011


Page 19

 
Stapem Offshore Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

9.


Interest receivable

2023
2022


Other interest receivable
5,468
-

5,468
-


10.


Taxation


2023
2022

Corporation tax


Current tax on profits for the year
90,676
184,852


90,676
184,852


Total current tax
90,676
184,852

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 -lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:


2023
2022


Profit on ordinary activities before tax
692,139
1,513,169


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 -19%)
131,506
287,502

Effects of:


Adjustments to tax charge in respect of prior periods
(913)
(6,191)

Adjustment for overseas tax at lower rate
(39,917)
(96,459)

Total tax charge for the year
90,676
184,852

Page 20

 
Stapem Offshore Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

11.


Fixed asset investments

Company





Investment in subsidiary company




Cost or valuation


At 1 January 2023
100



At 31 December 2023
100





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Stoltd Partners Limited
104, Lower Baggot Street, Dublin 2, DO2 Y940, Ireland
Ordinary
100%


12.


Debtors: amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022


Trade debtors
5,873,297
6,405,515
1,591,871
404,801

Other debtors
133,386
715,063
20,808
29,723

Prepayments and accrued income
592,213
60,678
520,752
1,175,953

6,598,896
7,181,256
2,133,431
1,610,477



13.


Cash

Group
Group
Company
Company
2023
2022
2023
2022

Cash at bank and in hand
4,030,272
2,694,904
1,818,579
2,244,230

4,030,272
2,694,904
1,818,579
2,244,230


Page 21

 
Stapem Offshore Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

14.


Creditors: amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022

Other loans
305,993
305,993
305,993
305,993

Amounts owed to group undertakings
-
-
660,930
644,688

Trade creditors
518,442
295,151
81,433
33,229

Corporation tax
10,644
78,146
10,644
3,613

Other taxation and social security
4,868
11,542
1,840
3,226

Other creditors
2,257,279
2,163,089
-
202

Accruals and deferred income
1,106,773
1,198,533
74,650
68,555

4,203,999
4,052,454
1,135,490
1,059,506



15.


Share capital

2023
2022
Allotted



10,000 (2022 - 10,000) Ordinary shares of £1 each
11,618
11,618

Shares rank equally for voting purposes.



16.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profit and losses. 


17.


Contingent liabilities

During 2021, Stoltd Partners Limited ('Stoltd') was notified of a legal case against it and another party. The proceedings are only at an initial stage and the potential economic effect is not yet determined but the claim made against both parties is for approximately €4.3 million. Given the current status of the pending claim, the lawyers advising Stoltd are unable to make any predictions as to the possible outcome of the case or the financial outcome which may result therefrom. The directors are confident that the probability of there being any liability is low but as the outcome is not known at this stage, they have disclosed this as a contingent liability in the financial statements.

Page 22

 
Stapem Offshore Limited
 
 

Notes to the financial statements
for the year ended 31 December 2023

18.


Pension commitments

The group operates a defined contribution scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to €855 (2022: €1,950). Contributions totalling €Nil (2022: €202) were payable to the fund at 31 December 2023 and are included in creditors.


19.


Commitments under operating leases

At 31 December 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022

Not later than 1 year
36,723
44,067
-
3,958

Later than 1 year and not later than 5 years
-
36,723
-
-

36,723
80,790
-
3,958


20.


Analysis of net debt

An analysis of the changes in net debt has not been presented as all of the entity's cash flows relate to movements in cash, and the entity has no items to include in such an analysis other than the cash flows in the Statement of cash flows.


21.


Related party transactions

During the year ended 31 December 2023:
The group made sales to entities subject to common control totalling €21,964,880 (2022:  €20,227,591). During the year €22,533,134 (2022: €19,390,359) was paid to the company in respect of these sales resulting in a combined trade debtor balance at 31 December 2023 of €3,932,018 (2022: €4,500,272).
At 31 December 2023, €305,993 (2022: €305,993) remained payable to entities subject to common control, which includes interest payable. The loan is repayable on demand.


22.


Controlling party

During the year ended 31 December 2023 the group was jointly controlled by A and J-M Gerber.
Page 23