IRIS Accounts Production v24.1.0.578 05814934 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh058149342022-12-31058149342023-12-31058149342023-01-012023-12-31058149342021-12-31058149342022-01-012022-12-31058149342022-12-3105814934ns15:EnglandWales2023-01-012023-12-3105814934ns14:PoundSterling2023-01-012023-12-3105814934ns10:Director12023-01-012023-12-3105814934ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105814934ns10:SmallEntities2023-01-012023-12-3105814934ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3105814934ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3105814934ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105814934ns10:FullAccounts2023-01-012023-12-310581493412023-01-012023-12-3105814934ns10:Director32023-01-012023-12-3105814934ns10:Director42023-01-012023-12-3105814934ns10:RegisteredOffice2023-01-012023-12-3105814934ns5:CurrentFinancialInstruments2023-12-3105814934ns5:CurrentFinancialInstruments2022-12-3105814934ns5:ShareCapital2023-12-3105814934ns5:ShareCapital2022-12-3105814934ns5:RetainedEarningsAccumulatedLosses2023-12-3105814934ns5:RetainedEarningsAccumulatedLosses2022-12-3105814934ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3105814934ns5:PlantMachinery2023-01-012023-12-3105814934ns5:IntangibleAssetsOtherThanGoodwill2022-12-3105814934ns5:IntangibleAssetsOtherThanGoodwill2023-12-3105814934ns5:IntangibleAssetsOtherThanGoodwill2022-12-3105814934ns5:PlantMachinery2022-12-3105814934ns5:PlantMachinery2023-12-3105814934ns5:PlantMachinery2022-12-3105814934ns5:CostValuation2022-12-3105814934ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3105814934ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3105814934ns5:WithinOneYear2023-12-3105814934ns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 05814934 (England and Wales)















Applied Petroleum Technology (UK) Ltd.

Unaudited Financial Statements for the Year Ended 31 December 2023






Applied Petroleum Technology (UK) Ltd. (Registered number: 05814934)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Applied Petroleum Technology (UK) Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr H H NyrØnning
Dr B Bennett
Mr C P Berg





REGISTERED OFFICE: 3 Chestnut Court
Parc Menai
Bangor
Gwynedd
LL57 4DF





REGISTERED NUMBER: 05814934 (England and Wales)





ACCOUNTANTS: Pritchett & Co
Chartered Accountants and Chartered Tax Advisers
16 Wynnstay Road
Colwyn Bay
Conwy
LL29 8NB

Applied Petroleum Technology (UK) Ltd. (Registered number: 05814934)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 146,343 225,854
Tangible assets 5 6,877 8,661
Investments 6 1,000 1,000
154,220 235,515

CURRENT ASSETS
Debtors 7 536,380 491,666
Cash at bank 73,896 278,107
610,276 769,773
CREDITORS
Amounts falling due within one year 8 120,557 232,456
NET CURRENT ASSETS 489,719 537,317
TOTAL ASSETS LESS CURRENT
LIABILITIES

643,939

772,832

PROVISIONS FOR LIABILITIES 1,627 1,627
NET ASSETS 642,312 771,205

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 642,212 771,105
642,312 771,205

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Applied Petroleum Technology (UK) Ltd. (Registered number: 05814934)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





Dr B Bennett - Director


Applied Petroleum Technology (UK) Ltd. (Registered number: 05814934)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Applied Petroleum Technology (UK) Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the total amount recoverable by the company for services provided, excluding VAT and trade discounts. Turnover on long term contracts is ascertained in a manner appropriate to the stage of completion of the contract, where the contract can be assessed with reasonable certainty, the business and the industry.

Intangible assets
Internally generated intangible assets are recognised where there is a readily ascertainable market value and reviewed annually for impairment.

Multi-client studies are being amortised evenly over their estimated useful life of five years.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
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 entity after deducting of all its financial liabilities.


Applied Petroleum Technology (UK) Ltd. (Registered number: 05814934)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

Applied Petroleum Technology (UK) Ltd. (Registered number: 05814934)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 1,057,671
Additions 4,955
At 31 December 2023 1,062,626
AMORTISATION
At 1 January 2023 831,817
Charge for year 84,466
At 31 December 2023 916,283
NET BOOK VALUE
At 31 December 2023 146,343
At 31 December 2022 225,854

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 63,711
Additions 524
At 31 December 2023 64,235
DEPRECIATION
At 1 January 2023 55,050
Charge for year 2,308
At 31 December 2023 57,358
NET BOOK VALUE
At 31 December 2023 6,877
At 31 December 2022 8,661

Applied Petroleum Technology (UK) Ltd. (Registered number: 05814934)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,000
NET BOOK VALUE
At 31 December 2023 1,000
At 31 December 2022 1,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 292,848 191,321
Amounts owed by group undertakings 140,866 260,715
Amounts recoverable on contract 90,000 17,000
Other debtors 12,666 22,630
536,380 491,666

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 31,983 49,153
Taxation and social security 46,493 21,231
Other creditors 42,081 162,072
120,557 232,456

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/23 31/12/22
£    £   
Within one year 20,837 24,126

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Applied Petroleum AS, a company incorporated in Norway.