Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Nathan Peter Robert Gore 28/08/2003 Luisa Rodriguez 24/04/2010 25 September 2024 The principal activity of the Company during the financial year was the provision of engineers and associated equipment and consultancy services to the oil and gas industry. 04859880 2023-12-31 04859880 bus:Director1 2023-12-31 04859880 bus:Director2 2023-12-31 04859880 2022-12-31 04859880 core:CurrentFinancialInstruments 2023-12-31 04859880 core:CurrentFinancialInstruments 2022-12-31 04859880 core:ShareCapital 2023-12-31 04859880 core:ShareCapital 2022-12-31 04859880 core:RetainedEarningsAccumulatedLosses 2023-12-31 04859880 core:RetainedEarningsAccumulatedLosses 2022-12-31 04859880 core:OtherResidualIntangibleAssets 2022-12-31 04859880 core:OtherResidualIntangibleAssets 2023-12-31 04859880 core:OtherPropertyPlantEquipment 2022-12-31 04859880 core:OtherPropertyPlantEquipment 2023-12-31 04859880 core:CostValuation 2022-12-31 04859880 core:CostValuation 2023-12-31 04859880 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 04859880 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 04859880 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 04859880 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 04859880 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-12-31 04859880 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-12-31 04859880 bus:OrdinaryShareClass1 2023-12-31 04859880 bus:OrdinaryShareClass2 2023-12-31 04859880 2023-01-01 2023-12-31 04859880 bus:FilletedAccounts 2023-01-01 2023-12-31 04859880 bus:SmallEntities 2023-01-01 2023-12-31 04859880 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04859880 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04859880 bus:Director1 2023-01-01 2023-12-31 04859880 bus:Director2 2023-01-01 2023-12-31 04859880 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 04859880 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04859880 2022-01-01 2022-12-31 04859880 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 04859880 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 04859880 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04859880 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 04859880 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 04859880 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 04859880 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04859880 (England and Wales)

GORE VEGA LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

GORE VEGA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

GORE VEGA LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
GORE VEGA LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 25,461 0
Tangible assets 4 10,401 29,269
Investments 5 125,988 125,988
161,850 155,257
Current assets
Debtors 6 2,088,936 3,310,338
Cash at bank and in hand 560,590 23,843
2,649,526 3,334,181
Creditors: amounts falling due within one year 7 ( 2,475,219) ( 2,937,615)
Net current assets 174,307 396,566
Total assets less current liabilities 336,157 551,823
Provision for liabilities 8 44,708 0
Net assets 380,865 551,823
Capital and reserves
Called-up share capital 9 900 900
Profit and loss account 379,965 550,923
Total shareholder's funds 380,865 551,823

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gore Vega Limited (registered number: 04859880) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Nathan Peter Robert Gore
Director
Luisa Rodriguez
Director
GORE VEGA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
GORE VEGA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gore Vega Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Berkeley Street, London, W1J 8DJ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the job has been completed in full and invoice is raised.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct labour costs and a percentage of overheads that have been incurred in bringing the work in progress to its present condition.

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to costs incurred at the reporting end date.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 36 29

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 0 0
Additions 27,852 27,852
At 31 December 2023 27,852 27,852
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 2,391 2,391
At 31 December 2023 2,391 2,391
Net book value
At 31 December 2023 25,461 25,461
At 31 December 2022 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 294,407 294,407
Additions 2,528 2,528
Disposals ( 188,395) ( 188,395)
At 31 December 2023 108,540 108,540
Accumulated depreciation
At 01 January 2023 265,138 265,138
Charge for the financial year 8,740 8,740
Disposals ( 175,739) ( 175,739)
At 31 December 2023 98,139 98,139
Net book value
At 31 December 2023 10,401 10,401
At 31 December 2022 29,269 29,269

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 125,988
At 31 December 2023 125,988
Carrying value at 31 December 2023 125,988
Carrying value at 31 December 2022 125,988

6. Debtors

2023 2022
£ £
Trade debtors 1,786,877 2,844,468
Amounts owed by related parties 64,951 0
Corporation tax 0 8,476
Other debtors 237,108 457,394
2,088,936 3,310,338

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 199,459
Trade creditors 327,233 454,543
Amounts owed to Parent undertakings 595,112 1,051,570
Amounts owed to own subsidiaries 148,777 148,777
Taxation and social security 589,158 509,601
Other creditors 814,939 573,665
2,475,219 2,937,615

Bank overdrafts are repayable on demand and contain a bond and floating charge. During the year, the bank overdraft was repaid in full and the floating charge was released.

Amounts owed to Group undertakings are repayable on demand and bears interest at 8%.

8. Provision for liabilities

2023 2022
£ £
Deferred tax ( 44,708) 0

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
450 Ordinary A shares of £ 1.00 each 450 450
450 Ordinary B shares of £ 1.00 each 450 450
900 900

Each share has full rights in the company with respect to voting, dividends and distributions.

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Directors Loan Account - Debtor / (Creditor) 23,750 (34,463)

There are no set repayment terms and no interest is charged on the above loan accounts.

11. Ultimate controlling party

The company's ultimate parent company is Britcol Limited, a company registered in Scotland. Britcol Limited is controlled by the directors.