Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr Paul Mark Henderson 11/03/2021 Mr David Allen Morgan 11/03/2021 27 November 2024 The principal activity of the Company during the financial year was subsea cabling work for the offshore renewable sector. SC691986 2024-02-29 SC691986 bus:Director1 2024-02-29 SC691986 bus:Director2 2024-02-29 SC691986 2023-02-28 SC691986 core:CurrentFinancialInstruments 2024-02-29 SC691986 core:CurrentFinancialInstruments 2023-02-28 SC691986 core:Non-currentFinancialInstruments 2024-02-29 SC691986 core:Non-currentFinancialInstruments 2023-02-28 SC691986 core:ShareCapital 2024-02-29 SC691986 core:ShareCapital 2023-02-28 SC691986 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC691986 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC691986 core:Vehicles 2023-02-28 SC691986 core:Vehicles 2024-02-29 SC691986 core:CostValuation 2023-02-28 SC691986 core:DisposalsRepaymentsInvestments 2024-02-29 SC691986 core:CostValuation 2024-02-29 SC691986 core:ImmediateParent core:CurrentFinancialInstruments 2024-02-29 SC691986 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 SC691986 2022-02-28 SC691986 bus:OrdinaryShareClass1 2024-02-29 SC691986 2023-03-01 2024-02-29 SC691986 bus:FilletedAccounts 2023-03-01 2024-02-29 SC691986 bus:SmallEntities 2023-03-01 2024-02-29 SC691986 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC691986 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC691986 bus:Director1 2023-03-01 2024-02-29 SC691986 bus:Director2 2023-03-01 2024-02-29 SC691986 2022-03-01 2023-02-28 SC691986 core:Vehicles 2023-03-01 2024-02-29 SC691986 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 SC691986 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC691986 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC691986 1 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC691986 (Scotland)

ASP ROPE ACCESS UK LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

ASP ROPE ACCESS UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

ASP ROPE ACCESS UK LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
ASP ROPE ACCESS UK LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Investments 4 0 485,415
0 485,415
Current assets
Debtors
- due within one year 5 512,133 945,839
- due after more than one year 5 183,000 0
Cash at bank and in hand 320,978 1,273,720
1,016,111 2,219,559
Creditors: amounts falling due within one year 6 ( 859,169) ( 2,823,017)
Net current assets/(liabilities) 156,942 (603,458)
Total assets less current liabilities 156,942 (118,043)
Net assets/(liabilities) 156,942 ( 118,043)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 156,842 ( 118,143 )
Total shareholder's funds/(deficit) 156,942 ( 118,043)

For the financial year ending 29 February 2024 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 ASP Rope Access UK Limited (registered number: SC691986) were approved and authorised for issue by the Board of Directors on 27 November 2024. They were signed on its behalf by:

Mr David Allen Morgan
Director
ASP ROPE ACCESS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
ASP ROPE ACCESS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
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

ASP Rope Access UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 29 Albyn Place, Aberdeen,AB10 1YL, 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 company made a profit during the year of £274,985 (2023 £51,529) has net assets of £156,942 (Net liabilities -2023 £118,043).

The directors are satisfied that the financial support will continue to be available as required from group and parent undertakings and that loans advanced from group and parent undertakings will not be repayable until the company has sufficient funds to do so.

At the time of approving the financial statements, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 Profit and Loss Account 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 the provision of subsea cabling work and equipment 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 in the period in which the work is completed.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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.

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, other than investment property and freehold land, 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:

Vehicles not depreciated

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.

Fixed asset investments

Investments are recognised initially at cost which is the transaction price. Subsequently, they are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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 bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 2

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 March 2023 0 0
Additions 10,995 10,995
Disposals ( 10,995) ( 10,995)
At 29 February 2024 0 0
Accumulated depreciation
At 01 March 2023 0 0
At 29 February 2024 0 0
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Fixed asset investments

Investments in joint ventures Total
£ £
Cost or valuation before impairment
At 01 March 2023 485,415 485,415
Disposals ( 485,415) ( 485,415)
At 29 February 2024 0 0
Carrying value at 29 February 2024 0 0
Carrying value at 28 February 2023 485,415 485,415

During the year the company disposed of it's investment in Joint Venture.

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 299,494 874,825
Amounts owed by Group undertakings 7,447 7,447
Deferred tax asset 27,157 42,260
Other debtors 178,035 21,307
512,133 945,839
Debtors: amounts falling due after more than one year
Other debtors 183,000 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 960 13,309
Amounts owed to Group undertakings 25,291 25,291
Amounts owed to Parent undertakings 805,653 2,376,625
Other taxation and social security 7,382 18,745
Other creditors 19,883 389,047
859,169 2,823,017

Amounts owed to Group and parent undertakings are repayable on demand and do not bear interest.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 42,260 0
(Charged)/credited to the Profit and Loss Account ( 15,103) 42,260
At the end of financial year 27,157 42,260

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by director (587) 189

The above loan is interest free and his no fixed repayment terms.

Other related party transactions

2024 2023
£ £
Amounts due to group companies 830,944 2,401,915
Amounts owed by group companies (7,447) (7,447)

The loans are interest free and there are no fixed repayment terms in place.

10. Events after the Balance Sheet date

Subsequent to the year end, there was a re-organisation of the group structure which included the transfer of ownership of ASP US, the incorporation of ASP Europe BV and the transfer of ownership of ASP UK to ASP holdings.