REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
ARATELLUS OFFSHORE LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
ARATELLUS OFFSHORE LIMITED |
ARATELLUS OFFSHORE LIMITED (REGISTERED NUMBER: SC661348) |
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 |
ARATELLUS OFFSHORE LIMITED |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ARATELLUS OFFSHORE LIMITED (REGISTERED NUMBER: SC661348) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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. |
ARATELLUS OFFSHORE LIMITED (REGISTERED NUMBER: SC661348) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ARATELLUS OFFSHORE LIMITED (REGISTERED NUMBER: SC661348) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Aratellus Offshore Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
SWORD | - |
Assets in the course of construction are not depreciated. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
ARATELLUS OFFSHORE LIMITED (REGISTERED NUMBER: SC661348) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Assets |
under | Plant and | Office |
construction | machinery | equipment | SWORD | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The net book value of plant and machinery includes an amount of £nil (2022 - £37,500) in respect of assets held under finance leases and hire purchase contracts. |
Depreciation charged on this item during the period totalled £nil (2022 - £50,000). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | - | 185,244 |
Taxation and social security |
Other creditors |
ARATELLUS OFFSHORE LIMITED (REGISTERED NUMBER: SC661348) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Included in other creditors is a loan from Sulmara Subsea Limited in the amount of £4,484,177 (2022 - £3,602,026). This loan is subject to a Bond and Floating Charge over the assets of the Company. |
Interest on the other loan is payable at a rate of 15% per annum, an obligation to repay the loan arose in April 2022. Efforts to renegotiate this loan or refinance it are ongoing. |
7. | CONTINGENT LIABILITIES |
During 2020, the company entered into a financing agreement with a third party, Sulmara Subsea Limited. The obligations under this agreement were subsequently transferred to another group company under a novation agreement and a guarantee of these obligations remains in the name of Aratellus Offshore Limited. As at 31 December 2023, the contingent liability in respect of this guarantee is £4,484,177 (2022 - £3,602,026). Sulmara Subsea Limited holds a floating charge over the assets of the Company in respect of this arrangement. |
The loan from Sulmara Subsea Limited (who are not a shareholder) is secured by a share pledge, and under Scots law, this entitles Sulmara Subsea Limited to title of the shares of Aratellus Offshore Limited including any dividend payments. All voting rights remain within the Aratellus Group of Companies and not with Sulmara Subsea Limited, in the event of a default Sulmara Subsea Limited have the right to acquire full rights over the shares. |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |