REGISTERED NUMBER: |
EDDA SUPPLY SHIPS (UK) LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
REGISTERED NUMBER: |
EDDA SUPPLY SHIPS (UK) LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
EDDA SUPPLY SHIPS (UK) LIMITED (REGISTERED NUMBER: SC058774) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EDDA SUPPLY SHIPS (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
78 Union Street |
Aberdeen |
AB10 1HH |
SOLICITORS: |
100 Union Street |
Aberdeen |
AB11 5PW |
EDDA SUPPLY SHIPS (UK) LIMITED (REGISTERED NUMBER: SC058774) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 303,117 |
The financial statements were approved by the Board of Directors and authorised for issue on |
EDDA SUPPLY SHIPS (UK) LIMITED (REGISTERED NUMBER: SC058774) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Edda Supply Ships (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. |
The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £1. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
The company has taken advantage of the small companies exemption not to prepare consolidated accounts. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' FRS 102 to all its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statement, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, cash and bank balances and loans to fellow group undertakings are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, include trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
EDDA SUPPLY SHIPS (UK) LIMITED (REGISTERED NUMBER: SC058774) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Equipment 4 to 10 years straight line |
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. |
Taxation |
The tax expense represents the sum of of the current tax expense and deferred tax expenses. Current tax assets are recognised when tax paid exceeds the tax payable. |
Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transactions or event it related to and is also charged or credited to other comprehensive income, or equity. |
Current tax assets and current tax liabilities are deferred tax assets and deferred tax liabilities are offset, it and only if there is a legal enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the assets and settle the liability simultaneously. |
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have accrued at the balance sheet date. |
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
Employee benefits |
The costs of employee benefits are recognised as a liability and an expense. |
The cost of any unused holiday entitlement is recognised in the period which the employee's services are received. |
Retirement benefits |
For defined contribution schemes the amount charged the profit or loss is the contributions payable in the year. Differences between the contributions payable and the contributions actually paid are shown as either accruals or prepayments. |
Foreign exchange |
Transactions in currencies other than the functional currency are initially recorded at the exchange rate prevailing on the date of the transaction. |
Monetary assets and liabilities denominated in foreign currencies re translated into sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities and transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. |
Exchange differences are taken into account in arriving at the operating profit. |
EDDA SUPPLY SHIPS (UK) LIMITED (REGISTERED NUMBER: SC058774) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Leases |
Where no rights or obligations are conferred in relation to leased assets, no legal costs or liabilities are recorded in the financial statements in line with the substance of the agreement. |
Interest received in respect of the hire of vessels under finance lease arrangements is recognised in the profit and loss account over the term of the lease in proportion to the balance of future rentals receivable. Assets subject to these finance leases are not included in the fixed assets. The amounts due under such contracts, less provision for doubtful debts, are included in the balance sheet as debtors. |
Operating lease arrangements |
Rentals applicable to operating leases, where substantially all the benefits and risks of ownership remain with the lessor, are charged against profits on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Equipment |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
EDDA SUPPLY SHIPS (UK) LIMITED (REGISTERED NUMBER: SC058774) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | CONTINGENT LIABILITIES |
Following the EU Commission's clarification on 2nd February 2023, the Spanish tax authorities may pursue the company to recover past benefits received in contravention of EU law. It is currently impracticable to estimate the financial effects, provide an indication on the amount or timing of outflows or provide an estimate on the possibility of any reimbursement. |
9. | LEASING AGREEMENTS |
Total operating lease commitments as at 31 December 2024 were £nil (2023 - £14,400) in relation to office rental. |
10. | PARENT COMPANY |
Edda Wind ASA is regarded by the directors as being the company's ultimate parent company, a company incorporated in Norway. |
The smallest group for which consolidated accounts are drawn up of which the company is a member is Edda Wind ASA. |
Edda Wind ASA is a public listed company under ticker EWIND. The largest investors are Geveran Trading Co. Limited, a company indirectly controlled by trusts established by Mr. John Fredriksen, Wilhelmsen New Energy AS, a company controlled by Wilh. Wilhelmsen Holding AS, and EPS Ventures Ltd, a subsidiary of the Quantum Pacific Shipping group associated with Mr. Idan Ofer. |
The consolidated accounts can be obtained from the parent company's registered office of Smedasundet 97, Haugesund, Norway. |