Company Registration No. SC419678 (Scotland)
RIGNET UK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RIGNET UK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Ms S Duffy
Mr R Blair
Company number
SC419678
Registered office
Nessco House
Discovery Drive
Arnhall Business Park
Westhill
AB32 6FG
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
RIGNET UK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 22
RIGNET UK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their strategic report and financial statements in respect of RigNet UK Holdings Limited ("the company") for the year ended 31 March 2024. The company's ultimate parent, Viasat Inc. is listed on the NASDAQ Global Select Market.

 

Principal activity

The principal activity of the company continues to be that of a holding company and this is expected to continue for the foreseeable future.

Fair review of the business

The results of the company show a pre-tax loss of $0.01m (2023: $0.8m) for the year. The net assets at 31 March 2024 are $19.7m (2023: $19.7m).

 

Due to the global financial performance during 2023/24, no dividend income was declared in respect of the company's investment holdings. The carrying value of its investment holdings has remained consistent year on year.

 

The company continues to seek to expand its presence to capitalise on opportunities on the African continent, as evidenced by the continuing growth of the operations in Angola, Nigeria and Mozambique and with expansion into Ghana. It is also expected that further integration with Viasat Inc. will result in both further growth opportunities and bandwidth cost savings through the use of Viasat Inc.'s global supply chain.

 

On 18 December 2024, Viasat, Inc., announced that it has completed the divestiture of its Energy Services System Integration (SI) business to US-based private investment firm MAG Capital Partners. The company's subsidiary NesscoInvsat Limited, is part of the business included in the sale. Although practical details of the transaction are still being finalised at the time of authorising these financial statements, from the acquisition date onwards MAG Capital Partners is now NesscoInvsat Limited's controlling party.

 

The directors remain confident of the future prospects for the company’s remaining trading subsidiaries.

Principal risks and uncertainties

The key risk and uncertainty affecting the company is predominantly the recoverability of its subsidiary investments. In order to mitigate this risk, the directors seek to ensure the investments trade profitably with a focus on returning value to the shareholders, The financial risk management objectives and policies are disclosed within the Directors’ Report on page 4.

Key performance indicators

Given the nature of the company's activities, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

Future developments

The company will continue as a holding company and no change in activity is envisaged by the directors.

RIGNET UK HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Section 172(1) Companies Act 2006

The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company and its subsidiaries (collectively known as "the group") for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

 

The directors work to promote the success of the group, by considering the impact that their decisions may have on the group, along with the group’s stakeholders. The issues and factors which have guided the directors’ decisions are outlined in the ‘review of business’ and the ‘principal risks and uncertainties’ sections within this report.

 

Reputation is of key importance to the group and the directors who always consider reputational impact in taking decisions and encourages high standards of business conduct.

 

The group’s key stakeholders include, but are not limited to:

 

The directors of the group promote good governance, which is key to drive the success of the group. The directors also aim to achieve the overall strategic objectives of the RigNet and wider Viasat group, as well as continuing good relationships with all key stakeholders who are critical to the long-term success of the group. Opportunities for further professional and career development are on offer for employees through relevant training courses and qualifications.

 

Having regard to employees’ interests

The board attaches great importance to the skills and experience of the management and employees of the group. Its aim is to retain the best talent and believes that they will benefit from the opportunities within the group.

 

The board is committed to consulting, as appropriate, with relevant employees and employee representatives on a regular basis and has worked hard to ensure effective communication with all employees during the period.

 

The group has a number of initiatives including a commitment to create a working environment where everyone has the opportunity to learn, develop and contribute to the success of the group, whilst working within a common set of values. Regular updates on business performance KPIs through various channels are provided and an element of employee reward is linked to the financial success of the group, amongst other appraisal criteria. Appropriate whistleblowing procedure are available that employees are comfortable using.

 

Fostering business relationships

The group aims to be to the first choice for customers’ needs, enabling them to enjoy the full value of their relationship with the business. The group builds long term customer relationships by providing unrivalled levels of service and an offering which is unmatched in its flexibility. We maintain strong relationships across our supply chain through regular contact and meetings with our suppliers. We encourage our customers and suppliers to raise any issues or concerns they have over their relationship with the group, incorporating all aspects (legal, commercial, operational etc.) and offering dedicated points of contact within our team to promote the building of long-term business relationships.

 

These relationships contribute to the group’s competitive advantage. They not only enable us to execute our strategy efficiently, but also help customers and suppliers plan their business, managing cash flow and production. The group also engages actively with suppliers to make sure they fully comply with our code of conduct for suppliers and partners, which includes provisions on human rights and environmental standards.

RIGNET UK HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Impact on community and environment

The group values the communities in which it operates, and its aim is for its business activities to have a positive impact on them.

 

The group will continue to promote green technology and initiatives to protect our environment, as well as being a contributor to the economies it operates in. We continue to seek to reduce the environmental impact of our business. The business is committed to delivering a corporate social responsibility strategy that sets the overall aim to be environmentally responsible, a good neighbour and a great place to work

 

Maintaining high standards of business conduct

The directors are committed to operating the group in a responsible manner, operating with high standards of business conduct and good governance.

On behalf of the board

Ms S Duffy
Director
18 February 2025
RIGNET UK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid (2023: £nil). The directors do not recommend payment of a final dividend (2023: £nil).

 

Overseas branches

The company has an overseas branch in Ghana. This branch is non-operational.

 

Going concern

The results of the company show a pre-tax loss of $0.01m (2023: $0.8m) for the year. The net assets at 31 March 2024 are $19.7m (2023: $19.7m). The net current assets at 31 March 2024 are $1.8m (2023: $1.8m).

 

Having considered the financial position and prospects for the company and its trading subsidiaries, the directors have developed a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. Accordingly, the going concern basis continues to be applied in preparing these financial statements.

Directors

The directors who held office during the year and up to the date of signature of the financial statements unless otherwise stated were as follows:

Ms S Duffy
Mr R Blair

Future developments

Details of future developments can be found in the Strategic Report on page 1 and forms part of this report by cross-reference.

Financial risk management objectives and policies

The company's activities expose it to certain financial risks including liquidity and credit risks. The company does not use derivatives for either financial risk management or for speculative purposes.

Liquidity risk

In order to ensure sufficient funds are available for ongoing operations, the company monitors the timing of expected cash flows. Further cash resources are available from the ultimate parent as and when required.

Credit risk

The company's principal financial assets are its inter-group receivables. Credit risk is primarily attributable to its inter-group receivables and is not considered a significant risk.

Post reporting date events

On 18 December 2024, Viasat, Inc., announced that it has completed the divestiture of its Energy Services System Integration (SI) business to US-based private investment firm MAG Capital Partners. The company's subsidiary NesscoInvsat Limited, is part of this business and was included in the sale. Although practical details of the acquisition for NesscoInvsat Limited are still being finalised at the time of authorising these financial statements, from the acquisition date onwards MAG Capital Partners is now NesscoInvsat Limited's controlling party.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

RIGNET UK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Streamlined Energy and Carbon Report (SECR)

The company is an investment holding company for a number of subsidiaries (collectively known as “the group”) with no active trade or employees. The group qualifies as large and as such is required to disclose SECR; the company’s energy use was less than 40,000 kWh in the year and as such is exempt from disclosing SECR in its own right and there are no UK subsidiaries which qualify as large entities.

 

Employee involvement and engagement

The company has no employees other than the directors and therefore has nothing to report in respect of employee engagement activity during the year.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Ms S Duffy
Director
18 February 2025
RIGNET UK HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RIGNET UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIGNET UK HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of RigNet UK Holdings Limited (the 'company') for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

RIGNET UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIGNET UK HOLDINGS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

RIGNET UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIGNET UK HOLDINGS LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provision of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the company is complying with laws and regulations by making enquires with management and those charged with governance. We corroborated these enquires through our review of relevant correspondence with regulatory bodies.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

RIGNET UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIGNET UK HOLDINGS LIMITED
- 10 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen McIlwaine (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
21 March 2025
Chartered Accountants
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
RIGNET UK HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
15-month
Year ended 31 March
period ended 31 March
2024
2023
Notes
$
$
Administrative expenses
(10,923)
(78,742)
Exceptional item
3
-
0
(710,000)
Loss before taxation
4
(10,923)
(788,742)
Tax on loss
6
-
0
-
0
Loss for the financial year/period
(10,923)
(788,742)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There are no items of other comprehensive expenditure in the current year or prior period other than as included in the profit and loss account. Accordingly, no separate statement of comprehensive income is presented.

RIGNET UK HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
7
17,952,297
17,952,297
Current assets
Debtors
9
11,039,330
11,023,577
Cash at bank and in hand
9,747
6,973
11,049,077
11,030,550
Creditors: amounts falling due within one year
10
(9,264,486)
(9,235,036)
Net current assets
1,784,591
1,795,514
Total assets less current liabilities
19,736,888
19,747,811
Capital and reserves
Called up share capital
11
11
11
Other reserves
12
750,000
750,000
Profit and loss reserves
11
18,986,877
18,997,800
Total equity
19,736,888
19,747,811
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
Ms S Duffy
Director
Company Registration No. SC419678
RIGNET UK HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
$
$
$
$
Balance at 1 January 2022
11
750,000
19,786,542
20,536,553
Period ended 31 March 2023:
Loss and total comprehensive expense for the period
-
-
(788,742)
(788,742)
Balance at 31 March 2023
11
750,000
18,997,800
19,747,811
Year ended 31 March 2024:
Loss and total comprehensive expense for the year
-
-
(10,923)
(10,923)
Balance at 31 March 2024
11
750,000
18,986,877
19,736,888
RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

RigNet UK Holdings Limited ("the company") is a private company limited by shares incorporated in Scotland. The registered office is Nessco House, Discovery Drive, Arnhall Business Park, Westhill, AB32 6FG. The nature of the company's business and its principal activity is as described within the Strategic Report on page 1.

1.1
Accounting convention

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. There were no material departures from this standard.

The financial statements are prepared in US$ which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest US$.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

FRS 102 reduced disclosure framework

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. The company's ultimate parent company is Viasat Inc., which prepares consolidated financial statements in which the company's results are included and which are publicly available. Copies of the group financial statements for Viasat Inc. may be requested from Investor Relations, Viasat Inc, 6155 El Camino Real, Carlsbad, California 92009.

 

The company has taken advantage of the following disclosure exemptions under FRS 102 where applicable:

 

a) The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d);

 

b) The requirement of Section 33 Related Party Disclosures paragraph 33.7;

 

c) The requirements of Section 11 Basic Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a) (iii), 11.48(a) (iv), 11.48(b) and 11.48(c).

 

Preparation of consolidated financial statements

The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group financial statements as it is exempt from the requirement to do so by section 401 of the Companies Act 2006 as it is a subsidiary of another company which prepares consolidated financial statements including the company and its subsidiaries which are publicly available (note 14). These financial statements therefore present information about the company as an individual undertaking and not as a group.

1.2
Going concern

The company recorded a loss after tax of $0.01truem (2023: $0.8m). The net assets at 31 March 2024 are $19.7m (2023: $19.7m). The net current assets at 31 March 2024 are $1.8m (2023: $1.8m).

 

Having considered the financial position and prospects for the company and its trading subsidiaries, the directors have developed a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. Accordingly, the going concern basis continues to be applied in preparing these financial statements.

1.3
Reporting period

During the prior period, the company extended its accounting reference date to 31 March 2023. As a result, the current year covers 12 months to 31 March 2024 whereas the comparative period covers 15 months ended 31 March 2023. Therefore prior period amounts (including related notes) are not directly comparable.

RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Fixed asset investments

Interests in investments are initially measured at cost and subsequently measured at cost less any provision for diminution in value. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by a company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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) by comparing this to the asset's carrying value. The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtained as a result of the asset's continued use.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 statements, 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.

 

Financial assets

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets

Basic financial assets, which include debtors, amounts due from fellow group companies and cash and bank balances, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, which include creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

 

Basic financial liabilities are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Foreign exchange

Transactions in currencies other than US$ are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit or loss for the period.

RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.10

Exceptional items

Exceptional items are those items that, in the directors view, are required to be separately disclosed by virtue of their nature or incidence to enable a full understanding of the company's financial performance. Details of those items are provided in the relevant notes.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The following are considered to be either judgements that have had the most significant effect on amounts recognised in the financial statements, or estimates that are dependent upon assumptions which could change in the next financial year and have a material effect on the carrying amounts of assets and liabilities recognised at the balance sheet date:

 

 

The directors consider that there are no other judgements, estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Exceptional item
Year ended
15-month period ended
31 March
31 March
2024
2023
$
$
Impairment of subsidiary
-
710,000

During the prior period, the company recognised an impairment in relation to its investment in RigNet Angola Limitada.

RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
4
Loss before taxation
Year ended
15-month period ended
31 March
31 March
2024
2023
Loss before taxation
$
$
Exchange losses
-
0
12,502

The audit fee for 2024 was £22,575 (2023: £21,000) and this was borne by another group company, RigNet UK Limited. Non-audit fees for services provided by the company's auditor were £nil (2023: £3,250).

5
Employees

Each of the directors who served during the current year and prior period were remunerated by other group undertakings and received no remuneration for their service to the company.

 

The company had no other employees in the current year or prior period (2023: nil).

6
Taxation
Year ended
15-month period ended
31 March
31 March
2024
2023
$
$
Current tax
UK corporation tax
-
0
-
0

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Taxation
Year ended
15-month period ended
31 March
31 March
(Continued)
- 19 -
Year ended
15-month period ended
31 March
31 March
2024
2023
$
$
Loss before taxation
(10,923)
(788,742)
Expected tax credit based on the standard rate of corporation tax in the UK of 25% (2023: 19%)
(2,731)
(149,861)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
134,900
Remeasurement of deferred tax for changes in tax rates
-
0
(1,883)
Movement in deferred tax not recognised
-
0
7,846
Other differences
441
8,998
Group relief surrendered
2,290
-
0
Taxation charge for the year
-
-

The company is not subject to any deferred tax.

7
Fixed asset investments
2024
2023
Notes
$
$
Investments in subsidiaries
8
17,952,297
17,952,297
RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
8
Subsidiaries

These financial statements are separate company financial statements for RigNet UK Holdings Limited.

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Munaicom LLP
Office 404, Floor 4, Block 1B, Nurly-Tau Business Center, Al-Farabi Avenue 19, Almaty, Kazakhstan
Ordinary
100.00
-
NesscoInvsat Limited*
Royal Pavilion, Tower 2, 4th Floor, Wellesley Road, Aldershot, England, United Kingdom  GU11 1PZ
Ordinary
100.00
-
Orgtec S de R.L. de C.V.
Edificio Torre Martel III -PB, 102B Prolongación los soles 200, San Pedro Garza García, NL, Mexico
Ordinary
-
100.00
RigNet (CA) Inc
Stewart McKelvey, PO Box 5038, Suite 1100 Cabot Place, 100 New Gower Street, St. John's, Canada
Ordinary
100.00
-
RigNet Angola Limitada
Estrada de Cacuaco, no. 288, CP 2163, Municipality of Cacuaco,Luanda  Angola
Ordinary
49.00
-
RigNet AP Facilities & Services Limited
278, Ikorodu Road,Lagos  Nigeria
Ordinary
49.00
-
RigNet BRN Sdn Bhd
14, Level 1, Jaya Setia Square, Spg 13, Jln Komersial Jaya Setia, Bandar Seri Begawan BB2713, Brunei
Ordinary
50.00
50.00
RigNet de Mexico**
Edificio Torre Martel III -PB, 102B Prolongación los soles 200, San Pedro Garza García, NL, Mexico
Ordinary
-
100.00
RigNet Ghana Limited
20 Adabaka Jones Nelson Road,Accra  Ghana
Ordinary
90.00
-
RigNet Middle East-FZE
Facility No. FZ1AP08, Jebel Ali Freezone South,Dubai, United Arab Emirates
Ordinary
100.00
-
RigNet Mobile Solutions Limited
Arnhall Business Park, Nessco House Discovery Drive,Westhill, Aberdeenshire, Scotland  AB32 6FG
Ordinary
100.00
-
RigNet Mozambique Limitada
Av. Marginal 141, Torres Rani, Office Tower, 7th floor, T2 Maputo  Mozambique
Ordinary
99.00
1.00
RigNet PTE Limited
12 Marina View, #11-01 Asia Square Tower 2, Singapore  018961, Singapore
Ordinary
100.00
-
RigNet Sdn Bhd
43-2, Plaza Damansara, Jalan Medan Setia 1 Bukit Damansara, Kuala Lumpur, Malaysia
Ordinary
100.00
-
RigNet UK Limited
Arnhall Business Park, Nessco House Discovery Drive,Westhill, Aberdeenshire, Scotland  AB32 6FG
Ordinary
100.00
-
RNSAT Servicios de Mexico**
Edificio Torre Martel III -PB, 102B Prolongación los soles 200, San Pedro Garza García, NL, Mexico
Ordinary
-
100.00

*On 18 December 2024, Viasat, Inc., announced that it has completed the divestiture of its Energy Services System Integration (SI) business to US-based private investment firm MAG Capital Partners which includes the NesscoInvsat Limited company.

 

** RigNet UK Holdings Limited owns 0.002% of the ordinary share capital in these entities.

 

The nature of these businesses are the provision of managed communications solutions for the upstream oil and gas industry.

 

The company exercises dominant influence over all its subsidiaries..

RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
9
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
11,038,188
11,022,435
Other debtors
1,142
1,142
11,039,330
11,023,577

The amounts due from fellow group undertakings are unsecured, bear no interest and are repayable on demand.

10
Creditors: amounts falling due within one year
2024
2023
$
$
Amounts owed to group undertakings
9,263,869
9,235,036
Taxation and social security
617
-
0
9,264,486
9,235,036

Amounts due to fellow group undertakings are unsecured, interest free and repayable on demand.

11
Share capital and reserves
2024
2023
$
$
Ordinary share capital
Issued and fully paid
7 Ordinary shares of £1 each
11
11

 

Profit and loss account

 

The profit and loss account represents cumulative profit and losses, net of dividends and other adjustments.

12
Other reserves

The other reserves pertain to capital contributions received from the company's parent.

13
Events after the reporting date

On 18 December 2024, Viasat, Inc., announced that it has completed the divestiture of its Energy Services System Integration (SI) business to US-based private investment firm MAG Capital Partners. The company's subsidiary NesscoInvsat Limited, is part of this business and was included in the sale. Although practical details of the acquisition for NesscoInvsat Limited are still being finalised at the time of authorising these financial statements, from the acquisition date onwards MAG Capital Partners is now NesscoInvsat Limited's controlling party.

RIGNET UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
14
Related party transactions

The company has taken advantage of the exemption available in accordance with Section 33 of FRS 102 "Related Party Disclosures" not to disclose transactions entered into between two or more wholly owned members of the same group.

15
Ultimate controlling party

The company's immediate parent is RigNet AS, a company registered at Maskinveien 24 Stavanger, Rogaland NO-4033 Norway.

The company's ultimate parent company and the company which heads the largest and smallest group of undertakings to which the results of the company are consolidated is Viasat Inc., a company incorporated in Delaware, United States of America. Viasat Inc is listed on the NASDAQ Global Select Market. Copies of the financial statements of Viasat Inc may be requested from Investor Relations, Viasat Inc., 6155 El Camino Real, Carlsbad, California 92009.

 

2024-03-312023-04-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.300No description of principal activityMs S DuffyMr R Blair0SC4196782023-04-012024-03-31SC419678bus:Director12023-04-012024-03-31SC419678bus:Director22023-04-012024-03-31SC419678bus:RegisteredOffice2023-04-012024-03-31SC4196782024-03-31SC4196782022-01-012023-03-31SC419678core:Exceptional12023-04-012024-03-31SC419678core:Exceptional12022-01-012023-03-31SC419678core:RetainedEarningsAccumulatedLosses2022-01-012023-03-31SC419678core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31SC4196782023-03-31SC419678core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC419678core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC419678core:CurrentFinancialInstruments2024-03-31SC419678core:CurrentFinancialInstruments2023-03-31SC419678core:ShareCapital2024-03-31SC419678core:ShareCapital2023-03-31SC419678core:OtherMiscellaneousReserve2024-03-31SC419678core:OtherMiscellaneousReserve2023-03-31SC419678core:RetainedEarningsAccumulatedLosses2024-03-31SC419678core:RetainedEarningsAccumulatedLosses2023-03-31SC419678core:ShareCapital2021-12-31SC419678core:OtherMiscellaneousReserve2021-12-31SC419678core:RetainedEarningsAccumulatedLosses2021-12-31SC4196782021-12-31SC41967812023-04-012024-03-31SC41967812022-01-012023-03-31SC419678core:UKTax2023-04-012024-03-31SC419678core:UKTax2022-01-012023-03-31SC41967822023-04-012024-03-31SC41967822022-01-012023-03-31SC41967832023-04-012024-03-31SC41967832022-01-012023-03-31SC419678core:Non-currentFinancialInstruments2024-03-31SC419678core:Non-currentFinancialInstruments2023-03-31SC419678bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC419678bus:FRS1022023-04-012024-03-31SC419678bus:Audited2023-04-012024-03-31SC419678bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP