Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-310falsetrue0false0true2023-09-08falseHolding company SC772186 2023-09-07 SC772186 2023-09-08 2023-12-31 SC772186 2022-01-01 2023-09-07 SC772186 2023-12-31 SC772186 c:Director1 2023-09-08 2023-12-31 SC772186 c:Director1 2023-12-31 SC772186 c:Director2 2023-09-08 2023-12-31 SC772186 c:Director2 2023-12-31 SC772186 c:Director3 2023-09-08 2023-12-31 SC772186 c:Director3 2023-12-31 SC772186 c:RegisteredOffice 2023-09-08 2023-12-31 SC772186 d:Buildings 2023-09-08 2023-12-31 SC772186 d:Buildings d:ShortLeaseholdAssets 2023-09-08 2023-12-31 SC772186 d:PlantMachinery 2023-09-08 2023-12-31 SC772186 d:MotorVehicles 2023-09-08 2023-12-31 SC772186 d:FurnitureFittings 2023-09-08 2023-12-31 SC772186 d:OfficeEquipment 2023-09-08 2023-12-31 SC772186 d:Goodwill 2023-09-08 2023-12-31 SC772186 d:CurrentFinancialInstruments 2023-12-31 SC772186 d:ShareCapital 2023-09-08 2023-12-31 SC772186 d:ShareCapital 2023-12-31 SC772186 c:OrdinaryShareClass1 2023-09-08 2023-12-31 SC772186 c:OrdinaryShareClass1 2023-12-31 SC772186 c:FRS102 2023-09-08 2023-12-31 SC772186 c:Audited 2023-09-08 2023-12-31 SC772186 c:FullAccounts 2023-09-08 2023-12-31 SC772186 c:PrivateLimitedCompanyLtd 2023-09-08 2023-12-31 SC772186 d:Subsidiary1 2023-09-08 2023-12-31 SC772186 d:Subsidiary1 1 2023-09-08 2023-12-31 SC772186 d:Subsidiary2 2023-09-08 2023-12-31 SC772186 d:Subsidiary2 1 2023-09-08 2023-12-31 SC772186 d:Subsidiary3 2023-09-08 2023-12-31 SC772186 d:Subsidiary3 1 2023-09-08 2023-12-31 SC772186 d:Subsidiary4 2023-09-08 2023-12-31 SC772186 d:Subsidiary4 1 2023-09-08 2023-12-31 SC772186 d:Subsidiary5 2023-09-08 2023-12-31 SC772186 d:Subsidiary5 1 2023-09-08 2023-12-31 SC772186 d:Subsidiary6 2023-09-08 2023-12-31 SC772186 d:Subsidiary6 1 2023-09-08 2023-12-31 SC772186 d:Subsidiary7 2023-09-08 2023-12-31 SC772186 d:Subsidiary7 1 2023-09-08 2023-12-31 SC772186 c:Consolidated 2023-12-31 SC772186 c:ConsolidatedGroupCompanyAccounts 2023-09-08 2023-12-31 SC772186 4 2023-09-08 2023-12-31 SC772186 6 2023-09-08 2023-12-31 SC772186 d:SpecificBusinessCombination1 2023-09-08 2023-12-31 SC772186 d:SpecificBusinessCombination1 2023-12-31 SC772186 d:SpecificBusinessCombination1 d:CurrentFinancialInstruments 2023-12-31 SC772186 e:PoundSterling 2023-09-08 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC772186














INTEROCEAN HOLDINGS LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

 
INTEROCEAN HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
M A Cliff 
A F Moore 




Registered number
SC772186



Registered office
2 Marischal Square
Broad Street

Aberdeen

AB10 1DQ





 
INTEROCEAN HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Director's Report
2
Director's Responsibilities Statement
3
Independent Auditor's Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Balance Sheet
9
Company Balance Sheet
10
Consolidated Statement of Changes in Equity
11
Company Statement of Changes in Equity
12
Consolidated Statement of Cash Flows
13
Consolidated Analysis of Net Debt
14
Notes to the Financial Statements
15 - 34


 
INTEROCEAN HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
 
Interocean Holdings Limited ("the company") was incorporated on 9 June 2023 and on 8 September 2023 it acquired Interocean Group Services Limited and its subsidiaries for £1 ("the Group").  The aim of the group is to provide market leading technical services for marine operations and asset integrity. The Group has extended its offering of technical services across assets classes and geographies focusing on extending the asset life and operational uptime of clients' assets. The company's principal activity is that of a holding company.
Interocean is working toward transforming the group into becoming the specialist provider of support services to the Offshore Energy, Marine and Renewable sectors and positioning itself for a strong future with new leadership and a new brand. 
This reflects the groups future offerings being not only in Energy and Marine, but also a growing footprint in the renewable sector.  

Business review
 
The Group has been able to add to its asset base during 2023 to utilise new technology and reduce operating costs.  The Group will continue to take advantage of future opportunities as they arise.

Principal risks and uncertainties
 
The principal business risks and uncertainties affecting the company are considered to relate to competition from similar business, activity levels within the oil and gas sector and the volatility in the oil price.

Financial key performance indicators
 
The directors monitor turnover and profitability as key performance indicators. The directors believe the profit and loss account presented gives sufficient information to assess performance. 


This report was approved by the board and signed on its behalf.



A F Moore
Director

Date: 24 March 2025

Page 1

 
INTEROCEAN HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the period ended 31 December 2023.

Results and dividends

The loss for the period, after taxation, amounted to £3,508,385.

There were no dividends paid or proposed during the period. 

Directors

The directors who served during the period were:

M A Cliff (appointed 9 June 2023)
P M Czarnecki (appointed 9 June 2023, resigned 9 October 2024)
A F Moore (appointed 9 June 2023)

Future developments

A new office was opened in Glasgow and the existing office in Aberdeen moved to a more modern office in April 2024, which will assist in the facilitation of future growth plans.
A joint venture to create a new entity called Intermara Marine Ltd was completed with plans to increase the vessel fleet size in the coming year and a joint venture in Norway is also planned to increase our brand presence in country.
The actions will support the directors aim to increase revenues and profitability in the coming year.

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A F Moore
Director

Date: 24 March 2025

Page 2

 
INTEROCEAN HOLDINGS LIMITED
 

DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
INTEROCEAN HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEROCEAN HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Interocean Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
INTEROCEAN HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEROCEAN HOLDINGS LIMITED (CONTINUED)


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 director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
INTEROCEAN HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEROCEAN HOLDINGS LIMITED (CONTINUED)


Auditor's 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 Group financial statements.


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 obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.  
The laws and regulations we considered in this context were the Companies Act 2006  and UK Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be: 

Management override of controls to manipulate the company’s key performance indicators to meet targets
Timing and completeness of revenue recognition
Management judgement applied in calculating provisions
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading 

Our audit procedures to respond to these risks included: 

Testing of journal entries and other adjustments for appropriateness
Sales cut off and transaction testing was performed to ensure revenue was recognised correctly
Evaluating the business rationale of significant transactions outside the normal course of business
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias 
Enquiries of management about litigation and claims and inspection of relevant correspondence
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

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


Page 6

 
INTEROCEAN HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEROCEAN HOLDINGS LIMITED (CONTINUED)


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 2006Our 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.





James Pirrie (Senior Statutory Auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

24 March 2025
Page 7

 
INTEROCEAN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

7 months ended 31 December
2023
Note
£

  

Turnover
 4 
3,157,818

Cost of sales
  
(2,839,112)

Gross profit
  
318,706

Administrative expenses
  
(1,893,574)

Exceptional administrative expenses
  
(210,200)

Other operating income
 5 
32,000

Operating (loss)/profit
 6 
(1,753,068)

Share of profit of joint venture
  
(45)

Total operating (loss)/profit
  
(1,753,113)

Amounts written off related party balances
  
(1,717,688)

Interest payable and similar expenses
 10 
(45,033)

(Loss)/profit before taxation
  
(3,515,834)

Tax on (loss)/profit
 11 
7,449

(Loss)/profit for the financial period
  
(3,508,385)

(Loss) for the period attributable to:
  

Owners of the parent Company
  
(3,508,385)

  
(3,508,385)

There were no recognised gains and losses for 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023.

The notes on pages 15 to 34 form part of these financial statements.

Page 8

 
INTEROCEAN HOLDINGS LIMITED
REGISTERED NUMBER: SC772186

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Intangible assets
 14 
(202,021)

Tangible assets
 15 
349,721

  
147,700

Current assets
  

Debtors: amounts falling due within one year
 17 
4,257,685

Cash at bank and in hand
 18 
291,730

  
4,549,415

Creditors: amounts falling due within one year
 19 
(6,035,500)

Net current (liabilities)
  
 
 
(1,486,085)

Total assets less current liabilities
  
(1,338,385)

  

Net (liabilities)
  
(1,338,385)


Capital and reserves
  

Called up share capital 
 20 
2,170,000

Profit and loss account
  
(3,508,385)

  
(1,338,385)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A F Moore
Director

Date: 24 March 2025

The notes on pages 15 to 34 form part of these financial statements.

Page 9

 
INTEROCEAN HOLDINGS LIMITED
REGISTERED NUMBER: SC772186

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Investments
 16 
2,170,000

Net assets
  
2,170,000


Capital and reserves
  

Called up share capital 
 20 
2,170,000

  
2,170,000


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A F Moore
Director

Date: 24 March 2025

The notes on pages 15 to 34 form part of these financial statements.

Page 10

 
INTEROCEAN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period
-
(3,508,385)
(3,508,385)


Contributions by and distributions to owners

Shares issued during the period
2,170,000
-
2,170,000


At 31 December 2023
2,170,000
(3,508,385)
(1,338,385)

The notes on pages 15 to 34 form part of these financial statements.

Page 11

 
INTEROCEAN HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Total equity

£
£


Contributions by and distributions to owners

Shares issued during the period
2,170,000
2,170,000


At 31 December 2023
2,170,000
2,170,000

The notes on pages 15 to 34 form part of these financial statements.

Page 12

 
INTEROCEAN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2023
£

Cash flows from operating activities

(Loss)/profit for the financial period
(3,508,385)

Adjustments for:

Amortisation of intangible assets
(6,966)

Depreciation of tangible assets
48,469

Loss on disposal of tangible assets
1,402

Interest paid
45,033

Taxation charge
(7,449)

(Increase) in debtors
1,013,256

(Increase) in amounts owed by related parties
21,939

(Decrease)/increase in creditors
(677,537)

Share of operating loss in joint ventures
45

Net cash generated from operating activities

(3,070,193)


Cash flows from investing activities

Sale of tangible fixed assets
3,500

Net cash acquired on purchase of subsidiary companies
238,568

Purchase of share in joint ventures
(45)

Net cash from investing activities

242,023

Cash flows from financing activities

Issue of ordinary shares
2,169,900

Other new loans
950,000

Net cash used in financing activities
3,119,900

Net increase in cash and cash equivalents
291,730

Cash and cash equivalents at the end of period
291,730


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
291,730

291,730


The notes on pages 15 to 34 form part of these financial statements.

Page 13

 
INTEROCEAN HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2023




Cash flows
Acquisition and disposal of subsidiaries
At 31 December 2023
£

£

£

Cash at bank and in hand

53,162

238,568

291,730

Debt due within 1 year

(950,000)

(23,674)

(973,674)


(896,838)
214,894
(681,944)

The notes on pages 15 to 34 form part of these financial statements.

Page 14

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Interocean Holdings Limited is a company incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.  The company's principal activity is a holding company.  The group's principal activity is to provide a comprehensive range of services to the offshore oil and gas, marine and renewables sector.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors, having made due and careful enquiry including the preparation of detailed forecasts, review of the order book and anticipated market conditions, are of the opinion that the company has adequate working capital to execute their operations over the next 12 months.
Financial projections have been prepared for the group for 2024/25 which anticipate improving market conditions. The financial statements have been prepared on a going concern basis due to the provision of a revolving credit facility and other support provided by their investors as part of the group restructure. 
The directors remain confident that the group can continue to operate as a going concern. This assessment is based on the understanding that the wider group will continue to trade over the coming months and that the ultimate controlling party, The Lamia Trust, have provided a nonenforcement letter to the group, agreeing not to require the repayment of the £1m loan until the group is in a position to do so which will allow the group to meet its liabilities as they fall due for at least 12 months from the date of these financial statements.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 15

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 17

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
10%
Straight line

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land & buildings
-
1% on cost
Short-term leasehold property
-
20% on cost
Plant and machinery
-
10 - 33% on cost
Motor vehicles
-
50% on cost
Fixtures and fittings
-
20 - 50% on cost
Office equipment
-
50% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in joint ventures are measured using the equity method.

Page 18

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 20

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 21

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements, requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of financial position date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements.
Taxation
The group establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such as experience with previous tax authorities and differing interpretations of tax regulations by the company and the tax authority. 
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
Impairment of debtors
The group makes an assessment of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider various factors including the ageing profile of debtors and historical experience. See Note 17 for the net carrying amount of the debtors and associated impairment provisions.
Carrying value of goodwill
The group assesses annually whether goodwill has been impaired.  Management assess the carrying value of goodwill using a number of factors including the trading performance of the company's which generated the goodwill on acquisition and the company's future cash flow projections discounted appropriately.   One of the key assumptions which underpins this assessment is the group anticipating improving market conditions. See note 2.3 for management's judgement on the uncertainty of these assumptions and note 13 for the net carrying amount of goodwill and associated impairment provisions.
 

Page 22

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Turnover

In the opinion of the directors it would be seriously prejudicial to disclose segmental information by class
of business or by geographical markets.


5.


Other operating income

7 months ended 31 December
2023
£

Net rents receivable
32,000

32,000



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

7 months ended 31 December
2023
£

Depreciation on tangible fixed assets
48,469

Amortisation of goodwill
48,370

Exchange differences
14,522

Other operating lease rentals
69,618


7.


Auditor's remuneration

During the period, the Group obtained the following services from the Company's auditor:


7 months ended 31 December
2023
£

Fees payable to the Company's auditor for the audit of the consolidated and individual company's financial statements
65,000

Fees payable to the Company's auditor in respect of:

Taxation compliance services
31,600

Page 23

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
2023
£


Wages and salaries
656,041

Social security costs
109,881

Cost of defined contribution scheme
26,479

792,401


The average monthly number of employees, including the director, during the period was as follows:


7 months ended 31 December
        2023
            No.






Management
1



Operations
10



Administration
21

32

The Company has no employees other than the directors, whose remuneration is borne by a fellow group company.


9.


Director's remuneration

7 months ended 31 December
2023
£

Director's emoluments
60,000

Group contributions to defined contribution pension schemes
770

60,770


During the period retirement benefits were accruing to 1 director in respect of defined contribution pension schemes.

Page 24

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

7 months ended 31 December
2023
£


Bank interest payable
19,016

Other interest payable
26,017

45,033


11.


Taxation


7 months ended 31 December
2023
£


Foreign tax


Foreign tax on income for the year
(7,449)

Page 25

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is lower than the standard rate of corporation tax in the UK of 23.52%. The differences are explained below:

7 months ended 31 December
2023
£


(Loss)/profit on ordinary activities before tax
(3,515,834)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52%
(826,924)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
10,397

Expenses not deductible for tax purposes
899,619

Capital allowances for period in excess of depreciation
158

Double taxation relief
(7,449)

Other differences leading to an increase (decrease) in the tax charge
634

Group relief
17,685

Deferred tax not recognised
(101,569)

Total tax charge for the period
(7,449)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Exceptional items

7 months ended 31 December
2023
£


Deal fees
75,200

Dilapidation provision
135,000

210,200

Page 26

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the period was £Nil.


14.


Intangible assets

Group




Negative goodwill

£





On acquisition of subsidiaries
(208,987)



At 31 December 2023

(208,987)





Charge for the period
(6,966)



At 31 December 2023

(6,966)



Net book value



At 31 December 2023
(202,021)



Page 27
 


 
INTEROCEAN HOLDINGS LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023


15.


Tangible fixed assets


Group







Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Tenants improvements
Total

£
£
£
£
£
£
£



Cost or valuation


On acquisition of subsidiary
1,712,633
10,782
300,091
613,643
367,592
221,148
3,225,889


Disposals
(67,001)
-
(7,353)
-
-
-
(74,354)



At 31 December 2023

1,645,632
10,782
292,738
613,643
367,592
221,148
3,151,535



Depreciation


Charge for the period on owned assets
46,179
-
306
-
1,466
518
48,469


Disposals
(67,001)
-
(2,451)
-
-
-
(69,452)


On acquisition of subsidiary 
1,343,184
10,782
284,943
605,427
359,887
218,574
2,822,797



At 31 December 2023

1,322,362
10,782
282,798
605,427
361,353
219,092
2,801,814



Net book value



At 31 December 2023
323,270
-
9,940
8,216
6,239
2,056
349,721

Page 28
 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Group





Investment in joint ventures

£





Additions
45


Share of profit/(loss)
(45)



At 31 December 2023
-




Company




On 8 September 2023, Interocean Holdings Limited acquired Interocean Group Services Limited and all its underlying subsidiaries for £1 consideration. As part of this transaction, the company provided funds to the group via an issue of new shares in Interocean Group Services Limited.


Investments in subsidiary companies

£



Cost or valuation


Additions
2,170,000



At 31 December 2023
2,170,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Country of Incorporation

Class of shares

Holding

Interocean Group Services Limited
Scotland
Ordinary
100%
Interocean Marine Services Limited *
Scotland
Ordinary
100%
Rigmar Services Limited *
Scotland
Ordinary
100%
Terraocean Limited *
Scotland
Ordinary
100%
Interocean Marine Services (Canada) Limited **
Canada
Ordinary
100%
Rigmar Middle East Oil Field Services L.L.C. ***
United Arab Emirates
Ordinary
100%
Rigmar Marine Consultancy DMCC ***
United Arab Emirates
Ordinary
100%

*   100% owned by Interocean Group Services Limited
**  100% owned by Interocean Marine Services Limited
*** 100% owned by Rigmar Services Limited

Page 29

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Interocean Group Services Limited
2,152,188
(5,625)

Interocean Marine Services Limited *
(225,786)
(1,411,573)

Rigmar Services Limited *
(2,595,663)
(554,388)

Terraocean Limited *
(402,737)
38,224

Interocean Marine Services (Canada) Limited **
(112,753)
3,584

Rigmar Middle East Oil Field Services L.L.C. ***
(176,902)
(8,719)

Rigmar Marine Consultancy DMCC ***
(496,516)
(41,760)

*   100% owned by Interocean Group Services Limited
**  100% owned by Interocean Marine Services Limited
*** 100% owned by Rigmar Services Limited


17.


Debtors

Group
Company
2023
2023
£
£


Trade debtors
2,387,614
-

Amounts owed by related parties
41,998
-

Other debtors
787,786
-

Prepayments and accrued income
1,040,287
-

4,257,685
-



18.


Cash and cash equivalents

Group
Company
2023
2023
£
£

Cash at bank and in hand
291,730
-

291,730
-


Page 30

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

Group
Company
2023
2023
£
£

Bank loans
23,674
-

Other loans
950,000
-

Trade creditors
1,566,414
-

Other taxation and social security
1,097,279
-

Other creditors
58,553
-

Accruals and deferred income
2,339,580
-

6,035,500
-


The bank loan comprises of an interest free CAD$40,000 CEBA loan from TD Bank Group which is due for repayment on 18 January 2024.  Any outstanding amounts after this time will accrue interest at 5%.
The other loans relate to funding provided by the majority shareholder for working capital and is repayable on demand.  The majority shareholder has provided a non-enforcement letter to the group, agreeing not to require the repayment of this facility until the group is in a position to do so.


20.


Share capital

2023
£
Allotted, called up and fully paid


2,169,900 Ordinary shares of £1.00 each
2,169,900

Allotted, called up and partly paid


100 Ordinary shares of £1.00 each
100


On 9 June 2023, 100 ordinary shares were issued at par value.
On 8th September 2023, 2,169,900 ordinary shares were issued at par value.

Page 31

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

21.
 

Business combinations

On 8 September 2023, Interocean Holdings Limited acquired Interocean Group Services Limited and all its underlying subsidiaries for £1 consideration. 

Acquisition of Interocean Group Services Limited group

Recognised amounts of identifiable assets acquired and liabilities assumed

Fair value
£

Fixed Assets

Tangible
403,092

403,092

Current Assets

Debtors
5,292,781

Cash at bank and in hand
238,568

Total Assets
5,934,441

Creditors

Due within one year
(5,725,458)

Total Identifiable net assets
208,983


Goodwill
(208,982)

Total purchase consideration
1

Consideration

£


Cash
1

Total purchase consideration
1

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
1

Net cash outflow on acquisition
1

Page 32

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

21.Business combinations (continued)

The results of the Interocean Group Services Limited group since acquisition are as follows:

Current period since acquisition
£

Turnover
3,157,818

(Loss) for the period since acquisition
(3,508,385)


22.


Pension commitments

The group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted £26,479. Contributions of £15,060 were payable to the fund at the year end and are included in creditors.


23.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
2023
£

Not later than 1 year
42,500

42,500
Page 33

 
INTEROCEAN HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

24.


Related party transactions

Control
Throughout the period the company was controlled by the directors.
Transactions
The company has taken advantage of FRS 102 section 33 paragraph (a), which allows exemption disclosure of related party transactions with other group companies.
 


Transactions during period
2023
Balance at period end
2023
£
£

Entities over which the entity has joint control or significant influence
Loan
36,250
36,250
Expenses paid
5,748
5,748
41,998
41,998


25.


Controlling party

The company's controlling party is The Lamia Trust, a trust registered in Guernsey. 

Page 34