Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31falsetechnology company dedicated to improving efficiency of oil recoverytruetrue2024-01-0122truetruefalse SC650997 2024-01-01 2024-12-31 SC650997 2023-01-01 2023-12-31 SC650997 2024-12-31 SC650997 2023-12-31 SC650997 2023-01-01 SC650997 c:Director1 2024-01-01 2024-12-31 SC650997 c:RegisteredOffice 2024-01-01 2024-12-31 SC650997 d:ComputerEquipment 2024-01-01 2024-12-31 SC650997 d:ComputerEquipment 2024-12-31 SC650997 d:ComputerEquipment 2023-12-31 SC650997 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC650997 d:CurrentFinancialInstruments 2024-12-31 SC650997 d:CurrentFinancialInstruments 2023-12-31 SC650997 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC650997 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC650997 d:ShareCapital 2024-12-31 SC650997 d:ShareCapital 2023-12-31 SC650997 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC650997 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC650997 d:OtherDeferredTax 2024-12-31 SC650997 d:OtherDeferredTax 2023-12-31 SC650997 c:FRS102 2024-01-01 2024-12-31 SC650997 c:Audited 2024-01-01 2024-12-31 SC650997 c:FullAccounts 2024-01-01 2024-12-31 SC650997 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC650997 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC650997 2 2024-01-01 2024-12-31 SC650997 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Registered Number:SC650997














INFLOWCONTROL UK LIMITED





FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024

 
INFLOWCONTROL UK LIMITED
 

COMPANY INFORMATION


Director
Dr Vidar Mathiesen 




Registered number
SC650997



Registered office
2 Springdale Road
Bieldside

Aberdeen

AB15 9FA





 
INFLOWCONTROL UK LIMITED
 

CONTENTS



Page
Director's responsibilities statement
1
Balance sheet
2
Notes to the financial statements
3 - 9


 
INFLOWCONTROL UK LIMITED
 

DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director is responsible for preparing the Director's report and the 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 of the profit or loss of the Company for that period.

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

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

make judgments 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
INFLOWCONTROL UK LIMITED
REGISTERED NUMBER:SC650997

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 4 
545
1,049

  
545
1,049

Current assets
  

Debtors: amounts falling due within one year
 5 
68,949
68,436

Cash at bank and in hand
 6 
24,006
6,526

  
92,955
74,962

Creditors: amounts falling due within one year
 7 
(34,540)
(33,254)

Net current assets
  
 
 
58,415
 
 
41,708

Total assets less current liabilities
  
58,960
42,757

Provisions for liabilities
  

Deferred tax
 8 
(136)
(235)

  
 
 
(136)
 
 
(235)

Net assets
  
58,824
42,522


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
58,724
42,422

  
58,824
42,522


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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



................................................
Dr Vidar Mathiesen
Director

Date: 26 March 2025

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
INFLOWCONTROL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

InflowControl UK Limited is a private limited company incorporated in the United Kingdom.  The registered office is 2 Springdale Road, Bieldside, Aberdeen, AB15 9FA.  

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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director, having made due and careful enquiry, is of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. 
As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

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.

Page 3

 
INFLOWCONTROL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company 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.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 4

 
INFLOWCONTROL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.9

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.

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:

Computer equipment
-
25%
straight line

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.

 
2.10

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.

Page 5

 
INFLOWCONTROL UK LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

  
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. 
Provisions are charged as an expense to profit or loss in the year that the Company becomes awareof the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

  
2.14

Financial instruments

The Company 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 Company's Balance sheet when the Company become 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.


3.


Employees

The average monthly number of employees, including the director, during the year was 2 (2023 - 2).

Page 6

 
INFLOWCONTROL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Computer equipment

£000



Cost or valuation


At 1 January 2024
2,014



At 31 December 2024

2,014



Depreciation


At 1 January 2024
965


Charge for the year on owned assets
504



At 31 December 2024

1,469



Net book value



At 31 December 2024
545



At 31 December 2023
1,049


5.


Debtors

2024
2023
£000
£000


Amounts owed by group undertakings
66,199
66,103

Other debtors
1,015
717

Prepayments and accrued income
1,735
1,616

68,949
68,436



6.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
24,006
6,526

24,006
6,526


Page 7

 
INFLOWCONTROL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
4,239
3,501

Corporation tax
6,532
5,678

Other taxation and social security
10,369
9,400

Accruals and deferred income
13,400
14,675

34,540
33,254



8.


Deferred taxation




2024
2023


£000

£000






At beginning of year
(235)
(361)


Charged to profit or loss
99
126



At end of year
(136)
(235)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
(136)
(235)

(136)
(235)


9.


Pension commitments

The company 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 to £1,321 (2023 - £1,321).  Outstanding contributions at the year end included in creditors amounted to £Nil (2023 - £Nil).


10.


Related party transactions

The company has taken advantage of the exemption available in FRS 102 Section 1AC.35 to not disclose transactions with 100% owned group companies.
There were no related party transactions.

Page 8

 
INFLOWCONTROL UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Controlling party

The company's immediate and ultimate parent undertaking is InflowControl AS, a company registered in Norway.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 26 March 2025 by Christopher Masson (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.

Page 9