IRIS Accounts Production v24.3.2.46 03372216 Board of Directors 1.1.24 31.12.24 31.12.24 employment agency. true false true true false false false false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033722162023-12-31033722162024-12-31033722162024-01-012024-12-31033722162022-12-31033722162023-01-012023-12-31033722162023-12-3103372216ns15:EnglandWales2024-01-012024-12-3103372216ns14:PoundSterling2024-01-012024-12-3103372216ns10:Director12024-01-012024-12-3103372216ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103372216ns10:FullIFRS2024-01-012024-12-3103372216ns10:Audited2024-01-012024-12-3103372216ns10:ResidualCompaniesActDisclosuresWithIFRS2024-01-012024-12-3103372216ns10:FullAccounts2024-01-012024-12-3103372216ns10:OrdinaryShareClass12024-01-012024-12-3103372216ns10:Director22024-01-012024-12-3103372216ns10:Director32024-01-012024-12-3103372216ns10:RegisteredOffice2024-01-012024-12-3103372216ns5:CurrentFinancialInstruments2024-12-3103372216ns5:CurrentFinancialInstruments2023-12-3103372216ns5:ShareCapital2024-12-3103372216ns5:ShareCapital2023-12-3103372216ns5:RetainedEarningsAccumulatedLosses2024-12-3103372216ns5:RetainedEarningsAccumulatedLosses2023-12-3103372216ns5:ShareCapital2022-12-3103372216ns5:RetainedEarningsAccumulatedLosses2022-12-3103372216ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103372216ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-310337221612024-01-012024-12-3103372216ns5:OwnedAssets2024-01-012024-12-3103372216ns5:OwnedAssets2023-01-012023-12-3103372216ns10:OrdinaryShareClass12023-01-012023-12-3103372216ns5:PlantMachinery2024-01-012024-12-3103372216ns5:PlantMachinery2024-12-3103372216ns10:OrdinaryShareClass12024-12-3103372216ns5:RetainedEarningsAccumulatedLosses2023-12-31
REGISTERED NUMBER: 03372216 (England and Wales)
























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Statement of Comprehensive Income 12

Statement of Financial Position 13

Statement of Changes in Equity 14

Statement of Cash Flows 15

Notes to the Statement of Cash Flows 16

Notes to the Financial Statements 17


INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2024







DIRECTORS: Mr R N Kooijmans
Mr P Mans
Mr T A W G Wanders





REGISTERED OFFICE: Wellington House, Falcon Court
Preston Farm Business Park
Stockton On Tees
Cleveland
TS18 3TS





REGISTERED NUMBER: 03372216 (England and Wales)





AUDITORS: Fortus Audit LLP
Chartered Accountants & Statutory Auditors
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

STRATEGIC REPORT
For The Year Ended 31 December 2024


The directors present their strategic report for the year ended 31 December 2024.

BUSINESS REVIEW
iPS Powerful People is a qualified staffing and employment agency for the maritime, offshore, oil & gas and tunnel industry. Objective of the company is to provide the perfect professionals and/or crews as quickly as possible for as long as our customers need these professionals to ensure continuity in their businesses. iPS Powerful People operates worldwide. With a history of 35 years, iPS Powerful People has extensive knowledge and experience when it comes to recruiting, contracting and payrolling of personnel.

The result of the operations of the company show an operating profit of GBP 936,855 (2023: Profit of GBP 480,079) on turnover of GBP 17,890,753 (2023: GBP 16,923,794).

At 31 December 2024 the company held net assets of GBP 1,967,864 (2023: GBP 1,342,963).

PRINCIPAL RISKS AND UNCERTAINTIES AND FINANCIAL RISK MANAGEMENT
iPS Powerful People is widely recognised for its professionalism, consistency and financial discipline. Across the company we are continuously seeking opportunities for growth, while taking controlled risks. A strong balance sheet together with a strong cash flow form the basis of our healthy business.

We aim to ensure that the risks of iPS Powerful People are identified and managed effectively and that our operations are carried out in compliance with (local) applicable laws and regulations at a reasonable level of assurance. Our system of internal controls supported by common and tailor made IT systems with embedded key control frameworks ensures the integrity of information processing of day/to/day transactions and does provide adequate financial and management reporting which is constantly monitored.Our systems are rolled out to all the operating legal entities of iPS Powerful People.

Our risk management process forms part of our quality management system and has been included in our ISO9001:2015 and 45001:2018 certificate and is subject to regular external audit.

Our worldwide activities are exposed to varying degrees of risk and uncertainty. Taking risks and managing risks is a part of the daily business within iPS Powerful People. In our ambitions to become first choice in the provision of professional employees in specific markets, we review risks as part of our business planning, performance monitoring and management systems. We are reviewing and adapting our assessments continuously to remain in balance with the growth of the activities.

Our company-wide internal governance framework is based on out iPS Powerful People Values and Code of Conduct. Both provide clarity and transparency to our staff regarding values and principles and applies to all our decisions, thereby ensuring that we make the right ethical choices and maintain a culture of transparency and integrity.

Based on our Management Systems, internal controls (a.o. tax control framework, internal workflow definitions, system authorizations) and policies in place, we have a framework to mitigate the risk of fraud-misconduct.

Because of our presence and growth in many markets and regions, there is a risk of non/compliance to laws and regulations. We aim to reduce this specific risk by working with a set of standards and procedures, next to employing specialists in these fields of expertise.

iPS Powerful People main current assets are trade receivables, these receivables are spread over a significant number of customers without a high concentration of risk. We are constantly monitoring the creditworthiness of these clients and the ageing of amounts outstanding. We have engaged ourselves in a credit-insurance facility.

Our functional and main operating currency is the Euro, but we have sizeable parts of our business denominated in USD. It is iPS Powerful People policy that if turnover is not in Euro, the related cost of sales should be denominated in the same currency in which the turnover is made.


INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

STRATEGIC REPORT
For The Year Ended 31 December 2024

FINANCIAL AND OTHER KEY PERFORMANCE INDICATORS
The company's key financial and other performance indicators during the year were as follows:

2024 2023 Change
'000 '000 '000
Turnover 17,891 16,924 967
Gross profit % 13.17% 11.67% 1.5%
Profit before taxation 937 480 457
Profit before taxation % 5.24% 2.84% 2.4%
Cash at bank 91 209 (118)
Net assets 1,968 1,343 625

The company recognises the contribution made by good governance to the Company's success and deliverance of strategy.

Section 172 of the Companies Act 2006 requires directors to act in a way they consider in good faith to be most likely to promote the success of the company for the benefit of the stakeholders. In doing so a director of a company must regard (amongst other matters) to:
- The likely consequences of any decision in the long term;
- The interests of the company's employees;
- The need to foster the company's business relationships with suppliers, customers and others;
- The impact of the company's operations on the community and environment;
- The desirability of the company maintaining a reputation for high standards of business conduct;
- The need to act fairly as between members of the company.
The following disclosures describes how the directors have had regard to the matters set out in section 172(1a) to (f) and forms the directors statement required under section 414CZA of the Companies Act 2006.

Customers
Our customers are our priority, we have dedicated customer account managers an strong long term relationships with our key customers.

Employees
The workforce is the company's most valuable asset and also the importance to maintain a strong bank of consultants to able the company to meet its customer requirements.

Future Developments
The business projections for 2025 remain in an unsecured environment, the impact of the Ukrainian war, the unrest in the Middle East and the tensions around China continue to have a latent effect on the energy supply and pricing, the world trade and world safety.

As a general trend energy sourcing in Europe is focussing more towards renewables (offshore wind) and LNG import, on the other hand pricing element brings in inflation and higher interest rates which might have a negative impact on investment decisions. Like we have seen recently with offshore wind projects in the UK and USA, these projects got discussed and even cancelled (USA). Next to this also the focus on 'green' from investors, governments and action groups in putting pressure on investment volumes for traditional oil & gas developments, especially for 'listed' oil & gas companies.

Taking into account the above mentioned insecurities, the general macro-economic and geopolitical factors remain positive for our business: energy transition is accelerating and development more globally (including Asia and USA), a series of new offshore wind installation vessels will be delivered in the comping years, infrastructural and land reclamation projects are continuing and starting up (this is inclusive of the next phases for Fehmarnbelt) and the climate change requires for protection actions against the rising (sea) water level. We will start 2025 from the strong business base on 2024, all of our major businesses had a strong Q4 in 2024 and this will be carried on into 2025.

ON BEHALF OF THE BOARD:




INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

STRATEGIC REPORT
For The Year Ended 31 December 2024



Mr R N Kooijmans - Director


21 March 2025

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 will be £NIL.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr R N Kooijmans
Mr P Mans
Mr T A W G Wanders

DISCLOSURE IN THE STRATEGIC REPORT
The directors have elected to disclose matters considered to be of strategic importance to the company in the Strategic Report as per Section 414 of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 UK-adopted international accounting standards. 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2024


AUDITORS
The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mr R N Kooijmans - Director


21 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED


Opinion
We have audited the financial statements of Interocean Personnel Services (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with IFRSs as adopted by the UK; 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED


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 or the Report of the Directors.

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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' 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 Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED


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 a Report of the Auditors 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.




Frances Howard FCA (Senior Statutory Auditor)
for and on behalf of Fortus Audit LLP
Chartered Accountants & Statutory Auditors
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

21 March 2025

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

INCOME STATEMENT
For The Year Ended 31 December 2024

2024 2023
Notes £    £   

CONTINUING OPERATIONS
Revenue 4 17,890,753 16,923,794

Cost of sales (15,534,496 ) (14,948,877 )
GROSS PROFIT 2,356,257 1,974,917

Other operating income 38,251 -
Administrative expenses (1,457,653 ) (1,494,838 )
OPERATING PROFIT 936,855 480,079
PROFIT BEFORE INCOME TAX 6 936,855 480,079

Income tax 7 (233,774 ) (117,389 )
PROFIT FOR THE YEAR 703,081 362,690

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 31 December 2024

2024 2023
£    £   

PROFIT FOR THE YEAR 703,081 362,690

OTHER COMPREHENSIVE INCOME
Item that will not be reclassified to profit or loss:
Currency translation difference (78,180 ) (61,238 )
Income tax relating to item that will not be
reclassified to profit or loss

-

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

(78,180

)

(61,238

)
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

624,901

301,452

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Notes £    £   
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 9 1,770 -
CURRENT ASSETS
Trade and other receivables 10 3,664,460 4,564,342
Cash and cash equivalents 11 91,374 208,620
3,755,834 4,772,962
TOTAL ASSETS 3,757,604 4,772,962
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 12 1,000 1,000
Retained earnings 13 1,966,864 1,341,963
TOTAL EQUITY 1,967,864 1,342,963
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 14 1,555,966 3,312,610
Tax payable 233,774 117,389
1,789,740 3,429,999
TOTAL LIABILITIES 1,789,740 3,429,999
TOTAL EQUITY AND LIABILITIES 3,757,604 4,772,962


The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





Mr R N Kooijmans - Director


INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 1,000 2,345,511 2,346,511

Changes in equity
Dividends - (1,305,000 ) (1,305,000 )
Total comprehensive income - 301,452 301,452
Balance at 31 December 2023 1,000 1,341,963 1,342,963

Changes in equity
Total comprehensive income - 624,901 624,901
Balance at 31 December 2024 1,000 1,966,864 1,967,864

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

STATEMENT OF CASH FLOWS
For The Year Ended 31 December 2024

2024 2023
£    £   
Cash flows from operating activities
Cash generated from operations 1 2,351 1,338,111
Tax paid (117,389 ) (122,347 )
Net cash from operating activities (115,038 ) 1,215,764

Cash flows from investing activities
Purchase of tangible fixed assets (2,208 ) -
Net cash from investing activities (2,208 ) -

Cash flows from financing activities
Equity dividends paid - (1,305,000 )
Net cash from financing activities - (1,305,000 )

Decrease in cash and cash equivalents (117,246 ) (89,236 )
Cash and cash equivalents at beginning
of year

2

208,620

297,856

Cash and cash equivalents at end of
year

2

91,374

208,620

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

NOTES TO THE STATEMENT OF CASH FLOWS
For The Year Ended 31 December 2024


1. RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before income tax 936,855 480,079
Depreciation charges 438 -
Currency translation difference (78,180 ) (61,238 )
859,113 418,841
Decrease/(increase) in trade and other receivables 944,820 (708,230 )
(Decrease)/increase in trade and other payables (1,801,582 ) 1,627,500
Cash generated from operations 2,351 1,338,111

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 91,374 208,620
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 208,620 297,856

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024



1. STATUTORY INFORMATION

Interocean Personnel Services (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

The directors regard the Euro as the functional currency of the company. The financial statements are prepared and presented in Sterling and rounded to the nearest £1.

Revenue recognition
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes, net of discounts and value added tax.

Revenue is recognised when the significant risks and rewards of the services provided have been transferred to the customer and the amount of revenue can be measured reliably.

Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Financial instruments
Financial instruments are recognised in the company's statement of financial position 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 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.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. CRITICAL ACCOUNTING 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 recongised in the period in which the estimate is revised where the revision affects both current and future periods.

4. REVENUE

Analysis of turnover
2024 2023
£    £   
Recruitment agency 17,890,753 16,923,794

By geographical market
UK 311,299 349,896
Europe 17,332,562 15,999,454
Rest of world 246,892 574,444
17,890,753 16,923,794

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 9,242,551 6,666,797
Social security costs 166,182 187,773
Other pension costs 530,615 325,617
9,939,348 7,180,187

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Office administration 2 2
Production staff 69 47
71 49

2024 2023
£    £   
Directors' remuneration - -

6. PROFIT BEFORE INCOME TAX

The profit before income tax is stated after charging/(crediting):
2024 2023
£    £   
Depreciation - owned assets 438 -
Auditors' remuneration 11,900 11,000
Foreign exchange differences 10,724 (4,199 )

7. INCOME TAX

Analysis of tax expense
2024 2023
£    £   
Current tax:
Corporation tax 233,774 117,389
Total tax expense in income statement 233,774 117,389

Reconciliation of total tax charge included in profit and loss
The difference between the tax assessment for the period and the standard rate of corporation tax are explained as follows:

20242023
££
Profit/(loss) on ordinary activities before tax936,855480,079
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25%234,214112,915
Effects of:
Depreciation112
Capital Allowances(552)
Penalty for late payment of taxes2,830
Staff entertainment1,644
Total tax charge233,774117,389

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares shares of 1 each
Interim - 1,305,000

9. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
Additions 2,208
At 31 December 2024 2,208
DEPRECIATION
Charge for year 438
At 31 December 2024 438
NET BOOK VALUE
At 31 December 2024 1,770

10. TRADE AND OTHER RECEIVABLES

2024 2023
£    £   
Current:
Trade receivables 2,478,090 4,229,073
Amounts owed by group undertakings 1,102,910 97,201
Other receivables 1,937 8,529
VAT 64,681 113,216
Prepayments and accrued income 16,842 116,323
3,664,460 4,564,342

11. CASH AND CASH EQUIVALENTS

2024 2023
£    £   
Cash in hand 252 199
Bank accounts 91,122 208,421
91,374 208,620

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary shares 1 1,000 1,000

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


13. RESERVES
Retained
earnings
£   

At 1 January 2024 1,341,963
Profit for the year 703,081
Currency translation
difference (78,180 )
At 31 December 2024 1,966,864


14. TRADE AND OTHER PAYABLES

2024 2023
£    £   
Current:
Trade payables 491,249 478,272
Amounts owed to group undertakings 44,938 248,691
Social security and other taxes 110,496 164,875
Other payables 618,130 2,090,101
Accruals and deferred income 291,153 330,671
1,555,966 3,312,610

15. OTHER FINANCIAL COMMITMENTS

Total future minimum lease payments under non-cancellable operating leases:

Land andLand and
buildingsbuildingsOtherOther
2024202320242023
££££
Falling due:
Within one year2,0002,000494494
Within two to five years371865
2,0002,0008651,359

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


16. RELATED PARTY DISCLOSURES

During the year the company had the following transactions with group entities:

IPS Capelle BV 2024 2023
£    £   
Sales 32,351 -
Expenses 73,699 83,967
Management charges paid 947,554 856,910
Trade receivables 6,715 -
Other receivables -
Trade payables 51,632 240,368

IPS U&D BV 2024 2023
£    £   
Sales - -
Expenses - 3.864
Management charges paid - -
Trade receivables - -
Other receivables - -
Trade payables - -

IPS Germany 2024 2023
£    £   
Sales - -
Expenses - -
Management charges paid -211.529 -
Trade receivables 206,563 -
Other receivables - -
Trade payables - -

IPS BV 2024 2023
£    £   
Sales 68,481 155.227
Expenses 10,258 28,405
Management charges paid - -
Trade receivables - 7,902
Other receivables - -
Trade payables 2,192 11,966

IPS Middle East 2024 2023
£    £   
Sales 1,778 20,298
Expenses 51,528 134,569
Management charges paid - -
Trade receivables - 2,776
Other receivables - -
Trade payables 22 7,034

INTEROCEAN PERSONNEL SERVICES (UK)
LIMITED (REGISTERED NUMBER: 03372216)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2024


IPS Holding B.V 2024 2023
£    £   
Sales - -
Expenses - -
Management charges paid - -
Trade receivables - -
Other receivables 898,540
Trade payables - -
Dividend - 1,305,000

IPS Baltics SIA 2024 2023
£    £   
Sales - -
Expenses 283 239,002
Management charges paid - -
Trade receivables - -
Other receivables - -
Trade payables - -

Totals 2024 2023
£    £   
Sales 102,610 175.524
Expenses 135,724 489.807
Management charges paid 736,025 856.910
Trade receivables 213,279 10.678
Other receivables 898,540 102.262
Trade payables 53,846 259.368
Dividend - 1.305.000

17. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of IPS Holding BV, a company registered in Holland.

The directors of Interocean Personnel Services (UK) Limited that have significant interest in IPS Holding BV are Mr R N Kooijmans and P Mans each owning 25% of the shares in the holding company.

The directors interest in the shares remained unchanged at the start and end of the financial year.