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REGISTERED NUMBER: 02789253 (England and Wales)












SOLENT TOWAGE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






SOLENT TOWAGE LIMITED (REGISTERED NUMBER: 02789253)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOLENT TOWAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: J Ostensjo



REGISTERED OFFICE: Second Floor, Testwood House
Testwood Park
Salisbury Road
Totton, Southampton
Hampshire
SO40 2RW



REGISTERED NUMBER: 02789253 (England and Wales)



BANKERS: HSBC Bank plc
165 High Street
Southampton
Hampshire
SO14 2NZ

SOLENT TOWAGE LIMITED (REGISTERED NUMBER: 02789253)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £
CURRENT ASSETS
Debtors 4 6,868 19,287
Cash at bank 36,967 56,975
43,835 76,262
CREDITORS
Amounts falling due within one year 5 (1,410,377 ) (1,425,295 )
NET CURRENT LIABILITIES (1,366,542 ) (1,349,033 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,366,542

)

(1,349,033

)

PROVISIONS FOR LIABILITIES 6 (50,000 ) -
NET LIABILITIES (1,416,542 ) (1,349,033 )

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings (1,516,542 ) (1,449,033 )
(1,416,542 ) (1,349,033 )

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2025 and were signed by:





J Ostensjo - Director


SOLENT TOWAGE LIMITED (REGISTERED NUMBER: 02789253)

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


1. STATUTORY INFORMATION

Solent Towage 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 preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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

The company has taken advantage of the small companies exemption not to prepare consolidated accounts.

Going concern
In June 2023, the company's contract with Esso Petroleum Company Limited ended. At this point the company ceased to trade and is currently a non-trading company. The company meets its day to day working capital requirements through financial support received from its parent undertaking. The group has provided an undertaking that it will continue to provide financial support for a period of at least 12 months from the date of signing. It is the intension of the directors to look for future trading opportunities, however at this point in time the company remains non-trading and therefore the accounts have been prepared on a basis other than going concern.

Turnover
Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for the construction of tugs and the provision of towage facilities provided in the normal course of business, net of discounts, VAT and other sales related taxes, recognised once the service has been provided.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

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

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial 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.

SOLENT TOWAGE LIMITED (REGISTERED NUMBER: 02789253)

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


2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include trade, other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade, other creditors and amounts due to group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

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

Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction for event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Foreign currencies
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date or the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

SOLENT TOWAGE LIMITED (REGISTERED NUMBER: 02789253)

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


2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors - 284
VAT 3,065 -
Prepayments and accrued income 3,803 19,003
6,868 19,287

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,146 451
Amounts owed to group undertakings 1,401,720 1,411,676
Social security and other taxes - 583
Other creditors 511 -
Accruals and deferred income 7,000 12,585
1,410,377 1,425,295

6. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Other provisions 50,000 -

Other
provisions
£
Provided during year 50,000
Balance at 31 December 2024 50,000

SOLENT TOWAGE LIMITED (REGISTERED NUMBER: 02789253)

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


6. PROVISIONS FOR LIABILITIES - continued

The Merchant Navy Officers Pension Fund (MNOPF) have approached the company to fund a shortfall in a historic defined benefit pension scheme relating to a third party payroll provider which is now dissolved. As at 31 December 2024, the value of the claim was under discussion and since the year end a value has been proposed whereby a payment of £50,000 plus 10% of monies received from the salvage claim, as noted in note 11, will be paid. At time of signing, there is sufficient uncertainty as to the quantum of the claim that the additional 10% has not been recognised and only the £50,000 has been provided for in the financial statements.

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

G Brown FCCA ACA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited

We draw attention to note 2 in the financial statements, which indicates that the contract with Esso Petroleum Company Limited to provide waterborne services at the Fawley Marine Terminal Southampton is due to expire on 30 June 2023. A decision has not yet been announced as to whether a new contract has been awarded to the company. Should a contract not be awarded, the parent undertaking has indicated that it would explore alternative revenue streams and opportunities, and provide continued financial support to the company. However, the director has indicated that the company may cease trading sometime in the next 12 months if no suitable opportunities are identified. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

8. CONTINGENT ASSET

Following a salvage operation in August 2022, the company is in the process of negotiating a salvage claim. It is expected that this will be of sizable benefit to the company. Whilst some initial offers have been proposed, the directors do not feel that negotiations are at a point where it is virtually certain that an asset can be recognised in the financial statements or that a figure can be provided as a reasonable estimation of an amount that might be received.

9. PARENT COMPANY

Verteks AS is regarded by the directors as being the company's ultimate parent company, a company incorporated in Norway.

The smallest group for which consolidated accounts are drawn up of which the company is a member is BT Holding AS.

The consolidated accounts can be obtained from the parent company's registered office of Smedasundet 97B, 5525 Haugesund, Norway.