Registered number: 10103335
OCEAN RESPONSE SCOTLAND LIMITED
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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OCEAN RESPONSE SCOTLAND LIMITED
REGISTERED NUMBER:10103335
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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:
The notes on pages 3 to 10 form part of these financial statements.
Page 1
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OCEAN RESPONSE SCOTLAND LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 3 to 10 form part of these financial statements.
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Page 2
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OCEAN RESPONSE SCOTLAND LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ocean Response Scotland Limited is a company limited by shares and was incorporated in England and Wales. The company's registered office is 10 Norwich Street, London, EC4A 1BD. The company's registration number is 10103335. The trading office is Voyager House, Ground Floor - East, 75 Waterloo Quay, Aberdeen, AB11 5DE.
2.Accounting policies
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.
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 pound sterling.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
• Section 7 'Statement of Cash Flows' — Presentation of a statement of cash flow and related notes and disclosures;
• Section 33 'Related Party Disclosures' — Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The financial statements of the company are consolidated in the financial statements of Mortepumpen UK AS as at 31 December 2024 and these financial statements may be obtained from c/o Ogreid AS, Lokkeveien 59, 4008 Stavanger.
Page 3
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OCEAN RESPONSE SCOTLAND LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
During the year, the Company reported a profit of £115,924 (2023 - Loss £396,018) and at 31 December 2024 has net liabilities of £248,835 (2023 - Net liabilities £364,759).
The directors have considered the company's expected commitments for the 12 month period following signing these financial statements. In arriving at this conclusion, the directors have given due consideration to the availability of working capital, including cash at bank and support from the wider group. The company's immediate parent have provided confirmation that they will continue to provide financial support to the company if required. As a result and 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.
Interest in subsidiaries are initially measured at cost and subsequently measured at cost loss any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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Cash and cash equivalents
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Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
Page 4
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OCEAN RESPONSE SCOTLAND LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS ID2 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss account.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss account.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and amounts due to fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Basic financial instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
Page 5
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OCEAN RESPONSE SCOTLAND LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity, Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Page 6
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OCEAN RESPONSE SCOTLAND LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The average monthly number of persons (including directors) employed by the company during the period was 3 (2023 - 3).
The directors of the company are remunerated by the ultimate controlling party. It is not considered practical to apportion directors' remuneration to this company on the basis of the level of service and accordingly no allocation has been made.
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Investments in subsidiary companies
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Page 7
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OCEAN RESPONSE SCOTLAND LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following were subsidiary undertakings of the Company:
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Atlantic Offshore Crewing Services Limited
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Voyager House Ground Floor - East 75 Waterloo Quay, Aberdeen, United Kingdom, AB11 5DE
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Atlantic Offshore Scotland Limited
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Voyager House Ground Floor - East 75 Waterloo Quay, Aberdeen, United Kingdom, AB11 5DE
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Ocean Response Management limited
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10 Norwich Street, London, United Kingdom, EC4A 1BD
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Atlantic Ocean Services Limited
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10 Norwich Street, London, United Kingdom, EC4A 1BD
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Independent Oilfield Services Limited
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IOS Supply Base, Longside Airfield, Peterhead, AB42 3DY
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Page 8
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OCEAN RESPONSE SCOTLAND LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Other debtors include credit arrangements with third parties. These incur interest at a rate of 3 month SONIA + 3.75% per annum and amounts are receivable in five annual installments commencing three years from the date the arrangements were granted.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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During the prior year, the Company received a loan from its parent company of NOK 60,720,694. This is repayable on demand and incurs interest monthly at a rate of 3 month SONIA + 10%, which is added to the loan balance at the end of each month and repayable in full on settlement of the loan. During the year the Company received a further advancement on the loan from its parent company of £900k. The amounts advanced during the year are subject to the same terms as the original loan provided.
During the year, the Company wrote off amounts owned to a subsidiary undertaking of £400,677. The amounts were none interest bearing and repayable on demand. Due to uncertainty of future trade from the subsidiary company, the amounts have been forgiven in full during the year and the impairment gain taken to the profit and loss account.
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Page 9
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OCEAN RESPONSE SCOTLAND LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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8,144,070 (2023 - 5,244,070) Ordinary shares of £1 each
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Nil (2023 - 2,900,000) Preference shares of £1 each
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Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.
The 2,900,000 Preference Shares were re-designated as 2,900,000 Ordinary Shares.
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Related party transactions
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The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related parties disclosures' not to disclose related party transactions between two or more wholly owned members of the group.
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Ultimate controlling party
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The Company's immediate parent undertaking is Mortempumpen UK AS, a company registered in Norway, and by virtue of its 100% ownership of the company's share capital. The ultimate controlling parties of the company are Knut Ogreid, Halvor Ogreid and Hedwig Ogreid, who are the majority shareholders of Mortepumpen UK AS.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 24 March 2025 by James Pirrie (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.
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