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Registration number: 06715021

AF Offshore Decom UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

image-name
 

AF Offshore Decom UK Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Income statement

4

Statement of Comprehensive Income

5

Statement of Financial Position

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 14

 

AF Offshore Decom UK Limited

Company Information

Directors

R Haugen

L M Hjelmeset

A S Tengesdal

Company secretary

Goodwille Limited

Registered office

1 Chapel Street
Warwick
Warwickshire
CV34 4HL

Independent auditor

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

AF Offshore Decom UK Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company is provision of specialised contracting and management services within decommissioning of offshore installations.

Directors of the company

The directors who held office during the year and up to date of authorisation of this report were as follows:

R Haugen

L M Hjelmeset

A S Tengesdal

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

Statement of disclosure to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Shaw Gibbs (Audit) Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company qualifies as a small company.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
L M Hjelmeset
Director

 

AF Offshore Decom UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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.

 

AF Offshore Decom UK Limited

Income statement
for the Year Ended 31 December 2024

Note

2024
£

2023
£

Revenue

3

1,149,520

829,866

Direct project costs

 

(770,996)

(622,113)

Gross profit

 

378,524

207,753

Administrative expenses

 

(379,153)

(161,100)

Operating (loss)/profit

(629)

46,653

(Loss)/profit before tax

 

(629)

46,653

(Loss)/profit for the financial year

 

(629)

46,653

Continuing operations
The above results were derived wholly from continuing operations.

 

AF Offshore Decom UK Limited

Statement of Comprehensive Income
for the Year Ended 31 December 2024

2024
£

2023
£

(Loss)/profit for the year

(629)

46,653

Foreign currency translation losses

-

(217)

Total comprehensive income for the year

(629)

46,436

 

AF Offshore Decom UK Limited

(Registration number: 06715021)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Receivables

5

147,865

96,437

Cash at bank and in hand

6

57,100

10,687

 

204,965

107,124

Payables: Amounts falling due within one year

7

(143,523)

(53,522)

Net assets

 

61,442

53,602

Equity

 

Called up share capital

8

10,000

10,000

Capital contribution reserve

18,953

10,484

Foreign currency translation reserve

8

-

(114,758)

Retained earnings

8

32,489

147,876

Total equity

 

61,442

53,602

The financial statements of AF Offshore Decom UK Limited were approved and authorised for issue by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................

L M Hjelmeset
Director

 

AF Offshore Decom UK Limited

Statement of Changes in Equity
for the Year Ended 31 December 2024

Share capital
£

Capital contribution reserve
£

Foreign currency translation reserve
£

Retained earnings
£

Total
£

At 1 January 2024

10,000

10,484

(114,758)

147,876

53,602

Loss for the year

-

-

-

(629)

(629)

Transfers

-

-

114,758

(114,758)

-

Other capital contribution reserve movements

-

8,469

-

-

8,469

At 31 December 2024

10,000

18,953

-

32,489

61,442

Share capital
£

Capital contribution reserve
£

Foreign currency translation
£

Retained earnings
£

Total
£

At 1 January 2023

10,000

-

(114,541)

101,223

(3,318)

Profit for the year

-

-

-

46,653

46,653

Other comprehensive income

-

-

(217)

-

(217)

Total comprehensive income

-

-

(217)

46,653

46,436

Other capital contribution reserve movements

-

10,484

-

-

10,484

At 31 December 2023

10,000

10,484

(114,758)

147,876

53,602

 

AF Offshore Decom UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024

1

General information

AF Offshore Decom UK Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, AF Gruppen ASA, which may be obtained from www.afgruppen.com/Investor-information/. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

 

AF Offshore Decom UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There were no accounting estimates that have had any significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue represents fees receivable, net of value added tax, in respect of contractual services provided during the year. Revenue is recognised by reference to the stage of completion of contracts.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the closing rates at the balance sheet date and the exchange differences are included in the income statement.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax represents the expected tax payable (or recoverable) on the taxable profits for the year using tax rates enacted or substantively enacted at the balance sheet date and taking into account any adjustments arising from prior years.

Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements, except that unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax assets and deferred tax liabilities are offset if, and only if the company has a legally enforceable right to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

Property, plant and equipment

Property, plant and equipment is recorded at historical cost less accumulated depreciation. Cost comprises the purchase price together with all expenses directly incurred in bringing the asset to its location and condition ready for use.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line over 3 years

 

AF Offshore Decom UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and is subject to an insignificant risk of change in value.

Receivables

Receivables are recognised initially at the transaction price. They are subsequently measured at
amortised cost using the effective interest method, less provision for impairment. A provision for the
impairment of receivables is established when there is objective evidence that the company will not be
able to collect all amounts due according to the original terms of the receivables.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable.

 

AF Offshore Decom UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Share based payments

The company's parent undertaking, AF Gruppen ASA, operates an option rights plan for its employees which entitles these employees to acquire shares in the parent undertaking. The required disclosures are therefore included in AF Gruppen ASA consolidated financial statements.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium of the parent undertaking when the shares are granted, with the expense being realised in the company's income statement.

3

Revenue

Revenue represents the amounts derived from the provision of services which fall within the company’s ordinary activities, stated net of value added tax. In the opinion of the directors the company's revenue, profit before tax and net assets are not attributable to classes of business or geographical segments which differ substantially from each other. Consequently, no segmental information has been presented.

4

Staff costs

The aggregate payroll costs were as follows:

2024
£

2023
£

Wages and salaries

546,293

501,348

Social security costs

66,054

59,719

Pension costs, defined contribution scheme

46,571

36,039

658,918

597,106

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Sales, marketing and distribution

5

4

5

4

 

AF Offshore Decom UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

5

Receivables

2024
£

2023
£

Trade receivables

86,905

-

Amounts owed by group undertaking

-

76,475

Other debtors

45,354

12,707

Prepayments

15,606

7,255

147,865

96,437

6

Cash and cash equivalents

2024
£

2023
£

Cash at bank

57,100

10,687

 

AF Offshore Decom UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

7

Payables

2024
£

2023
£

Due within one year

Bank overdrafts

38,770

22,039

Trade payables

36,053

1,545

Amounts due to group undertaking

35,537

-

Social security and other taxes

23,024

20,713

Other payables

4,389

3,725

Accrued expenses

5,750

5,500

143,523

53,522

The amount owed to group undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

8

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Foreign currency translation reserve represents exchange difference arising on the translation of the company's financial statements from its functional currency to its presentational currency.

Further details of reserves are set out in the Statement of Changes in Equity on page 11.

Capital Contribution

Capital contribution reserve represents contributions made by the parent company for the issue of share options.

 

AF Offshore Decom UK Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

9

Pension scheme

Defined contribution pension scheme

The company operates 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 for the year represents contributions payable by the company to the scheme and amounted to £46,571 (2023 - £36,039). Contributions totalling £4,389 (2023 - £3,725) were payable to the scheme at the end of the year and are included in payables.

10

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 the "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are wholly owned members of the the group.

There were no other related party transactions to disclose.

11

Parent and ultimate parent undertaking

The company's immediate parent undertaking is AF Offshore AS, the address of its registered office is Innspurten 15, 0663 Oslo, Norway.

 The ultimate parent is AF Gruppen ASA, incorporated in Norway.

 The most senior parent entity producing publicly available financial statements is AF Gruppen ASA. These financial statements are available upon request from www.afgruppen.com/Investor-information/.
 

12

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 April 2025 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.

13

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.