Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-292025-05-292024-12-312025-05-29Provision of remotely operated vehicles (ROV) services to the oil and gas and offshore wind industries.truetruetruetruetruetruetrue22924810077227646427284399C-ROVOP LLC2024-04-01false311truefalsefalse SC402747 2024-04-01 2024-12-31 SC402747 2023-04-01 2024-03-31 SC402747 2024-12-31 SC402747 2024-03-31 SC402747 2023-04-01 SC402747 1 2024-04-01 2024-12-31 SC402747 1 2023-04-01 2024-03-31 SC402747 3 2024-04-01 2024-12-31 SC402747 3 2023-04-01 2024-03-31 SC402747 d:Exceptional 2024-04-01 2024-12-31 SC402747 d:Exceptional 2023-04-01 2024-03-31 SC402747 e:Director17 2024-04-01 2024-12-31 SC402747 e:Director17 2024-12-31 SC402747 e:Director18 2024-04-01 2024-12-31 SC402747 e:Director19 2024-04-01 2024-12-31 SC402747 e:Director19 2024-12-31 SC402747 e:RegisteredOffice 2024-04-01 2024-12-31 SC402747 d:Buildings d:ShortLeaseholdAssets 2024-04-01 2024-12-31 SC402747 d:Buildings d:ShortLeaseholdAssets 2024-12-31 SC402747 d:Buildings d:ShortLeaseholdAssets 2024-03-31 SC402747 d:PlantMachinery 2024-04-01 2024-12-31 SC402747 d:PlantMachinery 2024-12-31 SC402747 d:PlantMachinery 2024-03-31 SC402747 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-04-01 2024-12-31 SC402747 d:FurnitureFittings 2024-04-01 2024-12-31 SC402747 d:FurnitureFittings 2024-12-31 SC402747 d:FurnitureFittings 2024-03-31 SC402747 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-04-01 2024-12-31 SC402747 d:ComputerEquipment 2024-04-01 2024-12-31 SC402747 d:ComputerEquipment 2024-12-31 SC402747 d:ComputerEquipment 2024-03-31 SC402747 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-04-01 2024-12-31 SC402747 d:OtherPropertyPlantEquipment 2024-04-01 2024-12-31 SC402747 d:OtherPropertyPlantEquipment 2024-12-31 SC402747 d:OtherPropertyPlantEquipment 2024-03-31 SC402747 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-04-01 2024-12-31 SC402747 d:OwnedOrFreeholdAssets 2024-04-01 2024-12-31 SC402747 d:CurrentFinancialInstruments 2024-12-31 SC402747 d:CurrentFinancialInstruments 2024-03-31 SC402747 d:CurrentFinancialInstruments 1 2024-12-31 SC402747 d:CurrentFinancialInstruments 1 2024-03-31 SC402747 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC402747 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC402747 d:ReportableOperatingSegment1 2024-04-01 2024-12-31 SC402747 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 SC402747 d:ReportableOperatingSegment2 2024-04-01 2024-12-31 SC402747 d:ReportableOperatingSegment2 2023-04-01 2024-03-31 SC402747 d:ReportableOperatingSegment5 2024-04-01 2024-12-31 SC402747 d:ReportableOperatingSegment5 2023-04-01 2024-03-31 SC402747 d:UKTax 2024-04-01 2024-12-31 SC402747 d:UKTax 2023-04-01 2024-03-31 SC402747 d:ForeignTax 2024-04-01 2024-12-31 SC402747 d:ForeignTax 2023-04-01 2024-03-31 SC402747 d:ShareCapital 2024-12-31 SC402747 d:ShareCapital 2024-03-31 SC402747 d:ShareCapital 2023-04-01 SC402747 d:SharePremium 2024-12-31 SC402747 d:SharePremium 2024-03-31 SC402747 d:SharePremium 2023-04-01 SC402747 d:CapitalRedemptionReserve 2024-12-31 SC402747 d:CapitalRedemptionReserve 2024-03-31 SC402747 d:CapitalRedemptionReserve 2023-04-01 SC402747 d:RetainedEarningsAccumulatedLosses 2024-04-01 2024-12-31 SC402747 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC402747 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC402747 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC402747 d:RetainedEarningsAccumulatedLosses 2023-04-01 SC402747 e:FRS102 2024-04-01 2024-12-31 SC402747 e:Audited 2024-04-01 2024-12-31 SC402747 e:FullAccounts 2024-04-01 2024-12-31 SC402747 e:PrivateLimitedCompanyLtd 2024-04-01 2024-12-31 SC402747 d:WithinOneYear 2024-12-31 SC402747 d:WithinOneYear 2024-03-31 SC402747 d:BetweenOneFiveYears 2024-12-31 SC402747 d:BetweenOneFiveYears 2024-03-31 SC402747 d:MoreThanFiveYears 2024-12-31 SC402747 d:MoreThanFiveYears 2024-03-31 SC402747 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC402747 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 SC402747 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 SC402747 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 SC402747 d:RetirementBenefitObligationsDeferredTax 2024-12-31 SC402747 d:RetirementBenefitObligationsDeferredTax 2024-03-31 SC402747 2 2024-04-01 2024-12-31 SC402747 4 2024-04-01 2024-12-31 SC402747 f:PoundSterling 2024-04-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC402747














ROVOP LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

 
ROVOP LIMITED
 

COMPANY INFORMATION


Directors
G Park (resigned 28 February 2025)
N Potter 
D Dundas (appointed 28 February 2025)




Registered number
SC402747



Registered office
Silvertrees Drive
Westhill

Aberdeen

AB32 6BH




Independent auditors
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
ROVOP LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 29

 
ROVOP LIMITED
 

STRATEGIC REPORT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the Company is the provision of remotely operated vehicle (ROV) services to the oil & gas, offshore wind and utilities industries.

Business review
 
The Company delivered revenue for the 9 month period to 31 December 2024 of £54.4m (12 month period ended 31 March 2024: £53.7m) and gross profit of £18.0m (March 2024: £13.0m). This performance reflects stable activity levels across the portfolio of contracts during the period as well as strong operational delivery. 
EBITDA* performance was again the main driver of the cash balance of the Company increasing to £12.4m (March 2024: £9.3m). 
On 2nd May 2024 the Company’s ultimate parent was sold to an entity controlled by Edison Chouest Offshore, a family business based in Louisiana, USA. The business owns and operates vessels, shipyards and ports as well as a subsea services division. As part of the larger group, the Company will benefit from further investment in both people and assets to continue the strong growth seen in recent years.
*Profit before interest, tax, depreciation, amortisation, foreign exchange and exceptional items.

Energy transition

As reported in last year’s accounts, the Group, in conjunction with shareholders, has continued to focus on Environmental, Social and Governance (ESG) and has now embedded environmental awareness and reporting into its core practices and beliefs.
The Company continues to see strength in Renewables and is actively focusing on securing new opportunities in non-oil and gas both in terms of offshore wind construction and, particularly, cable lay. These areas now constitute a significant percentage of the Company’s revenue, and it is anticipated that this will continue to be the case based on the current customer and vessel mix.

Page 1

 
ROVOP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
Market risk
The business primarily operates in the subsea drill support, survey construction, inspection, repair, maintenance and decommissioning markets for oil, gas and offshore wind markets on a worldwide basis. Success is driven by the Company's ability to successfully tender, win and execute projects across these markets. The principal risks and uncertainties arise from the impact on the business of market conditions in its operating markets. Oil prices have historically been a key driver of these conditions and have been impacted significantly over the last twelve months by supply issues, most recently due to the conflict in Ukraine. As noted previously the oil price is a key factor in the levels of capital expenditure by certain customers with consequent impacts on trading levels and market prices. The Company continues to benefit from high levels of sector expenditure. The focus on energy transition over the last 12-18 months has presented the business with both opportunity and risk but the emerging balanced view towards energy security presents a positive outlook for both traditional and new energy and the Group is well positioned to serve both sectors. 
Liquidity risk
The Company manages its liquidity risk by matching long term assets with long term debt and by maintaining sufficient cash and availability of funding through an adequate amount of committed credit facilities. 
Currency risk
The Company's exposure to the risk of changes in foreign currency rates relates primarily to its operating activities (when revenue or expenses are denominated in a different currency from the Company's functional currency).
The Company's principal exposure arises from income denominated in US Dollars (USD), with costs principally denominated in Sterling (GBP) which are not fully matched. 
Credit risk
The Company has trade debtors of £12.8m (March 2024: £10.8m) and bank balances of £12.4m (March 2024: £9.3m).
The Company has established procedures to minimise the risk of default by trade debtors including detailed credit checks undertaken before a customer is accepted. 

Financial key performance indicators
 
The Company sets a series of Key Performance Indicators (KPIs) related to the financial performance of the business within its annual budget and monitors these throughout the year. 
KPIs are reviewed on a weekly basis and as well as financial KPI's such as revenue, ROV days delivered, project contribution per ROV day and EBITDA, there is also discussion on HSEQ, HR, Operations and ESG data.
A key operational KPI is commercial asset utilisation as this is a key driver of profitability. Return on capital employed is another important metric reviewed on a regular basis, mainly when pricing potential new projects and making capital expenditure decisions.
Page 2

 
ROVOP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172 (1) (a) to (f) requires the Company directors to consider, both individually and collectively, that they have acted in the way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole in the decisions taken during the current year. 
 
When making these decisions the directors have given regard to:
The likely consequences of any decisions on 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, and
The need to act fairly between shareholders of the Company

The majority of stakeholder engagement is carried out by the Board of directors who meet on a regular basis. The Board considers and discusses information from across the organisation to help it understand the impact of the Company’s operations, and the interests and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance.

As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006


This report was approved by the Board and signed on its behalf.



D Dundas
Director

Date: 29 May 2025
Page 3

 
ROVOP LIMITED
 
 
DIRECTORS' REPORT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the 9 month period ended 31 December 2024.

Results and dividends

The profit for the 9 month period, after taxation, amounted to £11,602,108 (Year ended 31 March 2024 - £3,122,171).

EBITDA before exceptional items was £11,205,528  (March 2024 - £6,104,994).

Director

The directors who served during the 9 month period were:

G Park (resigned 28 February 2025)
N Potter 

Future developments

The directors are confident that the prospects for the market for the Company’s services, coupled with the wider global customer base that has been built up over the last two years, will continue to drive growth in the business. The Company continues to generate a significant portion of its revenue from offshore wind construction and cable lay. Activity on the vessels on which our assets are placed continues to be strong and looks set to continue for the foreseeable future. The change in ownership post year end also brings new opportunities for growth, allowing ROVOP to utilise assets and service personnel controlled by the wider group.

Research and development activities

The Group and Company continues to look for innovative systems and processes to ensure a high-quality service delivery.

Engagement with employees

It is a Company policy that management should consult regularly with employees on matters which affect their employment and that their views should be taken into consideration when decisions are made which will affect their interests. 

Page 4

 
ROVOP LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company fully recognises its responsibility to protect the environment and has a strong environmental policy, objectives and guidelines in place which are reviewed and updated regularly. The Company complies with all regulations covering the processing and disposal of toxic & non-toxic waste and uses qualified licensed contractors for the collection and disposal of waste where appropriate.
The following disclosures cover the Company's emissions for the financial periods ending 31 March
2024 and 31 December 2024:

Energy use
 
During the current reporting period, a total of 182,655kWh (March 2024: 272,249kWh) of energy was used and a total of 40 tonnes of CO2e (March 2024: 57 tonnes of CO2e) was emitted. 
The intensity ratio used to measure emissions is based on the tonnes of CO2 emissions per average employee in UK companies. In the period to 31 December 2024 the intensity ratio for the UK group companies is 0.13 (March 24 - 0.21). 

The decrease can be explained by the change in reporting period as opposed to additional efficiency savings. The current reporting period is shorter (9 months vs 12 months) and excludes Jan-Mar which are typically higher use months due to the colder weather. 

Energy efficiency action
 
The Company is committed to energy efficiency and the protection of the environment.  This commitment and the Company’s intentions are outlined in the corporate HSEQ policy, and procedures are in place to assess environmental aspects and impacts and reduce the corporate impact on the environment.  Examples of measures the Company takes to reduce environmental impacts and increase the efficiency of energy consumption are provided as follows: 

Modern buildings with motion activated LED lighting systems
Thermostatic controls on heating and cooling systems 
Commitment to electricity and gas use reduction year on year contained within the corporate management system objectives
Roll out of Carbon Net Zero Road Map to plan progress towards attainment of Net Zero operations in line with the government's 2050 target
ROVOP is fully certified in line with ISO 140001:2015, by NQA

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Auditors

A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next general meeting. 

Page 5

 
ROVOP LIMITED
 

DIRECTORS' REPORT (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

This report was approved by the Board and signed on its behalf.
 



D Dundas
Director

Date: 29 May 2025
Page 6

 
ROVOP LIMITED
 

DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic report, the Directors' 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 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 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 for the Company's financial statements and then apply them consistently;

make judgements 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 7

 
ROVOP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROVOP LIMITED
 

Opinion


We have audited the financial statements of ROVOP Limited (the 'Company') for the 9 month period ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


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 9 month period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 8

 
ROVOP LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROVOP LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial 9 month period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Director's responsibilities statement set out on page 7, 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 is 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.


Page 9

 
ROVOP LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROVOP LIMITED (CONTINUED)

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 an Auditors' report 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.


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 within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.   
The laws and regulations we considered in this context were the Companies Act 2006 and UK Taxation legislation.  
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
timing of revenue recognition 
compliance with relevant laws and regulations which may impact on the financial statements and those that the Company needs to comply with for the purpose of trading
management judgements applied in calculating provisions
management override of controls to manipulate the Company’s key performance indicators to meet targets.

We discussed these risks with client management, designed audit procedures to address these risks including:
 
reviewed internal documentation and correspondence with regulators for evidence or irregularities
vouching the timing and completeness of revenue
consideration of the assumptions applied whether the judgements applied in calculation of provisions were appropriate
reviewed areas of judgement and tested a sample of journal entries for indicators of management bias
performed analytical procedures to identify any unusual or unexpected relationships which may be an indication of material misstatement due to fraud



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.
Page 10

 
ROVOP LIMITED
 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROVOP LIMITED (CONTINUED)

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 2006Our 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 an Auditors' report 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.





Christopher Masson (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

29 May 2025
Page 11

 
ROVOP LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

9 month period ended
31 December
Year ended
31 March
2024
2024
Note
£
£

  

Turnover
 5 
54,432,754
53,736,471

Cost of sales
  
(36,391,701)
(40,699,497)

Gross profit
  
18,041,053
13,036,974

Administrative expenses
  
(6,835,525)
(6,931,980)

EBITDA
  
11,205,528
6,104,994

Depreciation
 12 
(758,047)
(952,730)

Exceptional items
     6
2,815,687
(1,282,371)

Gain/(loss) on foreign exchange
  
77,049
(356,635)

Interest payable and similar expenses
 10 
(29,364)
(443,783)

Profit before tax
  
13,310,853
3,069,475

Tax on profit
 11 
(1,708,745)
52,696

Profit for the period
  
11,602,108
3,122,171

There was no other comprehensive income for the 9 month period ended 31 December 2024 (year ended 31 March 2024:£NIL).

The notes on pages 15 to 29 form part of these financial statements.
Page 12

 
ROVOP LIMITED
REGISTERED NUMBER:SC402747

BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
31 March
2024
2024
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,797,670
2,926,352

  
2,797,670
2,926,352

Current assets
  

Stocks
 13 
345,810
345,366

Debtors: amounts falling due within one year
 14 
31,063,173
29,136,905

Cash at bank and in hand
 15 
12,417,741
9,320,849

  
43,826,724
38,803,120

Creditors: amounts falling due within one year
 16 
(22,845,158)
(29,552,344)

Net current assets
  
 
 
20,981,566
 
 
9,250,776

Total assets less current liabilities
  
23,779,236
12,177,128

  

Net assets
  
23,779,236
12,177,128


Capital and reserves
  

Called up share capital 
 18 
29,609,914
29,609,914

Share premium account
  
187,064
187,064

Capital redemption reserve
  
353
353

Profit and loss account
  
(6,018,095)
(17,620,203)

  
23,779,236
12,177,128


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




D Dundas
Director

Date: 29 May 2025

The notes on pages 15 to 29 form part of these financial statements.
Page 13

 
ROVOP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2023
29,609,914
187,064
353
(20,742,374)
9,054,957


Comprehensive income for the year

Profit for the year
-
-
-
3,122,171
3,122,171



At 1 April 2024
29,609,914
187,064
353
(17,620,203)
12,177,128


Comprehensive income for the 9 month period

Profit for the 9 month period
-
-
-
11,602,108
11,602,108


At 31 December 2024
29,609,914
187,064
353
(6,018,095)
23,779,236


The notes on pages 15 to 29 form part of these financial statements.
Page 14

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

1.


General information

The Company is a private company limited by shares and is incorporated in the UK. The address of the registered office is Silvertrees Drive, Westhill, Aberdeen, AB32 6BH. The principal activity of the Company is the provision of remotely operated vehicle (ROV) services to the oil & gas and offshore wind and utilities industries.

2.


Going concern

The financial statements are prepared on a going concern basis, which assumes that the Company and wider Group that it is a member of will continue to meet its liabilities as they fall due.
The Group is now in a strong position with regards to availability of working capital to meet its ongoing obligations and trade successfully. During the financial year demand for services increased significantly and strong revenue levels post year end are ensuring there continues to be sufficient working capital for the Group to meet its financial obligations.
As a result of the above considerations, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

3.Accounting policies

 
3.1

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 judgement in applying the Company's accounting policies (see note 4).

The following principal accounting policies have been applied:

 
3.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of ROVOP Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

Page 15

 
ROVOP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

 
3.3

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.

 
3.4

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:

Tenants improvements
-
3 - 15 years straight line
Plant & machinery
-
3 - 12 years straight line
Fixtures & fittings
-
3 - 10 years straight line
Computer equipment
-
3 years 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.

 
3.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 16

 
ROVOP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

 
3.6

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.

 
3.7

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.

  
3.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
3.9

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.

Page 17

 
ROVOP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

 
3.10

Finance costs

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.

 
3.11

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
3.12

Pensions

Defined contribution pension plan
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 the Statement of comprehensive income 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.

 
3.13

Interest income

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

  
3.14

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 the Statement of comprehensive income in the year that the Company becomes aware of 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.

 
3.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 18

 
ROVOP LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

3.Accounting policies (continued)

 
3.16

Current and deferred taxation

The tax expense for the 9 month period 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
3.17

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 19

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

4.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of 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 during the year for revenue and costs. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.
Impairment of debtors
The Company makes an assessment of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider various factors including the ageing profile of debtors and historical experience. On this basis, certain overdue balance has been fully provided for. The trade debtors figure in Note 14 is shown net of this provision.
Tax
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future capital investment plans. The deferred tax asset has been recognised as the expectation is that this will reverse in future periods.


5.


Turnover

All turnover has arisen from the provision of services relating to the principal activity.


An analysis of turnover by class of business is as follows:


9 month period ended
31 December
Year ended
31 March
2024
2024
£
£

United Kingdom
14,277,317
13,448,478

Rest of Europe
3,806,592
4,321,122

Rest of World
36,348,845
35,966,871

54,432,754
53,736,471


Page 20

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

6.


Exceptional items

9 month period ended 31 December
Year ended 31 March
2024
2024
£
£



Exceptional costs relating to professional fees
75,484
397,176

Exceptional costs relating to staff bonuses
5,049,937
882,161

Exceptional (income) costs in relation to re-financing
-
3,033

Credit on waiver of intercompany loan balance
(7,941,108)
-

(2,815,687)
1,282,370

Exceptional staff bonuses relate to long-term performance related payments due under agreed schemes that were payable as a result of an event in the year. Exceptional professional fees relate to advisor charges associated with the preparation for sale of the business by the ultimate parent company.


7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors and their associates:


9 month period ended
31 December
Year ended
31 March
2024
2024
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
24,000
24,000

Page 21

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


9 month period ended
31 December
Year ended
31 March
2024
2024
£
£

Wages and salaries
20,835,658
22,564,212

Social security costs
1,278,997
1,838,020

Cost of defined contribution scheme
229,248
276,464

22,343,903
24,678,696


The average monthly number of employees, including the directors, during the 9 month period was as follows:


9 month period ended
     31 December
       Year ended
        31 March
        2024
        2024
            No.
            No.







Administration
39
35



Operations
265
231



Management
7
6

311
272


9.


Directors' remuneration

9 month period ended
31 December
Year ended
31 March
2024
2024
£
£

Directors' emoluments
3,268,202
694,358

Company contributions to defined contribution pension schemes
10,932
11,034

3,279,134
705,392


During the 9 month period retirement benefits were accruing to 1 director (year ended 31 March 2024 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £2,236,958 (March 2024 - £441,242).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,932 (March 2024 - £11,034).

Page 22

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

9 month period ended
31 December
Year ended
31 March
2024
2024
£
£


Other interest payable
29,364
443,783

29,364
443,783


11.


Tax


9 month period ended
31 December
Year ended
31 March
2024
2024
£
£

Corporation tax


Current tax on profits for the year
1,135,834
706,435


Double taxation relief
(1,135,834)
(706,435)


-
-

Foreign tax


Foreign tax on income for the year
1,543,251
914,553

Foreign tax in respect of prior periods
(107,285)
356,078

Total current tax
1,435,966
1,270,631


Origination and reversal of timing differences
220,561
(1,323,327)

Adjustments in respect of prior periods
52,218
-

Total deferred tax
272,779
(1,323,327)


Taxation on profit/(loss) on ordinary activities
1,708,745
(52,696)
Page 23

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024
 
11.Tax (continued)


Factors affecting tax charge for the 9 month period/year

The tax assessed for the 9 month period is lower than (year ended 31 March 2024 - lower than) the standard rate of corporation tax in the UK of 25% (31 March 2024 - 25%). The differences are explained below:

9 month period ended
31 December
Year ended
31 March
2024
2024
£
£


Profit on ordinary activities before tax
13,310,853
3,069,475


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (31 March 2024 - 25%)
3,327,713
767,369

Effects of:


Expenses not deductible for tax purposes
4,015
78,132

Fixed asset differences
6,080
8,458

Adjustments to tax charge in respect of prior periods
(107,285)
-

Other permanent differences
-
(78,210)

Foreign tax
-
1,263,902

Foreign tax credits
411,281
(706,435)

Non-taxable income
(1,985,277)
-

Adjustments to tax charge in respect of prior periods - deferred tax
52,218
-

Recognition of deferred tax asset not previously recognised
-
(1,385,912)

Total tax charge for the 9 month period/year
1,708,745
(52,696)

Page 24

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

12.


Tangible fixed assets







S/Term Leasehold Property
Plant & machinery
Fixtures & fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2024
865,283
10,097,743
228,006
857,863
3,591
12,052,486


Additions
11,815
573,960
3,412
40,178
-
629,365


Disposals
-
(10,500)
-
-
-
(10,500)



At 31 December 2024

877,098
10,661,203
231,418
898,041
3,591
12,671,351



Depreciation


At 1 April 2024
509,025
7,696,718
192,132
728,259
-
9,126,134


Charge for the period on owned assets
39,857
639,741
9,940
68,509
-
758,047


Disposals
-
(10,500)
-
-
-
(10,500)



At 31 December 2024

548,882
8,325,959
202,072
796,768
-
9,873,681



Net book value



At 31 December 2024
328,216
2,335,244
29,346
101,273
3,591
2,797,670



At 31 March 2024
356,258
2,401,025
35,874
129,604
3,591
2,926,352


13.


Stocks

31 December
31 March
2024
2024
£
£

Raw materials and consumables
345,810
345,366

345,810
345,366


Page 25

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

14.


Debtors



31 December
31 March
2024
2024
£
£


Trade debtors
12,805,709
10,799,848

Amounts owed by group undertakings
13,492,661
11,787,369

Other debtors
1,488,113
2,422,898

Prepayments and accrued income
2,111,394
2,803,463

VAT recoverable
114,748
-

Deferred tax (Note 17)
1,050,548
1,323,327

31,063,173
29,136,905



15.


Cash and cash equivalents

31 December
31 March
2024
2024
£
£

Cash at bank and in hand
12,417,741
9,320,849

12,417,741
9,320,849


Page 26

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

31 December
31 March
2024
2024
£
£

Trade creditors
1,935,007
3,741,161

Amounts owed to group undertakings
15,111,649
17,107,437

Corporation tax
297,312
472,012

Other tax and social security
1,735,392
1,303,134

Working capital facility
-
2,590,934

Other creditors
1,923,649
2,216,349

Accruals and deferred income
1,842,149
2,121,317

22,845,158
29,552,344


The working capital facility balance of £2,590,934 as at 31 March 2024 was secured over the trade debtors of the Company. This was repaid during the period.
In the prior year, amounts owed to group undertakings included £7,941,108 of loan notes and associated interest accrued. There are no formal repayment terms on the balances owed to group undertakings in the current period. 


17.


Deferred tax






2024


£






At beginning of period
1,323,327


Charged to profit or loss
(272,779)



At end of period
1,050,548

The deferred tax asset is made up as follows:

31 December
31 March
2024
2024
£
£


Accelerated capital allowances
36,295
217,300

Tax losses carried forward
982,808
1,064,117

Other short term timing differences
31,445
41,910

1,050,548
1,323,327

Page 27

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

18.


Share capital

31 December
31 March
2024
2024
£
£
Allotted, called up and fully paid



296,099,141 (March 2024 - 296,099,141) Ordinary shares of £0.10 each
29,609,914
29,609,914



19.


Contingent liabilities

The Company had provided a cross corporate guarantee to fellow subsidiaries within the group in regards to loan agreements. These loan agreements were settled during the period and the security discharged.


20.


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 scheme and amounted to £229,248 (March 2024 - £276,464). Contributions totalling £100,772 (March 2024 - £84,399) were payable to the fund at the balance sheet date and are included in creditors. 


21.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
31 March
2024
2024
£
£



Not later than 1 year
312,000
312,000

Later than 1 year and not later than 5 years
1,590,263
1,524,724

Later than 5 years
2,613,855
2,913,395

4,516,118
4,750,119


22.


Related party transactions

The Company has taken advantage of the exemption from disclosing transactions with subsidiaries that
are 100% owned under section 33 of FRS 102. 
During the period, the Company incurred exceptional administrative expenses of £971,202 (year ended 31 March 2024 - £137,000) from a company of which a director in the parent company is a director.

Page 28

 
ROVOP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

23.


Controlling party

The immediate parent company at 31 December 2024  is ROVOP Group Limited, a company incorporated in Scotland with its registered office at Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH.
The Company is included in the consolidated financial statements of ROVOP Holdings Limited, a company incorporated in Scotland with its registered office at Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH, for the period ended 31 December 2024. This is the only company in the group to prepare consolidated financial statements.
Copies of the consolidated financial statements of ROVOP Holdings Limited can be requested from Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH.
From 2 May 2024, there was a change in ownership of ROVOP Holdings Limited with C-ROVOP LLC, a company incorporated in the USA, becoming the ultimate parent company. 

Page 29