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ODE Asset Management Limited

Registered number: 11331750
Annual Report
For the year ended 31 December 2024

 
ODE ASSET MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
P W Chilvers 
S J Hutchinson 
A J B Reid 
N T Westwood 




Company secretary
Birketts Secretaries Limited



Registered number
11331750



Registered office
Nelson House
Beevor Road

Great Yarmouth

Norfolk
England

NR30 3QQ




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

30 Old Bailey

London

EC4M 7AU





 
ODE ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 7
Independent Auditor's Report
 
8 - 11
Statement of Comprehensive Income
 
12
Statement of Financial Position
 
13
Statement of Changes in Equity
 
14
Notes to the Financial Statements
 
15 - 31


 
ODE ASSET MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic Report for ODE Asset Management Limited for the year ended 31 December 2024.
ODE Asset Management Limited (ODE AM and the 'Company') was incorporated on 26 April 2018 in England and Wales. The Company is wholly owned by Doris Asset Management Holding Limited, which in turn is a 100% subsidiary of Doris Group SA, a company incorporated in France.

Principal activities

ODE AM specialises in the operation and maintenance of offshore and onshore production facilities for the oil and gas industry. The initial focus was on the Southern Gas Basin and Central sector of the UK North Sea and, over the last 5 years, the business has extended its portfolio to full Installation and Pipeline Operator (often referred to as Duty Holder). It opened operating facilities in Aberdeen in 2019 offering extended services to the Northern and Central North Sea (NNS/CNS) and the East Irish Sea. This capability and expertise includes all aspects of the late life management of offshore and onshore facilities through to eventual decommissioning and removal of the infrastructure.
ODE AM offers a “wrapped” portfolio of combining operations and maintenance support together with the associated brownfield/facilities engineering and construction activities. This type of contract is becoming more and more prevalent and allows for operating efficiencies in ensuring continuity of approach, consistency across procured items of equipment and materials, hands on ownership and a technical advantage in understanding how the assets operate and produce. Expertise in technical safety and the associated preparation of Safety Cases is invaluable to this service line.
ODE AM’s strategies are built on the core pillars of Safety, Health and Environmental performance (including technical safety), continued regulatory compliance, high production availability/throughput and on-target budget performance. These are further underpinned by an ethos of continuous pursuit of OPEX cost reduction opportunities often resulting in the de-commissioning (and where practical) removal of redundant systems and equipment. The general service provision includes Consultancy, Operations Support & Asset Management and all aspects of Technical Assistance.

Review and analysis of the business during the current financial year
 
The United Kingdom Continental Shelf (UKCS) Energy Transition and the Windfall Tax schemes are limiting new oil and gas development projects in the UKCS and, as a result, 2024 saw a levelling off of business activity in the region. In this environment, ODE AM has safely consolidated its operations on its duty holder contracts and maintained profitability levels whilst continuing to tender for new contracts including major Aberdeen based contracts from its Aberdeen offices.
In Great Yarmouth, the outlook for continuing to grow our revenue base in the Southern North Sea with our existing clients and on new developments remains positive. In the Northern and Central oil basins of the UKCS the trend of oil majors exiting the sector and selling assets to new UKCS entrants continues. Our outlook for building on our duty holder capability and winning work with these new entrants through our Aberdeen office remains positive. Existing duty holder clients also remain active in this market and we hope to support them in future acquisitions.
ODE AM’s activities entail detailed liaison with the Health and Safety Executive in the acceptance of associated Safety Case requirements and implementation. Regulation 5 owner compliance audits continue to be satisfactorily undertaken by our clients in accordance with the Safety Case Regulations and ODE AM is recognised as an industry leading Installation and Pipeline Operator.

- 1 -

 
ODE ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Key performance indicators
 
The Company turnover in 2024 was £48,888,582 (2023: £63,897,271). 
The Board of Directors monitor progress on the overall Company strategy by reference to the following Key Performance Indicators:

Results

2024
2023
Definition, method of calculation and analysis
Growth in turnover (%)
(23.5)%
34%
Year on year turnover growth expressed as a percentage.
Turnover was negatively affected by the prevailing UKCS market conditions.

Operating margin (%)
3.5%
(2.2)%
Operating margin is the ratio of operating profit/(loss) to turnover expressed as a percentage.
 
Adjusted operating margin (%)
3.5%
3.8%
The 2024 operating margin remained close to adjusted margins for 2023 due to business overhead consolidation. This was despite the reduced turnover in the year.


Development for the coming financial year 2025

Our outlook for 2025 and beyond remains positive and stable. We’re moving now into steady state operation with our clients. Budgeted 2025 turnover is forecast to be higher than actual turnover in 2024 and the Company predicts a profitable 2025 from core operations.
The Company enters the new year in a strong financial position with contracted turnover in line with the overall strategy for consolidating operations further in 2025 and an expansion over the period 2025-2026 (from existing clients and new opportunities and markets).

Outlook for 2025 - 2026

The Company will remain focused on oil and gas activities in the short term but continues to pursue opportunities in the energy transition market where our transferable skillset is applicable. Revised organisational structures for the Company and the Group provide for expansion in the coming years and additional investment in core competencies and operating facilities during 2025 and onwards.
The Southern North Sea area remains the largest Natural Gas producing basin in the UKCS. Natural Gas is a low carbon transition fuel providing a bridge to renewable energy. The extension of the ODE AM business from the Southern Gas basin to the Central and Northern North Sea remains the core geographic growth strategy for the business and our strength as a fit for purpose asset duty holder/integrated services provider, for new UKCS entrants, is a key business lever to growth. It also provides for expansion of our associated engineering support and project management / construction-based activities into the Aberdeen market.
This strategy is projected to increase annual turnover over the period from 2025 to 2026, bringing the Company’s annual projected turnover to £70M in 2026. As of Q4 2024, the Company is already experiencing the required growth in their contract wins and contract values that are in line with the turnover increases required to reach these projections.

- 2 -

 
ODE ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial results for Company at the reporting date

The Company's result for the year after taxation amounted to a profit of £1,419,535 (2023: loss of £1,199,122), the transfer of reserves for 2024 was a profit, whereas 2023 was a loss. In the prior year, this was due to provisions made for bad debts on amounts recoverable from an external client who entered administration in October 2023 (£3,798,351) and a provision against a debt owed by a group company that was not in a position to repay (£635,000). The effect of this, together with a dividend of £1,200,000, was a decrease to the Company’s net assets. Net assets in the current year have increased from £685,339 at 31 December 2023 to £2,104,874 at 31 December 2024.

Principal risks and uncertainties facing the Company
 
The principal risks in the Company’s business are international political relations, oil and gas price fluctuations, the UKCS Energy Transition and Windfall Tax schemes and the shortages in skilled staff as these can seriously affect the Company achieving its long-term growth strategy.
The Russia/Ukraine geopolitical situation continues to influence oil and gas commodity prices but the Company does not see any particular direct risk (other than cyber security risk) that may adversely affect its business activities as it does not currently trade with Ukraine or Russia. The UK Government has signalled the importance of energy supply security and the 2024 election has brought some certainty to the UKCS fiscal regime but nevertheless it is a regime that limits further investment and development of new projects by our clients in the future.


This report was approved by the board and signed on its behalf by:



A J B Reid
Managing Director

Date: 11 June 2025

- 3 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their annual report and the financial statements of ODE Asset Management Limited (the 'Company') for the year ended 31 December 2024.

Directors' responsibilities statement

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 audited 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; 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 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.

Principal activity

The principal activity of the Company is the provision of duty holder services, operations and maintenance works for offshore oil and gas facilities. 

Results and dividends

The profit for the year, after taxation, amounted to £1,419,535 (2023: loss of £1,199,122).
The directors do not recommend the payment of a dividend for the year (2023: £1,200,000).
In the prior year, at the point the dividend was recommended and paid, the directors performed an assessment of the financial position of the Company and the Board was satisfied that the Company had sufficient distributable reserves. The reasoning for the loss generated in the prior year is outlined on page 3. 

- 4 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Directors

The directors who served during the year and to the date of this report were:

P W Chilvers 
A D Ferguson (resigned 31 March 2024)
S J Hutchinson 
A J B Reid 
N T Westwood (appointed 1 April 2024)

Financial instruments

The Company's operations expose it to a variety of financial risks that include credit, liquidity, price and interest rate risk. The Company has in place mechanisms that seek to limit the adverse effects of potential financial risks. The Company does not use derivative financial instruments to manage these risks and as such no hedge accounting is applied.
Credit risk
The Company's credit risk is primarily attributable to its trade receivables, and it has implemented policies that require appropriate credit checks on potential customers before sales are made.
Liquidity risk
The Company actively manages its finances to ensure that the Company has sufficient available funds for its operations.
Price risk
The Company's activities are impacted by oil and gas price fluctuations.
Interest rate cash flow risk
The Company does not have interest bearing liabilities at 31 December 2024. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature.

- 5 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

The Company’s business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives, and its exposures to credit, liquidity and interest rate cash flow risk are described in the Strategic Report on pages 1 to 3 and the Directors' Report on pages 4 to 7.
The Company has adequate financial resources together with long-term contracts with a number of customers and suppliers. The loss posted for 2023 was as a result of making provision against the pre-administration debt of a client. Without this burden, the Company would have been able to post profits to levels comparable with previous year and has returned to profit in 2024 in line with expectations. The Company also has some excellent prospects over the next two to three years and is confident of building market share as a “Tier 1” contractor in the Aberdeen market. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully.
The directors confirm that they have complied with these requirements and, having a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements, and will continue to adopt the going concern basis in preparing the financial statements.

Economic impact of global events

UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Directors' and officers' indemnity insurance

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the period.

Provision of information to the auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

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

- 6 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





A J B Reid
Managing Director

Date: 11 June 2025

- 7 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ODE ASSET MANAGEMENT LIMITED
 

Opinion

We have audited the financial statements of ODE Asset Management Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 year 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 8 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ODE ASSET MANAGEMENT LIMITED
 

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year 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 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.

- 9 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ODE ASSET MANAGEMENT LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor’s 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 
- 10 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ODE ASSET MANAGEMENT LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition which we pinpointed to the cut-off assertion, valuation of provisions and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's 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.




Richard Karmel (Senior statutory auditor)  
for and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
30 Old Bailey
London
EC4M 7AU

11 June 2025
- 11 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
48,888,582
63,897,271

Cost of sales
  
(42,052,852)
(56,616,751)

Gross profit
  
6,835,730
7,280,520

Administrative expenses
  
(5,130,144)
(8,678,046)

Operating profit/(loss)
 5 
1,705,586
(1,397,526)

Interest receivable and similar income
 9 
143,094
-

Profit/(loss) before tax
  
1,848,680
(1,397,526)

Tax on profit/(loss)
 10 
(429,145)
198,404

Profit/(loss) for the financial year
  
1,419,535
(1,199,122)

Other comprehensive income
  
-
-

Total comprehensive income/(loss) for the year
  
1,419,535
(1,199,122)

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 15 to 31 form part of these financial statements.

- 12 -

 
ODE ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 11331750

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
13,292
-

Tangible assets
 13 
291,006
333,175

Debtors: amounts falling due after one year
 14 
-
259,469

  
304,298
592,644

Current assets
  

Debtors: amounts falling due within one year
 14 
4,717,701
9,572,117

Cash and cash equivalents
 15 
3,670,788
3,186,847

  
8,388,489
12,758,964

Creditors: amounts falling due within one year
 16 
(6,587,913)
(12,666,269)

Net current assets
  
 
 
1,800,576
 
 
92,695

Total assets less current liabilities
  
2,104,874
685,339

Net assets
  
2,104,874
685,339


Capital and reserves
  

Called up share capital 
 18 
1,000,000
1,000,000

Capital contribution reserve
 19 
23,461
23,461

Profit and loss account
 19 
1,081,413
(338,122)

Total equity
  
2,104,874
685,339


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




A J B Reid
Managing Director

Date: 11 June 2025

The notes on pages 15 to 31 form part of these financial statements.

- 13 -

 
ODE ASSET MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1,000,000
23,461
2,061,000
3,084,461


Comprehensive loss for the year

Loss for the year
-
-
(1,199,122)
(1,199,122)


Other comprehensive income for the year
-
-
-
-


Total comprehensive loss for the year
-
-
(1,199,122)
(1,199,122)


Contributions by and distributions to owners

Dividends paid (note 11)
-
-
(1,200,000)
(1,200,000)



At 1 January 2024
1,000,000
23,461
(338,122)
685,339


Comprehensive income for the year

Profit for the year
-
-
1,419,535
1,419,535


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,419,535
1,419,535


At 31 December 2024
1,000,000
23,461
1,081,413
2,104,874


The notes on pages 15 to 31 form part of these financial statements.

- 14 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

ODE Asset Management Limited (the 'Company') is a private company, limited by shares and registered in England and Wales. The address of its registered office and principal place of business is Nelson House, Beevor Road, Great Yarmouth, Norfolk, England, NR30 3QQ.
On 30 April 2024, the Company changed its registered address from St George's House, 5 St George's Road, Wimbledon, London, England, SW19 4DR to Nelson House, Beevor Road, Great Yarmouth, Norfolk, England, NR30 3QQ.
The principal activity of the Company is the provision of duty holder services and operations and maintenance works for offshore oil and gas facilities. 

2.Accounting policies

 
2.1

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 3).

These financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest Pound.

The following principal accounting policies have been applied:

 
2.2

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 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; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Doris Group SA as at 31 December 2024 and these financial statements may be obtained from www.infogreffe.com.

- 15 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Company’s business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives, and its exposures to credit, liquidity and interest rate cash flow risk are described in the Strategic Report on pages 1 to 3 and the Directors' Report on pages 4 to 7.
The Company has adequate financial resources together with long-term contracts with a number of customers and suppliers. The loss posted for 2023 was as a result of making provision against the pre-administration debt of a client. Without this burden, the Company would have been able to post profits to levels comparable with previous year and has returned to profit in 2024 in line with expectations. The Company also has some excellent prospects over the next two to three years and is confident of building market share as a “Tier 1” contractor in the Aberdeen market. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully.
The directors confirm that they have complied with these requirements and, having a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements, and will continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is Pound Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'Administrative expenses'.

- 16 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Turnover

Turnover is generated through the provision of installation & pipeline operator contracts and other broadly similar services.
 
Turnover is recognised at the point at which the services are performed and invoiced in accordance with the contracts. The invoiced amount  in respect of work performed is based upon either chargeable hours expended in respect of maintenance services or based on the value of work performed, which is reimbursable to the client under the agreements.
 
Turnover is recognised net of discounts, VAT and other sales-related taxes.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest receivable and similar income

Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 17 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 reporting 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 reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:


Computer software                                 -        33.3%
 
Amortisation is charged to 'Administrative expenses' in the Statement of Comprehensive Income.

- 18 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Tangible 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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Long-term leasehold property
-
Over the lease term
Fixtures and fittings
-
25% and 33.3%
Computer equipment
-
33.3%

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 the Statement of Comprehensive Income.
Depreciation is charged to 'Administrative expenses' in the Statement of Comprehensive Income.

 
2.12

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.

 
2.13

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.

 
2.14

Creditors: amounts falling due within one year

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 19 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

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 Statement of Financial Position 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 Statement of Financial Position.

 
2.16

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

- 20 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
- 21 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years. 
3.1 Critical judgements in applying the Company's accounting policies
(i) Recoverability of debtors
A provision for debtors is established where it is estimated that the debts are not considered to be fully recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debts, and past experience of recoverability.
3.2 Key sources of estimation uncertainty
(i) Accruals and deferred income
The Company uses accruals to recognise expenses when they are incurred. Accruals on contracts are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
(ii) Deferred tax assets
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 tax planning strategies. Further details are contained in note 17.

- 22 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Provision of services
48,888,582
63,897,271


Analysis of turnover by geographical location of destination:

2024
2023
£
£

United Kingdom
48,743,720
63,897,271

Rest of Europe
98,869
-

Rest of the World
45,993
-

48,888,582
63,897,271



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
65,026
40,892

Exchange differences
3,214
13,977

Other operating lease rentals
144,879
90,476

Bad debt expense (note 14)
-
3,798,351

Intercompany bad debt expense (note 14)
-
635,000


6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's
financial statements
55,000
32,784

- 23 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
7,690,998
6,874,371

Social security costs
924,443
836,090

Cost of defined contribution pension scheme
1,489,899
1,170,248

10,105,340
8,880,709


The average monthly number of employees, including directors, during the year was 125 (2023: 107).


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
629,970
622,948

Company contributions to defined contribution pension schemes
48,310
46,837

678,280
669,785


During the year retirement benefits were accruing to 5 directors (2023: 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £263,077 (2023: £271,894).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,350 (2023: £9,952).


9.


Interest receivable and similar income

2024
2023
£
£


Interest receivable from group companies
25,039
-

Other interest receivable
118,055
-

143,094
-

- 24 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Tax on profit/(loss)


2024
2023
£
£

Corporation tax


Current tax on profit
195,707
-

Total current tax
195,707
-

Deferred tax


Origination and reversal of timing differences
210,618
(177,907)

Adjustment in respect of previous periods
22,820
(9,307)

Changes to tax rates
-
(11,190)

Total deferred tax
233,438
(198,404)


Taxation on profit/(loss)
429,145
(198,404)

Factors affecting tax charge/(credit) for the year

The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 23.5%). The differences are explained below:

2024
2023
£
£


Profit/(loss) before tax
1,848,680
(1,397,526)


Profit/(loss) multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%)
462,170
(328,706)

Effects of:


Expenses not deductible for tax purposes
2,613
150,799

Effects of group relief
(58,458)
-

Adjustment from previous periods
22,820
(9,307)

Tax rate changes
-
(11,190)

Total tax charge/(credit) for the year
429,145
(198,404)

- 25 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Tax on profit/(loss) (continued)


Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). There has been no change to corporation tax rates for the financial year ended 31 December 2024. For the financial year ended 31 December 2024 the weighted average tax rate is 25% (31 December 2023 weighted average tax rate was 23.5%). Deferred taxes at the balance sheet data are measured at 25%.


11.


Dividends

2024
2023
£
£


Final dividend paid of nil per share (2023: £1.20)
-
1,200,000


12.


Intangible assets




Computer software

£



Cost


At 1 January 2024
1,681


Additions
13,292



At 31 December 2024

14,973



Amortisation


At 1 January 2024
1,681



At 31 December 2024

1,681



Net book value



At 31 December 2024
13,292



At 31 December 2023
-



- 26 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2024
261,791
182,658
144,047
588,496


Additions
-
19,882
2,975
22,857



At 31 December 2024

261,791
202,540
147,022
611,353



Depreciation


At 1 January 2024
9,638
149,369
96,314
255,321


Charge for the year
29,665
13,464
21,897
65,026



At 31 December 2024

39,303
162,833
118,211
320,347



Net book value



At 31 December 2024
222,488
39,707
28,811
291,006



At 31 December 2023
252,153
33,289
47,733
333,175

- 27 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Debtors

2024
2023
£
£

Due after more than one year

Deferred tax asset (see note 17)
-
259,469


2024
2023
£
£

Due within one year

Trade debtors
2,455,823
3,321,093

Amounts owed by group undertakings
711,525
20,000

Other debtors
11,312
-

Prepayments and accrued income
700,242
429,650

Amounts recoverable on long term contracts
812,768
5,801,374

Deferred taxation (see note 17)
26,031
-

4,717,701
9,572,117


Trade debtors are stated after provisions for impairment of £3,798,351 (2023: £3,798,351).
In the prior year, the Company set a bad debt provision of £635,000 in relation to an entity within the group which went into administration after the year end.
Included within amounts owed by group undertakings is a loan to Doris Group SA of £540,000 (2023: £nil) which accrues interest at a rate of 6.6% (2023: nil%) per annum and payable on 31 December 2027.
Remaining amounts owed to group undertakings are unsecured, interest-free and payable on demand.


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,670,788
3,186,847


- 28 -

 
ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
2,241,055
7,140,039

Amounts owed to group undertakings
166,967
585,141

Corporation tax
195,707
-

Other taxation and social security
370,885
1,343,992

Accruals and deferred income
3,613,299
3,597,097

6,587,913
12,666,269


Amounts owed to group undertakings are unsecured, interest-free and repayable on demand. 


17.


Deferred taxation




2024


£






At beginning of year
259,469


Charged to the Statement of Comprehensive Income
(233,438)



At end of year
26,031

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(7,375)
(12,238)

Short term timing differences - trading
33,406
29,507

Losses carried forward
-
242,200

26,031
259,469

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ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000,000 (2023: 1,000,000) Ordinary shares of £1 each
1,000,000
1,000,000


The Company has one class of shares; each share carries one voting right per share but no right to fixed income.

19.


Reserves

Profit and loss account

This reserve represents the cumulative profits and losses of the Company. 
Capital contribution reserve
On 1 January 2019 the trade and assets of Offshore Design Engineering Limited were hived-across to ODE Asset Management Limited by way of dividend in-specie. Included within tangible fixed assets are net assets transferred at their carrying values totalling £23,461. A capital contribution of the same value has been recognised.


20.


Pension commitments

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 represents contributions payable by the Company to the fund and amounted to £1,489,899 (2023: £1,170,248). Contributions totalling £133,623 (2023: £118,029) were payable to the fund at the reporting 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:

2024
2023
£
£


Not later than 1 year
141,250
113,592

Later than 1 year and not later than 5 years
236,567
305,850

Later than 5 years
-
-

377,817
419,442

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ODE ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Related party transactions

The Company is a wholly owned subsidiary of Doris Group SA, and as such has taken advantage of the exemption permitted by FRS 102 section 33.1 Related Party Disclosure, not to provide disclosures of transaction entered into with other wholly owned members of the Group. 


23.


Post balance sheet events

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


24.


Controlling party

The Company's immediate parent is Doris Asset Management Holding Limited (previously ODE Group Limited), a company registered in England and Wales. The ultimate controlling party is Doris Group SA, a company incorporated in France.
The largest and smallest group in which the results of the Company are consolidated is Doris Group SA. Copies of the Group's consolidated financial statements can be obtained from www.infogreffe.com.

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