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Registration number: 08978302

EP2C Energy UK Ltd

Filleted Financial Statements

for the Year Ended 31 December 2024

 

EP2C Energy UK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

EP2C Energy UK Ltd

Company Information

Director

C Rambeau

Registered office

114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Auditors

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

EP2C Energy UK Ltd

(Registration number: 08978302)
Balance Sheet as at 31 December 2024

Note

2024

(As restated)

2023

Current assets

 

Debtors

6

148,146

192,186

Cash at bank and in hand

 

58,596

43,596

 

206,742

235,782

Creditors: Amounts falling due within one year

7

(78,601)

(62,258)

Net assets

 

128,141

173,524

Capital and reserves

 

Called up share capital

271,582

271,582

Other reserves

-

37,356

Retained earnings

(143,441)

(135,414)

Shareholders' funds

 

128,141

173,524

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 June 2025
 

.........................................
C Rambeau
Director

 

EP2C Energy UK Ltd

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

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
England

Principal activity

The principal activity of the Company is the provision of specialist knowledge to the oil and and gas, petrochemical, power generation and construction industries.

These financial statements were authorised for issue by the director on 2 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

The financial statements are prepared in euros which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

Going concern

At the time of preparing the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Prior period errors

The accounting expense in resepct of the free shares granted to a EP2C Energy UK Ltd employee dating back to December 2021 was not recognised in the previous financial statements. A correction was made in the current year in respect of this material misstatement.

The table below shows the effect of the correction within the 2024 financial statement and the restated comparative.

Effect on 2023

Share Based Payment Reserves

37,356

Share Based Payment Expense

(37,356)

 

EP2C Energy UK Ltd

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

The table below shows the effect of the restatement on the 2024 financial statements:
 

Effect on 2024

Share Based Payment Reserves

37,356

P&L Reserve Retained Profit and Loss Account

(37,356)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of consultancy services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the new carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

EP2C Energy UK Ltd

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

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

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 profit or loss.

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.

Trade debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

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

 

EP2C Energy UK Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The Company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (including options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the shares granted is calculated using judgements from the Directors. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

 

EP2C Energy UK Ltd

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

4

Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 2 June 2025 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 5 (2023 - 4).

6

Debtors

Current

Note

2024

2023

Amounts owed by related parties

125,410

189,039

Prepayments

 

845

809

Other debtors

 

21,891

2,338

   

148,146

192,186

7

Creditors

Creditors: amounts falling due within one year

2024

2023

Due within one year

Trade creditors

17,781

2,143

Taxation and social security

32,715

25,273

Accruals and deferred income

23,931

25,729

Other creditors

4,174

9,113

78,601

62,258

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

No.

Ordinary share of €1 each

2

2

2

2

         

Allotted, called up and fully paid shares

 

EP2C Energy UK Ltd

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

 

2024

2023

 

No.

No.

Ordinary shares of £1 each

200,000

271,580

200,000

271,580

         

9

Dividends

Interim dividends paid

2024

2023

Interim dividend of €Nil per each Ordinary share

-

-

 

 

10

Share-based payments

EP2C Group, a group company in which EP2C Energy UK Ltd is part of, operates a free share scheme for employees within the group.

Fair value of the shares has been measured from management of the group and the free shares vest over 27 months. By 17 March 2024 all free shares granted to EP2C Energy UK Ltd had vested.

11

Consolidating parent undertakings

The parent of the smallest group in which these financial statements are consolidated is EP2C Group, incorporated in France.

The address of EP2C Group from where consolidated accounts can be obtained is:
4 rue de la Tuilerie
31130 BALMA
France