Company Registration No. 11719360 (England and Wales)
THREE60 OPERATIONS SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THREE60 OPERATIONS SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr W Thain
Mr J N J Corray
Mr S C W Diplock
Mrs K R D Murray
(Appointed 22 July 2024)
Secretary
Brodies Secretarial Services Limited
Company number
11719360
Registered office
C/O Brodies LLP
90 Bartholomew Close
London
EC1A 7EB
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
THREE60 OPERATIONS SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 24
THREE60 OPERATIONS SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

The Company offers Operations and Maintenance services across the Energy market in key geographic locations, focusing on safely delivering a more complete solution for owners, developers and operators of energy assets.

 

The Company also holds investment in fellow Three60 Group companies which offer complementary services. Investments are held in Three60 Renewables (Holdings) Limited, which focuses on provision of Operations and Maintenance services to the Renewables market, and Three60 EPCC Holdings Limited with provides Engineering, Procurement, Construction and Commissioning Services.

 

2024 saw an increase in Turnover for the company to £21,754k (2023: £14,629k) driven by completion of key existing contracts within the year. Following on from this, gross profit for the year increased to £1,846k (2023: £1,809k). A key performance indicator for the Company is EBITDA performance and for the period this was £378k (2023: £453k) as outlined below.

 

 

Year ended

31 December 2024

£000’s

Year ended

31 December 2023

£000’s

 

 

 

Revenue

21,754

14,629

 

 

 

Operating profit

308

365

Add backs:

 

 

Amortisation

38

67

Depreciation

32

21

 

 

 

EBITDA

378

453

EBITDA %

1.7%

3.1%

 

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

In making their assessment, the directors have reviewed cashflow and trading for the next 12 months, which include consideration of the compliance with terms associated with the Company lending facilities.

 

Based on their assessment, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Principal risks and uncertainties

The Company delivered reasonable results in 2024, in addition 2025 performance to date is showing an improved position and the directors are confident in the overall financial outlook for the Company.

 

The management of the business and the execution of the Company’s strategy are subject to a number of risks. The key business risks affecting the core activities of the Company are set out below. Risks are reviewed by the Board and appropriate processes put in place to monitor and mitigate them.

 

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company monitors the timing of cash flows and align this with its strategic planning. Forecasts are produced to assist management in identifying liquidity requirements and maintaining adequate resources.

 

The Company’s primary sources of finance are the operating cash flows, bank finance and shareholder investment.

THREE60 OPERATIONS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties (continued)

 

Credit risk

The Company’s principal financial assets are bank balances and cash and trade and other receivables. Its credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identifiable loss event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows. The credit risk in liquid funds is limited because the counterparties are banks with credit ratings assigned by international credit rating agencies.

 

The Company has no significant concentration of credit risk, with exposure spread over a number of customers.

 

Currency risk

The Company’s activities expose it to financial risk of changes in foreign currency exchange rates. The Company may use financial instruments to hedge its exposures where appropriate but will also look to naturally hedge through the matching of the same foreign currency receipts and payments.

 

Oil and gas prices/​market

Although the Company is establishing a wider footprint with a different energy mix, the Company’s principal customers are oil and gas operating companies and as a result the main price risk to the Company relates to the price of oil and gas. The Company considers that volatility in oil and gas prices is a regular part of its business. In addition, the Company is focused on diversifying activity into other energy sectors, and supporting the wider Energy Transition with lower carbon and sustainable energy solutions.

 

Future developments

The strategy of the directors is to offer and grow the Company's service lines and energy solutions in key geographic locations which will lead to an increase in overall market share.

On behalf of the board

Mrs K R D Murray
Director
3 July 2025
THREE60 OPERATIONS SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be the provision of facilities management services for the energy industry.

Branches

The company has a branch based outside of the United Kingdom, being the Philippines.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid (2023 - £nil). The directors do not recommend payment of a final dividend.

No preference dividends were paid (2023 - £nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K Sutherland
(Resigned 7 August 2024)
Mr W Thain
Mr J N J Corray
Mr S C W Diplock
Mrs K R D Murray
(Appointed 22 July 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

THREE60 OPERATIONS SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mrs K R D Murray
Director
3 July 2025
THREE60 OPERATIONS SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the strategic report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THREE60 OPERATIONS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THREE60 OPERATIONS SERVICES LIMITED
- 6 -
Opinion

We have audited the financial statements of Three60 Operations Services Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

 

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 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 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. 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:

THREE60 OPERATIONS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THREE60 OPERATIONS SERVICES LIMITED
- 7 -
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:

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement set out on page 5, 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.

Auditor 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent the audit was considered capable of detecting irregularities, including fraud

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 assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

THREE60 OPERATIONS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THREE60 OPERATIONS SERVICES LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

THREE60 OPERATIONS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THREE60 OPERATIONS SERVICES LIMITED
- 9 -

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 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.

Jenny Junnier (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
3 July 2025
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
THREE60 OPERATIONS SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
2
21,753,590
14,629,406
Cost of sales
(19,907,354)
(12,820,324)
Gross profit
1,846,236
1,809,082
Administrative expenses
(1,538,196)
(1,443,797)
Operating profit
3
308,040
365,285
Interest receivable and similar income
6
147
21,478
Interest payable and similar expenses
7
(121,941)
(67,437)
Profit before taxation
186,246
319,326
Tax on profit
8
(293,875)
(80,006)
(Loss)/profit for the financial year
(107,629)
239,320
Other comprehensive (expense)/income
Currency translation differences
(5,599)
(57,892)
Total comprehensive (expense)/income for the year
(113,228)
181,428

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

THREE60 OPERATIONS SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
41,536
48,311
Tangible assets
10
54,703
78,895
Investments
11
2,660,560
2,622,103
2,756,799
2,749,309
Current assets
Debtors
13
6,079,734
4,957,847
Cash at bank and in hand
99,216
309,767
6,178,950
5,267,614
Creditors: amounts falling due within one year
14
(5,174,876)
(4,134,886)
Net current assets
1,004,074
1,132,728
Total assets less current liabilities
3,760,873
3,882,037
Provisions for liabilities
Deferred tax liability
16
15,451
23,387
(15,451)
(23,387)
Net assets
3,745,422
3,858,650
Capital and reserves
Called up share capital
18
1,410,000
1,410,000
Profit and loss reserves
19
2,335,422
2,448,650
Total equity
3,745,422
3,858,650
The financial statements were approved by the board of directors and authorised for issue on 3 July 2025 and are signed on its behalf by:
Mrs K R D Murray
Director
Company Registration No. 11719360
THREE60 OPERATIONS SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,410,000
2,267,222
3,677,222
Year ended 31 December 2023:
Profit for the year
-
239,320
239,320
Other comprehensive expense:
Currency translation differences
-
(57,892)
(57,892)
Total comprehensive income for the year
-
0
181,428
181,428
Balance at 31 December 2023
1,410,000
2,448,650
3,858,650
Year ended 31 December 2024:
Loss for the year
-
(107,629)
(107,629)
Other comprehensive expense:
Currency translation differences
-
(5,599)
(5,599)
Total comprehensive expense for the year
-
0
(113,228)
(113,228)
Balance at 31 December 2024
1,410,000
2,335,422
3,745,422
THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Three60 Operations Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Brodies LLP, 90 Bartholomew Close, London, EC1A 7EB. The business address is Annan House, 33-35 Palmerston Rd, Aberdeen, AB11 5QN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has therefore taken advantage of exemptions from the following disclosures:

 

The company has taken advantage of disclosure exemptions available under Section 33 of FRS 102 whereby it has not disclosed transactions entered into with any wholly-owned subsidiary of the group.

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

The financial statements of the company are consolidated in the financial statements of Three60 Energy Limited. These consolidated financial statements are available from its registered office, c/o Brodies LLP, 90 Bartholomew Close, London, EC1A 7EB.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.true

 

In making their assessment, the directors have reviewed cashflow and trading forecasts through to 31 December 2026, which include consideration of the compliance with terms associated with the Company lending facilities.

 

Based on their assessment, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is recognised for services as they are provided.

THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% Straight Line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% Straight Line
Computers
33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors, bank financing and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of services
21,753,590
14,629,406

All turnover has been derived within the United Kingdom.

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
21,283,140
13,391,503
Rest of the World
470,450
1,237,903
21,753,590
14,629,406
THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Other significant revenue
Interest income
147
21,478
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences
23,580
(17,328)
Fees payable to the company's auditor for the audit of the company's financial statements
20,750
16,250
Depreciation of owned tangible fixed assets
32,254
21,455
Amortisation of intangible assets
37,916
66,955
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administrative
2
4
Sales and operational
81
55
Total
83
59

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,111,441
6,400,313
Social security costs
1,063,961
763,216
Pension costs
479,612
277,849
10,655,014
7,441,378
5
Directors' remuneration

The directors of Three60 Operations Services Limited are also directors of other Three60 Energy Group companies. It is not considered practical to apportion directors remuneration to this company on the basis of the level of service and accordingly no allocation has been made. In lieu of directors remuneration, administrative and other support costs the company accepts a management recharge from the Group.

THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
147
21,478
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
121,941
67,437
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
78,633
5,052
Adjustments in respect of prior periods
-
0
(309)
Total UK current tax
78,633
4,743
Foreign current tax on profits for the current period
223,178
73,808
Total current tax
301,811
78,551
Deferred tax
Origination and reversal of timing differences
(7,936)
1,455
Total tax charge
293,875
80,006
THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
186,246
319,326
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
46,562
75,105
Tax effect of expenses that are not deductible in determining taxable profit
1,932
5,137
Tax effect of income not taxable in determining taxable profit
-
0
(3,529)
Adjustments in respect of prior years
-
0
(309)
Foreign tax credits
245,381
3,516
Remeasurement of deferred tax for changes in tax rates
-
0
86
Taxation charge for the year
293,875
80,006
9
Intangible fixed assets
Software
£
Cost
At 1 January 2024
135,909
Additions
31,141
At 31 December 2024
167,050
Amortisation and impairment
At 1 January 2024
87,598
Amortisation charged for the year
37,916
At 31 December 2024
125,514
Carrying amount
At 31 December 2024
41,536
At 31 December 2023
48,311
THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
10
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
58,116
63,916
122,032
Additions
828
7,234
8,062
At 31 December 2024
58,944
71,150
130,094
Depreciation and impairment
At 1 January 2024
2,889
40,248
43,137
Depreciation charged in the year
11,789
20,465
32,254
At 31 December 2024
14,678
60,713
75,391
Carrying amount
At 31 December 2024
44,266
10,437
54,703
At 31 December 2023
55,227
23,668
78,895
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
2,660,560
2,622,103
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
2,622,103
Additions
38,457
At 31 December 2024
2,660,560
Carrying amount
At 31 December 2024
2,660,560
At 31 December 2023
2,622,103
12
Significant undertakings

Details of the company's significant undertakings at 31 December 2024 are as follows:

THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Significant undertakings
(Continued)
- 21 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Three60 EPCC Holdings Limited
C/O Brodies LLP, 90 Bartholomew Close, London, United Kingdom, EC1A 7EB
Ordinary
24.70
-
Three60 EPCC Limited
31-33 Union Grove, Aberdeen, Scotland, AB10 6SD
Ordinary
0
24.70
Three60 Construction and Commissioning Limited
31-33 Union Grove, Aberdeen, Scotland, AB10 6SD
Ordinary
0
24.70
Three60 Energy Renewables Holdings Limited
31-33 Union Grove, Aberdeen, Scotland, AB10 6SD
Ordinary
100.00
-
Three60 Energy Renewables Limited
31-33 Union Grove, Aberdeen, Scotland, AB10 6SD
Ordinary
0
100.00

Subsequent to the year-end, the trading activities and assets of Three60 Construction & Commissioning Limited were transferred into Three60 EPCC Limited. Three60 Construction & Commissioning Limited was formally dissolved during February 2025.

13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,962,699
959,940
Corporation tax recoverable
3,006
39,044
Amounts owed by group undertakings
1,879,626
1,721,286
Other debtors
54,995
147,650
Prepayments and accrued income
2,179,408
2,089,927
6,079,734
4,957,847

Amounts owed by group undertakings are interest free and repayable on demand.

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
1,681,422
694,925
Trade creditors
496,233
347,531
Amounts owed to group undertakings
695,403
828,352
Other creditors
469,593
705,053
Accruals and deferred income
1,832,225
1,559,025
5,174,876
4,134,886

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

THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
1,681,422
694,925
Payable within one year
1,681,422
694,925

 

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
15,451
23,387
2024
Movements in the year:
£
Liability at 1 January 2024
23,387
Credit to profit or loss
(7,936)
Liability at 31 December 2024
15,451

 

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
479,612
277,849

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Included within other creditors are unpaid contributions of £110,718 (2023: £83,368).

THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
18
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
9,000 A Ordinary Shares of £1 each
9,000
9,000
1,000 B Ordinary Shares of £1 each
1,000
1,000
10,000
10,000
Preferred ordinary share capital
Issued and fully paid
1,400,000 C Preferred Ordinary Shares of £1 each
1,400,000
1,400,000
Total equity share capital
1,410,000
1,410,000

The key aspects of the company’s share rights are as follows:

 

 

 

 

 

19
Profit and loss reserves

Profit and loss reserves represent the accumulated profits and losses of the company, less distributions made to the shareholders.

20
Financial commitments, guarantees and contingent liabilities

The company is subject to a cross guarantee provided in respect of certain group-wide banking facilities. These facilities are secured by fixed and floating charges over the assets and undertakings of the company and all other group-wide facility participants.   

THREE60 OPERATIONS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
21
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
3,180
-
0
22
Related party transactions

During the year the company entered into the following transactions with related parties.

The company made sales of £3,512,003 (2023: £2,913,368) to entities under common control. Amounts due at the year end totalled £3,056,319 (2023: £484,022).

 

The company made purchases of £3,422,991 (2023: £1,888,974) from entities under common control. Amounts due at the year end totalled £2,349,386 (2023: £828,352).

 

The company was charged management fees of £277,159 (2023: £283,336) and made purchases of £909,268 (2023: £nil) from the parent company during the period. There are £3,259,159 (2023: £555,220) amounts due from and £2,349,836 (2023: £682,043) due to the parent company at the year end.

23
Ultimate controlling party

The parent company of the entity is Three60 Energy Limited, a company which prepares consolidated financial statements, is registered in England and Wales.

 

The ultimate controlling party of Three60 Energy Limited is considered to be Simmons Private Equity II LP, a Limited Partnership incorporated in Guernsey, by virtue of its ownership of the share capital.

 

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