Company Registration No. SC131282 (Scotland)
THREE60 ENERGY WELLS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THREE60 ENERGY WELLS UK LIMITED
COMPANY INFORMATION
Directors
J D Speed-Andrews
D MacArthur
C L Hermansson
N Ford
K R D Murray
(Appointed 13 May 2024)
Secretaries
I Murrell
Brodies Secretarial Services Limited
Company number
SC131282
Registered office
31-33 Union Grove
Aberdeen
United Kingdom
AB10 6SD
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
THREE60 ENERGY WELLS UK LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Notes to the financial statements
9 - 15
THREE60 ENERGY WELLS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
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 that of well management services.
Results and dividends
The results for the year are set out page 7.
No ordinary dividends were paid (2023: £725,000). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K Sutherland
(Resigned 7 August 2024)
J D Speed-Andrews
D MacArthur
C L Hermansson
N Ford
K R D Murray
(Appointed 13 May 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.
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.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
K R D Murray
Director
20 July 2025
THREE60 ENERGY WELLS UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors are responsible for preparing 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 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THREE60 ENERGY WELLS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THREE60 ENERGY WELLS UK LIMITED
- 3 -
Opinion
We have audited the financial statements of Three60 Energy Wells UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss 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.
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 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.
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 our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
THREE60 ENERGY WELLS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THREE60 ENERGY WELLS UK LIMITED
- 4 -
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 directors' report.
We have nothing to report in respect of the following matters where 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 2, 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 to which 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 ENERGY WELLS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THREE60 ENERGY WELLS UK LIMITED
- 5 -
We obtained an understanding of the legal and regulatory frameworks that are applicable to the 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:
Companies Act 2006;
Corporation Tax legislation;
UK Generally Accepted Accounting Practice;
VAT Legislation; and
The Offshore Petroleum Licensing (Offshore Safety Directive) Regulations 2015
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 submitted returns 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. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. 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:
Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;
Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;
Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Performing audit work procedures over the occurrence assertion of revenue by selecting a sample of sales from the nominal ledger to agree back to sales invoice, receipt through the bank and ensure associated costs were recognised;
Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and
Agreement of the financial statement disclosures to supporting documentation.
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 ENERGY WELLS UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THREE60 ENERGY WELLS UK LIMITED
- 6 -
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
21 July 2025
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
THREE60 ENERGY WELLS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
£
£
Turnover
4,298,955
30,699,243
Cost of sales
(2,991,802)
(28,438,377)
Gross profit
1,307,153
2,260,866
Administrative expenses
(1,555,865)
(1,151,373)
Operating (loss)/profit
(248,712)
1,109,493
Interest receivable and similar income
21,395
55,314
Interest payable and similar expenses
(20,060)
(4,625)
(Loss)/profit before taxation
(247,377)
1,160,182
Tax on (loss)/profit
44,289
(266,433)
Profit for the financial year and total comprehensive income
(203,088)
893,749
THREE60 ENERGY WELLS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,325
Tangible assets
4
19,334
31,920
Investments
5
50,000
50,000
80,659
81,920
Current assets
Stocks
739
739
Debtors
6
1,181,341
1,831,547
Cash at bank and in hand
184,934
10,745,261
1,367,014
12,577,547
Creditors: amounts falling due within one year
7
(1,291,012)
(12,241,317)
Net current assets
76,002
336,230
Total assets less current liabilities
156,661
418,150
Creditors: amounts falling due after more than one year
8
(26,264)
(32,221)
Provisions for liabilities
45,295
(7,149)
Net assets
175,692
378,780
Capital and reserves
Called up share capital
9
170
170
Capital redemption reserve
30
30
Profit and loss reserves
175,492
378,580
Total equity
175,692
378,780
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 July 2025 and are signed on its behalf by:
K R D Murray
Director
Company Registration No. SC131282
THREE60 ENERGY WELLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information
Three60 Energy Wells UK Limited is a private company limited by shares incorporated in Scotland. The registered office is 31-33 Union Grove, Aberdeen, United Kingdom, AB10 6SD.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.
1.4
Intangible fixed assets other than goodwill
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 less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% - 33% straight line
THREE60 ENERGY WELLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
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, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.9
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.
THREE60 ENERGY WELLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.10
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.
Basic financial assets
Basic financial assets, which include 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 creditors, bank loans 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, using the effective interest rate method.
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.
1.11
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.
1.12
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 ENERGY WELLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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.
1.13
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 stock or 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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
28
THREE60 ENERGY WELLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2024
Additions
14,025
At 31 December 2024
14,025
Amortisation and impairment
At 1 January 2024
Amortisation charged for the year
2,700
At 31 December 2024
2,700
Carrying amount
At 31 December 2024
11,325
At 31 December 2023
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2024
88,542
Additions
1,967
Disposals
(11,672)
At 31 December 2024
78,837
Depreciation and impairment
At 1 January 2024
56,622
Depreciation charged in the year
14,553
Eliminated in respect of disposals
(11,672)
At 31 December 2024
59,503
Carrying amount
At 31 December 2024
19,334
At 31 December 2023
31,920
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans at cost
50,000
50,000
THREE60 ENERGY WELLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
313,980
301,969
Amounts owed by group undertakings
443,509
1,107,519
Other debtors
423,852
422,059
1,181,341
1,831,547
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
229,995
6,000
Trade creditors
206,270
7,229,859
Amounts owed to group undertakings
696,889
69,114
Corporation tax
262,477
Other taxation and social security
82,333
1,273,387
Other creditors
75,525
3,400,480
1,291,012
12,241,317
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,264
32,221
Included within creditors: amounts falling due after more than one year is an amount of £2,221 (2023 - £8,221) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The above liability relates to Bank of Scotland 10 year term loan: principal £50k with a drawn down date of 12 May 2020 and interest rate of 2.5% per annum (fixed).
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
170
170
170
170
THREE60 ENERGY WELLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
10
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.
11
Related party transactions
The company has taken advantage of disclosure exemptions available under Section 1A of FRS 102 whereby it has not disclosed transactions entered into with any wholly-owned subsidiary of the group.
12
Parent company
The ultimate parent company is Three60 Energy Limited, a company incorporated and registered in England and Wales, which was the smallest and largest parent undertaking to consolidate these financial statements as at 31 December 2024. The registered address of Three60 Energy Limited is C/O Brodies LLP, 90 Bartholomew Close, London, United Kingdom, EC1A 7BN.
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.
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100K SutherlandJ D Speed-AndrewsD MacArthurC L HermanssonN FordK R D MurrayI MurrellSC1312822024-01-012024-12-31SC131282bus:Director22024-01-012024-12-31SC131282bus:Director32024-01-012024-12-31SC131282bus:Director42024-01-012024-12-31SC131282bus:Director52024-01-012024-12-31SC131282bus:Director62024-01-012024-12-31SC131282bus:CompanySecretary12024-01-012024-12-31SC131282bus:Director12024-01-012024-12-31SC131282bus:RegisteredOffice2024-01-012024-12-31SC1312822024-12-31SC1312822023-01-012023-12-31SC1312822023-12-31SC131282core:IntangibleAssetsOtherThanGoodwill2024-12-31SC131282core:IntangibleAssetsOtherThanGoodwill2023-12-31SC131282core:OtherPropertyPlantEquipment2024-12-31SC131282core:OtherPropertyPlantEquipment2023-12-31SC131282core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-31SC131282core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC131282core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-31SC131282core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC131282core:CurrentFinancialInstruments2024-12-31SC131282core:CurrentFinancialInstruments2023-12-31SC131282core:ShareCapital2024-12-31SC131282core:ShareCapital2023-12-31SC131282core:CapitalRedemptionReserve2024-12-31SC131282core:CapitalRedemptionReserve2023-12-31SC131282core:RetainedEarningsAccumulatedLosses2024-12-31SC131282core:RetainedEarningsAccumulatedLosses2023-12-31SC131282core:ShareCapitalOrdinaryShareClass12024-12-31SC131282core:ShareCapitalOrdinaryShareClass12023-12-31SC131282core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-31SC131282core:ComputerSoftware2024-01-012024-12-31SC131282core:FurnitureFittings2024-01-012024-12-31SC131282core:IntangibleAssetsOtherThanGoodwill2023-12-31SC131282core:OtherPropertyPlantEquipment2023-12-31SC131282core:OtherPropertyPlantEquipment2024-01-012024-12-31SC131282core:WithinOneYear2024-12-31SC131282core:WithinOneYear2023-12-31SC131282core:Non-currentFinancialInstruments2024-12-31SC131282core:Non-currentFinancialInstruments2023-12-31SC131282bus:OrdinaryShareClass12024-01-012024-12-31SC131282bus:OrdinaryShareClass12024-12-31SC131282bus:OrdinaryShareClass12023-12-31SC131282bus:PrivateLimitedCompanyLtd2024-01-012024-12-31SC131282bus:FRS1022024-01-012024-12-31SC131282bus:Audited2024-01-012024-12-31SC131282bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP