Company Registration No. 02977551 (England and Wales)
UNITY WELL INTEGRITY EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
UNITY WELL INTEGRITY EUROPE LIMITED
COMPANY INFORMATION
Directors
C Morrice
G Smart
Company number
02977551
Registered office
Bessemer Way
Great Yarmouth
Norfolk
NR31 0LX
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
UNITY WELL INTEGRITY EUROPE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
UNITY WELL INTEGRITY EUROPE 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 Unity Well Integrity Europe Limited ("the company") is a leading provider of well integrity technology and services for the global upstream oil and gas industry.

Results and dividends

The results for the year are set out on page 7.

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

C Morrice
G Smart
Qualifying third party indemnity provisions

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Auditor

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

Statement of directors' responsibilities

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:

 

 

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.

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.

UNITY WELL INTEGRITY EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Going concern

The fragility of both the UK and wider global economy means significant focus is placed on the adoption of going concern concept for the preparation of the financial statements. The company, as part of the wider group, has prepared a detailed consolidated forecast for remainder of 2025 and financial year 2026 including profit and loss account, cash flow and balance sheet projections to satisfy its going concern position. The company and its parents will continue to reforecast regularly throughout 2025 and beyond.

 

The forecasts give confidence to the Board that the company will be able to meet its liabilities as they fall due from its existing facilities.


As a result, the company’s financial statements have been prepared on a going concern basis.

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
G Smart
Director
30 June 2025
UNITY WELL INTEGRITY EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNITY WELL INTEGRITY EUROPE LIMITED
- 3 -
Opinion

We have audited the financial statements of Unity Well Integrity Europe 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 the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

UNITY WELL INTEGRITY EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITY WELL INTEGRITY EUROPE 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:

 

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities as set out on page 1, 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.

UNITY WELL INTEGRITY EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITY WELL INTEGRITY EUROPE LIMITED
- 5 -

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 submitted returns, external inspections, 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. 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:

 

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 are to become aware of it.

 

UNITY WELL INTEGRITY EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITY WELL INTEGRITY EUROPE LIMITED
- 6 -

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.

Stephen McIlwaine (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
30 June 2025
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
UNITY WELL INTEGRITY EUROPE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
5,011,985
5,448,721
Cost of sales
(3,426,609)
(3,874,416)
Gross profit
1,585,376
1,574,305
Administrative expenses
(983,680)
(975,132)
Operating profit
601,696
599,173
Interest payable and similar expenses
-
0
(50)
Profit before taxation
601,696
599,123
Tax on profit
4
(1,576)
(41,538)
Profit for the financial year
600,120
557,585
Other comprehensive expense
Foreign currency translation
(65,738)
(62,337)
Total comprehensive income for the year
534,382
495,248

The profit and loss account has been prepared on the basis that all operations are continuing operations.

UNITY WELL INTEGRITY EUROPE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
184,233
228,653
Current assets
Stocks
609,103
810,155
Debtors
6
4,308,723
3,029,435
Cash at bank and in hand
246,361
907,419
5,164,187
4,747,009
Creditors: amounts falling due within one year
7
(469,161)
(630,785)
Net current assets
4,695,026
4,116,224
Net assets
4,879,259
4,344,877
Capital and reserves
Called up share capital
8
3,750,000
3,750,000
Foreign exchange reserve
9
(146,413)
(80,675)
Profit and loss reserves
9
1,275,672
675,552
Total equity
4,879,259
4,344,877

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 30 June 2025 and are signed on its behalf by:
C Morrice
G Smart
Director
Director
Company Registration No. 02977551
UNITY WELL INTEGRITY EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Foreign exchange reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
3,750,000
(18,338)
117,967
3,849,629
Year ended 31 December 2023:
Profit for the year
-
-
557,585
557,585
Other comprehensive income:
Currency translation differences
-
(62,337)
-
(62,337)
Total comprehensive income for the year
-
0
(62,337)
557,585
495,248
Balance at 31 December 2023
3,750,000
(80,675)
675,552
4,344,877
Year ended 31 December 2024:
Profit for the year
-
-
600,120
600,120
Other comprehensive expense:
Currency translation differences
-
(65,738)
-
(65,738)
Total comprehensive income for the year
-
0
(65,738)
600,120
534,382
Balance at 31 December 2024
3,750,000
(146,413)
1,275,672
4,879,259
UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Unity Well Integrity Europe Limited ("the company") is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Bessemer Way, Great Yarmouth, United Kingdom, NR31 0LX. The principal activities of the company and the nature of the operations are set out in the Directors' Report on page 1.

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, as this is the currency of the primary economic environment in which the company operates. The functional currency of the Danish branch is Danish Krone (DKK). 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.

 

The company has taken advantage of the exemptions available under section FRS 102, section 1A, and has not disclosed transactions with companies that are part of Unity Well Integrity Limited group of companies.

1.2
Going concern

The fragility of both the UK and wider global economy means significant focus is placed on the adoption of going concern concept for the preparation of the financial statements. The company, as part of the wider group, has prepared a detailed consolidated forecast for remainder of 2025 and financial year 2026 including profit and loss account, cash flow and balance sheet projections to satisfy its going concern position. The company and its parents will continue to reforecast regularly throughout 2025 and beyond.

 

The forecasts give confidence to the Board that the company will be able to meet its liabilities as they fall due from its existing facilities.


As a result, the company’s financial statements have been prepared on a going concern basis.

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:

Freehold property
15% per annum
Short-term leasehold property
15% per annum
Plant and machinery
5% to 33% per annum


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Stocks

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

 

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

1.7
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties and investments in ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

 

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

 

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.11
Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.12
Leases

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

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.

Assets and liabilities of a foreign operation are translated into the company's presentation currency at the rate ruling at the reporting date. Income and expenses of the foreign operation are translated at the average rate for the year as the directors consider this to be a reasonable approximation to the rate at the date of the transaction. Translation differences are recognised in other comprehensive income and accumulated in foreign exchange reserves.

1.14

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no judgements or estimates which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
3
Employees

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

2024
2023
Number
Number
Total
32
33
4
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(8,638)
-
0
Foreign current tax on profits for the current period
10,214
41,538
Total current tax
1,576
41,538
Deferred tax
Origination and reversal of timing differences
(72)
-
0
Adjustment in respect of prior periods
72
-
0
Total deferred tax
-
0
-
0
Total tax charge
1,576
41,538

The company has a deferred tax asset of £23,518 (2023: £23,549) relating to tax losses, which is not accounted for in the financial statements due to uncertainty over its immediate recoverability.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
5
Tangible fixed assets
Freehold property
Short-term leasehold property
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2024
50,000
16,126
1,672,999
1,739,125
Additions
-
0
16,587
68,267
84,854
Exchange adjustments
-
0
(193)
(32,199)
(32,392)
At 31 December 2024
50,000
32,520
1,709,067
1,791,587
Depreciation and impairment
At 1 January 2024
50,000
10,536
1,449,936
1,510,472
Depreciation charged in the year
-
0
3,153
121,089
124,242
Exchange adjustments
-
0
(193)
(27,167)
(27,360)
At 31 December 2024
50,000
13,496
1,543,858
1,607,354
Carrying amount
At 31 December 2024
-
0
19,024
165,209
184,233
At 31 December 2023
-
0
5,590
223,063
228,653
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,186,373
833,867
Amounts owed by group undertakings
2,670,490
1,836,250
Other debtors
3,905
3,905
Prepayments and accrued income
447,955
355,413
4,308,723
3,029,435

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

 

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
92,543
185,984
Amounts owed to group undertakings
8,821
14,363
Corporation tax
-
0
41,538
Other taxation and social security
106,031
69,774
Other creditors
4,276
4,737
Accruals and deferred income
257,490
314,389
469,161
630,785

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

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
2,750,000
2,750,000
2,750,000
2,750,000
Preference shares classified as equity
2,750,000
2,750,000
Total equity share capital
3,750,000
3,750,000

The ordinary shares have full voting, dividend and capital distribution rights.

 

Preference shares have no rights to dividends or voting. The preference shares rank before ordinary shares on winding-up of the company.

 

The directors have carried out an assessment based on the terms of the preference shares and conclude they are deemed as equity on the basis the shares have no right to fixed dividend and no voting rights attached to them. The shares are also redeemable at par under the discretion of the company.

9
Reserves

Foreign exchange reserve

Comprises translation differences arising from the translation of financial statements of the company's foreign branch into Sterling (£) and arising on any long term receivable with the branch which forms part of the net investment in the foreign operation.


Profit and loss reserves

The profit and loss account includes all current and prior periods retained profits and losses, net of any dividends paid.

UNITY WELL INTEGRITY EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
10
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
61,821
41,463
Between two and five years
222,171
164,383
In over five years
416,667
456,667
700,659
662,513
11
Ultimate controlling party

The immediate parent company is Unity Well Integrity UK Limited. The smallest group in which the results of the company are consolidated is Unity Well Integrity Limited. Both companies are registered at 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.

 

The largest group in which the results of the company are consolidated is that headed by FrontRow Energy Technology Group Limited whose group financial statements can be obtained from the UK Companies House website.

 

In the opinion of the directors, there is no ultimate controlling party.

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