Private limited companytradingfullFRS102FALSETRUE1 January 202431 December 202431 December 202401,682,4804,870,7221,682,4804,870,722Cash flow hedgesWhere a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge (being the excess of the cumulative change in fair value of the hedging instrument since inception of the hedge over the cumulative change in the fair value of the hedged item since inception of the hedge) is recognised immediately in the income statement.3.Accounting policies (continued)NOTE NOT INCLUDED IN THE REPORT (continued)For cash flow hedges, where the forecast transactions resulted in the recognition of a non-financial asset or non-financial liability, the hedging gain or loss recognised in other comprehensive income is included in the initial cost or other carrying amount of the asset or liability. Alternatively when the hedged item is recognised in the income statement the hedging gain or loss is reclassified to the income statement.When a hedging instrument expires or is sold, terminated or exercised, without replacement or rollover (as part of the hedging strategy) or the entity discontinues designation of the hedge relationship, but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in equity is recognised in the income statement immediately.31 December 202431 December 2024The company had entered into derivatives designated as hedging instruments through the use of foreign exchange forward contracts to manage some of its foreign currency transaction exposures. The foreign currency exchange forward contracts were designated as cash flow hedges and were entered into for periods consistent with the foreign currency exposure of the underlying transactions. All hedging activity ceased in 2021.The following table indicates the periods in which the cash flows associated with cash flow hedging instruments were expected to occur as required by paragraph 12.29(a) of FRS 102 for the cash flow hedge accounting models:31 December 202431 December 202431 December 202431 December 2024The Workiva Platform2025-08-14pureiso4217:GBPxbrli:purexbrli:shares018658422024-01-012024-12-31018658422024-12-3101865842bus:PrivateLimitedCompanyLtd2024-01-012024-12-3101865842bus:FullAccounts2024-01-012024-12-3101865842bus:FRS1022024-01-012024-12-3101865842bus:Audited2024-01-012024-12-31018658422024-01-01018658422023-12-3101865842bus:Director12024-01-012024-12-3101865842bus:RegisteredOffice2024-01-012024-12-3101865842bus:Director22024-01-012024-12-3101865842bus:CompanySecretary12024-01-012024-12-3101865842bus:CompanySecretary22024-01-012024-12-3101865842bus:CompanySecretary22024-12-31018658422023-01-012023-12-3101865842core:WithinOneYear2024-12-3101865842core:WithinOneYear2023-12-3101865842core:ShareCapital2024-12-3101865842core:ShareCapital2023-12-3101865842core:RetainedEarningsAccumulatedLosses2024-12-3101865842core:RetainedEarningsAccumulatedLosses2023-12-3101865842core:ShareCapital2022-12-3101865842core:RetainedEarningsAccumulatedLosses2022-12-31018658422022-12-3101865842core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101865842core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3101865842bus:Director22023-01-012023-12-3101865842core:UKTax2024-01-012024-12-3101865842core:UKTax2023-01-012023-12-3101865842core:ForeignTax2024-01-012024-12-3101865842core:ForeignTax2023-01-012023-12-3101865842countries:Afghanistancore:WithinOneYear2024-12-3101865842countries:Afghanistancore:WithinOneYear2023-12-3101865842core:DerivativesDeferredTax2024-12-3101865842core:DerivativesDeferredTax2023-12-3101865842core:OtherDeferredTax2024-12-3101865842core:OtherDeferredTax2023-12-3101865842bus:OrdinaryShareClass12024-01-012024-12-3101865842bus:OrdinaryShareClass12024-12-3101865842bus:OrdinaryShareClass12023-12-3101865842core:HedgingReserve2024-01-012024-12-310186584212024-01-012024-12-31
COMPANY REGISTRATION NUMBER: 01865842
Overseas Supply Services Limited
Financial Statements
31 December 2024
Overseas Supply Services Limited
Financial Statements
Year ended 31 December 2024
- 1 -
Overseas Supply Services Limited
Strategic Report
Year ended 31 December 2024
The directors present their strategic report of Overseas Supply Services Limited (“the Company”) for the
year ended 31 December 2024.
Principal activities and business review
The Company's principal activity is the provision of facilities management and other support services.
The Company incorporated a branch in Afghanistan and started executing contracts at the beginning of
2016. The activities in Afghanistan is being closed out with transactions and accounting entries continuing
to be processed on branch projects in 2024.
The Company’s contracts are from UK Ministry of Defence (MoD) and the Foreign, Commonwealth &
Development Office.
These contracts are for providing various hard and soft facilities management services including
preventative and reactive maintenance, catering etc.
Results
The profit for the year, after taxation, amounted to £1,682,480 (2023: £4,870,722). The net assets at the
end of the year totalled £7,223,315 (2023 : £5,540,836).
Key performance indicators ("KPIs")
The businesses which form this Company make up part of the Kellogg Brown & Root Limited group (“the
Group”). The key performance indicators used to review and monitor the business are set by the directors
of the Group and are discussed in more detail in the Annual Report of the group.
Section 172(1) statement
The directors continue to have regard to the matters set out in sections 172(1) (a) to (f) of the Companies
Act 2006, thereby promoting the success of the Company for the benefit of its stakeholders as a whole,
including the likely consequences of their decisions in the longer term, and how they have taken wider
stakeholders' needs into account.
During the year ended 31 December 2024, the board reviewed its stakeholder mapping to assess whether
the identification of key stakeholders remains appropriate. It was concluded that the key stakeholders
remain the Company's customers, the Company's ultimate parent company KBR, Inc., the employees of the
sister payroll company Kellogg Brown & Root (U.K.) Limited working for the company, Kellogg Brown
& Root (U.K) Limited's Pension Scheme, sub-contractors and vendors.
The Company is also aware of its impact on the local communities where it operates, and its wider social
and environmental responsibilities.
In order to place stakeholders' considerations at the heart of the board's decision-making process, the
directors receive regular feedback and insights on the Company's key stakeholders during their board
meetings, town halls with employees, meetings with employees' representatives, clients and pension plan
trustees. The directors recognise the importance of proactive engagement with the Company's stakeholders
in order to understand their perspectives first-hand and to maintain positive and effective relationships.
During the year, the directors discussed service delivery and other strategic matters with senior members of
the customer organisations during formal meetings, informal correspondence and attendance at strategic
boards.
- 2 -
Overseas Supply Services Limited
Strategic Report (continued)
Year ended 31 December 2024
Section 172(1) (continued)
The directors participate in regular (monthly or quarterly) sponsor meetings held on most of our projects
with the client leadership teams and business leadership in attendance. Client relationships are managed
and developed and should a client wish to speak with executive management, that is arranged. Client
complaints are investigated, responded to and logged on the project as well as with local and regional
operations leadership and through legal and commercial teams. There are also regular internal project
reviews attended by the directors. By way of example, the following issues are escalated: safety,
compliance, client feedback (positive and negative), performance, potential financial impacts and all
matters about which there is doubt.
The Company's ultimate parent's board regularly receives information regarding the Company's
performance. The Company remains aligned with the strategic and business development objectives of
KBR, Inc.
The directors manage and control strict compliance with the KBR Code of Business Conduct in all areas of
the company's activity by employees and contract personnel.
The directors regularly engage with clients, KBR employees and the subcontractors' employees and
management teams, to review operations first-hand and to assure themselves of the adequacy of resources,
employment conditions, facilities, safety arrangements and compliance with all relevant regulations.
The Company reviews the subcontractors' supply chain arrangements, to confirm the continuation of
effective relationships and the transparency of transactions, including the flow down of the KBR Code of
Business Conduct and ethics, and support of the Company's statements on the Modern Slavery Act and
prompt payment procedures. In addition, the directors have made available an independent whistleblowing
facility which can be accessed on the KBR's website.
The directors maintain the Company's culture regarding staff members and contractors which involves
equity in reward and recognition, job satisfaction, career development and a positive work environment.
The Company's Zero Harm policy in the area of health and safety is their top priority.
The Group plays an active role in the life of local communities, supporting charities, local schools and
providing employment opportunities.
This report was approved by the board of directors on 14 July 2025 and signed on behalf of the board by:
Mr P Bunting
Director
Registered office:
Wing House Marlborough Road
Bulford Barracks
Salisbury
Wiltshire
SP4 9LZ
- 3 -
Overseas Supply Services Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the Company for the year ended
31 December 2024.
Directors
The directors who served the company during the year were as follows:
Mr K W R Irving
Mr P Bunting
Company secretary
S Galindo
M S Z Cable-Lewis
Appointed
15 May 2025
Dividends
No dividend was paid during the year (2023: £25,000,000). The directors do not recommend the payment
of a dividend following the end of the current financial year.
Energy and carbon reporting disclosure
The Company is a subsidiary of Kellogg Brown & Root Holdings Limited which prepares consolidated
accounts containing the Energy and Carbon Reporting Disclosure in its Directors’ Report.
The Company is committed to minimising any adverse environmental effects resulting from its operations
and engage in environmental audits to demonstrate compliance to our environmental requirements. The
Company ensures that this policy is communicated and understood by its subcontractors. The Company
works with its customers and supply chain to promote best practice environmental management.
We ensure that our core environmental principles are implemented through our business processes as part
of the management system. Our management system complies with the requirements of BS EN ISO14001.
Financial risk management objectives and policies
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to a number of
risks. The key business risks and uncertainties affecting the Company are considered to relate to the
following:
Recoverability of intercompany receivables. Where amounts are due from group companies with
net liabilities, parental guarantees and letters of support are obtained to ensure that they will be
able to meet their obligations as they fall due.
Financial counterparty risk. Group treasury activities are monitored and co-ordinated by a central
Treasury department on behalf of the whole KBR group. This includes the risk of potential failure
by counterparties holding cash deposits on behalf of group companies.
- 4 -
Overseas Supply Services Limited
Directors' Report (continued)
Year ended 31 December 2024
Branches outside UK
The company did conducted part of its business through its branch in Afghanistan, this ceased in 2021.
Political donations
There were no political donations made during the year (2023 - £Nil).
Going concern
The directors have prepared the financial statements on a going concern basis which they consider
appropriate for the following reasons. At the balance sheet date, the company was in a net asset position of
£7,223,315 (2023: £5,540,836) (including cash at bank and in hand of £8,627,507 ((2023: £22,318,599)
providing support services to the execution of several facility management projects for UK MoD and the
Foreign, Commonwealth & Development Office.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet
its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and
therefore have prepared the financial statements on a going concern basis.
Statement on relevant audit information
Each of the persons who is a director at the date of approval of this report confirms that:
so far as they are aware, there is no relevant audit information of which the Company's auditor is
unaware; and
they have taken all steps that they ought to have taken as a director to make themselves aware of any
relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 487 of the
Companies Act 2006.
Events since the end of the reporting period
There were no events after the balance sheet date that require disclosure or impact the profit and loss
account or balance sheet.
- 5 -
Overseas Supply Services Limited
Directors' Report (continued)
Year ended 31 December 2024
+This report was approved by the board of directors on 14 July 2025 and signed on behalf of the board by:
Mr P Bunting
Director
Registered office:
Wing House Marlborough Road
Bulford Barracks
Salisbury
Wiltshire
SP4 9LZ
- 6 -
Overseas Supply Services Limited
Directors' Responsibilities Statement
Year ended 31 December 2024
The directors are responsible for preparing the strategic report, the directors' report and the financial
statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law
they have elected to prepare the financial statements in accordance with UK accounting standards and
applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland.
Under company law the directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the company and of the profit or loss of the Company
for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
assess the Company's ability to continue as a going concern, disclosing, as applicable, matters
related to going concern; and
use the going concern basis of accounting unless they either intend to liquidate the Company or to
cease operations, or have no realistic alternative but to do so.
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 responsible for such internal control as they determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error,
and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets
of the Company and to prevent and detect fraud and other irregularities.
The Directors’ Responsibilities Statement was presented in accordance with Appendix 17 FRC Bulletin
2010/2.
This statement was approved by the board of directors on 14 July 2025 and signed on behalf of the board
by:
Mr P Bunting
Director
Registered office:
Wing House Marlborough Road
Bulford Barracks
Salisbury
Wiltshire
SP4 9LZ
- 7 -
Independent Auditor's Report to the Member of Overseas Supply Services Limited
Opinion
We have audited the financial statements of Overseas Supply Services Limited (the “Company”), which
comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position,
Statement of Changes in Equity for the year ended 31 December 2024 and the related notes to the financial
statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the preparation of the financial statements is
applicable law and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of
Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, Overseas Supply Services Limited’s financial statements:
give a true and fair view in accordance with United Kingdom Generally Accepted Accounting
Practice of the assets, liabilities and financial position of the Company as at 31 December 2024
and of its financial performance for the year then ended; and;
have been properly prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and
applicable law. Our responsibilities under those standards are further described in the ‘Responsibilities of
the auditor 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 United Kingdom, including the FRC’s Ethical Standard and the ethical pronouncements
established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances
for the entity. 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 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 the date 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.
- 8 -
Independent Auditor's Report to the Member of Overseas Supply Services Limited
(continued)
Other information
Other information comprises information included in the annual report, other than the financial statements
and our auditor’s report thereon, including the Directors’ Report and the Strategic Report. The directors are
responsible for the other information. 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.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we
identify such material inconsistencies in the financial statements, we are required to determine whether
there is a material misstatement in the financial statements or a material misstatement of the other
information. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic Report and the Directors’ Report for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable
legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course
of the audit, we have not identified any material misstatements in the Strategic Report and 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 and the part of the Directors’ remuneration report to be audited are not in
agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
- 9 -
Independent Auditor's Report to the Member of Overseas Supply Services Limited
(continued)
Responsibilities of management and those charged with governance for the financial
statements
As explained more fully in the Directors' responsibilities statement, management is responsible for the
preparation of the financial statements which give a true and fair view in accordance with United Kingdom
Generally Accepted Accounting Practice, including FRS 102, and for such internal control as directors
determine necessary to enable the preparation of financial statements are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is 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 management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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 an auditor’s responsibilities for the audit of the financial statements is located on
the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditor’s report.
Explanation as to what 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, to detect material misstatements in respect of irregularities,
including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material
misstatement in the financial statements may not be detected, even though the audit is properly planned and
performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below.
- 10 -
Independent Auditor's Report to the Member of Overseas Supply Services Limited
(continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting
irregularities, including fraud (continued)
Based on our understanding of the company and industry, we identified that the principal risks of non-
compliance with laws and regulations related to compliance with Data Privacy law, Employment Law,
Environmental Regulations, and Health & Safety, and we considered the extent to which non-compliance
might have a material effect on the financial statements. We also considered those laws and regulations that
have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and
local tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation
of the financial statements (including the risk of override of controls), and determined that the principal
risks were related to posting inappropriate journal entries to manipulate financial performance and
management bias through judgements and assumptions in significant accounting estimates, in particular in
relation to significant one-off or unusual transactions. We apply professional scepticism through the audit
to consider potential deliberate omission or concealment of significant transactions, or incomplete/
inaccurate disclosures in the financial statement.
In response to these principal risks, our audit procedures included but were not limited to:
enquiries board on the policies and procedures in place regarding compliance with laws and
regulations, including consideration of known or suspected instances of non-compliance and
whether they have knowledge of any actual, suspected or alleged fraud;
review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and
regarding the risk of fraud, and remaining alert to any indications of non-compliance or
opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and
management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of
our testing;
challenging assumptions and judgements made by management in their significant accounting
estimates; and
review of the financial statement disclosures to underlying supporting documentation and
inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those
charged with governance and management. As with any audit, there remains a risk of non-detection or
irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override
of internal controls.
- 11 -
Independent Auditor's Report to the Member of Overseas Supply Services Limited
(continued)
The purpose of our audit work and to whom we owe our responsibilities
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.
Blaithin O’Neill
(Senior Statutory Auditor)
For and on behalf of
Grant Thornton
Chartered Accountants & Statutory Auditors
Dublin
14 July 2025
The notes on pages 15 to 23 form part of these financial statements.
- 12 -
Overseas Supply Services Limited
Income Statement
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
14,671,460
22,238,042
Cost of sales
(10,891,956)
(14,970,282)
Gross profit
3,779,504
7,267,760
Administrative expenses
(1,609,460)
(1,729,300)
Operating profit
5
2,170,044
5,538,460
Other interest receivable and similar income
8
26,896
95,091
Interest payable and similar expenses
9
(3,278)
(4,255)
Profit before taxation
2,193,662
5,629,296
Tax on profit
10
(511,182)
(758,574)
Profit for the financial year
1,682,480
4,870,722
All the activities of the Company are from continuing operations.
The notes on pages 15 to 23 form part of these financial statements.
- 13 -
Overseas Supply Services Limited
Statement of Financial Position
31 December 2024
2024
2023
Current assets
Stocks
11
212,005
161,894
Debtors
12
17,463,880
19,412,555
Cash at bank and in hand
13
8,627,507
22,318,599
26,303,392
41,893,048
Creditors: amounts falling due within
one year
14
(19,080,077)
(36,352,212)
Net current assets
7,223,315
5,540,836
Net assets
7,223,315
5,540,836
Capital and reserves
Called up share capital
15
2
2
Profit and loss account
16
7,223,313
5,540,833
Members funds
7,223,315
5,540,835
These financial statements were approved by the board of directors and authorised for issue on 14 July
2025, and are signed on behalf of the board by:
Mr P Bunting
Director
Company registration number: 01865842
The notes on pages 15 to 23 form part of these financial statements.
- 14 -
Overseas Supply Services Limited
Statement of Changes in Equity
Year ended 31 December 2024
Note
Called up
share capital
Profit and loss
account
Total
£
£
£
At 1 January 2023
2
25,670,111
25,670,113
Profit for the financial year
4,870,722
4,870,722
Total comprehensive income for the financial year
4,870,722
4,870,722
Dividends paid and payable
(25,000,000)
(25,000,000)
At 31 December 2023
2
5,540,833
5,540,835
Profit for the financial year
1,682,480
1,682,480
Total comprehensive income for the financial year
1,682,480
1,682,480
At 31 December 2024
2
7,223,313
7,223,315
- 15 -
Overseas Supply Services Limited
Statement of Changes in Equity
Year ended 31 December 2024
1.General information
The Company is a private company limited by shares and is incorporated and domiciled in the United
Kingdom, and registered in England. The address of the registered office is Wing House Marlborough
Road, Bulford Barracks, Salisbury, Wiltshire, SP4 9LZ, United Kingdom.
2.Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland’, and with Companies Act
2006.
3.Accounting policies
3 (a).Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the recognition of
certain financial assets and liabilities measured at fair value.
The financial statements are prepared in sterling (£), which is the functional currency of the entity.
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
The entity's financial statements are consolidated into the financial statements of KBR, Inc. (incorporated
in the state of Delaware, U.S.A.) which can be obtained from the Public Relations Department, Hill Park
Court, Springfield Drive, Leatherhead, Surrey KT22 7NL. As such, advantage has been taken of the
following disclosure exemptions available under Section 1 of FRS 102 paragraphs:
1.12(b) No cash flow statement has been presented for the Company.
1.12(c) Disclosures in respect of financial instruments have not been presented.
1.12(e) No disclosure has been given for the aggregate remuneration of key management personnel.
The entity's financial statements are also consolidated into the financial statements of Kellogg Brown &
Root Holdings Limited (incorporated in England & Wales) which can be obtained from the Public
Relations Department, Hill Park Court, Springfield Drive, Leatherhead, Surrey KT22 7NL.
3 (b).Going concern
The directors have prepared the financial statements on a going concern basis which they consider
appropriate for the following reasons. At the balance sheet date, the company was in a net asset position of
£7,223,315 (2023: £5,540,836) (including cash at bank and in hand of £8,627,507 (2023: £22,318,599),
providing support services to the execution of several facility management projects for UK MoD and the
Foreign, Commonwealth & Development Office.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet
its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and
therefore have prepared the financial statements on a going concern basis.
- 16 -
Overseas Supply Services Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
3.Accounting policies (continued)
3 (c).Revenue recognition
Turnover is the total amount receivable, excluding value added tax, in respect of the supply of goods and
services.
Revenue from the rendering of services is measured by reference to the stage of completion of the service
transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the
outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the
expenses recognised will be recovered.
3 (d).Basis of accounting for contracts
Income from engineering, project management, construction and procurement service contracts is
recognised in the period in which those services are performed. The group follows the generally accepted
practice of reporting income from long-term construction, engineering and project management contracts
on the percent of completion basis as costs are incurred and provides for all currently known or anticipated
losses on such contracts. Amounts recoverable on contracts represent the excess of contract revenue
recognised to date over the amounts invoiced to clients. Claims revenue is recognised to the extent of costs
incurred for items covered by a claim only when it is probable that the claim will result in additional
revenue and the amount can be reliably estimated.
3 (e).Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the
reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised
in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive
income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the
amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or
substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses
and other 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. Deferred tax is measured using
the tax rates and laws that have been enacted or substantively enacted by the reporting date that are
expected to apply to the reversal of the timing difference.
Any taxable losses made by Group companies are surrendered to other Group companies as Group relief,
for which no payments are made except for the companies in with net liabilities where losses are
surrendered in exchange for a payment.
3 (f).Foreign currency translation
Monetary foreign currency denominated assets and liabilities are translated into sterling at the rates of
exchange prevailing at the year end. The results of foreign currency operations are translated at the
exchange rate at the date of transaction. All gains and losses arising on translation are included in other
operating expenses in the income statement.
- 17 -
Overseas Supply Services Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
3.Accounting policies (continued)
3 (g).Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost
includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its
present location and condition.
3 (h).Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event,
it is probable that the entity will be required to transfer economic benefits in settlement and the amount of
the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial
position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the
reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best
estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts
previously recognised are recognised in profit or loss unless the provision was originally recognised as part
of the cost of an asset. When a provision is measured at the present value of the amount expected to be
required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or
loss in the period it arises.
3 (i).Cash at bank and in hand
Cash at bank and in hand comprises cash balances and call deposits. Bank overdrafts that are repayable on
demand and form an integral part of the Company's cash management are included as a component of cash
at bank and in hand.
3 (j).Interest income and expense
Interest receivable and payable on borrowings is calculated using the effective interest method and is
recognised as income or expense as it accrues.
3.Accounting policies (continued)
3 (k).Critical accounting assumptions and estimates
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates
will, by definition, seldom equal the related actual results. The estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year are addressed below.
Going concern (for details of assumptions adopted see note 3 (b))
Project revenues, costs and profits on the contracts, including recognition of estimated losses on
uncompleted contracts (for details of assumptions adopted see note 3 (c) and 3 (d))
- 18 -
Overseas Supply Services Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
4.Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
14,671,460
22,238,042
The turnover is attributable to the one principal activity of the Company which are solely earned from the
Middle and Far East markets for both years presented.
5.Operating profit
Operating profit is stated after charging/(crediting):
2024
2023
£
£
Foreign exchange differences
75,517
(599,020)
The fee payable to the Company's auditor for the audit of the Company's financial statements was £20,800
(2023 - £19,243). This fee was borne by Kellogg Brown & Root Limited, a fellow subsidiary of Kellogg
Brown & Root Holdings Limited, in the current and prior year.
6.Particulars of employees
No staff were employed during the year, other than directors (2023 - nil).
The majority of employees of the group headed by Kellogg Brown & Root Holdings Limited, are
employed by Kellogg Brown & Root (U.K.) Limited. Kellogg Brown & Root (U.K.) Limited recharges
group companies for this service.
7.Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
451,452
369,341
Company contributions to defined contribution pension plans
24,750
24,216
476,202
393,557
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
254,151
207,222
Company contributions to defined contribution pension plans
12,148
11,625
266,299
218,847
- 19 -
Overseas Supply Services Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
7.Directors' remuneration (continued)
In instances where directors are appointed to more than one company within the Kellogg Brown & Root
Holdings Limited group, the remuneration of individual directors is disclosed solely in the highest
company within the Kellogg Brown & Root Holdings Limited group structure in which the director holds
office. The directors' remuneration disclosed in the accounts only represents the remuneration of directors
for whom this is their highest directorship.
8.Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
11,207
61,810
Interest from group undertakings
15,689
33,281
26,896
95,091
9.Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdraft
3,278
4,255
3,278
4,255
10.Tax on (loss)/profit
Major components of tax (income)/expense
2024
2023
£
£
Current tax:
UK Corporation tax for the current year
511,199
748,262
Adjustments in respect of prior periods
(17)
Total UK Current Tax
511,182
748,262
Foreign current tax expense
9,543
Adjustments to foreign tax in respect of prior periods
769
Total foreign tax
10,312
Total current tax
511,182
758,574
Tax on profit
511,182
758,574
- 20 -
Overseas Supply Services Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
10.Tax on (loss)/profit (continued)
Reconciliation of tax
The tax assessed on the profit for the year is lower than (2023: higher than) the standard rate of corporation
tax in the UK of 25.0% (2023: 23.52%).
2024
2023
Profit before taxation
2,193,662
5,629,296
Profit multiplied by rate of tax
548,416
1,324,041
Adjustment to tax charge in respect of prior periods
(17)
769
Effect of expenses not deductible for tax purposes
33,131
Income not taxable
(37,217)
Foreign branch exemption adjustments
(608,910)
Overseas tax charge
9,543
Tax on profit
511,182
758,574
Factors that may affect future tax expense
From 1 April 2023, the corporation tax main rate levied on taxable profits in the UK is 25.0%. For the
financial year ended 31 December 2024, the current tax rate was 25.0%.
11.Stocks
2024
2023
£
£
Goods for resale
212,005
161,894
12.Debtors
2024
2023
£
£
Trade debtors
1,075,437
904,775
Amounts owed by group undertakings
12,568,244
12,499,944
Prepayments
93,200
28,000
Corporation tax repayable
5,244
Amounts recoverable on contracts
3,649,218
5,974,645
Other debtors
2,001
1,438
Debtors - VAT
70,536
Debtors - Overseas tax
3,753
17,463,880
19,412,555
- 21 -
Overseas Supply Services Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
12.Debtors (continued)
Amounts owed by group undertakings amounting to £ nil (2023: £17,261,000) bear interest at 6.875%,and
are unsecured and repayable on demand. Interest recognised in the Income Statement amounted to £15,689
(2023: £33,281). All other amounts owed to group undertakings are non-interest bearing, unsecured and
repayable on demand.
No impairment loss was recognised for debtor balances in the current year (2023: £nil).
The corporation tax of £nil (2023: £nil) relates to overseas tax.
Amounts recoverable on contracts for services incurred but not billed.
13.Cash at bank and in hand
2024
2023
£
£
Cash
8,515,372
22,200,118
Cash in hand
112,135
118,481
8,627,507
22,318,599
14.Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
685,790
2,306,548
Trade creditors
95,025
167,196
Amounts owed to group undertakings
17,934,917
32,956,147
Accruals
364,345
529,252
Social security and other taxes
393,069
19,080,077
36,352,212
Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.
Payment received on account is for services not yet delivered.
15.Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £1 each
100
100
100
100
- 22 -
Overseas Supply Services Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
15.Called up share capital (continued)
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £1 each
2
2
2
2
16.Reserves
Fair value reserve - This reserve comprises the effective portion of the cumulative net change in the fair
value of cash flow hedging instruments related to hedged transactions that have not yet occurred.
Profit and loss account - This reserve records retained earnings and accumulated losses netted off by
dividends paid.
17.Related party transactions
As a subsidiary of KBR, Inc. the company has taken advantage of the exemption in paragraph 33.1A of
FRS 102 not to disclose transactions with other wholly owned members of the group headed by KBR, Inc.
18.Controlling party
The Company is a wholly owned subsidiary undertaking of Kellogg Brown & Root Holdings Limited (Hill
Park Court, Springfield Drive, Leatherhead, Surrey, KT22 7NL, a Company registered in England and
Wales) which heads the smallest group in which the company is consolidated.
The ultimate parent undertaking is KBR, Inc. (601 Jefferson Street, Suite 3400, Houston, Texas. 77002, a
Company incorporated in the state of Delaware, U.S.A.) which heads the largest group in which the
company is consolidated.
The financial statements of these companies are available to the public and can be obtained from the Public
Relations Department, Hill Park Court, Springfield Drive, Leatherhead, Surrey, KT22 7NL.
19.Events after the end of the reporting period
There were no events after the balance sheet date that require disclosure or impact the profit and loss
account or balance sheet.