wk-2024-12-31-ixbrl


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Kellogg Brown & Root Projects Limited

Strategic Report

Year ended 31 December 2024

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

Principal activities and business review

The Company's principal activity, which was substantially completed in 2020, was the management of oil

and gas, civil, rail and construction projects

Results

The profit for the year, after taxation, amounted to £41,555. The Net assets at the end of the year totalled

£2,358,288 (2023: net assets £2,316,733).

It is proposed that the profit of £41,555 is transferred to reserves.

Basis other than going concern

The financial statements have been prepared on a basis other than going concern which the Directors

believe to be appropriate for the following reason. The directors intend to liquidate the Company as there

are no plans for any further activity of the company, so will be dissolved in the foreseeable future.

The financial statements have been prepared on a basis other than going concern which includes. where

appropriate, writing down the Company's assets to net realisable value. The directors have assessed the

entity's assets for any impairment to be recognised and note that there is no need to do this as the assets of

the Company comprises of only current assets consisting of other receivables, cash and intercompany

balances. The directors are of the opinion that the intercompany balance will be recovered without losses

being incurred.

The financial statements do not include any provision for the future costs of terminating the business, there

were no such costs committed or obligations present at the balance sheet date or as at the date of approval

of these financial statements.

Financial risk management objectives and policies

Principal risk 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. The directors are not

presently aware of any adverse legislative changes which may impact the Company's financial

position.


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Kellogg Brown & Root Projects Limited

Strategic Report (continued)

Year ended 31 December 2024

Key performance indicators

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. Key performance indicators

include the profitability of key contracts which are reviewed regularly.

This report was approved by the board of directors on 1 September 2025 and signed on behalf of the board

by:


Mr R F Sullivan
Director

Registered office:
Hill Park Court
Springfield Drive
Leatherhead
Surrey
KT22 7NL


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Kellogg Brown & Root Projects 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:


R F Sullivan
J J Ibrahim
J P Baillie	Appointed	2 April 2024
A Al-Dadah	Resigned	15 March 2024

Company Secretary


S Galindo
M S Z Cable Lewis	Appointed	15 May 2025

Dividends

The directors do not recommend the payment of dividend.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 14 to the financial statements.

Overseas branches

The Company conducted part of its business through its branch in Turkey.

This report was approved by the board of directors on 1 September 2025 and signed on behalf of the board

by:


Mr R F Sullivan
Director

Registered office:
Hill Park Court
Springfield Drive
Leatherhead
Surrey
KT22 7NL

The notes on pages 7 to 13 form part of these financial statements.


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Kellogg Brown & Root Projects Limited

Income Statement

Year ended 31 December 2024


		2024	2023
	Note	£	£
Turnover	4	—	4,589
Cost of sales		(153)	(4,765)
Gross loss		(153)	(176)
Administrative income/(expenses)		21,085	(26,249)
Operating profit/(loss)	5	20,932	(26,425)
Other interest receivable and similar income	7	38,037	387,841
Interest payable and similar expenses	8	(3,514)	(1,400)
Profit before taxation		55,455	360,016
Tax on profit	9	(13,900)	(84,678)
Profit for the financial year and total comprehensive income		41,555	275,338

All the activities of the Company are from continuing operations.

The Company has no other recognised items of income and expenses other than the results for the year as

set out above.

The notes on pages 7 to 13 form part of these financial statements.


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Kellogg Brown & Root Projects Limited

Statement of Financial Position

31 December 2024


		2024	2023
	Note	£	£
Current assets
Debtors	10	45,759	1,919,663
Cash at bank and in hand		2,411,937	432,613
		2,457,696	2,352,276

Creditors: amounts falling due within one year	11	(99,408)	(35,543)
Net current assets		2,358,288	2,316,733
Total assets less current liabilities		2,358,288	2,316,733
Net assets		2,358,288	2,316,733
Equity
Called up share capital	12	90,000	90,000
Profit and loss account	13	2,268,288	2,226,733
Total equity		2,358,288	2,316,733

For the year ending 31 December 2024 the company was entitled to exemption from audit under section

479A of the Companies Act 2006 relating to subsidiary companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the

year in question in accordance with section 476:

• The directors acknowledge their responsibilities for complying with the requirements of the Act

with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on

1 September 2025, and are signed on behalf of the board by:

Mr R F Sullivan

Director

Company registration number: 01849064

The notes on pages 7 to 13 form part of these financial statements.


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Kellogg Brown & Root Projects Limited

Statement of Changes in Equity

Year ended 31 December 2024


	Note	Called up share capital	Profit and loss account	Total equity
		£	£	£
At 1 January 2023		90,000	1,951,395	2,041,395
Profit for the year		—	275,338	275,338
Other comprehensive income for the year:		—		—
Total comprehensive income for the year		—	275,338	275,338
Total investments by and distributions to owners		—	—	—
At 31 December 2023		90,000	2,226,733	2,316,733
Profit for the year			41,555	41,555
Total comprehensive income for the year		—	41,555	41,555
Total investments by and distributions to owners		—	—	—
At 31 December 2024		90,000	2,268,288	2,358,288


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Kellogg Brown & Root Projects Limited

Notes to the Financial Statements

Year ended 31 December 2024

1.General information

The Company is a private company limited by shares, registered in United Kingdom. The address of the

registered office is Hill Park Court, Springfield Drive, Leatherhead, Surrey, KT22 7NL.

2.Statement of compliance

Kellogg Brown & Root Projects Limited is a private company limited by shares and incorporated,

registered and domiciled in England and Wales in the UK.

These financial statements were prepared in accordance with Financial Reporting Standard 102 The

Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") as issued rn

August 2014 and with Companies Act 2006. The amendments to FRS 102 issued in March 2018 and

effective immediately have been applied.

3.Accounting policies

3 (a).Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling. which is the functional currency of the entity.

3 (b).Basis other than going concern

The financial statements have been prepared on a basis other than going concern which the Directors

believe to be appropriate for the following reason. The directors intend to liquidate the company as there

are no plans for any further activity of the company, so will be dissolved in the foreseeable future.

The financial statements have been prepared on a basis other than going concern which includes, where

appropriate. writing down the company's assets to net realisable value. The directors have assessed the

entity's assets for any impairment to be recognised and note that there is no need to do this as the assets of

the company comprises of only current assets consisting of other receivables. cash and intercompany

balances. The directors are of the opinion that the intercompany balance will be recovered without losses

being incurred.

The financial statements do not include any provision for the future costs of terminating the business. there

were no such costs committed or obligations present at the balance sheet date or as at the date of approval

of these financial statements.

3 (c).Basic 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, intercompany debtors and creditors

and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting

period for objective evidence of impairment. If objective evidence of impairment is found, an impairment

loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between

an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.


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Kellogg Brown & Root Projects Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3.Accounting policies (continued)

3 (c).Basic financial instruments (continued)

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.

3 (d).Disclosure exemption

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(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. As such.

advantage has been taken of the following disclosure exemptions available under Section 1

of FRS 102 paragraphs:

1.12(c) Disclosures In respect of financial instruments have not been presented.

3 (e).Judgement and key sources of estimation uncertainty

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.

◦ Project revenues, costs and profits on the contracts. including recognition of estimated

losses on uncompleted contracts

◦ Impairment of financial assets

3 (f).Revenue recognition

Turnover is the total amount receivable, excluding value added tax. in respect of the supply of goods and

service.

Income from engineering, project management, construction and procurement services contracts is

recognised in the period in which those services are performed. 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.


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Kellogg Brown & Root Projects Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3.Accounting policies (continued)

3 (f).Revenue recognition (continued)

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 (g).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.

3 (h).Foreign currencies

Foreign currency transactions are initially recorded in the functional currency. by applying the spot

exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign

currencies are translated at the exchange rate ruling at the reporting date. with any gains or losses being

taken to the profit and loss account.

3 (i).Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly

liquid investments with original maturities of three months or less.

4.Turnover


	2024	2023
	£	£
Rendering of services	—	4,589

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the

geographical markets that substantially differ from each other is given below:


	2024	2023
	£	£
United Kingdom	—	4,589
Middle and Far East	—	—
	—	4,589


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Kellogg Brown & Root Projects Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

5.Operating profit

Operating (loss)/profit is stated after charging/(crediting):


	2024	2023
	£	£
Foreign exchange loss/(gain)	(21,085)	(16,392)
Bank charges	—	4,755
Tax services expense	—	37,886

6.Particulars of employees and directors

No staff were employed during the year (2023: nil).

No remuneration was paid to directors in respect of services provided to the company as substantially all

their services have been provided to other group companies.

7.Interest receivable


	2024	2023
	£	£
Interest from group undertakings	38,037	387,841

8.Interest payable


	2024	2023
	£	£
Interest on banks loans and overdrafts	—	1,400
Interest due to group undertakings	3,514	—
	3,514	1,400


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Kellogg Brown & Root Projects Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

9.Tax on profit / (loss)

Major components of tax (income)/expense


	2024	2023
	£	£
Current tax:
Corporation tax for the current year	13,902	84,719
Adjustments in respect of prior periods	(2)	(41)
Total current tax	13,900	84,678


Tax on profit/(loss)	13,900		84,678

Reconciliation of tax income

The tax assessed on the profit for the year is lower than (2023: lower than) the standard rate of corporation

tax in the UK of 25% (2023: 23.52%).


	2024	2023
	£	£
Profit before taxation	55,455	360,016
Profit multiplied by rate of tax	13,864	84,678
Adjustment to tax charge in respect of prior periods	(2)	(41)
Effect of expenses not deductible for tax purposes	38	41
Tax on profit	13,900	84,678

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%. For the

financial year ended 31 December 2024, the current and deferred tax rate was 25%.

10.Debtors


	2024	2023
	£	£
Amounts owed by group undertakings	4,807	1,872,588
VAT Receivable	—	6,123
Overseas Tax Repayable	40,952	40,952
	45,759	1,919,663


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Kellogg Brown & Root Projects Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

11.Creditors: amounts falling due within one year


	2024	2023
	£	£
Amounts owed to group undertakings	86,788	31,303
Accruals and deferred income	3,268	3,267
Corporation tax	2,841	973
VAT Payable	6,511	—
	99,408	35,543

12.Called up share capital


	2024		2023
Authorised Share Capital	No.	£	No.	£
Ordinary shares of £1 each	200,000	200,000	200,000	200,000

	2024		2023
Issued, Called up and fully paid	No.	£	No.	£
Ordinary shares of £1 each	90,000	90,000	90,000	90,000

13.Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

14.Events occuring after 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.

15.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.

16.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.


Contents	Pages

Strategic report	1

Directors' report	3

Income statement	4

Statement of financial position	5

Statement of changes in equity	6

Notes to the financial statements	7