REGISTERED NUMBER: 05814934 (England and Wales)

Applied Petroleum Technology (UK) Ltd.

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr H H Nyrønning

REGISTERED OFFICE:

3 Chestnut Court

Parc Menai

Bangor

Gwynedd

LL57 4DF

REGISTERED NUMBER:

05814934 (England and Wales)

ACCOUNTANTS:

Pritchett & Co

Chartered Accountants and Chartered Tax Advisers

16 Wynnstay Road

Colwyn Bay

Conwy

LL29 8NB

FIXED ASSETS

Intangible assets

4

125,362

146,343

Tangible assets

5

5,052

6,877

Investments

6

1,000

1,000

131,414

154,220

CURRENT ASSETS

Debtors

7

458,130

536,380

Cash at bank

137,602

73,896

595,732

610,276

CREDITORS

Amounts falling due within one year

8

102,522

120,557

NET CURRENT ASSETS

493,210

489,719

TOTAL ASSETS LESS CURRENT LIABILITIES

624,624

643,939

PROVISIONS FOR LIABILITIES

950

1,627

NET ASSETS

623,674

642,312

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

623,574

642,212

623,674

642,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2025 and were signed by:

Mr H H Nyrønning - Director

1.	STATUTORY INFORMATION

Applied Petroleum Technology (UK) Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is the total amount recoverable by the company for services provided, excluding VAT and trade discounts. Turnover on long term contracts is ascertained in a manner appropriate to the stage of completion of the contract, where the contract can be assessed with reasonable certainty, the business and the industry.

Intangible assets

Internally generated intangible assets are recognised where there is a readily ascertainable market value and reviewed annually for impairment.

Multi-client studies are being amortised evenly over their estimated useful life of five years.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

1,062,626

Additions

31,591

At 31 December 2024

1,094,217

AMORTISATION

At 1 January 2024

916,283

Charge for year

52,572

At 31 December 2024

968,855

NET BOOK VALUE

At 31 December 2024

125,362

At 31 December 2023

146,343

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

64,235

Additions

1,078

At 31 December 2024

65,313

DEPRECIATION

At 1 January 2024

57,358

Charge for year

2,903

At 31 December 2024

60,261

NET BOOK VALUE

At 31 December 2024

5,052

At 31 December 2023

6,877

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

1,000

NET BOOK VALUE

At 31 December 2024

1,000

At 31 December 2023

1,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

74,738

292,848

Amounts owed by group undertakings

251,160

140,866

Amounts recoverable on contract

127,098

90,000

Other debtors

5,134

12,666

458,130

536,380

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade creditors

10,372

31,983

Taxation and social security

16,988

46,493

Other creditors

75,162

42,081

102,522

120,557

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/24

31/12/23

£

£

Within one year

-

20,837

10.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Applied Petroleum AS, a company incorporated in Norway.