ACCOUNTS - Final Accounts

Registered number: NI613439

Eliassen (NI) Limited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024

Eliassen (NI) Limited

Registered number: NI613439

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		-		18,547
			-		18,547
Current assets
Debtors: amounts falling due within one year	6	1,626,091		1,431,167
Cash at bank and in hand	7	109,265		215,011
		1,735,356		1,646,178
Creditors: amounts falling due within one year	8	(103,316)		(118,119)
Net current assets			1,632,040		1,528,059
Total assets less current liabilities			1,632,040		1,546,606
Provisions for liabilities
Deferred tax	9	-		(2,992)
			-		(2,992)
Net assets			1,632,040		1,543,614

Capital and reserves
Called up share capital	10	50,000	50,000
Profit and loss account	11	1,582,040	1,493,614
		1,632,040	1,543,614

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2025.

Todd Keebaugh	David E Mackeen
Director	Director

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Eliassen (NI) Limited

Registered number: NI613439

Balance Sheet (continued)

As at 31 December 2024

The notes on pages 3 to 10 form part of these financial statements.

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Eliassen (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

Eliassen (NI) Ltd is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

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Eliassen (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.3

Revenue

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.5

Finance costs

Finance costs are charged to profit or loss 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.

2.6

Pensions

Defined contribution pension plan

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.

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Eliassen (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

2.8

Research and development

Research expenditure is written off to the Statement of comprehensive income in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model 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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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Eliassen (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

				Fixtures and fittings	-	25%	Reducing Balance
				Computer equipment	-	33%	Straight-line

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 profit or loss.

2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Going concern

The directors of Eliassen (NI) Limited have reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, Eliassen (NI) Limited continue to adopt the going concern basis in preparing the financial statements.
This conclusion is based on the support of the parent company, which has provided written confirmation of its intention to provide financial assistance to the Company, if required, for at least the next 12 months from the date of approval of these financial statements. The Directors have reviewed the financial position, resources, and forecasts of the parent company and are confident in its ability to fulfill this commitment.

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Eliassen (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

4.	Employees
		2024	2023
		£	£

Wages and salaries	909,568	1,132,101
Social security costs	92,788	132,256
Cost of defined contribution scheme	56,622	6,075
	1,058,978	1,270,432

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Administrative staff	14	22

5.	Tangible fixed assets

		Computer equipment
		£
	Cost
	At 1 January 2024	25,022
	Additions	10,068
	Disposals	(35,090)
	At 31 December 2024	-
	Depreciation
	At 1 January 2024	6,475
	Charge for the year on owned assets	7,934
	Disposals	(14,409)
	At 31 December 2024	-
	Net book value
	At 31 December 2024	-
	At 31 December 2023	18,547

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Eliassen (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

Debtors

					2024	2023
					£	£


Trade debtors	25,574	77,241
Amounts owed by group undertakings	1,591,938	1,348,006
Other debtors	5,328	3,952
Prepayments and accrued income	3,759	1,968
Tax recoverable	(508)	-
	1,626,091	1,431,167

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	109,265	215,011
	109,265	215,011

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	9,140	3,768
Amounts owed to group undertakings	29,293	-
Corporation tax	36,593	74,173
Other taxation and social security	-	33,599
Other creditors	979	6,579
Accruals and deferred income	27,311	-
	103,316	118,119

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Eliassen (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

9.	Deferred taxation

		2024
		£

	At beginning of year	(2,992)
	Charged to profit or loss	2,992
	At end of year	-

The deferred taxation balance is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	-	(2,992)
		-	(2,992)

10.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

50,000 (2023 - 50,000) Ordinary Shares of £1.00 each	50,000	50,000

11.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

12.	Contingent liabilities

Eliassen NI is engaged in a legal case of which the outcome and settlement are unknown at the date of approval of the financial statements. The parent company of Eliassen NI is able to cover the costs of any payout that is required as a result of the legal case ruling.

13.	Controlling party

The ultimate controlling party is Eliassen Group, LLC.

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Eliassen (NI) Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

14.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 10 December 2025 by Adrian Patton (Senior Statutory Auditor) on behalf of Sumer Auditco NI Ltd.

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