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Doris Asset Management Holding Limited (previously ODE Group Limited)
Registered number: 11469180
Annual Report
For the year ended 31 December 2025
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DORIS ASSET MANAGEMENT HOLDING LIMITED
COMPANY INFORMATION
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Birketts Secretaries Limited
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C/O Birketts Llp Kingfisher House
Kingfisher House
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Chartered Accountants & Statutory Auditor
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DORIS ASSET MANAGEMENT HOLDING LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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DORIS ASSET MANAGEMENT HOLDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report, together with the audited financial statements of Doris Asset Management Holding Limited (the 'Company') for the year ended 31 December 2025.
During the financial year the principal continuing activities of the Company were to oversee, coordinate, and support the operations of its subsidiaries while maximising shareholder value.
Specifically, the Company has performed the following functions over the year:
a)Strategic Oversight: Establishing long-term goals, providing guidance, and ensuring alignment with the overall business strategy across the subsidiaries.
b)Risk and Governance: Monitoring risks, ensuring compliance with regulations, and maintaining strong governance frameworks to safeguard the interests of stakeholders.
As at the year end, DAMH owned 100% of its trading subsidiary undertaking ODE Asset Management Limited (ODE AM), a company registered in England and Wales.
Information on share ownership
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DORIS Group (100%), a société anonyme (limited liability company) incorporated under French laws, with registered address at 58A rue du Dessous des Berges, 75013 Paris, France, with corporation number 338 274 491 is the sole shareholder of the Company.
Business activities and operations
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The key events for the year 2025, as detailed below, relate to:
The United Kingdom Continental Shelf (UKCS) Energy Transition and the Windfall Tax schemes are limiting new oil and gas development projects in the UKCS and, as a result, 2025 saw a levelling off of business activity in the region. However despite this environment, ODE AM has safely consolidated its operations after successfully renewing its duty holder contracts and and expanding both its pipeline integrity management and brownfield engineering services allowing ODE AM to maintain profitability levels.
ODE AM’s activities entail detailed liaison with the Health and Safety Executive in the acceptance of associated Safety Case requirements and implementation. Regulation 5 owner compliance audits continue to be satisfactorily undertaken by our clients in accordance with the Safety Case Regulations and ODE continues to be recognised as an industry leading Installation and Pipeline Operator.
Key performance indicators
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Given the nature of the business as a holding company, the directors are of the opinion that analysis using numerous key performance indicators is not necessary for an understanding of the development, performance or position of the business.
As a holding company, the value of the investments is ultimately derived from the financial performance and position of the trading subsidiary. The financial statements for ODE AM as at 31 December 2025 showed net assets of £2,805,517 (2024: net assets of £2,104,874) and a profit before tax of £2,087,636 for the year ended 31 December 2025 (2024: profit before tax of £1,848,680). The directors consider that this performance was satisfactory.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The position of ODE AM is strong in terms of commercial perspectives, profitability and cash generation. Our outlook for 2026 and beyond remains positive and stable underpinned by ODE AM's long term operations contracts. ODE AM enters the new year in a strong financial position however delays in project approvals on new contract wins have meant that our budgeted 2026 turnover is forecast to be around similar levels to 2025.
ODE AM will remain focused on the oil and gas market with the toe-holds established in UKCS decommissioning projects and new international energy developments being the primary source of growth. We continue to pursue opportunities in the energy transition market where our transferable skillset is increasingly being recognised as being applicable to driving efficiency and delivery in the new energies market.
This strategy is projected to increase annual turnover over the period from 2026 to 2028.
Subsidiaries and branches
At 31 December 2025, the Company owned the following subsidiary:
ODE Asset Management Limited (company number 11331750 - 'ODE AM')
ODE AM, registered at Nelson House, Beevor Road, Great Yarmouth, Norfolk, England, NR30 3QQ, is fully owned by the Company.
In 2025, turnover for ODE AM amounted to £54,441,164 (2024: £48,888,582).
AWC Technology Limited (Company number SC660106)
AWC Technology Limited, a company registered at The Exchange No.1, 62-104 Market Street, Aberdeen, United Kingdom, AB11 5PJ, owned at 50% by the Company and at 50% by Marine Engineering Energy Solutions Limited, ceased trading on 1 May 2023 and was dissolved on 13 May 2025.
Offshore Design Engineering Ltd (Company number 01522642)
On 19 August 2025, Offshore Design Engineering Ltd was dissolved along with its subsidiaries.
Principal risks and uncertainties facing the Company
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The principal risks in the business of the Company and ODE AM are international political relations, oil price fluctuations, the shortages in skilled staff and geostrategic disputes as these can seriously affect the Group achieving its long-term growth strategy. Indicators of exposure to price risk, credit risk, liquidity risk and interest rate risk are considered in the Directors' Report.
This report was approved by the board and signed on its behalf by:
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DORIS ASSET MANAGEMENT HOLDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their annual report and the audited financial statements of Doris Asset Management Holding Limited (the 'Company') for the year ended 31 December 2025.
During the year, the Company changed its name from ODE Group Limited to Doris Asset Management Holding Limited.
During the financial year the principal continuing activities of the Company were to oversee, coordinate, and support the operations of its subsidiaries while maximising shareholder value.
The profit for the year, after taxation, amounted to £822,525 (2024: loss of £88,943).
The directors did not recommend a dividend during the year (2024: £nil).
The directors who served during the year and to the date of this report were:
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A J B Reid (appointed 1 March 2025)
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Directors' responsibilities statement
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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 the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting 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; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' and officers' indemnity insurance
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The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the year.
The Company's and its subsidiary undertakings' business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives are described in the Strategic Report on pages 1 and 2 and the Directors' Report on pages 3 to 5.
The Company has sufficient financial resources and, through its principal trading subsidiary, ODE Asset Management Limited, has long-term contracts with a number of customers and suppliers. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully.
The Company remains assured of the financial support by DORIS Group SA, the ultimate parent company of the DORIS group. The directors have received confirmation that DORIS Group SA intends to provide sufficient funding to enable the Company to meet its obligations as they fall due for at least 12 months from the date of signing this report, subject to obtaining the necessary authorisations from DORIS Group competent body, if required. However, Doris Group SA has indicated that this confirmation does not constitute, and shall not be construed as, a guarantee, indemnity, covenant or legally binding undertaking. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
The directors confirm that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months following the approval of the financial statements and will continue to adopt the going concern basis in preparing the accounts.
Matters covered in the Strategic Report
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As permitted in paragraph 1A of Schedule 7 to Large and Medium-sized Companies and Groups (accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report on pages 1 and 2. These matters relate to future developments and financial risk management.
Provision of information to the auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf by:
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DORIS ASSET MANAGEMENT HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORIS ASSET MANAGEMENT HOLDING LIMITED
Opinion
We have audited the financial statements of Doris Asset Management Holding Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been 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 Auditor’s 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.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORIS ASSET MANAGEMENT HOLDING LIMITED
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 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 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 Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 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.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORIS ASSET MANAGEMENT HOLDING LIMITED
Responsibilities of Directors
As explained more fully in the directors' responsibilities statement set out on page 3, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DORIS ASSET MANAGEMENT HOLDING LIMITED
In addition, we evaluated the directors' and 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 manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities.com This description forms part of our auditor’s report.
Use of the audit 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.
Richard Karmel (Senior statutory auditor)
For and on behalf of Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
1 June 2026
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DORIS ASSET MANAGEMENT HOLDING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Administrative (expenses)/income
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Bad debt expense in relation to amounts due from subsidiaries
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Income from investments in subsidiaries
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit/(loss) for the financial year
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Other comprehensive income
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Total comprehensive income/(loss) for the year
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The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
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The notes on pages 13 to 30 form part of these financial statements.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
REGISTERED NUMBER: 11469180
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Investments in subsidiaries
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 30 form part of these financial statements.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive loss for the year
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Total comprehensive loss for the year
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 13 to 30 form part of these financial statements.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Doris Asset Management Holding Limited (the 'Company') is a private company, limited by shares and registered in England and Wales. The address of its registered office and principal place of business is C/O Birketts Llp Kingfisher House, 1 Gilders Way, Norwich, Norfolk, NR3 1UB.
During the financial year the principal continuing activities of the Company were to oversee, coordinate, and support the operations of its subsidiaries while maximising shareholder value.
During the year, the Company changed its name from ODE Group Limited to Doris Asset Management Holding Limited.
2.Accounting policies
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Basis of preparation of financial statements
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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 judgement in applying the Company's accounting policies (see note 3).
These financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest Pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Doris Group SA as at 31 December 2025 and these financial statements may be obtained from www.infogreffe.com.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The Company's and its subsidiary undertakings' business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives are described in the Strategic Report on pages 1 and 2 and the Directors' Report on pages 3 to 5.
The Company has sufficient financial resources and, through its principal trading subsidiary, ODE Asset Management Limited, has long-term contracts with a number of customers and suppliers. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully.
The Company remains assured of the financial support by DORIS Group SA, the ultimate parent company of the DORIS group. The directors have received confirmation that DORIS Group SA intends to provide sufficient funding to enable the Company to meet its obligations as they fall due for at least 12 months from the date of signing this report, subject to obtaining the necessary authorisations from DORIS Group competent body, if required. However, Doris Group SA has indicated that this confirmation does not constitute, and shall not be construed as, a guarantee, indemnity, covenant or legally binding undertaking. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
The directors confirm that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months following the approval of the financial statements and will continue to adopt the going concern basis in preparing the accounts.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is Pound Sterling.
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 the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'Interest receivable and similar income' or 'Interest payable and similar expenses'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'Administrative expenses'.
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Interest receivable and similar income
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Interest income is recognised in profit or loss using the effective interest method.
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Interest payable and similar expenses
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Interest payable and similar expenses 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.
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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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 reporting 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 reporting 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 reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following basis:
Computer software - 33.3%
Amortisation is charged to 'Administrative expenses' in the Statement of Comprehensive Income.
- 16 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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:
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.
Depreciation is charged to 'Administrative expenses' in the Statement of Comprehensive Income.
Investments in subsidiaries are recognised at cost and are accounted for net of impairment losses. Income from investments is recognised in the Statement of Comprehensive Income.
At each reporting date, the Company reviews the carrying value of its 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.
The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. The present value calculation involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.
Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in profit or loss.
An impairment loss recognised for all assets is reversed in a subsequent year if, and only if, the reasons for the impairment loss have ceased to apply.
- 17 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
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Creditors: amounts falling due within one year
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Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 18 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include other debtors and cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
- 19 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade creditors, other creditors and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
- 20 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.
3.1 Critical judgements in applying the Company’s accounting policies
The critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.
The Company conducts impairment reviews of investments in subsidiaries whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable, or tests for impairment annually in accordance with the relevant accounting standards. Determining whether an asset is impaired requires an estimation of the recoverable amount, which requires the Company to estimate the value in use which is based on future cash flows and a suitable discount rate in order to calculate the present value.
The Company establishes a provision for debts that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the debts, past experience of recoverability, and the credit profile of individual or groups of customers.
There have been no indicators of impairments identified during the current financial year in relation to investments held by the Company and amounts recoverable from entities within the Group. Further details are contained in notes 13 and 14.
3.2 Key sources of estimation uncertainty
The directors do not consider there to be any key sources of estimation uncertainty.
- 21 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The operating (loss)/profit is stated after charging/(crediting):
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Depreciation of tangible assets (note 12)
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Bad debt expense in relation to amounts due from subsidiaries (note 14)
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An administrative income arose in the prior year as result of a foreign exchange credit.
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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Fees payable to the Company's auditor in respect of:
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There were no employees during the year other than the directors of the Company (2024: 2 directors) who were not remunerated by the Company (2024: £nil).
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Income from investments in subsidiaries
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Income from investments in subsidiaries
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Income from investments in subsidiaries relates to dividend income received from ODE Asset Management Limited.
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- 22 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest receivable and similar income
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Interest receivable from group undertakings
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Other interest receivable
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Interest payable and similar expenses
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Interest payable to group undertakings
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Current tax on profits for the year
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Origination and reversal of timing differences
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Tax (credit)/charge on profit
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- 23 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Tax on profit (continued)
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Factors affecting tax (credit)/charge for the year
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The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of25% (2024:25%). The differences are explained below:
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Profit before tax multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
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Expenses not deductible for tax purposes
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Other temporary differences
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Effects of group relief/other reliefs
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Adjustment from previous periods
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Total tax (credit)/charge for the year
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There were no factors that may affect future tax charges. Deferred taxes at the current and prior reporting date were measured at 25%.
- 24 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
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Investments in subsidiaries
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Investments in subsidiary undertakings
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On 13 May 2025, AWC Technology Ltd was dissolved and on 19 August 2025 Offshore Design Engineering Ltd was dissolved along with their subsidiaries. These investments were previously fully impaired so had no impact on the net book value in the above table.
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As at the year end, the following was a subsidiary undertaking of the Company:
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ODE Asset Management Limited
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Nelson House, Beevor Road, Great Yarmouth, Norfolk, England, NR30 3QQ
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Duty holder services and operations and maintenance works for offshore oil and gas facilities
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- 27 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Due after more than one year
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Deferred tax asset (see note 17)
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured and a payment plan is yet to be defined by the parties. This amount is stated after provisions for bad debt of £64,653 (2024: £59,451). A balance of £61,082 (2024: £57,875) attracts interest of 4.25% (2024: 1%); this balance is included in the amount for which a provision has been provided for. The remaining balance is interest-free.
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured and repayable on demand. A balance of £nil (2024: £409,260) attracts interest of 1% and was repaid during the year. The remaining balance is interest-free.
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- 28 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Fixed asset timing differences
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Allotted, called up and fully paid
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1,350,000 (2024: 1,350,000) Ordinary shares of £1 each
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The Company has one class of share; each share carries one voting right per share but no right to fixed income.
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Share premium account
This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.
Profit and loss account
This reserve represents the cumulative profits and losses of the Company. Dividends are paid out of this reserve.
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Related party transactions
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The Company is a wholly owned subsidiary of Doris Group SA, a company incorporated in France, and as such has taken advantage of the exemption permitted by FRS 102 section 33.1 Related Party Disclosure, not to provide disclosures of transaction entered into with other wholly owned members of the Group.
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- 29 -
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DORIS ASSET MANAGEMENT HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The immediate parent undertaking and ultimate controlling party is Doris Group SA, a company incorporated in France.
The largest and smallest group in which the results of the Company are consolidated is Doris Group SA. Copies of the Group's consolidated financial statements can be obtained from www.infogreffe.com.
- 30 -
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