The notes on pages 3 to 11 form part of these financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The notes on pages 3 to 11 form part of these financial statements.

AccessESP UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10th Floor, 245 Hammersmith Road, London, W6 8PW. The principal place of business was 3656 Westchase Drive, Houston, TX 77042 USA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

During 2023, the company's trade and intellectual property were transferred to a fellow Baker Hughes group undertaking and the company ceased trading. As the directors intend that the company will be placed into liquidation, the financial statements have not been prepared on a going concern basis. The financial statements have therefore been prepared on the basis that the company will realise its assets and discharge its liabilities in the course of winding up.

The financial statements are prepared in sterling. Monetary amounts in these financial statements are rounded to the nearest £. The functional currency of the company is US$.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

AccessESP UK Limited is a wholly owned subsidiary of Baker Hughes Company and the results of AccessESP UK Limited are included in the consolidated financial statements of Baker Hughes Company which are available on their website http://www.bakerhughes.com under investor.

The Directors have considered the appropriateness of the going concern basis in preparing the financial statements and have concluded that it is not appropriate.

During the prior year, the directors resolved to discontinue the operations of the Company. The Company has ceased trading with the intention of entering a voluntary liquidation, and accordingly these financial statements have been prepared on a basis other than going concern.

Under this basis, assets and liabilities are recognised and measured in accordance with FRS 102, as adapted where necessary to reflect the cessation of trading and the expected realisation of assets and settlement of liabilities.

The directors consider that the Company will have sufficient resources to settle its liabilities as they fall due during the period of wind-down.

Turnover represents a combination of amounts receivable for goods and services net of VAT, and revenues received in connection with contracted development projects.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), and management income which represents royalties payable by AccessESP LLC.

Royalties are receivable based on a percentage of sales of equipment made by that entity. The Intellectual Property was sold to an affiliate on 1 January 2023.

Tangible fixed assets are initially measured at cost. Prior to the decision to discontinue the operation, tangible fixed assets were subsequently measured at cost less accumulated depreciation and impairment losses.

Depreciation was recognised so as to write off the cost or valuation of assets less their estimated residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Following the decision to discontinue the relevant operations, the associated tangible fixed assets are no longer held for continuing use and are instead measured at their net realisable value, being the estimated selling price less costs to complete and sell, where this is lower than carrying amount.

Depreciation ceases at the point that assets are measured at net realisable value.

Any resulting write-down to net realisable value is recognised immediately in profit or loss.

The gain or loss arising on the ultimate disposal of these assets is determined as the difference between the sale proceeds and the carrying value at the date of disposal and is recognised in profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Rental payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The directors consider the significant sources of estimation uncertainty in respect of the current year to be the related valuation of the deferred tax asset. The forecast profits are an estimate and based on judgement.

Fixed assets have been included in the financial statements at their book value of £nil. Upon liquidation, group policy is to acquire suitable fixed assets at 25% of original cost from the liquidating company. However, given future technical obsolescence may result in the assets not meeting the purchase requirement, the directors have taken a prudent approach of not uplifting the value to the possible proceeds receivable.

The average monthly number of persons (including directors) employed by the company during the year was:

On 1 January 2023, the employees of AccessESP UK Limited transferred to another affiliate company. Accordingly, the average monthly number of employees disclosed above comprised solely the director of the company during the year (2023: solely the director).

During the year no directors received any emoluments (2023 - £Nil), or accrued any retirement benefits (2023 - £Nil).

The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.

Included within amounts owed by group undertakings is £3,070 (2023 - £3,049) due from Oil and Gas U.S Treasury Services LLC which is provided under a revolving credit agreement. Additionally £3,212,248 (2023 - £2,430,004) is due from Baker Hughes International Treasury Services Limited, which is provided under a cash pooling agreement.

Given the cessation of trading and the preparation of the financial statements on a basis other than going concern (see note 1.2), the directors have considered the recoverability of all debtor balances. No impairment has been recognised as the directors consider that the carrying values approximate their expected realisation values.

Amounts owed to group companies are not subject to interest and are repayable on demand.

The warranty provision recognised in the prior year related to obligations arising from products supplied before the cessation of trading. During the year, the relevant warranty periods expired and management concluded that no further obligations existed. Accordingly, the provision was released to the profit and loss account.

The termination of agreement provision related to obligations arising under a settlement agreement. The matter was fully settled during the year and all associated obligations were discharged. Accordingly, the provision was released to the profit and loss account and no provision is required as at the year end.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 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.

We draw attention to note 1.2 in the financial statements, which details that the company has ceased trading and the financial statements have been prepared on a basis other than going concern.

Our opinion is not modified in respect of this matter.

The company has taken advantage of the exemption available within FRS 102, whereby it has not disclosed transactions with its parent company or any subsidiaries that are wholly owned within the group.

The Company is a subsidiary of Baker Hughes Oilfield Operations LLC, incorporated in United States of America and is registered at 330 N Brand Blvd, Suite 700, Glendale, California United States  91203.

The Company’s ultimate parent company is Baker Hughes Company, incorporated in Delaware and registered at 1209 Orange Street, c/o Corporation Trust Center, Wilmington, Delaware, United States 19801. Related companies in these financial statements refer to members of the ultimate parent company’s group of companies. 

The financial information of the Company has been recorded in the consolidated financial statements of Baker Hughes Company. The financial statements of Baker Hughes Company can be found on the website http://www.bakerhughes.com under Investor. The company is quoted on NASDAQ.

There is no ultimate controlling party.