Applied Petroleum Technology (UK) Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05814934 (England and Wales)

Applied Petroleum Technology (UK) Ltd.

Audited Financial Statements for the Year Ended 31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr JKS Moore

Mr H H NyrØnning

REGISTERED OFFICE:

3 Chestnut Court

Parc Menai

Bangor

Gwynedd

LL57 4DF

REGISTERED NUMBER:

05814934 (England and Wales)

AUDITORS:

Pritchett & Co Business Advisers Limited

Chartered Accountants and Statutory Auditors

16 Wynnstay Road

Colwyn Bay

Conwy

LL29 8NB

FIXED ASSETS

Intangible assets

4

267,656

367,299

Tangible assets

5

8,938

9,945

Investments

6

1,000

-

277,594

377,244

CURRENT ASSETS

Debtors

7

244,131

218,007

Cash at bank

279,295

303,124

523,426

521,131

CREDITORS

Amounts falling due within one year

8

64,036

160,663

NET CURRENT ASSETS

459,390

360,468

TOTAL ASSETS LESS CURRENT LIABILITIES

736,984

737,712

CREDITORS

Amounts falling due after more than one year

9

-

50,000

NET ASSETS

736,984

687,712

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

736,884

687,612

736,984

687,712

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2022 and were signed on its behalf by:

Mr JKS Moore - Director

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

During 2020/21 a global emergency was declared due to the outbreak of Covid-19. The UK entered restrictive measures on 23 March 2020 which have been in place for the majority of the year with some brief relaxation to the measures in the summer months.

Due to the nature of the company's trade, the financial performance of the company has not been significantly impacted. However, as the UK relaxes these restrictive measures and public confidence continues to build, the company expects the financial performance to return to pre Covid-19 levels.

The directors have assessed the position of the company from the balance sheet date and believe the going concern basis to be appropriate.

Turnover

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

Intangible assets

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

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

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

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

916,619

Additions

108,000

At 31 December 2021

1,024,619

AMORTISATION

At 1 January 2021

549,320

Charge for year

207,643

At 31 December 2021

756,963

NET BOOK VALUE

At 31 December 2021

267,656

At 31 December 2020

367,299

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

59,104

Additions

1,985

At 31 December 2021

61,089

DEPRECIATION

At 1 January 2021

49,159

Charge for year

2,992

At 31 December 2021

52,151

NET BOOK VALUE

At 31 December 2021

8,938

At 31 December 2020

9,945

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1,000

At 31 December 2021

1,000

NET BOOK VALUE

At 31 December 2021

1,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

81,971

154,307

Amounts owed by group undertakings

129,337

-

Amounts recoverable on contract

10,000

40,000

Other debtors

22,823

23,700

244,131

218,007

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

31,416

37,842

Amounts owed to group undertakings

-

47,662

Taxation and social security

(43,727

)

17,505

Other creditors

76,347

57,654

64,036

160,663

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

-

50,000

10.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

22,000

22,000

Between one and five years

22,000

44,000

44,000

66,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Morris (Senior Statutory Auditor)

for and on behalf of Pritchett & Co Business Advisers Limited

12.	ULTIMATE CONTROLLING PARTY

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