First Reserve International Limited Filleted accounts for Companies House (small and micro)

FIRST RESERVE INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05036590

First Reserve International Limited

Filleted Unaudited Financial Statements

31 December 2020

First Reserve International Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	6	76,360	127,515

Current assets

Debtors	7	66,300	7,282,450
Cash at bank and in hand		10,698	41,373
		--------	------------
		76,998	7,323,823

Creditors: amounts falling due within one year	8	18,742	893,261
		--------	------------
Net current assets		58,256	6,430,562
		---------	------------
Total assets less current liabilities		134,616	6,558,077

Provisions

Taxation including deferred tax	( 108,473)	( 108,473)
	---------	------------
Net assets	243,089	6,666,550
	---------	------------

Capital and reserves

Called up share capital	100,000	100,000
Profit and loss account	143,089	6,566,550
	---------	------------
Shareholders funds	243,089	6,666,550
	---------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

First Reserve International Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 14 September 2021 , and are signed on behalf of the board by:

Mr J K Quake
Director

Company registration number: 05036590

First Reserve International Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7th Floor, 25 Victoria Street, London, SW1H OEX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	10% straight line
Fixtures & Fittings	-	25% straight line
Equipment	-	25% straight line

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2020	2019
	No.	No.
Administrative staff	2	5
Management staff	1	2
	----	----
	3	7
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2020	2019
	£	£
Wages and salaries	863,208	1,940,014
Social security costs	106,250	249,142
Other pension costs	36,701	81,360
	------------	------------
	1,006,159	2,270,516
	------------	------------

5. Dividend

	2020	2019
	£	£
Dividend paid during the year (excluding those for which a liability existed at the end of the prior year)	5,429,224	7,551,918

6. Tangible assets

	Leasehold improvements	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2020	1,250,217	423,525	403,340	2,077,082
Disposals	–	( 423,525)	( 403,340)	( 826,865)
	------------	---------	---------	------------
At 31 December 2020	1,250,217	–	–	1,250,217
	------------	---------	---------	------------
Depreciation
At 1 January 2020	1,135,677	422,812	391,078	1,949,567
Charge for the year	38,180	104	2,402	40,686
Disposals	–	( 422,916)	( 393,480)	( 816,396)
	------------	---------	---------	------------
At 31 December 2020	1,173,857	–	–	1,173,857
	------------	---------	---------	------------
Carrying amount
At 31 December 2020	76,360	–	–	76,360
	------------	---------	---------	------------
At 31 December 2019	114,540	713	12,262	127,515
	------------	---------	---------	------------

7. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings	–	7,182,442
Prepayments and accrued income	49,052	69,035
Other debtors	17,248	30,973
	--------	------------
	66,300	7,282,450
	--------	------------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	11,173	243,859
Accruals and deferred income	7,498	545,134
Corporation tax	71	32,825
Social security and other taxes	–	64,857
Other creditors	–	6,586
	--------	---------
	18,742	893,261
	--------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	353,833	391,661
	---------	---------

10. Ultimate controlling party

In the opinion of the directors, there is no ultimate controlling party.

11. Ultimate parent company

The ultimate parent company is FRC Founders Corporation (Delaware) (formerly known as First Reserve Corporation), an entity registered in the United States of America. FRC Founders Corporation holds interests in First Reserve Management LP, a limited partnership registered in the Cayman Islands. First Reserve Management LP owns 100% of the ordinary share capital of the company.