ACCOUNTS - Final Accounts preparation

AXESS NORTH SEA LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true2021-01-01truetruetruetruetrue5No description of principal activityfalse6truetrue SC492895 2021-01-01 2021-12-31 SC492895 2020-01-01 2020-12-31 SC492895 2021-12-31 SC492895 2020-12-31 SC492895 c:Director1 2021-01-01 2021-12-31 SC492895 c:Director2 2021-01-01 2021-12-31 SC492895 c:Director2 2021-12-31 SC492895 c:Director3 2021-01-01 2021-12-31 SC492895 c:Director3 2021-12-31 SC492895 c:RegisteredOffice 2021-01-01 2021-12-31 SC492895 d:CurrentFinancialInstruments 2021-12-31 SC492895 d:CurrentFinancialInstruments 2020-12-31 SC492895 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 SC492895 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 SC492895 d:ShareCapital 2021-12-31 SC492895 d:ShareCapital 2020-12-31 SC492895 d:RetainedEarningsAccumulatedLosses 2021-12-31 SC492895 d:RetainedEarningsAccumulatedLosses 2020-12-31 SC492895 c:FRS102 2021-01-01 2021-12-31 SC492895 c:Audited 2021-01-01 2021-12-31 SC492895 c:FullAccounts 2021-01-01 2021-12-31 SC492895 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC492895 c:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 SC492895 2 2021-01-01 2021-12-31 SC492895 6 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: SC492895

AXESS NORTH SEA LIMITED

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021


AXESS NORTH SEA LIMITED

COMPANY INFORMATION

Directors	Lasse Iversen
	Kirsten Amundsgard (appointed 1 September 2021)
	Borge Gjeldvik (resigned 1 September 2021)


Registered number	SC492895


Registered office	Axess House, Twin Spires Business Park
	Mugiemoss Road
	Bucksburn
	Aberdeen
	AB21 9NY


Independent auditor	Anderson Anderson & Brown Audit LLP
	Kingshill View
	Prime Four Business Park
	Kingswells
	Aberdeen
	AB15 8PU


AXESS NORTH SEA LIMITED

CONTENTS

	Page
Directors' responsibilities statement	1
Balance sheet	2
Notes to the financial statements	3 - 7


AXESS NORTH SEA LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors are responsible for preparing 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;

∙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.

Page 1


AXESS NORTH SEA LIMITED REGISTERED NUMBER:SC492895

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Investments	4		1		1
			1		1
Current assets
Debtors: amounts falling due within one year	5	1,497,586		427,779
Cash at bank and in hand	6	-		112,402
		1,497,586		540,181
Creditors: amounts falling due within one year	7	(972,212)		(128,559)
Net current assets			525,374		411,622
Net assets			525,375		411,623

Capital and reserves
Called up share capital	100	100
Profit and loss account	525,275	411,523
	525,375	411,623

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Lasse Iversen

Director

Date: 25 January 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2


AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

Axess North Sea Limited is a limited company incorporated in the United Kingdom. The registered office is Axess House, Twin Spires Business Park, Mugiemoss Road, Bucksburn, Aberdeen, AB21 9NY.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 Axess Holding AS as at 31 December 2021 and these financial statements may be obtained from their registered office at P.O. Box 2197, 6402 Molde, Norway.

2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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

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

Page 3


AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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

∙the amount of revenue can be measured reliably;

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

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

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

2.6

Operating leases: the company as lessee

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

2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4


AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

2.13

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.14

Debtors

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.

2.15

Cash and cash equivalents

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.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5


AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.17

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Employees

The average monthly number of employees, including directors, during the year was 6 (2020 - 5).

4.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 January 2021	1
	At 31 December 2021	1

Debtors

					2021	2020
					£	£


Trade debtors	589,476	168,886
Amounts owed by group undertakings	153,065	113,121
Other debtors	99,583	58,138
Prepayments and accrued income	655,462	87,634
	1,497,586	427,779

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	-	112,402
Less: bank overdrafts	(701,620)	-
	(701,620)	112,402

Page 6


AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank overdrafts	701,620	-
Trade creditors	61,270	19,308
Amounts owed to group undertakings	37,244	3,259
Corporation tax	14,184	-
Other taxation and social security	19,710	8,035
Other creditors	46,896	52,793
Accruals and deferred income	91,288	45,164
	972,212	128,559

8.	Related party transactions
	The company is a wholly owned subsidiary of Axess International AS and has taken advantage of the exemption given by section 1AC.35 of FRS102, which allows exemption from disclosure of related party transactions with other group companies on the basis that the company is a 100% subsidiary.

9.	Ultimate parent undertaking and controlling parties

The ultimate parent undertaking is Axess Holding AS, a company registered in Norway. The controlling parties are B Gjeldvik and G Gjeldvik .

10.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 25 January 2023 by James Pirrie (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.

Page 7