SDL NOBEL LIMITED
SDL NOBEL LIMITED
Registered number: 04041079
Unaudited Financial Statements
For The Year Ended
31 December 2022
SDL NOBEL LIMITED
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
SDL NOBEL LIMITED
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
04041079
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2022 | 2021 | ||||
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| Notes | $ | $ | $ | $ | |
| FIXED ASSETS | |||||
| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,279,031 | 1,621,256 | |||
SDL NOBEL LIMITED
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
SDL NOBEL LIMITED
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
SDL NOBEL LIMITED
is a private company limited by shares, incorporated and registered in England & Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company's principal activities are set out in the Director's Report on page 2.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis. They have been prepared on the going concern basis as explained in the Director's Report.
SDL Nobel Limited has taken advantage of the small companies exemption, under Section 1A of FRS 102, from the disclosure of the remuneration of key management personnel and preparation of a statement of cash flows.
2.2.
Going Concern Disclosure
Following the transfer of its production sharing agreement (PSA) contracts to its subsidiary undertaking, SDL Nobel LLC, the principal activity of the Company is that of a Holding Company with no direct trading activity or associated costs. The Company has provided a loan to its subsidiary undertaking and therefore when performing the going concern assessment, the directors have taken into account the risks to the Company's going concern status arising from this support that it has provided. The directors have prepared projections for the year ahead and to 28 February 2025 to assess the financial performance of the Company and its subsidiary undertaking. The directors, having considered these projections and cash resources, have concluded that the Company has adequate resources to continue in operational existence for a period extending to 28 February 2025. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
2.3.
Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. There were no critical judgements or key sources of estimation uncertainty made by the directors in applying the company's accounting policies.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost, net of depreciation, and any provision for impairement. Depreciation is calculated on a straight line basis to write off the cost less estimated residual value of tangible fixed assets over their anticipated useful lives as follows:
| Leasehold |
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| Fixtures & Fittings |
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2.5.
Financial Instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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.
(a) Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs). Debt instruments that are classifed as payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled.
SDL NOBEL LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.6.
Foreign Currencies
In preparing the financial statements, transactions in currencies other than the functional currency are recognised at the spot rate at the dates of the transaction, or at an average rate where this rate approximates the actual rate at the date of transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.
Exchange differences arising are included as an exchange gain or loss in the profit and loss account.
2.7.
Taxation
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences at the reporting date, except otherwise indicated. Deferred tax assets are only 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 calculated using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference.
2.8.
Pensions
Pension costs arise in respect of a defined contribution scheme. Contributions are charged to the profit and loss account as incurred.
2.9.
Functional currency
The directors have adopted the US Dollar as the company's functional currency and presentational currency, being the currency of the primary economic environment in which the company operates.
3.
Average Number of Employees
The monthly average number of staff employed by the company during the financial year amounted to: NIL (2021: 2)
4.
Tangible Assets
| Land & Property | |||
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| Leasehold | Fixtures & Fittings | Total | |
| $ | $ | $ | |
| Cost | |||
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| Depreciation | |||
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| Net Book Value | |||
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The leasehold property above related to a lease with less than 50 years unexpired.
SDL NOBEL LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
5.
Investments
| Subsidiaries | |
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| $ | |
| Cost | |
| As at
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| As at
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| Provision | |
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| Net Book Value | |
| As at
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Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital is as follows:
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Subsidiary undertaking
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Country of registration
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Principal activity
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% of voting rights held
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Registered address
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SDL Nobel LLC
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Azerbaijan
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Fabrication and Welding
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100%
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5 Sabir Street, Sabail District, Baku, AZ1095, Azerbaijan
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6.
Debtors
| 2022 | 2021 | ||
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| $ | $ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Amounts owed by group undertakings |
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The amounts owed by group undertakings in the current year and prior year is in respect of an unsecured loan to the subsidiary undertaking which is interest free, in line with local Azerbaijan regulations, and is repayable on demand.
7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| $ | $ | ||
| Trade creditors |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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9.
Pension Commitments
The Company contributes to a defined contribution scheme for which the pension charge for the year amounted to $nil (2021 - $53). There were no contribution outstanding at the year end (2021 - $nil).
SDL NOBEL LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
10.
Post Balance Sheet Events
On 11 July 2023, SDL Denholm Limited changed their name to SDL Nobel Limited.
On 4 August 2023, Nobel Energy Limited (previously known as Nobel Oil Services (UK) Limited) acquired Denholm Energy Services Limited's 50% shareholding in the Company. As of that date Nobel Energy Limited holds the entire shareholding (100%) of the Company.
11.
Related Party Transactions
The Company entered into the following transactions, in the ordinary course of business, with related parties:
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2022
$
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2021
$
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Purchases from related party
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Denholm MacNamee Limited
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14,794
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13,379
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Transactions with entities in which SDL Nobel Limited has 100% of the voting rights are not disclosed as permitted by Financial Reporting Standard 102, Section 33 - "Related Party Disclosures."
12.
Ownership
The company is a joint venture between Denholm Energy Services Limited, a company registered in England and Wales and Nobel Energy Limited, also a company registered in England and Wales. The registered address of each partner is shown below:
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Joint venture partner undertaking
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Registered address
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Denholm Energy Services Limited
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8th Floor, The Aspect, 12 Finsbury Square, London, United Kingdom, EC2A 1AS
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Nobel Energy Limited
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7 Albert Buildings, 49 Queen Victoria Street, London, United Kingdom, EC2A 4SA
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Copies of the financial statements of Denholm Energy Services Limited and Nobel Energy Limited may be obtained from the Registrar of Companies, Crown Way, Cardiff, CF14 3UZ.