ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2017 the Company had future minimum lease payments under non-cancellable operating leases as follows:

AXESS NORTH SEA LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31truetrueThe principal activity of the company is the provision of engineering services.false2017-01-01truetruetruetruetruetruetruetrue SC492895 2017-01-01 2017-12-31 SC492895 2017-12-31 SC492895 2016-12-31 SC492895 c:Director1 2017-01-01 2017-12-31 SC492895 c:Director1 2017-12-31 SC492895 c:Director2 2017-01-01 2017-12-31 SC492895 c:RegisteredOffice 2017-01-01 2017-12-31 SC492895 d:CurrentFinancialInstruments 2017-12-31 SC492895 d:CurrentFinancialInstruments 2016-12-31 SC492895 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 SC492895 d:ShareCapital 2017-12-31 SC492895 d:ShareCapital 2016-12-31 SC492895 d:RetainedEarningsAccumulatedLosses 2017-12-31 SC492895 c:FRS102 2017-01-01 2017-12-31 SC492895 c:Audited 2017-01-01 2017-12-31 SC492895 c:FullAccounts 2017-01-01 2017-12-31 SC492895 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 SC492895 d:WithinOneYear 2017-12-31 SC492895 d:BetweenOneFiveYears 2017-12-31 SC492895 c:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 iso4217:GBP xbrli:pure

Registered number: SC492895

AXESS NORTH SEA LIMITED

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2017


AXESS NORTH SEA LIMITED

COMPANY INFORMATION

Directors	L Iversen (appointed 30 October 2017)
	B Gjeldvik


Registered number	SC492895


Registered office	Unit 6 & 19 Robert Leonard Centre
	Howe Moss Drive
	Kirkhill Industrial Estate
	Dyce
	Aberdeen
	AB21 0GG


Independent auditor	Anderson Anderson & Brown Audit LLP
	Prime Four Business Park
	Kingswells
	Aberdeenshire
	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 2017

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 judgments 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.

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AXESS NORTH SEA LIMITED REGISTERED NUMBER:SC492895

BALANCE SHEET

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	308,256		100
Cash at bank and in hand	5	178,922		-
		487,178		100
Creditors: amounts falling due within one year	6	(650,833)		-
Net current (liabilities)/assets			(163,655)		100
Total assets less current liabilities			(163,655)		100

Net (liabilities)/assets			(163,655)		100

Capital and reserves
Called up share capital	100	100
Profit and loss account	(163,755)	-
	(163,655)	100

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:

L Iversen

Director

Date: 18 September 2018

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

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AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	General information

Axess North Sea Limited is a Limited company incorporated in the United Kingdom. The registered office is Unit 6 & 19 Robert Leonard Centre Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21 0GG.

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 4 Statement of Financial Position paragraph 4.12(a)(iv);

∙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 11.41(b), 11.41(c), 11.41(e), 11.41(f), 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 2017 and these financial statements may be obtained from their registered office at P.O. Box 2197, 6402 Molde, Norway.

2.3

Going concern

At 31 December 2017 the Company has net current liabilities of £163,655 (2016 - asset of £100). Included within these liabilities are amounts due to group companies of £559,318 (2016 - £NIL). The financial statements are prepared on a going concern basis, which assumes that the Company will continue to meet its liabilities as they fall due. The group companies with outstanding amounts owed to them have confirmed they shall not seek repayment of amounts due to the detriment of other creditors. Furthermore these group companies have confirmed they shall continue to support the Company to facilitate its ability to continue trading as a going concern for the foreseeable future. Therefore, the directors deem it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

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AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

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.

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 the Statement of comprehensive income on a straight line basis over the lease term.

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AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.7

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

2.8

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.

2.9

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.

2.10

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.

2.11

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 1 (2016 - 0).

Debtors

					2017	2016
					£	£


Trade debtors	234,843	-
Other debtors	100	100
Prepayments and accrued income	73,313	-
	308,256	100

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AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

5.	Cash and cash equivalents
		2017	2016
		£	£

	Cash at bank and in hand	178,922	-

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	75,638	-
Amounts owed to group undertakings	559,318	-
Other taxation and social security	5,271	-
Accruals and deferred income	10,606	-
	650,833	-

Not later than 1 year	18,000	-
Later than 1 year and not later than 5 years	10,500	-
	28,500	-

8.	Related party transactions
	The Company is a wholly owned subsidiary of Axcess Holding 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 Axcess Holding AS, a company registered in Norway. The controlling parties are B Gjeldvik and G Gjeldvik.

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AXESS NORTH SEA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

10.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2017 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.3 in the financial statements, which indicates that the Company has net current liabilities of £163,655 (2016 - asset of £100). Included within these liabilities are amounts due to group companies of £559,318 (2016 - £NIL). As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. These group companies have confirmed they shall not seek repayment of amounts due to the detriment of other creditors. Furthermore these group companies have confirmed they shall continue to support the Company to facilitate its ability to continue trading as a going concern for the foreseeable future. Our opinion is not modified in respect of this matter.

The audit report was signed on 26 September 2018 by James Pirrie (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.

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