Well Services Group Holdings (UK) Limited
Registered number: 10537799
Annual financial statements
For the year ended 31 December 2019
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10537799
31 December 2019
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WELL SERVICES GROUP HOLDINGS (UK) LIMITED
REGISTERED NUMBER:
10537799
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 income statement 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 on
20 November 2020
.
The notes on pages 2 to 6 form part of these financial statements.
- 1 -
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10537799
31 December 2019
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WELL SERVICES GROUP HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Well Services Group Limited is a private company limited by shares incorporated in the United Kingdom. The company’s registered number is 10537799. The address of its registered office is Unit B, Rosie Road, Normanton, West Yorkshire, WF6 1ZB.
The principal activity of the company is that of a holding company.
The financial statements have been presented in Pound Sterling as this is currency of the primary economic environment in which the company operates and is rounded to the nearest pound.
2.
Accounting policies
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Basis of preparation of financial statements
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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 Company has adopted the triennial review of FRS102 effective for periods commencing on or after 1 January 2019.
Information in respect of the differences from the previous accounting framework are detailed within Note 11.
These financial statements have been prepared on a going concern basis. The directors acknowledge that the Company is the head of an insolvent small group although it is in a position of net assets at the year end. In addition, the Company's subsidiaries are dependent on the financial support of its ultimate parent Company, Well Services BV, and on the invoice financing facility in order to meet their financial liabilities as they fall due. The directors have obtained confirmation of financial and other support for a period of no less than twelve months from the date of signing these financial statements from the ultimate parent company.
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements.
We confirm that we have carried out an assessment of the potential impact of the COVID-19 Virus pandemic on the business, including the impact of mitigation measures and uncertainties. We do not expect that the COVID-19 pandemic will affect our ability to continue as a going concern.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 -
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10537799
31 December 2019
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WELL SERVICES GROUP HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost 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 Income Statement.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The Company has no employees other than the directors, who did not receive any remuneration
(2018 - £
NIL
)
.
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- 3 -
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10537799
31 December 2019
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WELL SERVICES GROUP HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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- 4 -
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10537799
31 December 2019
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WELL SERVICES GROUP HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Allotted, called up and fully paid
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100
(2018 -
100
)
Ordinary
shares of £
0.01
each
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Related party transactions
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During the year, the Company had a loan account with PNS Holdings B.V., the immediate parent company.
During the year, the Company had a loan account with WSG Industrial Services UK Limited, a subsidiary company.
During the year, the Company had a loan account with WSG Provalve Limited, a subsidiary company.
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Amount owed by group undertakings
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Amounts owed to group undertakings
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Post balance sheet events
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Subsequent to the year end, Coronavirus has resulted in a global pandemic effecting economies globally. The speed and severity of the impact has been unprecedented but many Governments, including within the UK, have introduced considerable measures to help businesses through this extremely challenging time. At the time of approval these financial statements, the full effect of the pandemic is uncertain, but, as noted in note 2.2, the directors consider that the company remains a going concern.
The immediate parent undertaking is PNS Holdings B.V., a company registered in The Netherlands, by virtue of its majority shareholding.
The ultimate parent company and the smallest and largest group to consolidate these financial statements is Well Services BV, a company registered in The Netherlands. Copies of the Well Services BV consolidated financial statements can be obtained from the Company Secretary at Phileas Foggstraat 65, Emmen, 7825 AL, Netherlands.
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Adoption of the triennial review of FRS102
The policies applied under the entity's previous accounting framework are not materially different to the triennial review of FRS 102 and have not impacted on equity or profit or loss.
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10537799
31 December 2019
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WELL SERVICES GROUP HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The auditor's report on the financial statements for the year ended 31 December 2019 was unqualified.
The auditor's report had an emphasis of matter on the potential implications of COVID-19.
The audit report was signed on
21 December 2020
by
Shaun Mullins
(Senior Statutory Auditor) on behalf of
Mazars LLP
.
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