Company Registration No. SC563049 (Scotland)
ENPRO SUBSEA OPERATIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
ENPRO SUBSEA OPERATIONS LIMITED
COMPANY INFORMATION
Directors
Mr S Barrie
(Appointed 16 April 2020)
Mr B Ferguson
(Appointed 20 February 2020)
Mr A J Johnson
(Appointed 20 February 2020)
Mr D Tipton
(Appointed 20 February 2020)
Mr I Donald
Company number
SC563049
Registered office
c/o Hunting Energy Services
Badentoy Avenue
Portlethen
Aberdeen
AB12 4YB
ENPRO SUBSEA OPERATIONS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
ENPRO SUBSEA OPERATIONS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
- 1 -
The directors present their annual report and unaudited financial statements for the period ended 30 September 2020.
The directors' report has been prepared in accordance with the special provisions relating to small companies under s415A of the Companies Act 2006 and therefore the Company is taking exemption from preparing a strategic report.
false
Principal activities
The principal activity of the company continued to be that of a dormant holding company.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr S Barrie
(Appointed 16 April 2020)
Mr B Ferguson
(Appointed 20 February 2020)
Mr A J Johnson
(Appointed 20 February 2020)
Mr D Tipton
(Appointed 20 February 2020)
Mr T G Bryce
(Resigned 20 February 2020)
Mr I Donald
Mr J Reid
(Resigned 20 February 2020)
Mr P Rose
(Appointed
20 February 2020
20 February 2020
and resigned
15 April 2020)
None of the directors who held office at the end of the year and up to the date of this report held any disclosable interest in group undertakings as recorded in the register of directors' interests.
On behalf of the board
B FERGUSON
Mr B Ferguson
Director
29 June 2021
ENPRO SUBSEA OPERATIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
- 2 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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; and
-
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 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.
ENPRO SUBSEA OPERATIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020
30 September 2020
- 3 -
30 September
29 April
2020
2019
Notes
£
£
Current assets
Cash and cash equivalents
1
1
Total assets less current liabilities
1
1
Net assets
1
1
Equity
Called up share capital
5
1
1
For the financial period ended 30 September 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the board of directors and authorised for issue on 29 June 2021 and are signed on its behalf by:
B FERGUSON
Mr B Ferguson
Director
Company Registration No. SC563049
ENPRO SUBSEA OPERATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
- 4 -
Share capital
£
Balance at 30 April 2019 and 30 September 2020
1
ENPRO SUBSEA OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
- 5 -
1
Accounting policies
Company information
Enpro Subsea Operations Limited is a private company limited by shares incorporated in Scotland. The registered office is c/o Hunting Energy Services, Badentoy Avenue, Portlethen, Aberdeen, AB12 4YB.
The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The Company transitioned from FRS 102 to IFRS for all periods presented and the date of transition was 29 April 2018. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 101.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
-
inclusion of an explicit and unreserved statement of compliance with IFRS;
-
presentation of a statement of cash flows and related notes;
-
disclosure of the objectives, policies and processes for managing capital;
-
disclosure of key management personnel compensation;
-
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
-
the effect of financial instruments on the statement of comprehensive income;
-
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
-
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
-
a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;
-
comparative narrative information;
-
for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and
-
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Hunting Energy Services (UK) Limited. The group accounts of Hunting Energy Services (UK) Limited are available to the public and can be obtained as set out in note 6.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the
true
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
ENPRO SUBSEA OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 6 -
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2
Adoption of new and revised standards and changes in accounting policies
In the current period, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:
Effective from:
IFRS 9
Prepayment features with negative compensation
1 January 2020
IFRS 16
Leases
1 January 2020
Conceptual Framework
Amendments to References to the Conceptual Framwork in IFRS Standards
1 January 2020
IAS 1 ad IAS 8 (Amendments)
Definition of material
1 January 2020
IFRS 9, IAS 39 and IFRS 7 (Amendments)
Interest Rate Benchmark Reform
1 January 2020
IFRS 3 (Amendments)
Definition of a business
1 January 2020
IFRS 16 (Amendments)
Covid-19-related Rent Concessions
1 June 2020
The Directors do not expect that the adoption of the Standards listed above will have a material impact on
the financial statements of the Company aside from additional disclosures
.
ENPRO SUBSEA OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
2
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 7 -
Standards which are in issue but not yet effective
At the date of authorisation of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):
Effective from:
IFRS 7
Insurance Contracts
1 January 2023
IFRS 4 (Amendments)
Insurance Contracts
1 January 2023
IAS 1 (Amendments)
Classification of Liabilities as Current or Non-Current
1 January 2023
IAS 16 (Amendments)
Property, plant and equipment - proceeds before intended use
1 January 2022
Annual Improvements 2018-2020 Cycle
Amendments to IFRS 1 (subsidiary as a first-time adopter), IFRS 9 (fees in the '10 percent' test for derecognitiopn of financial liabilities), IFRS 16 (lease incentives), IAS 41 (taxation in the fair value measurements)
1 January 2022
IFRS 3 (Amendments)
References to the Conceptual Framework
1 January 2022
IAS 37 (Amendments)
Onerous contracts - Cost of Fulfilling a Contract
1 January 2022
IFRS 4 (Amendments)
Extension of the Temporary Exemption from Applying IFRS 9
1 January 2023
The Directors do not expect that the adoption of the Standards listed above will have a material impact on
the financial statements of the Company aside from additional disclosures.
3
Trading
As the company has not traded since its incorporation, no statement of comprehensive income has been prepared.
4
Employees
The company had no employees throughout the current or prior period. None of the directors received any
remuneration for their services as directors to this company in either the current or prior period. Employees
receive remuneration from another company within the group for services rendered to the company and
thus it is not possible to allocate an amount to the company.
ENPRO SUBSEA OPERATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2020
- 8 -
5
Share capital
30 September
29 April
30 September
29 April
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
6
Controlling party
The company's immediate parent undertaking is
Enpro Subsea Limited
, a company registered in Scotland.
The ultimate parent undertaking and controlling party is
Hunting PLC
, a company registered in England and Wales.
The smallest group for which consolidated financial statements are prepared which include Enpro Subsea Operations Limited is that of
Hunting Energy Services (UK) Limited
. The largest group for which consolidated financial statements are prepared is that of
Hunting PLC
.
The group financial statements can be obtained from
5 Hanover Square, London, W1S 1HQ
.
2020-09-30
2019-04-30
Mr S Barrie
Mr B Ferguson
Mr A J Johnson
Mr D Tipton
Mr T G Bryce
Mr I Donald
Mr J Reid
Mr P Rose
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