IRANIAN OIL COMPANY (U.K.) LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 2 in the financial statements, which highlights significant political, fiscal, and legal uncertainties which could impact the company's banking and operating facilities. As stated in Note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -13.3%

  £227,690,000 → £197,516,000

• Cash

  +8.6%

  £498,105,000 → £540,745,000

• Net assets

  +7.4%

  £446,831,000 → £479,700,000

• Employees

  0%

  1 → 1

• Operating profit

  -26.5%

  £173,026,000 → £127,211,000

• Profit before tax

  -28.2%

  £178,479,000 → £128,100,000

• Wages

  +10.1%

  £129,000 → £142,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

MHA

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 2 in the financial statements, which highlights significant political, fiscal, and legal uncertainties which could impact the company's banking and operating facilities. As stated in Note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.”

Significant events

• “While the first few months of 2024 saw robust production in line with expectation, necessary subsea intervention work to install a hydraulic override tool and address an issue with the R3 well resulted in Q4 not meeting expectation.”
• “Following the election of the Labour Party in July 2024, the new Chancellor maintained their commitment to extend the Energy Profits Levy until 31 March 2030 and increase the rate. Although the new government increased the headline tax rate to 78% from 1 November 2024 and removed the EPL Investment Allowances, the Autumn Budget did importantly retain first year capital allowances at 100%”
• “In January 2025, the licence was extended for 60 days before being fully renewed by the operator of the Rhum field, Serica Energy (UK) Limited ("the Operator"). The field is currently governed by OFAC licence No. MUL-2018-352294-9 dated 25 February 2025, which is required to be renewed by the operator of the Rhum field, Serica Energy (UK) Limited (“the Operator"), on or before 28 February 2027.”
• “Rhum field is governed by an OFAC licence which is generally renewed every two years by the operator, Serica Energy (UK) Limited. The licence, which was due to expire on 31 January 2025, was initially renewed for 60 days (ending 31 March 2025) as a temporary extension given the change in US administration and was fully renewed on 25 February 2025 for a period of 24 months ending on 28 February 2027.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.