CIECO WEST QURNA LIMITED
Operating as a subsidiary of Japanese trading house Itochu, the company is a special purpose vehicle established to manage investments in the West Qurna 1 oil production project in Iraq.
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Cash
£11M
USD 14,020,000
+485.9% highest in 3 filed years
Net assets
£415M
USD 551,837,000
+2% highest in 3 filed years
Employees
5
0% vs 2024
Profit before tax
£15M
USD 20,481,000
+4,115.9% highest in 3 filed years
Profit before tax
3-year trend · vs Energy median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £1,684,582 | £1,618,432 | £1,458,318 | -9.9% | |
| Operating profit | -£534,466 | -£500,639 | -£611,140 | -22.1% | |
| Profit before tax | -£434,488 | -£383,372 | £15,395,775 | +4,115.9% | |
| Net profit | -£389,386 | -£292,415 | £15,470,195 | +5,390.5% | |
| Cash | £2,058,934 | £1,798,842 | £10,538,976 | +485.9% | |
| Total assets less current liabilities | £407,160,791 | £406,868,376 | £414,821,469 | +2% | |
| Net assets | — | — | — | — | |
| Equity | £407,160,791 | £406,868,376 | £414,821,469 | +2% | |
| Average employees | 5 | 5 | 5 | 0% | |
| Wages | £629,181 | £617,154 | £643,464 | +4.3% | |
| Directors' remuneration | £130,798 | £189,431 | £332,256 | +75.4% |
Figures converted to GBP from USD at 0.752 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | -31.7% | -30.9% | -41.9% | |
| Net margin | -23.1% | -18.1% | — | |
| Return on capital employed | -0.1% | -0.1% | -0.1% | |
| Current ratio | — | 5.85x | 25.71x | |
| Interest cover | -19.22x | -47.57x | -20.85x |
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. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors have considered forecasts and projections, including the positive cash balance of the company, as well as a strong positive net current asset position, which indicate that the Company will be able to continue to operate and meet its obligations as they fall due throughout the going concern period of at least 12 months from the date of signing of the financial statements. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.”
Group structure
- CIECO WEST QURNA LIMITED · parent
- ITOCHU Oil Exploration (Iraq) B.V. 100%
Significant events
- “In February 2026, an armed conflict involving the United States (US), Israel and Iran commenced. On 28 February 2026, the US and Israel launched military strikes on Iran. Iran's retaliation has included targeting oil export infrastructure, and has resulted in the closure of the Strait of Hormuz and deterring oil tankers from entering the Gulf basin. With exports halted, several oil & gas operations in Iraq have been suspended, taking millions of barrels of daily production offline. On 3 March 2026, Basra Oil Company (BOC) issued instructions to scale back West Qurna 1 field production to 50kbd and declared Force Majeure. A further instruction from BOC was received on 9 March 2026, reducing production by 100%.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 14 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| GUPTA, Amit | Director | 2021-07-08 | Jun 1974 | British |
| OTA, Tomoyuki | Director | 2025-04-23 | Sep 1975 | Japanese |
| SAKAMOTO, Junichi | Director | 2025-04-01 | Jun 1977 | Japanese |
| TAKEMAE, Yoshitaka | Director | 2026-04-01 | Mar 1981 | Japanese |
Show 14 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| AOKI, Hiroshi | Director | 2018-04-01 | 2025-03-31 |
| ASAI, Tomoaki | Director | 2021-07-08 | 2022-04-11 |
| FAN, Haibo | Director | 2024-04-23 | 2025-07-01 |
| HIRAGA, Takumi | Director | 2020-08-12 | 2021-07-08 |
| HIROKAWA, Shoji | Director | 2017-01-27 | 2017-04-01 |
| HORIE, Akiyuki | Director | 2022-04-11 | 2025-03-31 |
| IMAMURA, Hisamichi | Director | 2017-04-01 | 2020-02-28 |
| ISHIBASHI, Suo | Director | 2018-11-08 | 2021-07-08 |
| MORI, Toshiyuki | Director | 2017-01-27 | 2018-03-31 |
| OGURA, Toru | Director | 2017-01-27 | 2017-11-14 |
| OTA, Tomoyuki | Director | 2017-11-14 | 2018-11-08 |
| TANABE, Akio | Director | 2023-04-11 | 2024-04-23 |
| TANAKA, Atsuyoshi | Director | 2021-07-08 | 2023-04-11 |
| YAMADA, Tetsuya | Director | 2017-01-27 | 2021-07-08 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Itochu Corporation | Corporate entity | Shares 50–75%, Voting 50–75%, Appoints directors | 2017-01-27 | Active |
Filing timeline
Last 20 of 55 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-05-20 | AA | accounts | Accounts with accounts type full | |
| 2026-04-13 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-07-01 | TM01 | officers | Termination director company with name termination date | |
| 2025-05-14 | AA | accounts | Accounts with accounts type full | |
| 2025-04-23 | CH01 | officers | Change person director company with change date | |
| 2025-04-23 | AP01 | officers | Appoint person director company with name date | |
| 2025-04-01 | AP01 | officers | Appoint person director company with name date | |
| 2025-04-01 | TM01 | officers | Termination director company with name termination date | |
| 2025-04-01 | TM01 | officers | Termination director company with name termination date | |
| 2025-01-22 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-06-14 | AA | accounts | Accounts with accounts type full | |
| 2024-06-04 | CH01 | officers | Change person director company with change date | |
| 2024-04-24 | AP01 | officers | Appoint person director company with name date | |
| 2024-04-24 | TM01 | officers | Termination director company with name termination date | |
| 2024-01-29 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2023-09-20 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2023-05-11 | AA | accounts | Accounts with accounts type full | |
| 2023-04-11 | AP01 | officers | Appoint person director company with name date | |
| 2023-04-11 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 4
- Capital events
- 0
- Officers appointed
- 1
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.