How much does North Sea Well Engineering Limited make?

North Sea Well Engineering Limited reported revenue of £8.9m and £1.4m profit in the year to 31 Dec 2023, according to its accounts filed at Companies House.

Is North Sea Well Engineering Limited profitable?

Yes — North Sea Well Engineering Limited reported a profit of £1.4m in the year to 31 Dec 2023.

Company No. SC211425 · Incorporated 27 Sep 2000

North Sea Well Engineering Limited

Registered name: NORTH SEA WELL ENGINEERING LIMITED

Part of Elemental Squared Limited group

North Sea Well Engineering Limited made £8.9m revenue and £1.4m profit in the year to 31 Dec 2023.

North Sea Well Engineering Limited’s revenue was £8.9m in the year to 31 Dec 2023, with £1.4m profit. The company is classified under “engineering related scientific and technical consulting activities” and is based in Westhill; we hold 3 years of its filed accounts.

Full P&L filedSection M · Professional, scientific and technical activitiesSIC 71122Engineering related scientific and technical consulting activities

Status: Active
Location: Westhill, Scotland
Age: 26 yrs · since 2000
Type: Private Limited Company

Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently.

Latest accounts · year to 31 Dec 2023

Key figures

Revenue

£8.9m

Growth —

Profit

£1.4m

Growth —

Profit margin

15.6%

Gross 35.7%

Employees

—

Change —

Profit / employee

—

Profitable streak

3yrs

Consecutive profitable years in our data

Badges are automated estimates derived from the filed figures — not statements of fact about the company.

3 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Mar 2022	31 Mar 2023	31 Dec 2023
Disclosure	Profit only	Profit only	Full P&L
Profit & loss
Revenue (turnover)	—	—	£8.9m
Cost of sales	—	—	−£5.7m
Gross profit	—	—	£3.2m
Operating profit	—	—	£1.2m
Profit before tax	£2.3m	£2m	£1.2m
Profit after tax	£1.8m	£1.6m	£1.4m
Profit (best available)	£1.8m	£1.6m	£1.4m
Employees (average)	—	10	—
Ratios
Profit margin	—	—	15.6%
Gross margin	—	—	35.7%
Profit per employee	—	£163k	—
Growth (year on year)
Profit growth	—	▼11.9%	—
Balance sheet — indirect signals, not revenue
Cash at bank	£6.1m	£6.7m	—
Net assets	£8.9m	£10.5m	—
Fixed assets	£6.8k	£31.2k	—
Current assets	£10.1m	£11.8m	—
Debtors	£1.4m	£1.2m	—
Source	FullAccounts · bulk data Jul 2024	FullAccounts · bulk data Jul 2024	Accounts · bulk data Mar 2025

Derived from the latest filing

How the business works

Profit margin: 15.6%; Profit ÷ revenue.
Gross margin: 35.7%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: —; Revenue ÷ average employees.
Profit per employee: —; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: —; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: —; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: —; Money owed by customers. Low = customers pay quickly.

Indirect — not revenue

Balance-sheet signals

Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.

Net assets: —; Now —
Cash at bank: —; Now —
Headcount: —; Now —
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Ownership chain

Elemental Squared Limitedultimate parent75–100%
Elemental Group Holdings Limited75–100%
Elemental Energies Group Limited75–100%
Elemental Energies Holdings Limited75–100%
North Sea Well Engineering Limitedthis company

Bands show the share of ownership each company holds in the one below it.

Sister companies (3)

Elemental Edge LimitedFigures not disclosed
Elemental Energies Resourcing LimitedFigures not disclosed
Senergy Oil & Gas LimitedFigures not disclosed

From the Persons with Significant Control register (corporate controllers only).

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Sources

Companies House profile Filing history & original accounts

Latest figures from accounts for the year to 31 Dec 2023 (profit £1.4m), from the Companies House accounts bulk data published Mar 2025. Spotted an error? Request a correction.

Updated from Companies House on 17 Oct 2026

Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.