REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
BISN OIL TOOLS LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
BISN OIL TOOLS LTD |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Profit and loss account | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
BISN OIL TOOLS LTD |
COMPANY INFORMATION |
for the Year Ended 31st December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
STRATEGIC REPORT |
for the Year Ended 31st December 2022 |
PRINCIPAL ACTIVITIES |
BiSN manufactures and markets a range of patented, down-hole sealing solutions for the global oil and gas industry. |
REVIEW OF BUSINESS |
During 2022 further investment was made in BiSN's patented technology which became increasingly commercialised during the year. |
During 2022 we have continued to seek new markets, including an increase in the overall number of new customers and products available as a result of the increased research and development and patent development. The company is a part of a larger group and turnover throughout the group has increased in the year. The company has been impacted by the weakening of the pound against the US Dollar resulting in increased costs in the year, which is reflected in the company's gross margin. |
FINANCIAL KEY PERFORMANCE INDICATORS |
We use the following key performance indicators to measure and track performance: |
2022 | 2021 |
£ | £ |
Turnover | 7,403 | 8,108 |
Gross Margin | 29% | 37% |
EBITDA | 1,741 | 1,638 |
Net assets | 10,285 | 7,989 |
Net cash | 8,736 | 8,903 |
PRINCIPAL RISKS AND UNCERTAINTIES |
BiSN's operations expose it to a limited number of financial risks, primarily credit risk, liquidity risk and currency risk: |
Credit Risk - Credit checks are undertaken on customers as appropriate and exposures monitored to ensure bad debts are minimised. |
Liquidity Risk - BiSN regularly forecasts cash flow to ensure that sufficient funds are available for operational requirements. |
Currency Risk - The group is based in the UK and the USA, in common with the Oil Industry the transactions are primarily denominated in US Dollars and the UK sterling accounts are therefore subject to the risk of currency fluctuations. The board monitors the level of foreign currency exposure and looks to mitigate any risk , where possible. The group does not have any forward foreign exchange contracts. |
Non-financial risks are monitored on a regular basis by the Board. The principal risks and how they are mitigated are set out below: |
HSE - BiSN has an active health and safety program covering all testing and manufacturing facilities as well as field operations. BiSN actively promotes a safety-first workplace for all employees and operates a stop work policy. |
Loss of business due to a fall in demand or deterioration in economic climate - the Directors review prospects and sales forecasts on a regular basis. |
Loss of suppliers - BiSN maintains strong relationships with its suppliers and actively manages its supplier base to ensure that supplies are always available to the group. |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
STRATEGIC REPORT |
for the Year Ended 31st December 2022 |
RESEARCH AND DEVELOPMENT |
BiSN is a technology business and invests significant amounts each year to further the development of the products and solutions that it offers to its customers. BiSN also invests to patent the technology it develops. |
POLICY ON PAYMENT TO SUPPLIERS |
It is BiSN's policy to abide by the payment terms agreed with suppliers whenever it is satisfied that the supplier has provided the goods and services in accordance with agreed terms and conditions. |
OUR PEOPLE |
BiSN believes that its people are a real asset to the group and are key to long term success. We have continued to invest in the development of talent within the business. BiSN values the involvement of its employees and keeps them informed on issues affecting them as employees, and on the various factors affecting the group. |
DISABLED EMPLOYEES |
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of employees becoming disabled every effort is made to ensure that their employment with BiSN continues and that appropriate and relevant training is arranged. It is BiSN's policy that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. |
ON BEHALF OF THE BOARD: |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
REPORT OF THE DIRECTORS |
for the Year Ended 31st December 2022 |
The directors present their report with the financial statements of the company for the year ended 31st December 2022. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st December 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The Company has agreed to indemnify its directors against third party claims which may be brought against them and has put in place a directors and officers insurance policy. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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; |
- | 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. |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
REPORT OF THE DIRECTORS |
for the Year Ended 31st December 2022 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditor, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of |
Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BISN OIL TOOLS LTD |
Opinion |
We have audited the financial statements of BISN Oil Tools Ltd (the 'company') for the year ended 31st December 2022 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st December 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BISN OIL TOOLS LTD |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BISN OIL TOOLS LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following: |
- | The nature of the industry and sector, control environment and business performance including the company's remuneration policies, key drivers for directors remuneration, bonus levels and performance targets; |
- | Results of the enquiries of management about their own identification and assessment of the risks of irregularities; |
- | Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
- | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, foreign currency translation, value of stocks and provisions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | enquiring of management concerning actual and potential litigation and claims; |
- | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BISN OIL TOOLS LTD |
- | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
100 Barbirolli Square |
Manchester |
M2 3BD |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
PROFIT AND LOSS ACCOUNT |
for the Year Ended 31st December 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,603,084 | 1,491,215 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,615,786 | 1,511,122 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
BALANCE SHEET |
31st December 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31st December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st January 2021 |
Profit for the year | - | 1,198,537 | 1,198,537 |
Total comprehensive income | - |
Balance at 31st December 2021 |
Profit for the year | - | 2,295,922 | 2,295,922 |
Total comprehensive income | - |
Balance at 31st December 2022 |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2022 |
1. | STATUTORY INFORMATION |
BISN Oil Tools Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 07735255. The address of the registered office and principal place of business is 713 Cavendish Avenue, Birchwood, Warrington, WA3 6DE. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about BISN Oil Tools Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is net of value added tax and is reduced for estimated customer return, rebates and other similar allowances. Specifically, turnover from the sale of goods relates to commercial tools used in the application of downhole sealing technology. Turnover is recognised upon completion of assembly of the tools. |
Turnover from sale of services relates to: |
- | development testing to demonstrate the applicability of the commercial tool technology; and |
- | service charges regarding field personnel used in the application of the commercial tool. |
Service charges are recognised in the period to which the service relates. Development testing turnover is recognised based on a percentage of the testing performed. |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
Intangible fixed assets |
Amortisation is provided at the following annual rates in order to write of each asset over its estimated useful life. |
Computer software | - | 33.33% straight line |
At each reporting date, the company reviews the carrying amounts of its intangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Leasehold improvements | - | 20% straight line |
Plant and machinery | - | 20% reducing balance and 33.33% straight line |
Motor vehicles | - | 25% reducing balance |
Office equipment | - | 33.33% straight line |
At each reporting date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2022 | 2021 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2022 | 2021 |
£ | £ |
Rest of the World | 7,402,747 | 8,107,657 |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Administration | 8 | 2 |
Production | 19 | 19 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Computer software amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Hire purchase |
Interest on overdue tax paid |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Corporation tax prior years | (912,477 | ) | 3,924 |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
7. | TAXATION - continued |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Deferred tax movement | (19,106 | ) | 23,606 |
Group relief | (12,283 | ) | (3,537 | ) |
Total tax (credit)/charge | (681,248 | ) | 310,701 |
In the 2021 Spring Budget, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. This was substantively enacted in 2021 and is therefore used to measure UK deferred taxes in both 2021 and 2022, to the extent the related timing differences are expected to reverse in 2023 or later. |
8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1st January 2022 |
and 31st December 2022 |
AMORTISATION |
At 1st January 2022 |
Amortisation for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
9. | TANGIBLE FIXED ASSETS |
Leasehold | Plant and | Motor | Office |
Improvements | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2022 |
Additions |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2022 |
and 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
The following were subsidiary undertakings of the company: |
Name |
Country of incorporation |
Class of shares |
Holding |
Principal Activity |
BiSN Oil Tools LLC^ |
United States of America |
Ordinary |
100% |
Manufacturing company |
BiSN Oil Tools (Canada) Ltd^^ | Canada | Ordinary | 100% | Sales office |
^The registered office is 4514 Brittmore Road, Houston, Texas, 77041. |
^^ The registered office is Suite 2500 Park Place, 666 Burrard Street, Vancouver, British Columbia, V6C2X8. |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
11. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Tax |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
14. | LEASING AGREEMENTS - continued |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Hire purchase contracts | - | 17,310 |
16. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 79,431 | 98,537 |
Deferred |
tax |
£ |
Balance at 1st January 2022 |
Provided during year | ( |
) |
Balance at 31st December 2022 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1.00 | 1,000 | 1,000 |
BISN OIL TOOLS LTD (REGISTERED NUMBER: 07735255) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2022 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1st January 2022 |
Profit for the year |
At 31st December 2022 |
19. | ULTIMATE PARENT COMPANY |
The parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is BiSN Holdings Limited. Copies of the consolidated group accounts are available from the registered office at 713 Cavendish Avenue, Birchwood, Warrington, WA3 6DE. |