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REGISTERED NUMBER: SC251873 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Rig Control Products Limited

Rig Control Products Limited (Registered number: SC251873)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rig Control Products Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: P J F Butler
B R Knight
P M Ross





SECRETARY: Burnett & Company





REGISTERED OFFICE: 6 King's Gate
Aberdeen
AB15 4EJ





REGISTERED NUMBER: SC251873 (Scotland)





ACCOUNTANTS: J M Taylor
7 Ythan Terrace
Ellon
Aberdeenshire
AB41 9LJ

Rig Control Products Limited (Registered number: SC251873)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 669,526 658,188
669,526 658,188

CURRENT ASSETS
Stocks 221,955 154,518
Debtors 6 239,073 410,214
Cash at bank and in hand 143,610 113,574
604,638 678,306
CREDITORS
Amounts falling due within one year 7 109,131 178,592
NET CURRENT ASSETS 495,507 499,714
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,165,033

1,157,902

CREDITORS
Amounts falling due after more than one year 8 216,156 246,543
NET ASSETS 948,877 911,359

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 947,877 910,359
SHAREHOLDERS' FUNDS 948,877 911,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Rig Control Products Limited (Registered number: SC251873)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by:





B R Knight - Director


Rig Control Products Limited (Registered number: SC251873)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Rig Control Products Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

Rig Control Products Limited (Registered number: SC251873)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022
and 30 June 2023 4,685
AMORTISATION
At 1 July 2022
and 30 June 2023 4,685
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 634,024 146,173 780,197
Additions - 17,888 17,888
At 30 June 2023 634,024 164,061 798,085
DEPRECIATION
At 1 July 2022 - 122,009 122,009
Charge for year - 6,550 6,550
At 30 June 2023 - 128,559 128,559
NET BOOK VALUE
At 30 June 2023 634,024 35,502 669,526
At 30 June 2022 634,024 24,164 658,188

6. DEBTORS
30.6.23 30.6.22
£    £   
Amounts falling due within one year:
Trade debtors 71,481 244,262
Other debtors 14,601 21,161
86,082 265,423

Rig Control Products Limited (Registered number: SC251873)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. DEBTORS - continued
30.6.23 30.6.22
£    £   
Amounts falling due after more than one year:
Trade debtors 152,991 144,791

Aggregate amounts 239,073 410,214

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 20,135 20,135
Trade creditors 67,087 105,745
Taxation and social security 16,577 44,477
Other creditors 5,332 8,235
109,131 178,592

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 186,156 206,635
Other creditors 30,000 39,908
216,156 246,543

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 105,615 126,094