Silverfin false 31/12/2022 01/01/2022 31/12/2022 Gordon James Farmer 02/06/2023 13/06/2019 Roderick James Macgregor 02/06/2023 13/06/2019 Russell John Ritchie 28/02/2012 Peter Christopher Young 11/11/2015 16 November 2023 The principal activity of the Company during the financial year was onshore and offshore inspection. SC418146 2022-12-31 SC418146 bus:Director1 2022-12-31 SC418146 bus:Director2 2022-12-31 SC418146 bus:Director3 2022-12-31 SC418146 bus:Director4 2022-12-31 SC418146 2021-12-31 SC418146 core:CurrentFinancialInstruments 2022-12-31 SC418146 core:CurrentFinancialInstruments 2021-12-31 SC418146 core:ShareCapital 2022-12-31 SC418146 core:ShareCapital 2021-12-31 SC418146 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC418146 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC418146 core:Goodwill 2021-12-31 SC418146 core:Goodwill 2022-12-31 SC418146 core:LandBuildings 2021-12-31 SC418146 core:OtherPropertyPlantEquipment 2021-12-31 SC418146 core:LandBuildings 2022-12-31 SC418146 core:OtherPropertyPlantEquipment 2022-12-31 SC418146 core:CostValuation 2021-12-31 SC418146 core:AdditionsToInvestments 2022-12-31 SC418146 core:CostValuation 2022-12-31 SC418146 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC418146 core:RemainingRelatedParties core:CurrentFinancialInstruments 2021-12-31 SC418146 bus:OrdinaryShareClass1 2022-12-31 SC418146 bus:OrdinaryShareClass2 2022-12-31 SC418146 2022-01-01 2022-12-31 SC418146 bus:FullAccounts 2022-01-01 2022-12-31 SC418146 bus:SmallEntities 2022-01-01 2022-12-31 SC418146 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC418146 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC418146 bus:Director1 2022-01-01 2022-12-31 SC418146 bus:Director2 2022-01-01 2022-12-31 SC418146 bus:Director3 2022-01-01 2022-12-31 SC418146 bus:Director4 2022-01-01 2022-12-31 SC418146 core:Goodwill core:TopRangeValue 2022-01-01 2022-12-31 SC418146 core:Goodwill 2022-01-01 2022-12-31 SC418146 core:LandBuildings core:TopRangeValue 2022-01-01 2022-12-31 SC418146 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-01-01 2022-12-31 SC418146 2021-04-01 2021-12-31 SC418146 core:LandBuildings 2022-01-01 2022-12-31 SC418146 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 SC418146 core:LandBuildings 1 2022-01-01 2022-12-31 SC418146 core:OtherPropertyPlantEquipment 1 2022-01-01 2022-12-31 SC418146 1 2022-01-01 2022-12-31 SC418146 core:Subsidiary1 2022-01-01 2022-12-31 SC418146 core:Subsidiary1 1 2022-01-01 2022-12-31 SC418146 core:Subsidiary1 1 2021-04-01 2021-12-31 SC418146 core:Subsidiary2 2022-01-01 2022-12-31 SC418146 core:Subsidiary2 1 2022-01-01 2022-12-31 SC418146 core:Subsidiary2 1 2021-04-01 2021-12-31 SC418146 core:Subsidiary3 2022-01-01 2022-12-31 SC418146 core:Subsidiary3 1 2022-01-01 2022-12-31 SC418146 core:Subsidiary3 1 2021-04-01 2021-12-31 SC418146 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC418146 bus:OrdinaryShareClass1 2021-04-01 2021-12-31 SC418146 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC418146 bus:OrdinaryShareClass2 2021-04-01 2021-12-31 SC418146 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: SC418146 (Scotland)

RIG SURVEYS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH THE REGISTRAR

RIG SURVEYS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

RIG SURVEYS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022
RIG SURVEYS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 31.12.2022 31.12.2021
£ £
Fixed assets
Tangible assets 4 1,432 20,705
Investments 5 16,462 16,408
17,894 37,113
Current assets
Stocks 89,524 66,094
Debtors 6 2,351,661 1,141,381
Cash at bank and in hand 132,930 92,786
2,574,115 1,300,261
Creditors: amounts falling due within one year 7 ( 3,299,865) ( 1,823,378)
Net current liabilities (725,750) (523,117)
Total assets less current liabilities (707,856) (486,004)
Net liabilities ( 707,856) ( 486,004)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 707,956 ) ( 486,104 )
Total shareholder's deficit ( 707,856) ( 486,004)

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rig Surveys Limited (registered number: SC418146) were approved and authorised for issue by the Director on 16 November 2023. They were signed on its behalf by:

Russell John Ritchie
Director
RIG SURVEYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
RIG SURVEYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Rig Surveys Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Evolution View Wellheads Crescent, Wellheads Industrial Estate, Dyce, AB21 7GA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

In accordance with Section 390 of the Companies Act 2006, these financial statements cover the period from 1 January 2022 to 31 December 2022.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £707,856 (2021 - £486,004) . Included within creditors (Note 7) is an amount due of £1,892,846 to group undertakings. The directors have received assurances that the amounts due will not be repayable to the detriment of other creditors. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial period is prepared for a period of 12 months (2021 - 9 months) so the periods may not be entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 2 years straight line
Plant and machinery etc. 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Work in progress has been stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
31.12.2022
Period from
01.04.2021 to
31.12.2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2022 2,569,125 2,569,125
At 31 December 2022 2,569,125 2,569,125
Accumulated amortisation
At 01 January 2022 2,569,125 2,569,125
At 31 December 2022 2,569,125 2,569,125
Net book value
At 31 December 2022 0 0
At 31 December 2021 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2022 37,852 266,797 304,649
Disposals ( 37,852) ( 29,259) ( 67,111)
Restatement of opening cost 0 210,000 210,000
At 31 December 2022 0 447,538 447,538
Accumulated depreciation
At 01 January 2022 37,852 246,092 283,944
Charge for the financial year 0 19,273 19,273
Disposals ( 37,852) ( 29,259) ( 67,111)
Restatement of opening accumulated depreciation 0 210,000 210,000
At 31 December 2022 0 446,106 446,106
Net book value
At 31 December 2022 0 1,432 1,432
At 31 December 2021 0 20,705 20,705

5. Fixed asset investments

Investments in subsidiaries

31.12.2022
£
Cost
At 01 January 2022 16,408
Additions 54
At 31 December 2022 16,462
Carrying value at 31 December 2022 16,462
Carrying value at 31 December 2021 16,408

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.12.2022
Ownership
31.12.2021
Rig IRM Inc 1333 Price Plaza Drive, Katy Texas 77449 USA Ordinary 100.00% 100.00%
Rig Survey AS Filipstad Brygge 1, Oslo, 0252 Norge Ordinary 100.00% 100.00%
Rig Surveys PTY Ltd. 217 Building C, 355 Scarborough Beach Road, Osborne Park WA, 6017, Australia Ordinary 100.00% 0.00%

6. Debtors

31.12.2022 31.12.2021
£ £
Trade debtors 2,006,302 904,474
Amounts owed by Group undertakings 109,071 74,125
Amounts owed by related parties 6,252 4,094
Deferred tax asset 117,711 62,110
Corporation tax 34 0
Other debtors 112,291 96,578
2,351,661 1,141,381

7. Creditors: amounts falling due within one year

31.12.2022 31.12.2021
£ £
Trade creditors 370,810 21,244
Amounts owed to Group undertakings 1,892,846 1,479,646
Taxation and social security 161,993 140,259
Other creditors 874,216 182,229
3,299,865 1,823,378

8. Called-up share capital

31.12.2022 31.12.2021
£ £
Allotted, called-up and fully-paid
90 C Ordinary shares of £ 1.00 each 90 90
10 P Ordinary shares of £ 1.00 each 10 10
100 100

9. Ultimate controlling party

The company's immediate parent undertaking was Rig Surveys Group Limited.

The ultimate parent undertaking and controlling party is Challenger Energy Limited, a company registered in Scotland.