Silverfin false 31/12/2022 01/01/2022 31/12/2022 Gordon James Farmer 02/06/2023 23/05/2019 Roderick James Macgregor 02/06/2023 23/05/2019 Russell John Ritchie 13/06/2019 Craig Alfred Smith 05/08/2021 Peter Christopher Young 13/06/2019 16 November 2023 The principal activity of the Company during the financial year was that of a holding company. SC621428 2022-12-31 SC621428 bus:Director1 2022-12-31 SC621428 bus:Director2 2022-12-31 SC621428 bus:Director3 2022-12-31 SC621428 bus:Director4 2022-12-31 SC621428 bus:Director5 2022-12-31 SC621428 2021-12-31 SC621428 core:CurrentFinancialInstruments 2022-12-31 SC621428 core:CurrentFinancialInstruments 2021-12-31 SC621428 core:ShareCapital 2022-12-31 SC621428 core:ShareCapital 2021-12-31 SC621428 core:SharePremium 2022-12-31 SC621428 core:SharePremium 2021-12-31 SC621428 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC621428 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC621428 core:CostValuation 2021-12-31 SC621428 core:CostValuation 2022-12-31 SC621428 bus:OrdinaryShareClass1 2022-12-31 SC621428 2022-01-01 2022-12-31 SC621428 bus:FullAccounts 2022-01-01 2022-12-31 SC621428 bus:SmallEntities 2022-01-01 2022-12-31 SC621428 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC621428 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC621428 bus:Director1 2022-01-01 2022-12-31 SC621428 bus:Director2 2022-01-01 2022-12-31 SC621428 bus:Director3 2022-01-01 2022-12-31 SC621428 bus:Director4 2022-01-01 2022-12-31 SC621428 bus:Director5 2022-01-01 2022-12-31 SC621428 2021-04-01 2021-12-31 SC621428 core:Subsidiary1 2022-01-01 2022-12-31 SC621428 core:Subsidiary1 1 2022-01-01 2022-12-31 SC621428 core:Subsidiary1 1 2021-04-01 2021-12-31 SC621428 core:Subsidiary2 2022-01-01 2022-12-31 SC621428 core:Subsidiary2 1 2022-01-01 2022-12-31 SC621428 core:Subsidiary2 1 2021-04-01 2021-12-31 SC621428 core:Subsidiary3 2022-01-01 2022-12-31 SC621428 core:Subsidiary3 1 2022-01-01 2022-12-31 SC621428 core:Subsidiary3 1 2021-04-01 2021-12-31 SC621428 core:Subsidiary4 2022-01-01 2022-12-31 SC621428 core:Subsidiary4 1 2022-01-01 2022-12-31 SC621428 core:Subsidiary4 1 2021-04-01 2021-12-31 SC621428 core:Subsidiary5 2022-01-01 2022-12-31 SC621428 core:Subsidiary5 1 2022-01-01 2022-12-31 SC621428 core:Subsidiary5 1 2021-04-01 2021-12-31 SC621428 core:Subsidiary6 2022-01-01 2022-12-31 SC621428 core:Subsidiary6 1 2022-01-01 2022-12-31 SC621428 core:Subsidiary6 1 2021-04-01 2021-12-31 SC621428 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC621428 bus:OrdinaryShareClass1 2021-04-01 2021-12-31 SC621428 1 2022-01-01 2022-12-31 SC621428 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: SC621428 (Scotland)

RIG SURVEYS GROUP LIMITED

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

RIG SURVEYS GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

RIG SURVEYS GROUP LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022
RIG SURVEYS GROUP LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 31.12.2022 31.12.2021
£ £
Fixed assets
Investments 3 2,450,000 2,450,000
2,450,000 2,450,000
Current assets
Debtors 4 635,874 416,874
Cash at bank and in hand 1,205 250
637,079 417,124
Creditors: amounts falling due within one year 5 ( 511,048) ( 285,048)
Net current assets 126,031 132,076
Total assets less current liabilities 2,576,031 2,582,076
Net assets 2,576,031 2,582,076
Capital and reserves
Called-up share capital 6 1,000 1,000
Share premium account 4,199,999 4,199,999
Profit and loss account ( 1,624,968 ) ( 1,618,923 )
Total shareholders' funds 2,576,031 2,582,076

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 Group Limited (registered number: SC621428) 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 GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
RIG SURVEYS GROUP 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 Group 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 2021 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 have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 statements have been prepared for a period of 12 months (2021 - 9 months) and therefore the figures may not be entirely comparable.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Investment in subsidiaries are measured at cost less accumulated impairment.

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 cash and bank balances, are initially measured at transaction price including transaction costs.

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 loans from fellow group companies, are initially recognised at transaction price.

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.

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 5 5

3. Fixed asset investments

31.12.2022 31.12.2021
£ £
Subsidiary undertakings 2,450,000 2,450,000

Investments in subsidiaries

31.12.2022
£
Cost
At 01 January 2022 2,450,000
At 31 December 2022 2,450,000
Carrying value at 31 December 2022 2,450,000
Carrying value at 31 December 2021 2,450,000

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.12.2022
Ownership
31.12.2021
Evolution Ropes Limited Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA Ordinary 100.00% 100.00%
Evolution Hose Limited Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA Ordinary 100.00% 100.00%
Rig Surveys Limited Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA Ordinary 100.00% 100.00%
Rig IRM Inc* 1333 Price Plaza Drive, Katy, Texas 77449, USA Ordinary 100.00% 100.00%
Rig Surveys 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%

*held through a subsidiary undertaking.

4. Debtors

31.12.2022 31.12.2021
£ £
Amounts owed by Group undertakings 635,874 415,874
Other debtors 0 1,000
635,874 416,874

5. Creditors: amounts falling due within one year

31.12.2022 31.12.2021
£ £
Amounts owed to Group undertakings 505,000 285,000
Taxation and social security 48 48
Other creditors 6,000 0
511,048 285,048

6. Called-up share capital

31.12.2022 31.12.2021
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

7. Related party transactions

The Company is exempt from disclosing transactions with other wholly owned group companies under Section 1AC.35 of FRS 102. During the year the Company entered into transactions, in the normal course of business, with other related parties.

8. Events after the Balance Sheet date

After the balance sheet date, 3rd Momentum Limited acquired the total shareholding in Rig Surveys Group Limited. This does not have any impact on the financial information or other disclosures in these financial statements.

9. Ultimate controlling party

The company's immediate parent undertaking is 3rd Momentum Limited, a company registered in Scotland.

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