Company No:
Contents
Note | 31.12.2022 | 31.12.2021 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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2,450,000 | 2,450,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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637,079 | 417,124 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 126,031 | 132,076 | ||
Total assets less current liabilities | 2,576,031 | 2,582,076 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Rig Surveys Group Limited (registered number:
Russell John Ritchie
Director |
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.
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 £.
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.
The financial statements have been prepared for a period of 12 months (2021 - 9 months) and therefore the figures may not be entirely comparable.
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.
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
Financial assets
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 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.
Year ended 31.12.2022 |
Period from 01.04.2021 to 31.12.2021 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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31.12.2022 | 31.12.2021 | ||
£ | £ | ||
Subsidiary undertakings |
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Investments in subsidiaries
31.12.2022 | |
£ | |
Cost | |
At 01 January 2022 |
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At 31 December 2022 |
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Carrying value at 31 December 2022 |
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Carrying value at 31 December 2021 |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.12.2022 |
Ownership 31.12.2021 |
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Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA |
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Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA |
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Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA |
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1333 Price Plaza Drive, Katy, Texas 77449, USA |
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Filipstad brygge 1, Oslo, 0252, Norge |
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217 Building C, 355 Scarborough Beach Road, Osborne Park WA, 6017, Australia |
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31.12.2022 | 31.12.2021 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Other debtors |
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31.12.2022 | 31.12.2021 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Taxation and social security |
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Other creditors |
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31.12.2022 | 31.12.2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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.
The ultimate parent undertaking and controlling party is Challenger Energy Limited, a company registered in Scotland.