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REGISTERED NUMBER: SC118987 (Scotland)












Financial Statements for the Year Ended 31 March 2023

for

WELL SERVICE TECHNOLOGY LTD

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELL SERVICE TECHNOLOGY LTD

Company Information
for the Year Ended 31 March 2023







DIRECTORS: MJ MacDonald
L MacDonald





REGISTERED OFFICE: 7 Provost Craig Road
Ballater
Aberdeenshire
AB35 5NN





REGISTERED NUMBER: SC118987 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 630,865 633,562
Investments 5 28,367 27,869
659,232 661,431

CURRENT ASSETS
Debtors 6 159 256
Cash at bank 177,561 263,653
177,720 263,909
CREDITORS
Amounts falling due within one year 7 53,421 51,474
NET CURRENT ASSETS 124,299 212,435
TOTAL ASSETS LESS CURRENT
LIABILITIES

783,531

873,866

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 783,431 873,766
SHAREHOLDERS' FUNDS 783,531 873,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Balance Sheet - continued
31 March 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





MJ MacDonald - Director


WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Well Service Technology Ltd 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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.

Deferred tax
Deferred tax is recognised in respect of all material 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 598,382 9,645 25,705
Additions 2,894 - -
Disposals - - -
At 31 March 2023 601,276 9,645 25,705
DEPRECIATION
At 1 April 2022 - 9,645 25,018
Charge for year - - 172
Eliminated on disposal - - -
At 31 March 2023 - 9,645 25,190
NET BOOK VALUE
At 31 March 2023 601,276 - 515
At 31 March 2022 598,382 - 687

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 38,308 557 672,597
Additions 38,718 - 41,612
Disposals (38,308 ) - (38,308 )
At 31 March 2023 38,718 557 675,901
DEPRECIATION
At 1 April 2022 3,990 382 39,035
Charge for year 9,680 139 9,991
Eliminated on disposal (3,990 ) - (3,990 )
At 31 March 2023 9,680 521 45,036
NET BOOK VALUE
At 31 March 2023 29,038 36 630,865
At 31 March 2022 34,318 175 633,562

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022 27,869
Additions 498
At 31 March 2023 28,367
NET BOOK VALUE
At 31 March 2023 28,367
At 31 March 2022 27,869

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 159 256

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 636 195
Other creditors 52,785 51,279
53,421 51,474

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £72,000 (2022 - £66,000) were paid to the directors .

The company was under the control of L MacDonald and MJ Macdonald throughout the current and previous year.

During the year the directors advanced the company net amounts totalling £22,949. As at 31 March 2023 included within other creditors is a balance outstanding due to the directors of £50,084 (2022 - £27,135). No interest was paid on this loan.