TOMAX DRILLING TECHNOLOGY UK LIMITED
SC492836
FILLETED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TOMAX DRILLING TECHNOLOGY UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
TOMAX DRILLING TECHNOLOGY UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,005
13,327
Current assets
Stocks
1,002,384
725,824
Debtors
4
2,693,799
862,350
Cash at bank and in hand
729,553
577,751
4,425,736
2,165,925
Creditors: amounts falling due within one year
5
(4,160,815)
(2,243,744)
Net current assets/(liabilities)
264,921
(77,819)
Net assets/(liabilities)
268,926
(64,492)
Capital and reserves
Called up share capital
6
1
1
Other reserves
148
15,051
Profit and loss reserves
268,777
(79,544)
Total equity
268,926
(64,492)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 8 April 2024 and are signed on its behalf by:
Anson Bartlett
Director
Company Registration No. SC492836
TOMAX DRILLING TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Tomax Drilling Technology UK Limited is a wholly owned subsidiary of Tomax AS and the results of Tomax Drilling Technology UK Limited are included in the consolidated financial statements of Tomax AS which are available from Kanalsletta 2, P.O. Box 332, 4067 Stavanger, Norway. As a result the company has taken advantage of the exemption not to disclose details of transactions and balances with other members of the group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The parent company has confirmed their continued support for the entity for a period of at least twelve months from the date of approval of the financial statements. The parent company loan will not be recalled in this period.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental of equipment 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.

 

Profit is recognised on contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to expected costs for that contract.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tools
33% Straight line
Fixtures & fittings
25% Reducing balance
Computer equipment
33% Straight line

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.

TOMAX DRILLING TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TOMAX DRILLING TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TOMAX DRILLING TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

TOMAX DRILLING TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
111,240
Additions
3,039
Disposals
(41,978)
Exchange differences
(3,252)
At 31 December 2023
69,049
Depreciation and impairment
At 1 January 2023
97,913
Depreciation charged in the year
3,343
Eliminated in respect of disposals
(33,462)
Exchange differences
(2,750)
At 31 December 2023
65,044
Carrying amount
At 31 December 2023
4,005
At 31 December 2022
13,327
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,636,320
777,820
Other debtors
57,479
84,530
2,693,799
862,350
TOMAX DRILLING TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
117,400
45,104
Amounts owed to group undertakings
3,712,556
2,095,145
Taxation and social security
55,472
16,997
Other creditors
275,387
86,498
4,160,815
2,243,744
Interest on the group loan is charged at 7.5% and there are no set repayment terms.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Derek Petrie MA (Hons) CA and the auditor was Hall Morrice LLP.
8
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for office space. Leases are negotiated for an average term of 1 to 3 years and rentals are fixed for an average of 1 to 3 years with an option to extend at the end of the original term at the prevailing market rate.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Total
21,791
20,477
TOMAX DRILLING TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Parent company

The company was controlled throughout the current and previous year by its parent company, Tomax AS, a company registered in Norway.

The largest group in which the financial results of the company are consolidated is that headed by Tomax AS. No other group financial statements include the results of the company.

 

The consolidated financial statements are available to the public and may be obtained from Kanalsletta 2, P.O. Box 332, 4067 Stavanger, Norway.

 

10
Company information

Tomax Drilling Technology UK Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 & 7 Queens Terrace, Aberdeen, AB10 1XL.

2023-12-312023-01-01false08 April 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedIvor SinclairHakon SkjelvikAnson BartlettHM Secretaries LimitedSC4928362023-01-012023-12-31SC4928362023-12-31SC4928362022-12-31SC492836core:OtherPropertyPlantEquipment2023-12-31SC492836core:OtherPropertyPlantEquipment2022-12-31SC492836core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC492836core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC492836core:CurrentFinancialInstruments2023-12-31SC492836core:CurrentFinancialInstruments2022-12-31SC492836core:ShareCapital2023-12-31SC492836core:ShareCapital2022-12-31SC492836core:OtherMiscellaneousReserve2023-12-31SC492836core:OtherMiscellaneousReserve2022-12-31SC492836core:RetainedEarningsAccumulatedLosses2023-12-31SC492836core:RetainedEarningsAccumulatedLosses2022-12-31SC492836bus:Director32023-01-012023-12-31SC492836core:PlantMachinery2023-01-012023-12-31SC492836core:FurnitureFittings2023-01-012023-12-31SC492836core:ComputerEquipment2023-01-012023-12-31SC4928362022-01-012022-12-31SC492836core:OtherPropertyPlantEquipment2022-12-31SC492836core:OtherPropertyPlantEquipment2023-01-012023-12-31SC492836core:WithinOneYear2023-12-31SC492836core:WithinOneYear2022-12-31SC492836bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC492836bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC492836bus:FRS1022023-01-012023-12-31SC492836bus:Audited2023-01-012023-12-31SC492836bus:Director12023-01-012023-12-31SC492836bus:Director22023-01-012023-12-31SC492836bus:CompanySecretary12023-01-012023-12-31SC492836bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP