Company registration number SC184389 (Scotland)
Oilfield Tool Inspection Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with registrar
Oilfield Tool Inspection Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Oilfield Tool Inspection Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oilfield Tool Inspection Limited for the year ended 31 March 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Oilfield Tool Inspection Limited, as a body, in accordance with the terms of our engagement letter dated 6 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Oilfield Tool Inspection Limited and state those matters that we have agreed to state to the board of directors of Oilfield Tool Inspection Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oilfield Tool Inspection Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Oilfield Tool Inspection Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oilfield Tool Inspection Limited. You consider that Oilfield Tool Inspection Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Oilfield Tool Inspection Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
5 August 2024
Oilfield Tool Inspection Limited
Statement of financial position
as at 31 March 2024
31 March 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,055
9,295
Investments
4
148,915
132,681
159,970
141,976
Current assets
Debtors
60,027
61,443
Cash at bank and in hand
24,962
12,326
84,989
73,769
Creditors: amounts falling due within one year
(137,573)
(119,023)
Net current liabilities
(52,584)
(45,254)
Total assets less current liabilities
107,386
96,722
Provisions for liabilities
(14,288)
(9,350)
Net assets
93,098
87,372
Capital and reserves
Called up share capital
4
4
Revaluation reserve
42,036
32,331
Profit and loss reserves
51,058
55,037
Total equity
93,098
87,372

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Oilfield Tool Inspection Limited
Statement of financial position (continued)
as at 31 March 2024
31 March 2024
3
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
Pamela A. Davidson
Director
Company registration number SC184389
Oilfield Tool Inspection Limited
Notes to the financial statements
for the year ended 31 March 2024
4
1
Accounting policies
Company information

Oilfield Tool Inspection Limited is a private company limited by shares incorporated in Scotland. The registered office is 18 Wilson Road, Banchory, AB31 5UY.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
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:

Plant and equipment
15% reducing balance and 3 years straight line
Motor vehicles
25% reducing balance

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.

1.4
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 income statement 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.

Oilfield Tool Inspection Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
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 income statement, 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.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

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

2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Total
£
Cost
At 1 April 2023
47,487
Additions
4,809
At 31 March 2024
52,296
Depreciation and impairment
At 1 April 2023
38,192
Depreciation charged in the year
3,049
At 31 March 2024
41,241
Carrying amount
At 31 March 2024
11,055
At 31 March 2023
9,295
Oilfield Tool Inspection Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
6
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
148,915
132,681
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2023
132,681
Additions
2,587
Valuation changes
13,978
At 31 March 2024
149,246
Impairment
At 1 April 2023
-
Disposals
331
At 31 March 2024
331
Carrying amount
At 31 March 2024
148,915
At 31 March 2023
132,681
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