Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalse23true2023-01-01falseTraining personnel within the Oil & Gas in industry.26true SC077855 2023-01-01 2023-12-31 SC077855 2022-01-01 2022-12-31 SC077855 2023-12-31 SC077855 2022-12-31 SC077855 2023-01-01 SC077855 c:Director2 2023-01-01 2023-12-31 SC077855 c:Director4 2023-01-01 2023-12-31 SC077855 c:Director5 2023-01-01 2023-12-31 SC077855 c:RegisteredOffice 2023-01-01 2023-12-31 SC077855 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 SC077855 d:Buildings d:ShortLeaseholdAssets 2023-12-31 SC077855 d:Buildings d:ShortLeaseholdAssets 2022-12-31 SC077855 d:PlantMachinery 2023-01-01 2023-12-31 SC077855 d:PlantMachinery 2023-12-31 SC077855 d:PlantMachinery 2022-12-31 SC077855 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC077855 d:FurnitureFittings 2023-01-01 2023-12-31 SC077855 d:FurnitureFittings 2023-12-31 SC077855 d:FurnitureFittings 2022-12-31 SC077855 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC077855 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC077855 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 SC077855 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 SC077855 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 SC077855 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 SC077855 d:CurrentFinancialInstruments 2023-12-31 SC077855 d:CurrentFinancialInstruments 2022-12-31 SC077855 d:Non-currentFinancialInstruments 2023-12-31 SC077855 d:Non-currentFinancialInstruments 2022-12-31 SC077855 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC077855 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC077855 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC077855 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC077855 d:ShareCapital 2023-12-31 SC077855 d:ShareCapital 2022-12-31 SC077855 d:SharePremium 2023-12-31 SC077855 d:SharePremium 2022-12-31 SC077855 d:CapitalRedemptionReserve 2023-12-31 SC077855 d:CapitalRedemptionReserve 2022-12-31 SC077855 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC077855 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC077855 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 SC077855 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 SC077855 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC077855 c:OrdinaryShareClass1 2023-12-31 SC077855 c:OrdinaryShareClass1 2022-12-31 SC077855 c:OrdinaryShareClass2 2023-01-01 2023-12-31 SC077855 c:OrdinaryShareClass2 2023-12-31 SC077855 c:OrdinaryShareClass2 2022-12-31 SC077855 c:FRS102 2023-01-01 2023-12-31 SC077855 c:Audited 2023-01-01 2023-12-31 SC077855 c:FullAccounts 2023-01-01 2023-12-31 SC077855 c:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 SC077855 d:Subsidiary1 2023-01-01 2023-12-31 SC077855 d:Subsidiary1 1 2023-01-01 2023-12-31 SC077855 d:Subsidiary2 2023-01-01 2023-12-31 SC077855 d:Subsidiary2 1 2023-01-01 2023-12-31 SC077855 d:Subsidiary3 2023-01-01 2023-12-31 SC077855 d:Subsidiary3 1 2023-01-01 2023-12-31 SC077855 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC077855 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 SC077855 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 SC077855 4 2023-01-01 2023-12-31 SC077855 6 2023-01-01 2023-12-31 SC077855 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 SC077855 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 SC077855 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 SC077855 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:SC077855













ABERDEEN DRILLING SCHOOL LIMITED






INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ABERDEEN DRILLING SCHOOL LIMITED
 

COMPANY INFORMATION


Directors
T Harring 
J W Grant 
B Poulsen 




Registered number
SC077855



Registered office
50 Union Glen

Aberdeen

AB11 6ER




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
ABERDEEN DRILLING SCHOOL LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2
Notes to the financial statements
3 - 14


 
ABERDEEN DRILLING SCHOOL LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
ABERDEEN DRILLING SCHOOL LIMITED
REGISTERED NUMBER:SC077855

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
331,301
138,852

Tangible assets
 6 
137,768
143,712

Investments
 7 
211,045
211,045

  
680,114
493,609

Current assets
  

Debtors: amounts falling due within one year
 8 
951,384
2,253,599

Cash at bank and in hand
 9 
13,448
6,162

  
964,832
2,259,761

Creditors: amounts falling due within one year
 10 
(1,306,319)
(1,161,999)

Net current (liabilities)/assets
  
 
 
(341,487)
 
 
1,097,762

Total assets less current liabilities
  
338,627
1,591,371

Creditors: amounts falling due after more than one year
 11 
(1,740,157)
(2,551,126)

Provisions for liabilities
  

Other provisions
 12 
(160,000)
-

  
 
 
(160,000)
 
 
-

Net liabilities
  
(1,561,530)
(959,755)


Capital and reserves
  

Called up share capital 
 13 
141,711
141,711

Share premium account
  
290,683
290,683

Capital redemption reserve
  
28,329
28,329

Profit and loss account
  
(2,022,253)
(1,420,478)

  
(1,561,530)
(959,755)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2024.

J W Grant
Director

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
ABERDEEN DRILLING SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Aberdeen Drilling School Limited is a limited company incorporated in the United Kingdom. The registered office is 50 Union Glen, Aberdeen, AB11 6ER. The principal activity of the business is training personnel within the Oil & Gas industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors acknowledge the net liability position which is underpinned by a large amount due to group undertakings.  The Group are in the process of transferring the trade and assets of the company to another group company and the Directors of the parent company have confirmed their intention to provide support as required to ensure all third party creditors will be settled.  The Directors, therefore, have made an informed judgement, at the time of approving the financial statements that the company has access to adequate financial resources to deem it appropriate to prepare the accounts on a going concern basis.

 
2.3

Cash Flow

The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under FRS 102 Section 1A. 

Page 3

 
ABERDEEN DRILLING SCHOOL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Tenants improvements
-
Over the term of the lease
Plant & machinery
-
3 - 8 years
Fixtures & fittings
-
4 - 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
ABERDEEN DRILLING SCHOOL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

  
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price
 less costs to complete and sell. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the 
carrying amount is reduced to its selling price less costs to complete and sell. The impairment
 loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 5

 
ABERDEEN DRILLING SCHOOL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 6

 
ABERDEEN DRILLING SCHOOL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
ABERDEEN DRILLING SCHOOL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.15

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 8

 
ABERDEEN DRILLING SCHOOL LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.18

Taxation

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 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.

 
2.19

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 9

 
ABERDEEN DRILLING SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires managment to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Dilapidations
Certain leases entered into by the company include clauses obliging the Company to return the property in the condition at the date of entry into the lease. The costs to bring the property back to that condition cannot be confirmed until the Company leaves the property and accordingly estimates are prepared at each reporting date. The Company has estimated the value os such dilapidations as at 31 December 2023 at £160,000. Refer to note 5.


4.


Employees

The average number of employees, including directors, during the year was 26 (2022 - 23).


Page 10

 
ABERDEEN DRILLING SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Intellectual Proprty
Development expenditure
Total

£
£
£



Cost


At 1 January 2023
-
193,807
193,807


Additions
194,222
71,962
266,184



At 31 December 2023

194,222
265,769
459,991



Amortisation


At 1 January 2023
-
54,955
54,955


Charge for the year on owned assets
22,659
51,076
73,735



At 31 December 2023

22,659
106,031
128,690



Net book value



At 31 December 2023
171,563
159,738
331,301



At 31 December 2022
-
138,852
138,852




6.


Tangible fixed assets





Tenants Improvements
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
590,094
840,241
55,889
1,486,224


Additions
33,852
-
7,739
41,591



At 31 December 2023

623,946
840,241
63,628
1,527,815



Depreciation


At 1 January 2023
543,813
760,827
37,872
1,342,512


Charge for the year on owned assets
19,150
17,103
11,282
47,535



At 31 December 2023

562,963
777,930
49,154
1,390,047



Net book value



At 31 December 2023
60,983
62,311
14,474
137,768



At 31 December 2022
46,281
79,414
18,017
143,712
Page 11

 
ABERDEEN DRILLING SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
211,045



At 31 December 2023
211,045





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Aberdeen Drilling International Limited
Nassar Lootah Building, Office No 203, Al Maktoum Road, Dubai, UAE
Ordinary
100%
Aberdeen Drilling International Malaysia Limited
  15-02 Menara Atlan 161B Jalan Ampang 50450 Kuala Lumpur Malaysia
Ordinary
100%
Aberdeen Drilling International LLC Company
  5th Floor, Al-Shablan Towers Khobar Dammam Highway Al-Khobar -31952 Kingdom of Saudi Arabia
Ordinary
100%


8.


Debtors

2023
2022
£
£


Trade debtors
195,579
405,397

Amounts owed by group undertakings
615,070
1,705,578

Other debtors
30,853
49,483

Prepayments and accrued income
109,882
93,141

951,384
2,253,599


Page 12

 
ABERDEEN DRILLING SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,448
6,162



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
288,268
226,271

Amounts owed to group undertakings
644,307
569,791

Other taxation and social security
204,127
118,833

Other creditors
1,035
-

Accruals and deferred income
168,582
247,104

1,306,319
1,161,999



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,740,157
2,551,126

1,740,157
2,551,126



12.


Provisions


Dilapidation provision

£





Charged to profit or loss
160,000



At 31 December 2023
160,000

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ABERDEEN DRILLING SCHOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



130,375 (2022 - 130,375) Ordinary shares of £1.00 each
130,375
130,375
11,336 (2022 - 11,336) A Ordinary shares of £1.00 each
11,336
11,336

141,711

141,711



14.


Related party transactions

Control
The immediate parent company of Aberdeen Drilling School Limited is RelyOn Nutec Holding A/S a company registered in Denmark. The ultimate parent company and controlling entity of the group is Mubadala Capital a company registered in Abu Dhabi.
Post year end, the Group’s investment partner, Polaris Private Equity IV K/S, realised its investment and was replaced by Mubadala Capital, a UAE based private equity firm. 
 
Transactions
The company has taken advantage of the exemptions within FRS 102 section 33 (Related Party Disclosure) which allows exemption from the disclosure of related party transactions with other group companies.  


15.


Controlling party

The immediate parent company of Aberdeen Drilling School Limited is RelyOn Nutec Holding A/S a company registered in Denmark. The ultimate parent company and controlling entity of the group is Mubadala Capital a company registered in Abu Dhabi.
Post year end, the Group’s investment partner, Polaris Private Equity IV K/S, realised its investment and was replaced by Mubadala Capital, a UAE based private equity firm.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 7 August 2024 by James Pirrie (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


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