Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Jeffrey Paul Knight 07/07/2015 Charles Leslie 22/10/2020 16 August 2024 The principal activity of the Company during the financial year company continued to be that of the development and hire of downhole drilling safety valves for customers in the oil and gas industry. SC469088 2024-03-31 SC469088 bus:Director1 2024-03-31 SC469088 bus:Director2 2024-03-31 SC469088 2023-03-31 SC469088 core:CurrentFinancialInstruments 2024-03-31 SC469088 core:CurrentFinancialInstruments 2023-03-31 SC469088 core:Non-currentFinancialInstruments 2024-03-31 SC469088 core:Non-currentFinancialInstruments 2023-03-31 SC469088 core:ShareCapital 2024-03-31 SC469088 core:ShareCapital 2023-03-31 SC469088 core:SharePremium 2024-03-31 SC469088 core:SharePremium 2023-03-31 SC469088 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC469088 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC469088 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 SC469088 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 SC469088 core:PlantMachinery 2023-03-31 SC469088 core:Vehicles 2023-03-31 SC469088 core:ComputerEquipment 2023-03-31 SC469088 core:PlantMachinery 2024-03-31 SC469088 core:Vehicles 2024-03-31 SC469088 core:ComputerEquipment 2024-03-31 SC469088 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 SC469088 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC469088 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2024-03-31 SC469088 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-03-31 SC469088 2022-03-31 SC469088 bus:OrdinaryShareClass1 2024-03-31 SC469088 2023-04-01 2024-03-31 SC469088 bus:FilletedAccounts 2023-04-01 2024-03-31 SC469088 bus:SmallEntities 2023-04-01 2024-03-31 SC469088 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC469088 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC469088 bus:Director1 2023-04-01 2024-03-31 SC469088 bus:Director2 2023-04-01 2024-03-31 SC469088 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-04-01 2024-03-31 SC469088 core:PlantMachinery 2023-04-01 2024-03-31 SC469088 core:Vehicles 2023-04-01 2024-03-31 SC469088 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC469088 2022-04-01 2023-03-31 SC469088 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 SC469088 core:ComputerEquipment 2023-04-01 2024-03-31 SC469088 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC469088 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC469088 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC469088 (Scotland)

DRILLTOOLS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

DRILLTOOLS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

DRILLTOOLS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
DRILLTOOLS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 48,774 56,273
Tangible assets 5 17,656 19,844
66,430 76,117
Current assets
Stocks 8,506 8,506
Debtors 6 236,944 53,638
Cash at bank and in hand 60,988 28,149
306,438 90,293
Creditors: amounts falling due within one year 7 ( 556,321) ( 347,206)
Net current liabilities (249,883) (256,913)
Total assets less current liabilities (183,453) (180,796)
Creditors: amounts falling due after more than one year 8 ( 13,057) ( 19,726)
Net liabilities ( 196,510) ( 200,522)
Capital and reserves
Called-up share capital 10 1,303 1,303
Share premium account 600,825 600,825
Profit and loss account ( 798,638 ) ( 802,650 )
Total shareholders' deficit ( 196,510) ( 200,522)

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

Directors' responsibilities:

The financial statements of Drilltools Limited (registered number: SC469088) were approved and authorised for issue by the Board of Directors on 16 August 2024. They were signed on its behalf by:

Jeffrey Paul Knight
Director
DRILLTOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DRILLTOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Drilltools 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 Wood Cottage, Meikle Wartle, Inverurie, AB51 5BH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £196,510. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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
At each balance sheet date, the company reviews its tangible and intangible 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

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 bank balances, are 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 creditors and loans from related parties, 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 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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Fair value of financial liabilities -
In arriving at the fair value of amounts payable to a former shareholder, the company has estimated the probability of repayments becoming due over the course of the remaining term of the loan. This is based on the payment due for 2024 and projected results for 2025. This has then been discounted at a market rate to arrive at the net present value of future cash flows.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 April 2023 93,957 93,957
Additions 1,979 1,979
At 31 March 2024 95,936 95,936
Accumulated amortisation
At 01 April 2023 37,684 37,684
Charge for the financial year 9,478 9,478
At 31 March 2024 47,162 47,162
Net book value
At 31 March 2024 48,774 48,774
At 31 March 2023 56,273 56,273

5. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 42,337 8,995 5,972 57,304
Additions 3,071 0 0 3,071
At 31 March 2024 45,408 8,995 5,972 60,375
Accumulated depreciation
At 01 April 2023 25,734 5,754 5,972 37,460
Charge for the financial year 4,449 810 0 5,259
At 31 March 2024 30,183 6,564 5,972 42,719
Net book value
At 31 March 2024 15,225 2,431 0 17,656
At 31 March 2023 16,603 3,241 0 19,844

6. Debtors

2024 2023
£ £
Trade debtors 201,127 33,106
Deferred tax asset 8,086 20,039
Other debtors 27,731 493
236,944 53,638

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 134,253 12,520
Amounts owed to related parties 13,011 11,551
Other taxation and social security 1,343 2,423
Other creditors 407,714 320,712
556,321 347,206

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to related parties 13,057 19,726

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 20,039 24,322
Charged to the Profit and Loss Account ( 11,953) ( 4,283)
At the end of financial year 8,086 20,039

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,302,852 Ordinary shares of £ 0.001 each 1,303 1,303

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts loaned by key management personnel 307,702 312,702

No interest is charged on amounts owing nor are there any fixed payment terms.