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REGISTERED NUMBER: SC660477 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

RAZOR OILTOOLS LIMITED

RAZOR OILTOOLS LIMITED (REGISTERED NUMBER: SC660477)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RAZOR OILTOOLS LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C J Chalker
A M H See





REGISTERED OFFICE: 5 Carden Place
Aberdeen
AB10 1UT





REGISTERED NUMBER: SC660477 (Scotland)





ACCOUNTANTS: Infinity Advisors Limited t/a Infinity Partnership
5 Carden Place
Aberdeen
AB10 1UT

RAZOR OILTOOLS LIMITED (REGISTERED NUMBER: SC660477)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,102,713 848,465

CURRENT ASSETS
Stocks 552,649 303,491
Debtors 5 341,827 582,405
Cash at bank 335,427 445,492
1,229,903 1,331,388
CREDITORS
Amounts falling due within one year 6 515,947 496,191
NET CURRENT ASSETS 713,956 835,197
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,816,669

1,683,662

CREDITORS
Amounts falling due after more than one
year

7

(146,250

)

-

PROVISIONS FOR LIABILITIES (455,007 ) (205,221 )
NET ASSETS 2,215,412 1,478,441

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 149,725 149,725
Retained earnings 2,064,687 1,327,716
2,215,412 1,478,441

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

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

RAZOR OILTOOLS LIMITED (REGISTERED NUMBER: SC660477)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2024 and were signed on its behalf by:





C J Chalker - Director


RAZOR OILTOOLS LIMITED (REGISTERED NUMBER: SC660477)

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


1. STATUTORY INFORMATION

RAZOR Oiltools Limited 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.
Improvements to property - 33% on cost
Plant and machinery - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

RAZOR OILTOOLS LIMITED (REGISTERED NUMBER: SC660477)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 2,685 938,367 - 28,441 969,493
Additions - 1,528,680 86,203 6,376 1,621,259
Disposals - - - (874 ) (874 )
At 31 December 2023 2,685 2,467,047 86,203 33,943 2,589,878
DEPRECIATION
At 1 January 2023 1,973 106,728 - 12,327 121,028
Charge for year 712 330,817 26,340 9,087 366,956
Eliminated on disposal - - - (819 ) (819 )
At 31 December 2023 2,685 437,545 26,340 20,595 487,165
NET BOOK VALUE
At 31 December 2023 - 2,029,502 59,863 13,348 2,102,713
At 31 December 2022 712 831,639 - 16,114 848,465

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 237,872 510,804
Other debtors 103,955 71,601
341,827 582,405

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 101,688 -
Trade creditors 41,798 38,890
Taxation and social security 102,961 95,396
Other creditors 269,500 361,905
515,947 496,191

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 146,250 -

RAZOR OILTOOLS LIMITED (REGISTERED NUMBER: SC660477)

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


8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C J Chalker.