Silverfin false false 31/12/2023 01/01/2023 31/12/2023 C Joudrie 10/01/2024 07/12/2011 Dr C Stove 01/12/1997 G C Stove 16/09/1999 30 August 2024 Adrok is passionate about helping to make the world a better place by helping to better understand what lies beneath the earth.

Adrok develops and uses advanced technology to supply geophysical services for locating, identifying and mapping subsurface natural resources (oil, gas, water, minerals).

We provide our clients with measurements of the subsurface natural resources, rock types and rock sequences before drilling.

We call our technology Atomic Dielectric Resonance. We call our services Predrilling Virtual Logging ®.
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Company No: SC181158 (Scotland)

ADROK LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

ADROK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

ADROK LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
ADROK LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 412 1,885
Tangible assets 4 38,561 69,753
Investments 5 85,578 85,578
124,551 157,216
Current assets
Debtors 6 397,635 414,918
Cash at bank and in hand 20,651 97,934
418,286 512,852
Creditors: amounts falling due within one year 7 ( 459,424) ( 468,928)
Net current (liabilities)/assets (41,138) 43,924
Total assets less current liabilities 83,413 201,140
Creditors: amounts falling due after more than one year 8 ( 44,229) ( 40,530)
Net assets 39,184 160,610
Capital and reserves
Called-up share capital 9 1,939 1,799
Share premium account 3,675,300 3,605,300
Profit and loss account ( 3,638,055 ) ( 3,446,489 )
Total shareholders' funds 39,184 160,610

For the financial year ending 31 December 2023 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 Adrok Limited (registered number: SC181158) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

G C Stove
Director
ADROK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
ADROK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Adrok 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 50 Lothian Road, Edinburgh, EH3 9WJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 incurred significant losses for the year. The Company is supported through loans from the directors and related parties. 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 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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.

Turnover

Turnover represents amounts receivable for research and design of radar applications net of VAT and trade discounts.

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

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

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.

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.

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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:

Other intangible assets 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

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:

Land and buildings 10 years straight line
Plant and machinery etc. 4 - 10 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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).

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially 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 bank loans are initially recognised at transaction price.

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.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 191,901 191,901
At 31 December 2023 191,901 191,901
Accumulated amortisation
At 01 January 2023 190,016 190,016
Charge for the financial year 1,473 1,473
At 31 December 2023 191,489 191,489
Net book value
At 31 December 2023 412 412
At 31 December 2022 1,885 1,885

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 35,982 1,132,093 1,168,075
Disposals ( 35,982) ( 23,164) ( 59,146)
At 31 December 2023 0 1,108,929 1,108,929
Accumulated depreciation
At 01 January 2023 32,262 1,066,060 1,098,322
Charge for the financial year 2,306 27,472 29,778
Disposals ( 34,568) ( 23,164) ( 57,732)
At 31 December 2023 0 1,070,368 1,070,368
Net book value
At 31 December 2023 0 38,561 38,561
At 31 December 2022 3,720 66,033 69,753

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 161 161
Other investments and loans 85,417 85,417
85,578 85,578

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 161
At 31 December 2023 161
Carrying value at 31 December 2023 161
Carrying value at 31 December 2022 161

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 85,417 85,417
At 31 December 2023 85,417 85,417
Carrying value at 31 December 2023 85,417 85,417
Carrying value at 31 December 2022 85,417 85,417

6. Debtors

2023 2022
£ £
Amounts owed by own subsidiaries 372,252 385,786
Other debtors 25,383 29,132
397,635 414,918

The directors have assessed the recoverability of the amounts owed by subsidiaries and note that the balances will only be repaid to Adrok Limited on the basis that the relative companies have a profitable trading position. The directors are of the opinion that despite the loans being issued to subsidiaries with no fixed terms of repayment and the timing of repayment being uncertain, options are being explored through the subsidiary companies with the expectation of future profitability. In the opinion of the directors, no provision is required on any amounts owed by own subsidiaries.

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,132 10,100
Trade creditors 222,045 227,637
Other taxation and social security 4,334 3,351
Other creditors 223,913 227,840
459,424 468,928

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

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

2023 2022
£ £
Bank loans 37,279 40,530
Other creditors 6,950 0
44,229 40,530

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

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
164,331 A ordinary shares of £ 0.01 each (2022: 150,331 shares of £ 0.01 each) 1,643.31 1,503.31
29,639 B ordinary shares of £ 0.01 each 296.39 296.39
1,939.70 1,799.70

In the financial year 2023, 14,000 class A shares were issued in lieu of the capitalisation of loans payable to the Directors in the sum of £70,140.

10. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 42,000 0

The Company entered into a new agreement for office rental during the year to 31 December 2023 and are committed to a minimum of two years rental.

11. Related party transactions

Transactions with the entity's directors

At the balance sheet date of 31 December 2022, the company owed G C Stove and Dr C Stove £202,664 (2022 - £182,169). No interest was paid in respect of these loans which are unsecured, repayable on demand and included in Other Creditors falling due within one year.

Other related party transactions

2023 2022
£ £
Amounts due to other related parties 20,300 20,320

In the prior year a £24,000 loan was provided to the company from Mrs H Stove at a fixed interest of 15%. During the year to 31 December 2023, a further £10,000 was advanced at a fixed interest of 10%.