Silverfin false 19 September 2024 19 September 2024 Hazel Neilson Tawse & Partners 43,433 67,825 false true 31/12/2023 01/01/2023 31/12/2023 Charles Leslie 17/08/2015 Peter Anthony Lumley 24/10/2018 Scott Alexander Robertson 27/03/2023 Poodipeddi Venkata Raghava Suryanarayana 22/06/2015 19 September 2024 The principal activity of the Company during the financial year was that of the provision of energy services to the oil and gas industry. SC361951 2023-12-31 SC361951 bus:Director1 2023-12-31 SC361951 bus:Director2 2023-12-31 SC361951 bus:Director3 2023-12-31 SC361951 bus:Director4 2023-12-31 SC361951 2022-12-31 SC361951 core:CurrentFinancialInstruments 2023-12-31 SC361951 core:CurrentFinancialInstruments 2022-12-31 SC361951 core:ShareCapital 2023-12-31 SC361951 core:ShareCapital 2022-12-31 SC361951 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC361951 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC361951 core:PlantMachinery 2022-12-31 SC361951 core:FurnitureFittings 2022-12-31 SC361951 core:ComputerEquipment 2022-12-31 SC361951 core:PlantMachinery 2023-12-31 SC361951 core:FurnitureFittings 2023-12-31 SC361951 core:ComputerEquipment 2023-12-31 SC361951 bus:OrdinaryShareClass1 2023-12-31 SC361951 2023-01-01 2023-12-31 SC361951 bus:FilletedAccounts 2023-01-01 2023-12-31 SC361951 bus:SmallEntities 2023-01-01 2023-12-31 SC361951 bus:Audited 2023-01-01 2023-12-31 SC361951 2022-01-01 2022-12-31 SC361951 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC361951 bus:Director1 2023-01-01 2023-12-31 SC361951 bus:Director2 2023-01-01 2023-12-31 SC361951 bus:Director3 2023-01-01 2023-12-31 SC361951 bus:Director4 2023-01-01 2023-12-31 SC361951 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC361951 core:FurnitureFittings 2023-01-01 2023-12-31 SC361951 core:ComputerEquipment 2023-01-01 2023-12-31 SC361951 core:PlantMachinery 2023-01-01 2023-12-31 SC361951 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC361951 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC361951 (Scotland)

BLADE ENERGY PARTNERS LIMITED

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

BLADE ENERGY PARTNERS LIMITED

FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

BLADE ENERGY PARTNERS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
BLADE ENERGY PARTNERS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,305 1,741
1,305 1,741
Current assets
Debtors 4 423,580 384,114
Cash at bank and in hand 20,190 25,748
443,770 409,862
Creditors: amounts falling due within one year 5 ( 24,547) ( 34,399)
Net current assets 419,223 375,463
Total assets less current liabilities 420,528 377,204
Provision for liabilities 6 ( 326) ( 435)
Net assets 420,202 376,769
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 420,102 376,669
Total shareholder's funds 420,202 376,769

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Blade Energy Partners Limited (registered number: SC361951) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

Scott Alexander Robertson
Director
BLADE ENERGY PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BLADE ENERGY PARTNERS 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

Blade Energy Partners 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 68 Spademill Lane, Aberdeen, AB15 4EZ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

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, 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 3 years straight line
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

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 Statement of Income and Retained Earnings 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).

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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, are 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. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Tangible assets

Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 1,284 3,158 3,758 8,200
At 31 December 2023 1,284 3,158 3,758 8,200
Accumulated depreciation
At 01 January 2023 1,284 2,951 2,224 6,459
Charge for the financial year 0 52 384 436
At 31 December 2023 1,284 3,003 2,608 6,895
Net book value
At 31 December 2023 0 155 1,150 1,305
At 31 December 2022 0 207 1,534 1,741

4. Debtors

2023 2022
£ £
Trade debtors 99,811 283,691
Amounts owed by Group undertakings 255,465 96,655
Other debtors 68,304 3,768
423,580 384,114

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 1,910
Taxation and social security 16,072 14,934
Other creditors 8,475 17,555
24,547 34,399

6. Provision for liabilities

2023 2022
£ £
Deferred tax 326 435

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 63,000 0

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed from a director 1,740 0

Advances

An advance was made to a director on 31 January 2023 for £1,740 (at an interest rate of 0%), and there are no fixed repayment terms. During the year, £0 has been repaid, £0 has been written off, and £0 has been waived.

The company has taken advantage of the exemption within FRS 102 Section 33 paragraph 33.1A, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary of the group which is party to the transactions.

10. Audit Opinion

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

The audit report was signed by Hazel Neilson on behalf of Tawse & Partners.

11. Ultimate controlling party

Parent Company:

Blade Energy Partners Ltd, a company registered in the United States of America.
2600 Network Boulevard STE 500
Frisco
Texas 75034
United States of America