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REGISTERED NUMBER: SC390418 (Scotland)















LYNX DRILLING TOOLS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






LYNX DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC390418)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LYNX DRILLING TOOLS LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTOR: A M Macrae





REGISTERED OFFICE: 220 King's Gate
Aberdeen
AB15 6DQ





REGISTERED NUMBER: SC390418 (Scotland)






LYNX DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC390418)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 304 1,868
Investments 5 4,500 4,500
4,804 6,368

CURRENT ASSETS
Stocks 14,469 31,747
Debtors 6 963,069 851,398
Cash at bank 8,710 102,287
986,248 985,432
CREDITORS
Amounts falling due within one year 7 65,887 62,526
NET CURRENT ASSETS 920,361 922,906
TOTAL ASSETS LESS CURRENT
LIABILITIES

925,165

929,274

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 925,160 929,269
SHAREHOLDERS' FUNDS 925,165 929,274

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 director acknowledges his 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.

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 director and authorised for issue on 17 September 2024 and were signed by:



A M Macrae - Director


LYNX DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC390418)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Lynx Drilling Tools 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 represents sales of goods and services provided in the year, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% 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 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company makes pension contributions to a personal pension scheme of the company's director. Contributions payable to this pension scheme are charged to the profit or loss in the period to which they relate.

Fixed asset investments
Fixed asset investments are stated at cost and reviewed for impairment as required.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 2 ) .

LYNX DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC390418)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 54,049
Additions 147
At 31 December 2023 54,196
DEPRECIATION
At 1 January 2023 52,181
Charge for year 1,711
At 31 December 2023 53,892
NET BOOK VALUE
At 31 December 2023 304
At 31 December 2022 1,868

5. FIXED ASSET INVESTMENTS
Interest
in other
participating
interests
£   
COST
At 1 January 2023
and 31 December 2023 4,500
NET BOOK VALUE
At 31 December 2023 4,500
At 31 December 2022 4,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 73,163 73,591
Other debtors 888,658 773,504
Tax recoverable 1,248 4,303
963,069 851,398

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 36,655 16,971
Taxation and social security 1,117 760
Other creditors 28,115 44,795
65,887 62,526

LYNX DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC390418)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company provided loans to the company's director which were repaid by the year end. The maximum amount outstanding during the year was £33,420. Interest was charged on these loans at 2.25%.

At 31 December 2022 the company had provided the company's director with an interest free loan of £6,762 which was included in other debtors. There were no fixed repayment terms for this loan.




9. RELATED PARTY DISCLOSURES

The company has a participating interest in Geolink (UK) Limited and has provided guarantees for amounts payable or to become payable by Geolink (UK) Limited to third parties.

At 31 December 2023 the company's director had provided the company with an interest free loan of £6,066 (2022, £0) which is included in other creditors. There are no fixed repayment terms for this loan.