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Company registration number: 11038081







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


NESR LIMITED






































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NESR LIMITED
 


 
COMPANY INFORMATION


Director
S. N. A. Foda 




Registered number
11038081



Registered office
Magna House
18-32 London Road

Staines-Upon-Thames

TW18 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


NESR LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 4


 


NESR LIMITED
REGISTERED NUMBER:11038081



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Investments
 4 
-
100,000

  
-
100,000

Current assets
  

Debtors: amounts falling due within one year
 5 
203,545
205,809

Cash at bank and in hand
  
1,170
34,911

  
204,715
240,720

Creditors: amounts falling due within one year
 6 
(144,582)
(147,327)

Net current assets
  
 
 
60,133
 
 
93,393

Total assets less current liabilities
  
60,133
193,393

  

Net assets
  
60,133
193,393


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
59,133
192,393

  
60,133
193,393


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S. N. A. Foda
Director

Date: 25 September 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 


NESR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

NESR Limited is a private company limited by shares incorporated in England and Wales. The address of the principal place of business is 7th Floor, 777 Post Oak Boulevard, Houston, Texas, 77056, USA. 
The financial statements are presented in dollars which is the functional currency of the company and rounded to the nearest $.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will continue in operational existence for the foreseeable future.
The Company’s financial support is provided by its parent entity, National Energy Services Reunited Corp. (the ‘Group Entity’) as Company remains reliant on the Group Entity for continuing financial support. The Directors have no reason to believe that such support will not continue for a period of at least 12 months from the date of approval of these financial statements. Taking these factors into account, the Directors conclude it is reasonable to adopt the going concern basis in preparing the financial statements. 

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2

 


NESR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like other debtors, trade creditors, other creditors and loans from related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

$



Cost or valuation


At 1 January 2023
100,000



At 31 December 2023

100,000



Impairment


Charge for the period
100,000



At 31 December 2023

100,000



Net book value



At 31 December 2023
-



At 31 December 2022
100,000

The impairment charge has been recognised within the Statement of Comprehensive Income in relation to adjusting
the investment value in the subsidiaries to its recoverable amount.

Page 3

 


NESR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
$
$


Amounts owed by group undertakings
202,206
205,000

Prepayments and accrued income
1,339
809

203,545
205,809



6.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
-
5,780

Amounts owed to group undertakings
118,612
118,612

Accruals and deferred income
25,970
22,935

144,582
147,327



7.


Post balance sheet events

On 23 September 2024, NESR Limited entered into a Share Purchase Agreement (the “Agreement”) to acquire 5,000 Class A Preferred Shares, par value €0.01 per share, of Salttech Holding B.V. (“Salttech”), for a purchase price of $5,000,000.  Subsequent to the Agreement, NESR Limited owns a 20% interest in the Equity Securities of Salttech.


8.


Controlling party

The parent company of the smallest group for which consolidated financial statements are drawn up is National Energy Service Corp. (NESR). The company's principal place of business is 7th Floor, 777 Post Oak Boulevard, Houston, Texas, 77056, USA. 

9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 September 2024 by Sophie Said (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 4