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REGISTERED NUMBER: SC407490 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

PREMIUM DRILLING TOOLS LIMITED

PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)






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


PREMIUM DRILLING TOOLS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Grabner
J G Hepburn
R McGee





REGISTERED OFFICE: 28 Albyn Place
Aberdeen
AB10 1YL





REGISTERED NUMBER: SC407490 (Scotland)





ACCOUNTANTS: Fyfe Moir & Associates
1st Floor, 5 Abercrombie Crt
Prospect Road,
Westhill
Aberdeenshire
Grampian
AB32 6FE

PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

Balance Sheet
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 304,550 315,195

CURRENT ASSETS
Stocks 5 369,828 330,139
Debtors 6 714,835 626,574
Cash at bank and in hand 405,660 434,421
1,490,323 1,391,134
CREDITORS
Amounts falling due within one year 7 1,112,829 1,201,328
NET CURRENT ASSETS 377,494 189,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

682,044

505,001

CREDITORS
Amounts falling due after more than one year 8 (106,344 ) (159,009 )

PROVISIONS FOR LIABILITIES 9 (50,366 ) (23,323 )
NET ASSETS 525,334 322,669

CAPITAL AND RESERVES
Called up share capital 18,000 18,000
Retained earnings 507,334 304,669
525,334 322,669

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.

PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

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 25 September 2024 and were signed on its behalf by:





S Grabner - Director


PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Premium 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

Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies
Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of
section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true
and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the
revaluation of freehold properties and to include investment properties and certain financial instruments at fair
value. The principal accounting policies adopted are set out below.

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
.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is
the present value of the future receipts. The difference between the fair value of the consideration and the
nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 3 - 10 years
Office equipment 2 - 10 years
Motor vehicles 3 years

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.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is
reasonable assurance that the grant conditions will be met and the grants will be received.

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

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement
cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks
over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or
loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the profit and loss account because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting end date.


PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are
recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax
liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference
arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects
neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability
is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except
when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with
in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to
offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the
same tax authority.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the
dates of the transactions.

At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the
period are included in profit or loss.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Provisions for liabilities
Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the
obligation is recognised at present value. When a provision is measured at present value, the unwinding of
the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Operating leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Debtors and creditors
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 1,189,074 281,275 23,960 1,494,309
Additions 71,514 6,723 - 78,237
Disposals - (1,792 ) - (1,792 )
At 31 December 2023 1,260,588 286,206 23,960 1,570,754
DEPRECIATION
At 1 January 2023 884,583 270,571 23,960 1,179,114
Charge for year 83,601 5,281 - 88,882
Eliminated on disposal - (1,792 ) - (1,792 )
At 31 December 2023 968,184 274,060 23,960 1,266,204
NET BOOK VALUE
At 31 December 2023 292,404 12,146 - 304,550
At 31 December 2022 304,491 10,704 - 315,195

PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 24,240
DEPRECIATION
At 1 January 2023 2,424
Charge for year 4,848
At 31 December 2023 7,272
NET BOOK VALUE
At 31 December 2023 16,968
At 31 December 2022 21,816

5. STOCKS
31.12.23 31.12.22
£    £   
Raw materials and consumables 285,075 248,858
Long-term contract balances 84,753 81,281
369,828 330,139

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 684,320 595,273
Prepayments and accrued income 30,515 31,301
714,835 626,574

PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 50,000 70,529
Finance leases 2,944 2,944
Trade creditors 113,939 151,096
Amounts owed to other
participating interests 763,642 832,642
Social security and other taxes 57,582 20,146
VAT 72,956 72,640
Accrued expenses 51,766 51,331
1,112,829 1,201,328

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 95,833 145,833
Finance leases 10,511 13,176
106,344 159,009

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 50,366 23,323

Deferred
tax
£   
Balance at 1 January 2023 23,323
Provided during year 27,043
Balance at 31 December 2023 50,366

10. RELATED PARTY DISCLOSURES

A director

Director


Loans to the value of £30,000 were repaid in the year.

31.12.23 31.12.22
£    £   
Amount due from related party at the balance sheet date 277,382 307,382

PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. RELATED PARTY DISCLOSURES - continued

A company with common directors

A Company with in which the directors have a common interest


No movement in the year

31.12.23 31.12.22
£    £   
Amount due from related party at the balance sheet date 51,326 51,326

A director

Director


Loans to the value of £39,000 were repaid in the year.

31.12.23 31.12.22
£    £   
Amount due from related party at the balance sheet date 434,935 473,935