Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Horst Ernst Ewald Dittmann 22/01/2015 Ian Gravill 22/01/2015 26 September 2024 The principal activity of the Company during the financial year continued to be that of the provision of consultancy services to the oil and gas sector. SC495693 2023-12-31 SC495693 bus:Director1 2023-12-31 SC495693 bus:Director2 2023-12-31 SC495693 2022-12-31 SC495693 core:CurrentFinancialInstruments 2023-12-31 SC495693 core:CurrentFinancialInstruments 2022-12-31 SC495693 core:ShareCapital 2023-12-31 SC495693 core:ShareCapital 2022-12-31 SC495693 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC495693 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC495693 core:OtherPropertyPlantEquipment 2022-12-31 SC495693 core:OtherPropertyPlantEquipment 2023-12-31 SC495693 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 SC495693 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 SC495693 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 SC495693 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC495693 bus:OrdinaryShareClass1 2023-12-31 SC495693 2023-01-01 2023-12-31 SC495693 bus:FilletedAccounts 2023-01-01 2023-12-31 SC495693 bus:SmallEntities 2023-01-01 2023-12-31 SC495693 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC495693 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC495693 bus:Director1 2023-01-01 2023-12-31 SC495693 bus:Director2 2023-01-01 2023-12-31 SC495693 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC495693 2022-01-01 2022-12-31 SC495693 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC495693 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC495693 (Scotland)

KED SEALS LIMITED

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

KED SEALS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

KED SEALS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
KED SEALS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 2,469 2,632
2,469 2,632
Current assets
Debtors 5 24,564 15,212
Cash at bank and in hand 45,876 83,460
70,440 98,672
Creditors: amounts falling due within one year 6 ( 77,067) ( 77,572)
Net current (liabilities)/assets (6,627) 21,100
Total assets less current liabilities (4,158) 23,732
Provision for liabilities 7 0 ( 599)
Net (liabilities)/assets ( 4,158) 23,133
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 4,258 ) 23,033
Total shareholders' (deficit)/funds ( 4,158) 23,133

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 KED Seals Limited (registered number: SC495693) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

Ian Gravill
Director
KED SEALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
KED SEALS 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

KED Seals 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 Unit 9 Kemnay, Inverurie, AB51 5LX, 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.

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 net liabilities of £4,158. The Company is supported through loans from the directors. 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 the directors 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.

Prior year adjustment

Turnover in the 2021 and 2022 financial statements was overstated, with late credit notes issued in 2024 in respect to both periods. Further details of the affected balances are provided at note 2 to 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 Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for consultancy services to the oil and gas industry net of VAT and trade discounts. Turnover is recognised on an accruals basis depending on when the service is provided.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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, 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:

Plant and machinery etc. 20 - 33.33 % 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).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

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.

2. Prior year adjustment

During preparation of the financial statements, it was highlighted that a bookkeeping error had resulted in sales credit notes having been omitted from the 2021 and 2022 financial statements, being subsequently rectified in 2024. To account for these in the period to which they relate, 2022 figures have been restated, with the following changes included within the comparatives:

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Trade debtors 11,768 (11,768) 0
Amounts owed to related parties 0 (24,459) (24,459)
Taxation and social security (9,141) 4,149 (4,992)
Profit and loss reserves (55,111) 32,078 (23,033)

Based on the previously reported results for the year ended 31 December 2022, the company declared and paid a dividend. The reduction in reserves due to the correction of the error noted here does not affect the legality of this dividend.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 5,138 5,138
Additions 513 513
At 31 December 2023 5,651 5,651
Accumulated depreciation
At 01 January 2023 2,506 2,506
Charge for the financial year 676 676
At 31 December 2023 3,182 3,182
Net book value
At 31 December 2023 2,469 2,469
At 31 December 2022 2,632 2,632

5. Debtors

2023 2022
£ £
Deferred tax asset 189 0
Corporation tax 4,149 0
Other debtors 20,226 15,212
24,564 15,212

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 660 1,065
Amounts owed to Parent undertakings 24,600 24,600
Amounts owed to related parties 21,096 24,459
Taxation and social security 3,029 4,992
Other creditors 27,682 22,456
77,067 77,572

7. Provision for liabilities

2023 2022
£ £
Deferred tax 0 599

8. Called-up share capital

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

9. Related party transactions

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.