Silverfin false false 31/12/2023 01/01/2023 31/12/2023 William Donaldson 30/08/2018 Alasdair MacNeil 30/08/2018 Keith Nelson 30/08/2018 John Wilson 12/02/2018 25 September 2024 The principal activity of the company continued to be that of the provision of inspection, training and product-related services to the oil and gas industry. SC588535 2023-12-31 SC588535 bus:Director1 2023-12-31 SC588535 bus:Director2 2023-12-31 SC588535 bus:Director3 2023-12-31 SC588535 bus:Director4 2023-12-31 SC588535 2022-12-31 SC588535 core:CurrentFinancialInstruments 2023-12-31 SC588535 core:CurrentFinancialInstruments 2022-12-31 SC588535 core:Non-currentFinancialInstruments 2023-12-31 SC588535 core:Non-currentFinancialInstruments 2022-12-31 SC588535 core:ShareCapital 2023-12-31 SC588535 core:ShareCapital 2022-12-31 SC588535 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC588535 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC588535 core:Goodwill 2022-12-31 SC588535 core:OtherResidualIntangibleAssets 2022-12-31 SC588535 core:Goodwill 2023-12-31 SC588535 core:OtherResidualIntangibleAssets 2023-12-31 SC588535 core:LandBuildings 2022-12-31 SC588535 core:OtherPropertyPlantEquipment 2022-12-31 SC588535 core:LandBuildings 2023-12-31 SC588535 core:OtherPropertyPlantEquipment 2023-12-31 SC588535 core:CostValuation 2022-12-31 SC588535 core:CostValuation 2023-12-31 SC588535 bus:OrdinaryShareClass1 2023-12-31 SC588535 bus:OrdinaryShareClass2 2023-12-31 SC588535 2023-01-01 2023-12-31 SC588535 bus:FilletedAccounts 2023-01-01 2023-12-31 SC588535 bus:SmallEntities 2023-01-01 2023-12-31 SC588535 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC588535 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC588535 bus:Director1 2023-01-01 2023-12-31 SC588535 bus:Director2 2023-01-01 2023-12-31 SC588535 bus:Director3 2023-01-01 2023-12-31 SC588535 bus:Director4 2023-01-01 2023-12-31 SC588535 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 SC588535 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 SC588535 core:Goodwill 2023-01-01 2023-12-31 SC588535 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 SC588535 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC588535 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-01-01 2023-12-31 SC588535 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC588535 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC588535 2022-01-01 2022-12-31 SC588535 core:LandBuildings 2023-01-01 2023-12-31 SC588535 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC588535 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC588535 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC588535 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC588535 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC588535 (Scotland)

AFS TECHNOLOGIES SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

AFS TECHNOLOGIES SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

AFS TECHNOLOGIES SERVICES LIMITED

BALANCE SHEET

As at 31 December 2023
AFS TECHNOLOGIES SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 8,002 15,394
Tangible assets 4 36,963 48,938
Investments 5 51 51
45,016 64,383
Current assets
Stocks 97,181 97,096
Debtors 6 151,729 269,139
Cash at bank and in hand 2,407 15,223
251,317 381,458
Creditors: amounts falling due within one year 7 ( 492,127) ( 389,570)
Net current liabilities (240,810) (8,112)
Total assets less current liabilities (195,794) 56,271
Creditors: amounts falling due after more than one year 8 ( 80,144) ( 136,059)
Net liabilities ( 275,938) ( 79,788)
Capital and reserves
Called-up share capital 9 995,050 995,050
Profit and loss account ( 1,270,988 ) ( 1,074,838 )
Total shareholders' deficit ( 275,938) ( 79,788)

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 AFS Technologies Services Limited (registered number: SC588535) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Alasdair MacNeil
Director
AFS TECHNOLOGIES SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
AFS TECHNOLOGIES SERVICES 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

AFS Technologies Services 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 Afs Technologies Howe Moss Drive, Kirkihill Industrial Estate, Dyce, Aberdeen, AB21 0GL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 financial statements have been prepared on the going concern basis which assumes that the Company will continue in operational existence for at least twelve months from the date of signing the financial statements. This assumption is based upon assurances received from the directors that it is their intention to provide such assistance as is required to enable the Company to meet its financial commitments. If the Company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.

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 except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

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 the provision of services is recognised in the period to which it relates once it can be estimated reliably.

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 Profit and Loss Account 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
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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Other intangible assets 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

Land and buildings 5 years straight line
Plant and machinery etc. 3 - 4 years straight line
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 Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 10 10

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2023 1 63,049 63,050
At 31 December 2023 1 63,049 63,050
Accumulated amortisation
At 01 January 2023 1 47,655 47,656
Charge for the financial year 0 7,392 7,392
At 31 December 2023 1 55,047 55,048
Net book value
At 31 December 2023 0 8,002 8,002
At 31 December 2022 0 15,394 15,394

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 12,385 134,388 146,773
Additions 0 3,013 3,013
At 31 December 2023 12,385 137,401 149,786
Accumulated depreciation
At 01 January 2023 6,786 91,049 97,835
Charge for the financial year 2,364 12,624 14,988
At 31 December 2023 9,150 103,673 112,823
Net book value
At 31 December 2023 3,235 33,728 36,963
At 31 December 2022 5,599 43,339 48,938

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 51
At 31 December 2023 51
Carrying value at 31 December 2023 51
Carrying value at 31 December 2022 51

6. Debtors

2023 2022
£ £
Trade debtors 102,018 220,593
Amounts owed by group undertakings 37,290 38,490
Corporation tax 6,254 6,254
Other debtors 6,167 3,802
151,729 269,139

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 55,916 55,916
Trade creditors 64,861 50,035
Other taxation and social security 115,906 147,298
Other creditors 255,444 136,321
492,127 389,570

HSBC UK PLC holds both fixed and floating charges that covers all the assets and undertakings of the company.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 80,144 136,059

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
896,275 A ordinary shares of £ 1.00 each 896,275 896,275
98,775 B ordinary shares of £ 1.00 each 98,775 98,775
995,050 995,050

All shares rank pari passu.

10. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 0 61,014

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amount owed to one director 7,766 (221)

The loan is interest free with no set repayment terms.

12. Ultimate controlling party

Parent Company:

Energy Growth Investors (Guernsey) LP
1st and 2nd Floors, Elizabeth House, Les Ruettes Brayes, St. Peter Port GY1 1EW, Guernsey