Company registration number SC364462 (Scotland)
TCO IN-WELL TECHNOLOGIES UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TCO IN-WELL TECHNOLOGIES UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TCO IN-WELL TECHNOLOGIES UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,637
88,078
Current assets
Stocks
-
1,463
Debtors
4
37,981
304,227
Cash at bank and in hand
31,603
519,235
69,584
824,925
Creditors: amounts falling due within one year
5
(4,295,349)
(5,255,395)
Net current liabilities
(4,225,765)
(4,430,470)
Net liabilities
(4,202,128)
(4,342,392)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(4,202,130)
(4,342,394)
Total equity
(4,202,128)
(4,342,392)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
R TEFRE
R Tefre
Director
Company Registration No. SC364462
- 1 -
TCO IN-WELL TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
Company information

TCO In-Well Technologies UK Ltd is a private company limited by shares incorporated in Scotland. The registered office is C/O Burnett & Reid LLP, Suite A, Aberdeen, Scotland, AB10 1BR.

1.1
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. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis, notwithstanding the net liabilittruey position of £4,202,128 as at 31 December 2023, which the directors believe to be appropriate for the following reasons. The day-to-day working capital requirements of TCO In-Well Technologies UK Ltd are provided by the ultimate parent undertaking, TCO AS. The directors of TCO AS have indicated to the directors of TCO In-Well Technologies UK Ltd that the ultimate parent undertaking will continue to provide such funds as are necessary to enable it to continue to trade and to meet its liabilities as they fall due and will not seek repayment of the amounts currently made available to the detriment of the company.

 

Based upon the undertaking of financial support outlined above, and after making appropriate enquiries, the directors of TCO In-Well Technologies UK Ltd have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the company’s annual financial statements.

1.3
Turnover
- 2 -

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.

1.4
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:

Leasehold property
Over term of lease
Plant and equipment
3 - 6 years straight line
Fixtures and fittings
25% reducing balance
Tenants' improvements
Over term of lease
Dilapidations asset
Over term of lease
TCO IN-WELL TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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.

1.5
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.

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.

1.6
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 current liabilities.

1.7
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

1.8
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.9
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
3
TCO IN-WELL TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Tangible fixed assets
Leasehold property
Plant and equipment
Fixtures and fittings
Tenants' improvements
Dilapidations asset
Total
£
£
£
£
£
£
Cost
At 1 January 2023
16,913
150,781
34,182
253,572
55,973
511,421
Disposals
(16,913)
(110,568)
(34,182)
(253,572)
-
(415,235)
At 31 December 2023
-
40,213
-
-
55,973
96,186
Depreciation and impairment
At 1 January 2023
14,802
120,104
31,020
228,214
29,203
423,343
Depreciation charged in the year
1,621
5,885
791
25,021
26,770
60,088
Eliminated in respect of disposals
(16,423)
(109,413)
(31,811)
(253,235)
-
(410,882)
At 31 December 2023
-
16,576
-
-
55,973
72,549
Carrying amount
At 31 December 2023
-
23,637
-
-
-
23,637
At 31 December 2022
2,111
30,677
3,162
25,358
26,770
88,078
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
196,597
Other debtors
37,981
107,630
37,981
304,227
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,891
106,169
Amounts owed to group undertakings
4,040,752
4,666,186
Taxation and social security
977
15,205
Other creditors
234,729
467,835
4,295,349
5,255,395
- 4 -
TCO IN-WELL TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The auditor was Anderson Anderson & Brown Audit LLP.
7
Operating lease commitments

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
8,295
218,117
Lessor

At the reporting date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
-
-
8
Related party transactions

As the company is a wholly owned subsidiary of TCO AS, it has taken advantage of the exemption withintrue FRS 102, section 33 (Related Party Disclosure) which allows exemption from disclosure of the related party transactions with other group companies.

9
Parent company

The ultimate controlling party is Fritz Rieber.

 

The parent company is TCO AS (a company incorporated in Norway). The registered office of the company is Storaneset 20, 5260 Indre Arna, Norway.

 

The ultimate holding company is Rieber & Son AS (formerly AS Atlantis Vest) (a company incorporated in Norway). The registered office of the company is Kalfarveien 57A, 5867 Bergen, Norway.

 

Group accounts have been prepared by TCO AS. Copies of the group accounts are available from TCO AS, Storaneset 20, 5260 Indre Arna, Norway.

 

- 5 -
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