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REGISTERED NUMBER: SC118987 (Scotland)












Financial Statements for the Year Ended 31 March 2024

for

WELL SERVICE TECHNOLOGY LTD

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELL SERVICE TECHNOLOGY LTD

Company Information
for the Year Ended 31 March 2024







DIRECTORS: MJ MacDonald
L MacDonald





REGISTERED OFFICE: 7 Provost Craig Road
Ballater
Aberdeenshire
AB35 5NN





REGISTERED NUMBER: SC118987 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 623,440 630,865
Investments 5 28,899 28,367
652,339 659,232

CURRENT ASSETS
Debtors 6 32 159
Cash at bank 121,552 177,561
121,584 177,720
CREDITORS
Amounts falling due within one year 7 56,898 53,421
NET CURRENT ASSETS 64,686 124,299
TOTAL ASSETS LESS CURRENT
LIABILITIES

717,025

783,531

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 716,925 783,431
SHAREHOLDERS' FUNDS 717,025 783,531

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Balance Sheet - continued
31 March 2024


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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by:





MJ MacDonald - Director


WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Well Service Technology Ltd 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

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 601,276 9,645 25,705
Disposals - (9,645 ) -
At 31 March 2024 601,276 - 25,705
DEPRECIATION
At 1 April 2023 - 9,645 25,190
Charge for year - - 129
Eliminated on disposal - (9,645 ) -
At 31 March 2024 - - 25,319
NET BOOK VALUE
At 31 March 2024 601,276 - 386
At 31 March 2023 601,276 - 515

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 38,718 557 675,901
Disposals - - (9,645 )
At 31 March 2024 38,718 557 666,256
DEPRECIATION
At 1 April 2023 9,680 521 45,036
Charge for year 7,260 36 7,425
Eliminated on disposal - - (9,645 )
At 31 March 2024 16,940 557 42,816
NET BOOK VALUE
At 31 March 2024 21,778 - 623,440
At 31 March 2023 29,038 36 630,865

WELL SERVICE TECHNOLOGY LTD (REGISTERED NUMBER: SC118987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023 28,367
Additions 532
At 31 March 2024 28,899
NET BOOK VALUE
At 31 March 2024 28,899
At 31 March 2023 28,367

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 32 159

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 3,198 636
Other creditors 53,700 52,785
56,898 53,421

8. RELATED PARTY DISCLOSURES

The company was under the control of L MacDonald and MJ Macdonald throughout the current and previous year.

During the year the directors advanced the company net amounts totalling £416. As at 31 March 2024 included within other creditors is a balance outstanding due to the directors of £50,500 (2022 - £50,084). No interest was paid on this loan.