Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Dean Foster 16/11/2005 16 October 2024 The principal activity of the Company during the financial year continued to be the provision of equipment to oilfield and gas sectors. SC289094 2024-01-31 SC289094 bus:Director1 2024-01-31 SC289094 2023-01-31 SC289094 core:CurrentFinancialInstruments 2024-01-31 SC289094 core:CurrentFinancialInstruments 2023-01-31 SC289094 core:Non-currentFinancialInstruments 2024-01-31 SC289094 core:Non-currentFinancialInstruments 2023-01-31 SC289094 core:ShareCapital 2024-01-31 SC289094 core:ShareCapital 2023-01-31 SC289094 core:CapitalRedemptionReserve 2024-01-31 SC289094 core:CapitalRedemptionReserve 2023-01-31 SC289094 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC289094 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC289094 core:Goodwill 2023-01-31 SC289094 core:Goodwill 2024-01-31 SC289094 core:LandBuildings 2023-01-31 SC289094 core:OtherPropertyPlantEquipment 2023-01-31 SC289094 core:LandBuildings 2024-01-31 SC289094 core:OtherPropertyPlantEquipment 2024-01-31 SC289094 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-01-31 SC289094 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-01-31 SC289094 bus:OrdinaryShareClass1 2024-01-31 SC289094 2023-02-01 2024-01-31 SC289094 bus:FilletedAccounts 2023-02-01 2024-01-31 SC289094 bus:SmallEntities 2023-02-01 2024-01-31 SC289094 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC289094 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC289094 bus:Director1 2023-02-01 2024-01-31 SC289094 core:Goodwill core:TopRangeValue 2023-02-01 2024-01-31 SC289094 core:Goodwill 2023-02-01 2024-01-31 SC289094 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-31 SC289094 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC289094 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 SC289094 2022-02-01 2023-01-31 SC289094 core:LandBuildings 2023-02-01 2024-01-31 SC289094 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC289094 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 SC289094 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC289094 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC289094 (Scotland)

DFC OILFIELD SUPPLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

DFC OILFIELD SUPPLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

DFC OILFIELD SUPPLIES LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
DFC OILFIELD SUPPLIES LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 486,196 505,563
486,196 505,563
Current assets
Stocks 882,229 2,001,317
Debtors 5 1,298,552 227,138
Cash at bank and in hand 96,387 17,814
2,277,168 2,246,269
Creditors: amounts falling due within one year 6 ( 309,368) ( 284,942)
Net current assets 1,967,800 1,961,327
Total assets less current liabilities 2,453,996 2,466,890
Creditors: amounts falling due after more than one year 7 ( 56,243) ( 80,744)
Net assets 2,397,753 2,386,146
Capital and reserves
Called-up share capital 8 500 500
Capital redemption reserve 500 500
Profit and loss account 2,396,753 2,385,146
Total shareholder's funds 2,397,753 2,386,146

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of DFC Oilfield Supplies Limited (registered number: SC289094) were approved and authorised for issue by the Director on 16 October 2024. They were signed on its behalf by:

Dean Foster
Director
DFC OILFIELD SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
DFC OILFIELD SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
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

DFC Oilfield Supplies 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 Brodies House, 31 - 33 Union Grove, Aberdeen, AB10 6SD, 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 £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

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.

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 3 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.

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 40 years straight line
Plant and machinery etc. 25 % reducing balance
4 years straight line

Plant and machinery etc. includes IT equipment which is depreciated over 4 years on a straight line basis, with all other assets depreciated on a reducing balance basis.

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.

Impairment of 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 at bank and bank overdrafts. Bank overdrafts are shown within 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 bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank overdrafts, and bank loans 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.

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.

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. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 26,500 26,500
At 31 January 2024 26,500 26,500
Accumulated amortisation
At 01 February 2023 26,500 26,500
At 31 January 2024 26,500 26,500
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 671,349 97,287 768,636
Additions 0 1,160 1,160
Disposals 0 ( 19,321) ( 19,321)
At 31 January 2024 671,349 79,126 750,475
Accumulated depreciation
At 01 February 2023 174,688 88,385 263,073
Charge for the financial year 16,782 2,423 19,205
Disposals 0 ( 17,999) ( 17,999)
At 31 January 2024 191,470 72,809 264,279
Net book value
At 31 January 2024 479,879 6,317 486,196
At 31 January 2023 496,661 8,902 505,563

5. Debtors

2024 2023
£ £
Trade debtors 1,221,257 192,216
Amounts owed by related parties 51,933 0
Deferred tax asset 14,744 24,418
Other debtors 10,618 10,504
1,298,552 227,138

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 26,000 164,547
Trade creditors 27,907 62,038
Other taxation and social security 957 2,922
Other creditors 254,504 55,435
309,368 284,942

There are no amounts included above in respect of which any security has been given by the small entity.

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

2024 2023
£ £
Bank loans 56,243 80,744

Bank loans are secured by standard security over the land and property held by the company, and by floating charge over all the company assets.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500 Ordinary shares of £ 1.00 each 500 500

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amount due to the director 247,708 49,708

The above loan is interest free and has no fixed repayment terms.

Other related party transactions

2024 2023
£ £
Amounts owed by fellow group subsidiary 51,933 0

The above loan is interest free and has no fixed repayment terms.