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Company No: SC368821 (Scotland)

LIONROCK ENERGY SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

LIONROCK ENERGY SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

LIONROCK ENERGY SERVICES LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
LIONROCK ENERGY SERVICES LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 170,643 79,049
Investments 4 1 0
170,644 79,049
Current assets
Stocks 990,724 697,823
Debtors 5 1,114,934 747,404
Investments 6 2,375 2,375
Cash at bank and in hand 205,574 389,056
2,313,607 1,836,658
Creditors: amounts falling due within one year 7 ( 911,632) ( 458,084)
Net current assets 1,401,975 1,378,574
Total assets less current liabilities 1,572,619 1,457,623
Creditors: amounts falling due after more than one year 8 0 ( 30,000)
Provision for liabilities 9 ( 22,351) ( 19,762)
Net assets 1,550,268 1,407,861
Capital and reserves
Called-up share capital 10 85 85
Capital redemption reserve 15 15
Profit and loss account 1,550,168 1,407,761
Total shareholders' funds 1,550,268 1,407,861

For the financial year ending 29 February 2024 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 Lionrock Energy Services Limited (registered number: SC368821) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

David Mitra
Director
LIONROCK ENERGY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
LIONROCK ENERGY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 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

Lionrock Energy 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 Unit 5 1 International Avenue, Abz Business Park, Aberdeen, AB21 0BH, 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.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee 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, 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:

Vehicles 4 years straight line
Fixtures and fittings 3 - 10 years straight line
Office equipment 3 years straight line

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

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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 purchased.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand with original maturities of three months or less.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

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 directors 9 8

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 March 2023 65,590 28,408 20,080 114,078
Additions 0 101,383 29,407 130,790
At 29 February 2024 65,590 129,791 49,487 244,868
Accumulated depreciation
At 01 March 2023 15,147 877 19,005 35,029
Charge for the financial year 16,398 12,861 9,937 39,196
At 29 February 2024 31,545 13,738 28,942 74,225
Net book value
At 29 February 2024 34,045 116,053 20,545 170,643
At 28 February 2023 50,443 27,531 1,075 79,049

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 0
Additions 1
At 29 February 2024 1
Carrying value at 29 February 2024 1
Carrying value at 28 February 2023 0

5. Debtors

2024 2023
£ £
Trade debtors 904,195 588,718
Amounts owed by directors 4,688 0
Prepayments 14,251 17,227
VAT recoverable 190,992 141,459
Other debtors 808 0
1,114,934 747,404

6. Current asset investments

2024 2023
£ £
Other investments – at cost less impairment 2,375 2,375

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 695,559 349,128
Amounts owed to own subsidiaries 1 0
Corporation tax 157,649 69,819
Other taxation and social security 5,052 4,770
Other creditors 53,371 34,367
911,632 458,084

The bank hold a floating charge over the company's assets and undertakings.

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

2024 2023
£ £
Other creditors 0 30,000

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

9. Provision for liabilities

2024 2023
£ £
Deferred tax 22,351 19,762

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
85 Ordinary shares of £ 1.00 each 85 85

11. Financial commitments

Other financial commitments

2024 2023
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 208,776 249,477

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors loan account 4,688 0

The above loan is interest free and there are no fixed terms of repayment in place.