Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Jon Edward Riekeles 09/06/1999 14 February 2025 The principal activity of the company is to finalise its ongoing activities and to reach a conclusion on outstanding accounting, taxation and other issues following to resolution of the legal dispute as a result of the previous management of the Kan Tan IV drilling rig.

In accordance with Section 390 of the Companies Act 2006, these financial statements cover the period from 01 January 2023 to 31 December 2023.
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Company No: SC197051 (Scotland)

TOR DRILLING (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

TOR DRILLING (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

TOR DRILLING (UK) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
TOR DRILLING (UK) LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Restated - note 2
Current assets
Debtors 5 334,265 334,265
Cash at bank and in hand 6 399,837 421,979
734,102 756,244
Creditors: amounts falling due within one year 7 ( 2,050,912) ( 2,067,889)
Net current liabilities (1,316,810) (1,311,645)
Total assets less current liabilities (1,316,810) (1,311,645)
Net liabilities ( 1,316,810) ( 1,311,645)
Capital and reserves
Called-up share capital 8 50,000 50,000
Profit and loss account ( 1,366,810 ) ( 1,361,645 )
Total shareholder's deficit ( 1,316,810) ( 1,311,645)

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Tor Drilling (UK) Limited (registered number: SC197051) were approved and authorised for issue by the Director on 14 February 2025. They were signed on its behalf by:

Jon Edward Riekeles
Director
TOR DRILLING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
TOR DRILLING (UK) 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

Tor Drilling (UK) 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 14 Carden Place, Aberdeen, AB10 1UR, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £1,316,810. The Company is supported through loans from the Parent Company. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met 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.

Prior year adjustment

A prior period adjustment has been included in the financial statements in relation to the classification of a creditor balance and the omission of the foreign exchange movement. This has resulted in changes to retained earnings, creditors and amounts owed to group Companies.

The value of the adjustment to retained earnings is £97,405 and this has been corrected as soon as the error came to light.

Further details of the changes are included in note 2 of the financial statements.

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.

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:

Fixtures and fittings 4 years straight line
Office equipment 4 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 Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks. 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 and loans from fellow group companies, 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.

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.

2. Prior year adjustment

The accounts have been restated to correct the classification of an other creditor balance, and the subsequent foreign exchange translation.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Amounts owed to group undertakings (1,966,807) 321,666 (1,645,141)
Other creditors 0 (419,072) (419,072)
Profit and Loss Reserves 1,264,240 97,405 1,361,645

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2023 44,495 17,675 62,170
At 31 December 2023 44,495 17,675 62,170
Accumulated depreciation
At 01 January 2023 44,495 17,675 62,170
At 31 December 2023 44,495 17,675 62,170
Net book value
At 31 December 2023 0 0 0
At 31 December 2022 0 0 0

5. Debtors

2023 2022
£ £
Trade debtors 4,470 4,470
Corporation tax 208 208
Other debtors 329,587 329,587
334,265 334,265

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 399,837 421,979

Included within the bank is a balance of £396,930 (2022: £419,072) that is in relation to the company's management of the Kan Tan IV drilling rig.

Due to issues with obtaining the bank statement, the balance has been taken from the 2020 bank statement and translated for the foreign exchange movement every year. Any changes in the bank balance are deemed to be immaterial, and would not make a significant impact on the balance. All possible efforts are being made by the director to receive the bank statement.

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 400 0
Amounts owed to Group undertakings 1,651,656 1,645,141
Other creditors 398,856 422,748
2,050,912 2,067,889

Included within other creditors is a balance of £396,930 (2022: £419,072) that is in relation to money due to another entity. There is a corresponding cash account held in relation to this.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each 50,000 50,000

9. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due to related companies 1,651,656 1,645,141

These loans are interest free and have no set repayment terms.

10. Ultimate controlling party

Parent Company:

Riekeles Finans AS
Hoffsveien 65A 0377
Oslo
Norway