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REGISTERED NUMBER: SC240147 (Scotland)















Financial Statements for the Year Ended 30 November 2024

for

Rigtech Independent Ltd.

Rigtech Independent Ltd. (Registered number: SC240147)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rigtech Independent Ltd.

Company Information
for the Year Ended 30 November 2024







DIRECTOR: Mr M McDonnell





SECRETARY: Mrs R Tate





REGISTERED OFFICE: 10 Riverside Terrace
Aberdeen
AB10 7JD





REGISTERED NUMBER: SC240147 (Scotland)





ACCOUNTANTS: J M Taylor Accountants Limited
5 Rubislaw Terrace
Aberdeen
AB10 1XE

Rigtech Independent Ltd. (Registered number: SC240147)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,818 15,484
Investment property 5 340,000 380,000
350,818 395,484

CURRENT ASSETS
Debtors 6 144,198 442,916
Cash at bank 228,954 270,721
373,152 713,637
CREDITORS
Amounts falling due within one year 7 706,898 116,357
NET CURRENT (LIABILITIES)/ASSETS (333,746 ) 597,280
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,072

992,764

CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair value reserve (190,000 ) (150,000 )
Retained earnings 206,972 1,142,664
SHAREHOLDERS' FUNDS 17,072 992,764

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Rigtech Independent Ltd. (Registered number: SC240147)

Balance Sheet - continued
30 November 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2025 and were signed by:





Mr M McDonnell - Director


Rigtech Independent Ltd. (Registered number: SC240147)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Rigtech Independent 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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 1 (2023 - 1 ) .

Rigtech Independent Ltd. (Registered number: SC240147)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
Equipment fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2023
and 30 November 2024 27,925 320 12,463 6,925 47,633
DEPRECIATION
At 1 December 2023 18,105 60 12,097 1,887 32,149
Charge for year 2,913 80 92 1,581 4,666
At 30 November 2024 21,018 140 12,189 3,468 36,815
NET BOOK VALUE
At 30 November 2024 6,907 180 274 3,457 10,818
At 30 November 2023 9,820 260 366 5,038 15,484

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2023 380,000
Revaluations (40,000 )
At 30 November 2024 340,000
NET BOOK VALUE
At 30 November 2024 340,000
At 30 November 2023 380,000

Investment property was valued by the Director on 30th November 2024. The Director feels that this is a fair value based on the market at that date.

Fair value at 30 November 2024 is represented by:
£   
Valuation in 2014 (4,369 )
Valuation in 2016 (95,872 )
Valuation in 2020 (30,000 )
Valuation in 2021 (5,390 )
Valuation in 2022 (150,000 )
Valuation in 2024 (40,000 )
Cost 665,631
340,000

Rigtech Independent Ltd. (Registered number: SC240147)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 136,486 432,801
VAT 601 426
Prepayments 7,111 9,689
144,198 442,916

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Taxation 10,768 110,277
Social security and other taxes 912 -
Directors' current accounts 692,140 -
Accruals and deferred income 3,048 6,050
Net wages 30 30
706,898 116,357

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
100 Ordinary 1 100 100

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr M McDonnell.