OMEGA WELL INTERVENTION LIMITED
SC190060
FILLETED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
OMEGA WELL INTERVENTION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
OMEGA WELL INTERVENTION LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
As restated
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,245,304
6,118,751
Investments
4
63,575
63,575
6,308,879
6,182,326
Current assets
Stocks
1,180,733
873,369
Debtors
5
2,763,843
3,716,918
Cash at bank and in hand
118,000
558,295
4,062,576
5,148,582
Creditors: amounts falling due within one year
6
(887,617)
(1,660,398)
Net current assets
3,174,959
3,488,184
Total assets less current liabilities
9,483,838
9,670,510
Creditors: amounts falling due after more than one year
7
(896)
(6,272)
Provisions for liabilities
(556,600)
(756,150)
Net assets
8,926,342
8,908,088
Capital and reserves
Called up share capital
8
112
112
Share premium account
47,415
47,415
Revaluation reserve
3,295,392
3,049,387
Capital redemption reserve
6
6
Profit and loss reserves
5,583,417
5,811,168
Total equity
8,926,342
8,908,088

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mark Buyers
Director
Company Registration No. SC190060
OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2

Change in basis of preparation

In the prior year, the financial statements were prepared on a consolidated basis voluntarily, including the results of its subsidiary undertakings. For the current year, the company has elected not to prepare consolidated financial statements as it qualifies for the small companies exemption under section 399 of the Companies Act 2006. These financial statements present information for the company on an individual basis only.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.true

1.4
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% Straight line / Nil
Plant and equipment
15% Reducing balance
Fixtures and fittings
33% Straight line
Rental equipment
5% Reducing balance
Motor vehicles
25% Reducing balance

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.

OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (continued)
- 3 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (continued)
- 4 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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. 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.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Share-based payments

The company operates an Enterprise Management Incentive (EMI) share option scheme. As at 31 December 2023, the impact of the scheme on the financial statements is not considered material and no charge has been recognised in the profit or loss account.

OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (continued)
- 6 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.19

Prior period adjustment and current year correction

During the current year audit, it was identified that certain rental assets included in the fixed asset register had been disposed of in both the current and prior financial years but had not been removed from the register. Some of these disposed assets had also been revalued upwards in the 2021 financial year-end which further contributed to the overstatement of property, plant and equipment and revaluation reserves.

In response, management carried out a reconciliation of the rental asset register and confirmed the existence and disposal status of the assets. Errors relating to prior years have been corrected by restating the comparative amounts in accordance with FRS 102 Section 10. Adjustments relating to the current year have been corrected in the current year financial statements.

As a result, fixed assets have decreased by £1,050,581, the revaluation reserve has decreased by £964,786 and retained earnings have decreased by £85,795 as at 31 December 2022. Please note that the movement in retained earnings includes the impact of reversed depreciation, the recognition of asset sales as turnover and other misstatements not previously held within the revaluation reserve.

As at 31 December 2023, fixed assets decreased by £73,238, the revaluation reserve decreased by £131,755, and retained earnings increased by £58,517. These movements reflect further corrections identified during the fixed asset reconciliation relating to the current year, which were accounted for through the profit and loss account and have not been included in the prior year restatement.

There was no impact on the cash flows in either period.

Management has since strengthened controls over the fixed asset register, including disposal procedures, revaluation tracking and periodic reconciliations to ensure the accuracy and completeness of the company’s asset records going forward.

 

OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
45
45
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation (as restated)
At 1 January 2023
2,292,168
5,315,655
7,607,823
Additions
-
0
903,032
903,032
Disposals
-
0
(283,911)
(283,911)
At 31 December 2023
2,292,168
5,934,776
8,226,944
Depreciation and impairment (as restated)
At 1 January 2023
812,450
676,622
1,489,072
Depreciation charged in the year
71,687
311,262
382,949
Eliminated in respect of disposals
-
0
(31,961)
(31,961)
Revaluation
-
0
141,580
141,580
At 31 December 2023
884,137
1,097,503
1,981,640
Carrying amount
At 31 December 2023
1,408,031
4,837,273
6,245,304
At 31 December 2022
1,479,718
4,639,033
6,118,751

During the year ended 31 December 2023, the company identified and removed rental assets that had been disposed of but remained on the fixed asset register. This adjustment followed a detailed reconciliation undertaken by management.

The total gross carrying amount of assets disposed of during the year was £254,589, with accumulated depreciation of £26,317. The resulting net book value of assets disposed of was £228,272. A gain of £309,861 was recognised in the profit and loss account.

These disposals relate to the current year and follow a prior write-off of rental assets in 2022, which was disclosed separately as part of the prior year adjustment. All disposals have been accounted for in accordance with FRS 102 Section 17.31.

The company’s rental equipment, motor vehicles, and plant and machinery were revalued by the directors on 31 December 2021. The rental equipment was revalued at 90% of its original cost, while the motor vehicles and plant and machinery were revalued based on estimated market value. These valuations have been incorporated into the financial statements. As at 31 December 2023, the directors have reviewed the carrying values and are of the opinion that the valuations remain appropriate and no adjustment is required.

OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Tangible fixed assets (continued)
- 8 -

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Plant and machinery etc
As restated
2023
2022
£
£
Cost
5,432,841
5,794,218
Accumulated depreciation
(4,807,639)
(4,995,207)
Carrying value
625,202
799,011
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
63,575
63,575
Movements in fixed asset investments
Shares in subsidiaries
£
Cost
At 1 January 2023 & 31 December 2023
163,575
Impairment
At 1 January 2023 & 31 December 2023
100,000
Carrying amount
At 31 December 2023
63,575
At 31 December 2022
63,575
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,606,649
2,483,388
Corporation tax recoverable
-
0
42,804
Amounts owed by group undertakings
70,322
297,731
Other debtors
1,086,872
892,995
2,763,843
3,716,918
OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
650,830
762,493
Taxation and social security
89,304
87,904
Other creditors
147,483
810,001
887,617
1,660,398
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
896
6,272
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
11,244
11,244
112
112
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to Note 1.19 in the financial statements, which explains that both current and prior year figures have been adjusted due to errors identified during our audit in relation to rental assets. Our testing revealed that certain assets recorded in the fixed asset register had been disposed of in prior periods and the current period but remained incorrectly recognised in the financial statements. Some of these assets had also been subject to revaluation in 31 December 2021 year end, leading to an overstatement of fixed assets and revaluation reserves.

Following our findings, management undertook a full reconciliation of the rental asset register. The company has restated the prior year comparative figures and recorded the necessary adjustments in the current year. Our opinion is not modified in respect of this matter.

The senior statutory auditor was Robert J C Bain MA CA CTA and the auditor was Hall Morrice LLP.
OMEGA WELL INTERVENTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Total
2,424
4,134
11
Events after the reporting date

On 15 April 2024, the company acquired 100% of the shares in Omega Pressure Control Equipment Limited via a share transfer.

12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
72,278
84,518
16,401
62,586

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
340,736
483,454
13
Company information

Omega Well Intervention Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Albyn Place, Aberdeen, AB10 1YL.

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