Silverfin false 29 May 2025 29 May 2025 Derek Petrie MA (Hons) CA Hall Morrice LLP 320,204 348,321 false true 31/12/2024 01/01/2024 31/12/2024 Anson Bartlett 01/01/2022 Hakon Skjelvik 05/12/2014 29 May 2025 The principal activity of the company continued to be that of the rental of well intervention tools and drilling equipment. SC492836 2024-12-31 SC492836 bus:Director1 2024-12-31 SC492836 bus:Director2 2024-12-31 SC492836 2023-12-31 SC492836 core:CurrentFinancialInstruments 2024-12-31 SC492836 core:CurrentFinancialInstruments 2023-12-31 SC492836 core:ShareCapital 2024-12-31 SC492836 core:ShareCapital 2023-12-31 SC492836 core:OtherCapitalReserve 2024-12-31 SC492836 core:OtherCapitalReserve 2023-12-31 SC492836 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC492836 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC492836 core:OtherPropertyPlantEquipment 2023-12-31 SC492836 core:OtherPropertyPlantEquipment 2024-12-31 SC492836 core:ImmediateParent core:CurrentFinancialInstruments 2024-12-31 SC492836 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 SC492836 bus:OrdinaryShareClass1 2024-12-31 SC492836 2024-01-01 2024-12-31 SC492836 bus:FilletedAccounts 2024-01-01 2024-12-31 SC492836 bus:SmallEntities 2024-01-01 2024-12-31 SC492836 bus:Audited 2024-01-01 2024-12-31 SC492836 2023-01-01 2023-12-31 SC492836 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC492836 bus:Director1 2024-01-01 2024-12-31 SC492836 bus:Director2 2024-01-01 2024-12-31 SC492836 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-01-01 2024-12-31 SC492836 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC492836 core:OtherPropertyPlantEquipment 1 2024-01-01 2024-12-31 SC492836 1 2024-01-01 2024-12-31 SC492836 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 SC492836 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC492836 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC492836 (Scotland)

TOMAX DRILLING TECHNOLOGY UK LIMITED

Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

TOMAX DRILLING TECHNOLOGY UK LIMITED

Financial Statements

For the financial year ended 31 December 2024

Contents

TOMAX DRILLING TECHNOLOGY UK LIMITED

BALANCE SHEET

As at 31 December 2024
TOMAX DRILLING TECHNOLOGY UK LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 31.12.2023
£ £
Fixed assets
Tangible assets 3 203,291 4,005
203,291 4,005
Current assets
Stocks 933,478 1,002,384
Debtors 4 2,642,278 2,693,799
Cash at bank and in hand 2,088,608 729,553
5,664,364 4,425,736
Creditors: amounts falling due within one year 5 ( 5,912,546) ( 4,160,815)
Net current (liabilities)/assets (248,182) 264,921
Total assets less current liabilities (44,891) 268,926
Net (liabilities)/assets ( 44,891) 268,926
Capital and reserves
Called-up share capital 6 1 1
Other reserves 6,535 148
Profit and loss account ( 51,427 ) 268,777
Total shareholder's (deficit)/funds ( 44,891) 268,926

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Tomax Drilling Technology UK Limited (registered number: SC492836) were approved and authorised for issue by the Board of Directors on 29 May 2025. They were signed on its behalf by:

Anson Bartlett
Director
TOMAX DRILLING TECHNOLOGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
TOMAX DRILLING TECHNOLOGY UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Tomax Drilling Technology 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 6 & 7 Queens Terrace, Aberdeen, AB10 1XL, United Kingdom. The principal place of business is Suite 2.15, 2nd Floor, H1 Building, Hill of Rubislaw, Anderson Drive, Aberdeen, AB15 6BL, P.O. Box 263929, Jebel ali Free Zone, Dubai, United Arab Emirates.

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 £.

Tomax Drilling Technology UK Limited is a wholly owned subsidiary of Tomax AS and the results of Tomax Drilling Technology UK Limited are included in the consolidated financial statements of Tomax AS which are available from Kanalsletta 2, P.O. Box 332, 4067 Stavanger, Norway. As a result the company has taken advantage of the exemption not to disclose details of transactions and balances with other members of the group.

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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The parent company has confirmed their continued support for the entity for a period of at least twelve months from the date of approval of the financial statements. The parent company loan will not be recalled in this period.

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 rental of equipment 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.

Profit is recognised on contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to expected costs for that contract.

Employee benefits

Short term 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.

Defined contribution schemes
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable

Taxation

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.

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:

Plant and machinery etc. 3 years straight line
25 % reducing balance

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.

Leases

The company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

Impairment of 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.

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.

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.

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, 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.

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.

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.

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.

2. Employees

31.12.2024 31.12.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 8 10

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 69,049 69,049
Additions 203,627 203,627
Exchange differences 100 100
At 31 December 2024 272,776 272,776
Accumulated depreciation
At 01 January 2024 65,044 65,044
Charge for the financial year 4,357 4,357
Exchange differences 84 84
At 31 December 2024 69,485 69,485
Net book value
At 31 December 2024 203,291 203,291
At 31 December 2023 4,005 4,005

4. Debtors

31.12.2024 31.12.2023
£ £
Trade debtors 2,194,138 2,636,320
Other debtors 448,140 57,479
2,642,278 2,693,799

5. Creditors: amounts falling due within one year

31.12.2024 31.12.2023
£ £
Trade creditors 177,397 117,400
Amounts owed to parent undertakings 5,397,056 3,712,556
Other taxation and social security 46,989 55,472
Other creditors 291,104 275,387
5,912,546 4,160,815

Interest on the group loan is charged at 7.5% and there are no set repayment terms.

6. Called-up share capital

31.12.2024 31.12.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share share of £ 1.00 1 1

7. Financial commitments

Commitments

Capital commitments are as follows:

31.12.2024 31.12.2023
£ £
Contracted for but not provided for:
Tangible fixed assets 129,225 0

Operating lease commitments

Lessee

Operating lease payments represent rentals payable by the company for office space. Leases are negotiated for an average term of 1 to 3 years and rentals are fixed for an average of 1 to 3 years with an option to extend at the end of the original term at the prevailing market rate.

31.12.2024 31.12.2023
£ £
Total future minimum lease payments under non-cancellable operating lease 22,770 21,791

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The audit report was signed by Derek Petrie MA (Hons) CA on behalf of Hall Morrice LLP.

9. Ultimate controlling party

The company was controlled throughout the current and previous year by its parent company, Tomax AS, a company registered in Norway.

The largest group in which the financial results of the company are consolidated is that headed by Tomax AS. No other group financial statements include the results of the company.

The consolidated financial statements are available to the public and may be obtained from Kanalsletta 2, P.O.Box 332, 4067 Stavanger, Norway.