Silverfin false 10 June 2025 10 June 2025 Derek Petrie MA (Hons) CA Hall Morrice LLP 289,237 361,116 false true 31/12/2024 01/01/2024 31/12/2024 Katy Helgeland 30/10/2023 Helge Hustoft 30/10/2023 Mark McCorry 09/12/2004 Colin McCracken 01/07/2006 10 June 2025 The principal activity of the company continued to be that of the design, manufacture, sale and rental of wireline pressure control equipment. SC269131 2024-12-31 SC269131 bus:Director1 2024-12-31 SC269131 bus:Director2 2024-12-31 SC269131 bus:Director3 2024-12-31 SC269131 bus:Director4 2024-12-31 SC269131 2023-12-31 SC269131 core:CurrentFinancialInstruments 2024-12-31 SC269131 core:CurrentFinancialInstruments 2023-12-31 SC269131 core:ShareCapital 2024-12-31 SC269131 core:ShareCapital 2023-12-31 SC269131 core:SharePremium 2024-12-31 SC269131 core:SharePremium 2023-12-31 SC269131 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC269131 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC269131 core:OtherResidualIntangibleAssets 2023-12-31 SC269131 core:OtherResidualIntangibleAssets 2024-12-31 SC269131 core:LandBuildings 2023-12-31 SC269131 core:OtherPropertyPlantEquipment 2023-12-31 SC269131 core:LandBuildings 2024-12-31 SC269131 core:OtherPropertyPlantEquipment 2024-12-31 SC269131 core:CostValuation 2023-12-31 SC269131 core:CostValuation 2024-12-31 SC269131 bus:OrdinaryShareClass1 2024-12-31 SC269131 bus:OrdinaryShareClass2 2024-12-31 SC269131 bus:OrdinaryShareClass3 2024-12-31 SC269131 2024-01-01 2024-12-31 SC269131 bus:FilletedAccounts 2024-01-01 2024-12-31 SC269131 bus:SmallEntities 2024-01-01 2024-12-31 SC269131 bus:Audited 2024-01-01 2024-12-31 SC269131 2023-01-01 2023-12-31 SC269131 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC269131 bus:Director1 2024-01-01 2024-12-31 SC269131 bus:Director2 2024-01-01 2024-12-31 SC269131 bus:Director3 2024-01-01 2024-12-31 SC269131 bus:Director4 2024-01-01 2024-12-31 SC269131 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-01-01 2024-12-31 SC269131 core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 SC269131 core:LandBuildings core:TopRangeValue 2024-01-01 2024-12-31 SC269131 core:OtherPropertyPlantEquipment core:BottomRangeValue 2024-01-01 2024-12-31 SC269131 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-01-01 2024-12-31 SC269131 core:LandBuildings 2024-01-01 2024-12-31 SC269131 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC269131 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC269131 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC269131 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 SC269131 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC269131 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 SC269131 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 SC269131 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC269131 (Scotland)

PHUEL OIL TOOLS LIMITED

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

PHUEL OIL TOOLS LIMITED

Financial Statements

For the financial year ended 31 December 2024

Contents

PHUEL OIL TOOLS LIMITED

BALANCE SHEET

As at 31 December 2024
PHUEL OIL TOOLS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 16,005 26,735
Tangible assets 4 20,929 33,872
Investments 5 143,546 143,546
180,480 204,153
Current assets
Stocks 1,834,234 1,482,854
Debtors 6 1,804,267 1,754,385
Cash at bank and in hand 48,553 21,523
3,687,054 3,258,762
Creditors: amounts falling due within one year 7 ( 2,059,848) ( 1,944,466)
Net current assets 1,627,206 1,314,296
Total assets less current liabilities 1,807,686 1,518,449
Net assets 1,807,686 1,518,449
Capital and reserves
Called-up share capital 8 2,495,446 2,495,446
Share premium account 478,871 478,871
Profit and loss account ( 1,166,631 ) ( 1,455,868 )
Total shareholder's funds 1,807,686 1,518,449

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 Phuel Oil Tools Limited (registered number: SC269131) were approved and authorised for issue by the Board of Directors on 10 June 2025. They were signed on its behalf by:

Colin McCracken
Director
PHUEL OIL TOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PHUEL OIL TOOLS 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

Phuel Oil Tools 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 Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD, Scotland, 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 £.

The company has taken advantage of the disclosure 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 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.

Group accounts exemption

Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Phuel Oil Tools Limited is a wholly owned subsidiary of Dwellop AS and the results of Phuel Oil Tools Limited are included in the consolidated financial statements of Habu Holding AS which are available from Energivegen 20, 4056 Tananger, Norway.

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

Revenue represents amounts receivable for goods and services net of VAT and trade discounts and is recognised as goods are dispatched or as rental assets and maintenance services are provided.

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 maintenance services is recognised as the maintenance is completed and equipment returned to the
customer.

Revenue from the rental of equipment is recognised according to the terms of the rental contract. Generally,this is on a straight line basis over the life of the rental agreement, when a customer has a right to the specific asset for a specified period of time.

Employee benefits

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

Termination benefits are recognised 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. The amount charged to the Profit and Loss Account 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
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

Land and buildings 6 years straight line
Plant and machinery etc. 3 - 5 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.

Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 15 14

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 390,257 390,257
Additions 5,356 5,356
At 31 December 2024 395,613 395,613
Accumulated amortisation
At 01 January 2024 363,522 363,522
Charge for the financial year 16,086 16,086
At 31 December 2024 379,608 379,608
Net book value
At 31 December 2024 16,005 16,005
At 31 December 2023 26,735 26,735

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 56,206 649,955 706,161
Additions 0 7,031 7,031
At 31 December 2024 56,206 656,986 713,192
Accumulated depreciation
At 01 January 2024 44,904 627,385 672,289
Charge for the financial year 2,453 17,521 19,974
At 31 December 2024 47,357 644,906 692,263
Net book value
At 31 December 2024 8,849 12,080 20,929
At 31 December 2023 11,302 22,570 33,872

5. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 143,546 143,546

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 143,546
At 31 December 2024 143,546
Carrying value at 31 December 2024 143,546
Carrying value at 31 December 2023 143,546

6. Debtors

2024 2023
£ £
Trade debtors 407,849 404,443
Amounts owed by group undertakings 577,854 577,854
Amounts owed by joint ventures 381,716 469,324
Other debtors 436,848 302,764
1,804,267 1,754,385

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 394,301 415,691
Amounts owed to group undertakings 1,311,298 1,326,959
Other taxation and social security 23,175 68,194
Other creditors 331,074 133,622
2,059,848 1,944,466

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
923,461 Ordinary shares of £ 1.00 each 923,461 923,461
1,499,985 Ordinary A shares of £ 1.00 each 1,499,985 1,499,985
72,000 Ordinary B shares of £ 1.00 each 72,000 72,000
2,495,446 2,495,446

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 335,581 460,604

10. Related party transactions

Other related party transactions

2024 2023
£ £
Sales 236,524 327,877
Purchases 98,110 1,417

11. 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.

12. Ultimate controlling party

The company's immediate parent company is Dwellop AS, a company incorporated in Norway. The largest group in which the financial results of the company are consolidated is headed by Dwellop AS. The consolidated accounts for Dwellop AS can be obtained from Energivegen 20, 4056 Tananger, Norway.