Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31High-quality cased hole production logging, well integrity and reservoir evaluation solutions for global oil and gas industry.truetrue2262305607632024-01-01false19truetruefalse SC392501 2024-01-01 2024-12-31 SC392501 2023-01-01 2023-12-31 SC392501 2024-12-31 SC392501 2023-12-31 SC392501 c:Director2 2024-01-01 2024-12-31 SC392501 d:Buildings 2024-01-01 2024-12-31 SC392501 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 SC392501 d:Buildings d:LongLeaseholdAssets 2024-12-31 SC392501 d:Buildings d:LongLeaseholdAssets 2023-12-31 SC392501 d:PlantMachinery 2024-01-01 2024-12-31 SC392501 d:PlantMachinery 2024-12-31 SC392501 d:PlantMachinery 2023-12-31 SC392501 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC392501 d:ComputerEquipment 2024-01-01 2024-12-31 SC392501 d:ComputerEquipment 2024-12-31 SC392501 d:ComputerEquipment 2023-12-31 SC392501 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC392501 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC392501 d:CurrentFinancialInstruments 2024-01-01 2024-12-31 SC392501 d:CurrentFinancialInstruments 2024-12-31 SC392501 d:CurrentFinancialInstruments 2023-12-31 SC392501 d:Non-currentFinancialInstruments 2024-01-01 2024-12-31 SC392501 d:Non-currentFinancialInstruments 2024-12-31 SC392501 d:Non-currentFinancialInstruments 2023-12-31 SC392501 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC392501 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC392501 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 SC392501 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC392501 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 SC392501 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 SC392501 d:ShareCapital 2024-12-31 SC392501 d:ShareCapital 2023-12-31 SC392501 d:SharePremium 2024-12-31 SC392501 d:SharePremium 2023-12-31 SC392501 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC392501 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC392501 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 SC392501 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC392501 c:FRS102 2024-01-01 2024-12-31 SC392501 c:Audited 2024-01-01 2024-12-31 SC392501 c:FullAccounts 2024-01-01 2024-12-31 SC392501 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC392501 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC392501 2 2024-01-01 2024-12-31 SC392501 6 2024-01-01 2024-12-31 SC392501 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-12-31 SC392501 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 SC392501 d:LeasedAssetsHeldAsLessee 2024-12-31 SC392501 d:LeasedAssetsHeldAsLessee 2023-12-31 SC392501 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Registered number: SC392501














READ CASED HOLE LIMITED





FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024

 
READ CASED HOLE LIMITED
 

CONTENTS



Page
Balance sheet
1
Notes to the financial statements
2 - 12


 
READ CASED HOLE LIMITED
REGISTERED NUMBER:SC392501

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,868,457
619,142

Investments
 5 
3,110,645
3,110,645

  
4,979,102
3,729,787

Current assets
  

Stocks
 6 
495,406
340,535

Debtors: amounts falling due within one year
 7 
4,196,311
3,126,085

Cash at bank and in hand
 8 
183,876
236,884

  
4,875,593
3,703,504

Creditors: amounts falling due within one year
 9 
(1,549,077)
(18,035,723)

Net current assets/(liabilities)
  
 
 
3,326,516
 
 
(14,332,219)

Total assets less current liabilities
  
8,305,618
(10,602,432)

Creditors: amounts falling due after more than one year
 11 
(835,061)
(17,446)

  

Net assets/(liabilities)
  
7,470,557
(10,619,878)


Capital and reserves
  

Called up share capital 
  
2
1

Share premium account
  
16,746,400
-

Profit and loss account
  
(9,275,845)
(10,619,879)

  
7,470,557
(10,619,878)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

B A Melvin
Director

Date: 6 June 2025

The notes on pages 2 to 12 form part of these financial statements.

Page 1

 
READ CASED HOLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

READ Cased Hole Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Albyn Place, Aberdeen, United Kingdom, AB10 1YL. The principal place of business is Viking House, 1 Claymore Avenue, Aberdeen Energy Park, Aberdeen, AB23 8GW. The company's registered number is SC392501.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared financial projections that take account of information available on committed and anticipated order levels. The forecasts have also taken account of potential risks arising from the market and wider economic conditions and considered sensitivities arising from plausible downside scenarios. The financial projections demonstrate the Company is forecast to generate profits and that the Company has sufficient cash reserves to enable it to meet its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements.
As such, the directors are satisfied that the Group has adequate resources to continue to operate for the foreseeable future and therefore continue to adopt the going concern basis for preparing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
READ CASED HOLE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
READ CASED HOLE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.11

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which a company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balane Sheet. The assets of the plan are held separately from the company in indpendently administered funds.

Page 4

 
READ CASED HOLE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
READ CASED HOLE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Tenant's improvements
-
3 years straight line
Plant and equipment
-
8 years straight line
Computer equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
READ CASED HOLE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Financial instruments

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 - 19).

Page 7

 
READ CASED HOLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Tenant's improvement
Plant and machinery
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
316,688
7,798,615
241,831
8,357,134


Additions
17,251
1,586,297
28,337
1,631,885


Disposals
-
(79,809)
(41,153)
(120,962)



At 31 December 2024

333,939
9,305,103
229,015
9,868,057



Depreciation


At 1 January 2024
125,102
7,379,823
233,067
7,737,992


Charge for the year on owned assets
34,880
330,870
12,205
377,955


Disposals
-
(79,809)
(36,538)
(116,347)



At 31 December 2024

159,982
7,630,884
208,734
7,999,600



Net book value



At 31 December 2024
173,957
1,674,219
20,281
1,868,457



At 31 December 2023
191,586
418,792
8,764
619,142

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,131,403
-

1,131,403
-

Page 8

 
READ CASED HOLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
3,110,645



At 31 December 2024
3,110,645






6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
495,406
340,535

495,406
340,535



7.


Debtors

2024
2023
£
£


Trade debtors
1,431,857
772,069

Amounts owed by group undertakings
2,147,390
1,870,268

Amounts owed by related parties
67,959
-

Other debtors
112,713
41,502

Prepayments and accrued income
436,392
442,246

4,196,311
3,126,085



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
183,876
236,884

183,876
236,884


Page 9

 
READ CASED HOLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans (Note 11)
10,596
10,000

Trade creditors
451,194
524,255

Amounts owed to group undertakings
304,051
17,014,546

Corporation tax
294,930
82,452

Other taxation and social security
171,627
50,744

Other creditors
40,685
12,895

Accruals and deferred income
275,994
340,831

1,549,077
18,035,723


The bank hold a floating charge over the company's assets as security over the bank loan.
Included within amounts owed to group companies is a finance lease liability relating to plant and machinery leased by the parent company to the company which is repayable over 53 months. The assets are included in fixed asset additions in Note 5. The amount due within one year under this agreement at the year end is £223,911. The obligations under this finance agreement are secured on the relevant assets.


10.


Security & Guarantees

The company has a bond and floating charge, in favour of the bank, over all assets of the compnay.  There are also guarantees in place for two customers which are repayable on completion of the contracted terms.  
The obligations under the finance lease agreement are secured on the relevant assets.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (Note 11)
7,600
17,446

Amounts owed to group undertakings
827,461
-

835,061
17,446


The bank hold a floating charge over the company's assets as security over the bank loan.
Included within amounts owed to group companies is a finance lease liability relating to plant and machinery leased by the parent company to the company which is repayable over 53 months. The assets are included in fixed asset additions in Note 5. The amount due in over one year under this agreement at the year end is £827,461.  The obligations under this finance agreement are secured on the relevant assets.

Page 10

 
READ CASED HOLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,596
10,000


10,596
10,000

Amounts falling due 1-2 years

Bank loans
7,600
17,446


7,600
17,446



Total
18,196
27,446



13.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
183,876
236,884




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


14.


Capital commitments


At 31 December 2024 the company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
608,110
18,227

608,110
18,227

Page 11

 
READ CASED HOLE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Pension commitments

The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £62,305 (2023 - £60,763). Contributions totalling £11,455 (2023 - £12,895) were payable to the fund at the balance sheet date and are included in creditors.


16.


Related party transactions

The company has taken advantage of the exemption available in accordance with section 33 of FRS 102
'Related Party Disclosures' not to disclose related party transactions with any wholly owned members of the group.


17.


Controlling party

For the period to 19 December 2024, the immediate and ultimate parent company is Hydrawell Holding AS, a company registered in Norway. The results for the company up until this point will be included in the consolidated financial statements of Hydrawell Holding AS, available from Norse Base Bygg 104, 4056 Tananger, Norway. 
On 19 December 2024, the company became a subsidiary undertaking of Read Ansa Holding AS, a company registered in Norway. The ultimate parent company is Read Ansa Top Holding AS.
There is no ultimate controlling party.


18.


Auditor's information

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

The audit report was signed on 6 June 2025 by Christopher Masson (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 12