Company registration number SC456357 (Scotland)
TORQUER LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
United Kingdom
IV2 5GH
TORQUER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TORQUER LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
74,955
174,412
Tangible assets
5
124,253
192,369
199,208
366,781
Current assets
Stocks
86,233
20,216
Debtors
6
35,108
19,724
Cash at bank and in hand
665,844
35,394
787,185
75,334
Creditors: amounts falling due within one year
7
(1,378,599)
(206,620)
Net current liabilities
(591,414)
(131,286)
Net (liabilities)/assets
(392,206)
235,495
Capital and reserves
Called up share capital
248
248
Share premium account
1,260,338
1,260,338
Profit and loss reserves
(1,652,792)
(1,025,091)
Total equity
(392,206)
235,495

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

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

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Ms S Momper
Director
Company registration number SC456357 (Scotland)
TORQUER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Torquer Limited is a private company limited by shares incorporated in Scotland. The registered office is Spey House, Dochfour Business Centre, Dochgarroch, Inverness, United Kingdom, IV3 8GY.

1.1
Reporting period

The financial statements have been prepared for a 13 month period to 30 September 2024 to be in line with the immediate parent company's financial reporting period. This does mean that the comparative figures are not for the same length of period as the current year figures and may not necessarily be comparable.

1.2
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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Helmerich & Payne Inc. These consolidated financial statements are available from its registered office, 222 N.Detroit Ave, Tulsa, Oklahoma, United States, 74120.

1.3
Going concern

The company has recorded a loss in the financial period and has net current liabilities of £591,414 (2023 - £131,286) and net liabilities of £392,206 (2023 - net assets of £235,495) at the year end. it is recognised that the ability of the company to continue as a going concern is dependent on the on-going financial support of the company's ultimate parent company Helmerich & Payne Inc. Helmerich & Payne Inc have confirmed that funds will be made available to allow the company to meet its liabilities as they fall due and that amounts due to entities controlled by them of £1,122,947, will not be recalled within 12 months of the date of the approval of these financial statements or until such time as the company's own cashflow will allow and all third party creditors have been met. For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements and have considered a period of twelve months from the date of approval of these financial statements.

TORQUER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
20% straight line
Patents & licences
5% straight line
Development costs
Not amortised
1.6
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:

Leasehold improvements
20% straight line
Assets under construction
Not depreciated
Plant and equipment
20% 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.

1.7
Impairment of fixed assets

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

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.

 

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.

TORQUER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

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.

TORQUER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Leases

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
-
0
6
4
Intangible fixed assets
Software
Patents & licences
Development costs
Total
£
£
£
£
Cost
At 1 September 2023
20,588
57,225
136,215
214,028
Disposals
-
0
-
0
(58,234)
(58,234)
At 30 September 2024
20,588
57,225
77,981
155,794
Amortisation and impairment
At 1 September 2023
20,588
19,028
-
0
39,616
Amortisation charged for the period
-
0
3,100
-
0
3,100
Impairment losses
-
0
-
0
38,123
38,123
At 30 September 2024
20,588
22,128
38,123
80,839
Carrying amount
At 30 September 2024
-
0
35,097
39,858
74,955
At 31 August 2023
-
0
38,197
136,215
174,412
TORQUER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
5
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and equipment
Total
£
£
£
£
Cost
At 1 September 2023
1,271
116,610
133,985
251,866
Disposals
-
0
(50,564)
(2,990)
(53,554)
At 30 September 2024
1,271
66,046
130,995
198,312
Depreciation and impairment
At 1 September 2023
254
-
0
59,243
59,497
Depreciation charged in the period
275
-
0
16,194
16,469
Eliminated in respect of disposals
-
0
-
0
(1,907)
(1,907)
At 30 September 2024
529
-
0
73,530
74,059
Carrying amount
At 30 September 2024
742
66,046
57,465
124,253
At 31 August 2023
1,017
116,610
74,742
192,369
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
2,400
Other debtors
35,108
17,324
35,108
19,724
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
172,658
22,600
Other creditors
1,205,941
184,020
1,378,599
206,620
8
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.

TORQUER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
8
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Hollie Mackay-Bungaroo BSc CA
Statutory Auditor:
A9 Accountancy Limited
Date of audit report:
26 June 2025
9
Operating lease commitments
Lessee

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

2024
2023
£
£
23,500
36,500
10
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,122,947
145,622

Amounts due to related parties are unsecured, interest free and have no fixed terms of repayment.

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