Company Registration No. SC120180 (Scotland)
SALTIRE PRESSURE CONTROL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SALTIRE PRESSURE CONTROL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SALTIRE PRESSURE CONTROL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,846,936
15,834,288
Current assets
Stocks
13,653
7,538
Debtors
5
6,054,302
7,774,741
Cash at bank and in hand
18,220
83
6,086,175
7,782,362
Creditors: amounts falling due within one year
6
(2,466,712)
(4,680,230)
Net current assets
3,619,463
3,102,132
Total assets less current liabilities
19,466,399
18,936,420
Creditors: amounts falling due after more than one year
7
(5,347,567)
(6,142,121)
Provisions for liabilities
8
(3,956,113)
(3,796,379)
Net assets
10,162,719
8,997,920
Capital and reserves
Called up share capital
9
145,000
145,000
Capital redemption reserve
180,000
180,000
Profit and loss reserves
9,837,719
8,672,920
Total equity
10,162,719
8,997,920

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

These financial statements 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 26 June 2025 and are signed on its behalf by:
M D Loggie
Director
Company Registration No. SC120180
SALTIRE PRESSURE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Saltire Pressure Control Limited is a private company limited by shares incorporated in Scotland. The registered office is 100 Union Street, Aberdeen, AB10 1QR.

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 £.

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

1.2
Going concern

Atruet 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.

1.3
Turnover

Turnover represents net income receivable from the sale and rental of drilling equipment.

 

Turnover from the sale of drilling equipment is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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. Turnover in respect of the rental of drilling equipment is recognised on a straight line basis over the rental period.

1.4
Tangible fixed assets

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

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

Leasehold improvements
Over the life of lease
Plant and machinery
Not depreciated
Fixtures, fittings & equipment
33% straight line
Motor vehicles
25% straight line

Plant and machinery are continually refurbished to a very high standard on return from hire and this is reflected in their high residual values and in the absence of a depreciation charge. Residual values are however periodically reassessed and depreciation applied to any depreciable amount arising following reassessment at a rate of 10% straight line. Refurbishment costs are charged to the profit and loss account. The directors believe this approach fairly reflects the consumption of economic benefits in relation to the rental assets.

 

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 recognised in the profit and loss account.

SALTIRE PRESSURE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
Stocks

Stocks and work in progress 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.

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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 certain 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.

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 certain creditors, 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 receipts discounted at a market rate of interest.

 

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.

SALTIRE PRESSURE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.9
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.

1.10
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.

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.

1.11
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.

1.12
Retirement benefits

The company operates a defined contribution scheme for certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

SALTIRE PRESSURE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.13
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 asset's 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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.14
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 the profit and loss account.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Carrying value of plant & machinery

Plant and machinery includes drilling equipment that the company rents to its customers. These assets are continually refurbished to a very high standard on return from hire and this amongst other factors is reflected in their high residual values and low depreciation. The assessment of residual value requires the directors to exercise judgement including an annual reassessment based on current market conditions. The directors are satisfied no revision is required to the residual value assessments in the current year and have charged no depreciation.

 

The carrying value of plant and machinery is outlined in the fixed asset note at note 4.

Amounts due from group and related undertakings

Amounts owed from group undertakings and related parties are stated in the accounts at their transaction price less any appropriate provision for irrecoverable amounts. In determining if a provision is required, the directors exercise judgement, considering any specific indicators that the recoverability of the balance may be in doubt.

 

Details of amounts owed to the company from group undertakings and related parties is outlined at note 5.

SALTIRE PRESSURE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
15
15
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
15,476
18,813,615
18,829,091
Additions
2,461
10,187
12,648
At 30 June 2024
17,937
18,823,802
18,841,739
Depreciation and impairment
At 1 July 2023 and 30 June 2024
-
0
2,994,803
2,994,803
Carrying amount
At 30 June 2024
17,937
15,828,999
15,846,936
At 30 June 2023
15,476
15,818,812
15,834,288
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
426,341
409,947
Corporation tax recoverable
18,543
-
0
Amounts owed by group undertakings
1,182,179
4,304,306
Amounts owed by related parties
4,037,401
2,661,099
Other debtors
389,838
399,389
6,054,302
7,774,741

Amounts owed by group undertakings and related parties are interest free and have no formal repayment date.

SALTIRE PRESSURE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
2,840,505
Trade creditors
572,931
660,313
Amounts owed to related parties
1,028,009
541,389
Corporation tax
218,726
-
0
Other taxation and social security
75,597
71,431
Other creditors
571,449
566,592
2,466,712
4,680,230

Bank loans and overdrafts are secured by standard securities, a floating charge over the assets of the group and cross guarantees between Saltire Pressure Control Limited, Saltire Energy Limited, Saltire Drilling Tools Limited, Foxley Energy Limited and Saltire Energy LLC.

 

Amounts owed to related parties are interest free and have no formal repayment date.

 

Included within other creditors is £235,197 (2023 - £467,667) relating to obligations under finance lease agreements which are secured by standard securities as well as a floating charge over the company's assets.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,347,567
6,142,121

Included in other creditors is £156,107 (2023 - £299,930) relating to obligations under finance lease agreements which are secured by standard securities as well as a floating charge over the company's assets.

 

Other creditors also include a director's loan of £5.2m (2023 - £5.8m). Movements in the year on the director's loan account are outlined at note 13.

8
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
3,956,709
3,955,673
Short term timing differences
(596)
-
Losses and other deductions
-
(159,294)
3,956,113
3,796,379
SALTIRE PRESSURE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 July 2023
3,796,379
Charge to profit and loss account
159,734
Liability at 30 June 2024
3,956,113
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
145,000
145,000
145,000
145,000
10
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.

The senior statutory auditor was Christopher Masson and the auditor was Anderson Anderson & Brown Audit LLP.
11
Financial commitments, guarantees and contingent liabilities

The company has entered into a number of hire purchase contracts on behalf of Saltire Energy Limited. The assets and liabilities have not been reflected in the balance sheet of the company as the substance of the transactions is that the assets and liabilities have been reflected in the balance sheet of Saltire Energy Limited.

 

The company is party to an unlimited cross guarantee between Saltire Pressure Control Limited, Saltire Energy Limited, Saltire Drilling Tools Limited, Foxley Energy Limited and Saltire Energy LLC. The potential liability to the company at 30 June 2024 was £0.04m (2023: £3.2m) relating to the borrowings of other entities party to the cross guarantee.

12
Related party transactions
Transactions with related parties

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

Sale of goods
Purchase of goods
2024
2023
2024
2023
£
£
£
£
Other related parties
1,526,253
647,771
363,470
812,038
SALTIRE PRESSURE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Related party transactions
(Continued)
- 9 -
Rent charges
Sale of assets
2024
2023
2024
2023
£
£
£
£
Other related parties
240,000
240,000
-
1,932,510

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed to related parties
£
£
Other related parties
1,028,009
541,389

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed by related parties
£
£
Other related parties
4,037,401
2,661,099

The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with the immediate parent or any wholly owned subsidiary undertaking of the group.

13
Directors' transactions

An interest free loan has been granted by a director to the company with the following amounts repaid to the director in the year:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director's loan
-
5,842,191
(650,731)
5,191,460
5,842,191
(650,731)
5,191,460

The director's loan is repayable a year and a day after notice being given and a postponement has been granted in favour of the company's bankers.

14
Parent company

The parent company of Saltire Pressure Control Limited is Saltire Energy Limited, a company registered in Scotland, whose registered address is 100 Union Street, Aberdeen, AB10 1QR.

 

Saltire Energy Limited is the largest and smallest company which prepares consolidated financial statements.

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