Company registration number 07735255 (England and Wales)
BISN OIL TOOLS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BISN OIL TOOLS LTD
COMPANY INFORMATION
Directors
Mr P J Carragher
Mr J L Hand
Mr P D Deutch
Mr D Gupta
Company number
07735255
Registered office
713 Cavendish Avenue
Birchwood
Warrington
WA3 6DE
Auditor
Xeinadin Audit Limited
100 Barbirolli Square
Manchester
Greater Manchester
United Kingdom
M2 3BD
BISN OIL TOOLS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
BISN OIL TOOLS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

BiSN manufactures and markets a range of patented, down-hole sealing solutions for the global oil and gas industry.

Review of the business

2024 was another significant year in BiSN’s continuing development. Further substantial investment was made in the Group’s patented technologies, and major new global customers were added to the customer base. It should be noted that the BiSN Group has expanded significantly in the last two years. New subsidiary companies and operating facilities were established in Australia, Brazil, and Norway, to meet the demand for BiSN’s patented down-hole sealing technologies in these geographic markets. As a result, local revenues have been recorded in these new subsidiary companies, and BiSN Oil Tools Limited’s FY24 and FY23 revenue and EBITDA figures are therefore not comparable.

 

 

FINANCIAL KEY PERFORMANCE INDICATORS

We use the following key performance indicators to measure and track performance:

KPI

2024

2023

 

£000

£000

Turnover

12,574

15,012

EBITDA *

2,616

4,718

Net assets

15,752

12,963

Net cash

8,817

3,954

 

* EBITDA is adjusted for foreign exchange differences

BISN OIL TOOLS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

BiSN's operations expose it to a limited number of financial risks, primarily credit risk, liquidity risk and currency risk:

Credit Risk - Credit checks are undertaken on customers as appropriate and exposures monitored to ensure bad debts are minimised.

Liquidity Risk - BiSN regularly forecasts cash flow to ensure that sufficient funds are available for operational requirements.

Currency Risk - The group is based in the UK and the USA, in common with the Oil Industry the transactions are primarily denominated in US Dollars and the UK sterling accounts are therefore subject to the risk of currency fluctuations. The board monitors the level of foreign currency exposure and looks to mitigate any risk , where possible. The group does not have any forward foreign exchange contracts.

Non-financial risks are monitored on a regular basis by the Board. The principal risks and how they are mitigated are set out below:

HSE - BiSN has an active health and safety program covering all testing and manufacturing facilities as well as field operations. BiSN actively promotes a safety-first workplace for all employees and operates a stop work policy.

Loss of business due to a fall in demand or deterioration in economic climate - the Directors review prospects and sales forecasts on a regular basis.

Loss of suppliers - BiSN maintains strong relationships with its suppliers and actively manages its supplier base to ensure that supplies are always available to the group.

Research and Development

BiSN is a technology business and invests significant amounts each year to further the development of the products and solutions that it offers to its customers. BiSN also invests to patent the technology it develops.

POLICY ON PAYMENT TO SUPPLIERS

It is BiSN's policy to abide by the payment terms agreed with suppliers whenever it is satisfied that the supplier has provided the goods and services in accordance with agreed terms and conditions.

OUR PEOPLE

BiSN believes that its people are a real asset to the group and are key to long term success. We have continued to invest in the development of talent within the business. BiSN values the involvement of its employees and keeps them informed on issues affecting them as employees, and on the various factors affecting the group.

DISABLED EMPLOYEES

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of employees becoming disabled every effort is made to ensure that their employment with BiSN continues and that appropriate and relevant training is arranged. It is BiSN's policy that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

 

On behalf of the board

Mr P J Carragher
Director
11 August 2025
BISN OIL TOOLS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P J Carragher
Mr J L Hand
Mrs A Assarat
(Resigned 19 July 2024)
Mr P D Deutch
Mr D Gupta
Mr C Bown
(Resigned 24 May 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BISN OIL TOOLS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P J Carragher
Director
11 August 2025
BISN OIL TOOLS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BISN OIL TOOLS LTD
- 5 -
Opinion

We have audited the financial statements of BISN Oil Tools Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BISN OIL TOOLS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BISN OIL TOOLS LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BISN OIL TOOLS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BISN OIL TOOLS LTD (CONTINUED)
- 7 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance including the company's remuneration policies, key drivers for directors remuneration, bonus levels and performance targets;

- Results of the enquiries of management about their own identification and assessment of the risks of irregularities;

- Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, foreign currency translation, value of stocks and provisions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Butt FCCA ACCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
100 Barbirolli Square
Manchester
Greater Manchester
M2 3BD
United Kingdom
11 August 2025
BISN OIL TOOLS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
12,574,118
15,012,047
Cost of sales
(4,627,832)
(6,933,949)
Gross profit
7,946,286
8,078,098
Administrative expenses
(5,347,000)
(4,590,119)
Operating profit
3
2,599,286
3,487,979
Interest receivable and similar income
5
129,768
2,507
Profit before taxation
2,729,054
3,490,486
Tax on profit
6
159,606
(811,860)
Profit for the financial year
2,888,660
2,678,626

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BISN OIL TOOLS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
420,229
455,092
Investments
10
1,397
1,397
421,626
456,489
Current assets
Stocks
12
2,802,389
3,646,705
Debtors
13
14,185,808
15,079,425
Cash at bank and in hand
8,817,288
3,953,711
25,805,485
22,679,841
Creditors: amounts falling due within one year
14
(10,377,144)
(10,093,085)
Net current assets
15,428,341
12,586,756
Total assets less current liabilities
15,849,967
13,043,245
Provisions for liabilities
Deferred tax liability
15
97,844
79,782
(97,844)
(79,782)
Net assets
15,752,123
12,963,463
Capital and reserves
Called up share capital
17
1,000
1,000
Profit and loss reserves
15,751,123
12,962,463
Total equity
15,752,123
12,963,463

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
Mr P J Carragher
Director
Company registration number 07735255 (England and Wales)
BISN OIL TOOLS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,000
10,283,837
10,284,837
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,678,626
2,678,626
Balance at 31 December 2023
1,000
12,962,463
12,963,463
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,888,660
2,888,660
Dividends
7
-
(100,000)
(100,000)
Balance at 31 December 2024
1,000
15,751,123
15,752,123
BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

BISN Oil Tools Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 713 Cavendish Avenue, Birchwood, Warrington, WA3 6DE.

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.

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 BISN Holdings Limited. These consolidated financial statements are available from its registered office, 713 Cavendish Avenue , Birchwood, Warrington, WA3 6DE.

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 is measured at the fair value of the consideration received or receivable. Turnover is net of value added tax and is reduced for estimated customer return, rebates and other similar allowances. Specifically, turnover from the sale of goods relates to commercial tools used in the application of downhole sealing technology. Turnover is recognised upon completion of assembly of the tools.

 

Turnover from sale of services relates to:

 

-    development testing to demonstrate the applicability of the commercial tool technology; and

-    service charges regarding field personnel used in the application of the commercial tool.

 

Service charges are recognised in the period to which the service relates. Development testing turnover is recognised based on a percentage of the testing performed.

BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill

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:

Computer Software
33.33% straight line

At each reporting date, the company reviews the carrying amounts of its intangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

1.5
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
10% straight line
Plant and equipment
20% reducing balance and 33.33% straight line
Office equipment
33.33% straight line
Motor vehicles
25% 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.

At each reporting date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of tangible fixed assets have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

 

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.7
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.

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.

1.8
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.

1.9
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

Derecognition of financial liabilities

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

1.10
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.

1.11
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.

BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Testing and Qualifying
1,942,238
3,103,458
Sealing Solutions
10,631,880
11,908,589
12,574,118
15,012,047
2024
2023
£
£
Turnover analysed by geographical market
UK
3,695,114
3,115,420
Rest of world
8,879,004
11,896,627
12,574,118
15,012,047
2024
2023
£
£
Other revenue
Interest income
129,768
2,507
BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(101,305)
1,117,358
Fees payable to the company's auditor for the audit of the company's financial statements
67,868
16,619
Depreciation of owned tangible fixed assets
118,044
111,318
4
Employees

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

2024
2023
Number
Number
Administration
13
10
Production
19
18
Total
32
28

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,798,206
2,335,201
Pension costs
65,314
78,331
2,863,520
2,413,532
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
129,768
2,507
BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
349,306
811,509
Adjustments in respect of prior periods
(526,974)
-
0
Total current tax
(177,668)
811,509
Deferred tax
Origination and reversal of timing differences
18,062
351
Total tax (credit)/charge
(159,606)
811,860

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,729,054
3,490,486
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
682,264
820,962
Tax effect of expenses that are not deductible in determining taxable profit
(335,722)
842
Tax effect of income not taxable in determining taxable profit
-
0
(700)
Adjustments in respect of prior years
(526,974)
-
0
Group relief
-
0
(9,595)
Permanent capital allowances in excess of depreciation
-
0
351
Depreciation in excess of capital allowances
8,216
-
0
Group relief
(4,795)
-
0
Other
(657)
-
0
Deferred tax
18,062
-
0
Taxation (credit)/charge for the year
(159,606)
811,860
7
Dividends
2024
2023
£
£
Final paid
100,000
-
0
BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Intangible fixed assets
Computer Software
£
Cost
At 1 January 2024 and 31 December 2024
147,738
Amortisation and impairment
At 1 January 2024 and 31 December 2024
147,738
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
9
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
92,623
994,869
86,693
21,120
1,195,305
Additions
18,210
34,168
31,089
-
0
83,467
Disposals
-
0
(1,702)
-
0
-
0
(1,702)
At 31 December 2024
110,833
1,027,335
117,782
21,120
1,277,070
Depreciation and impairment
At 1 January 2024
49,127
617,641
61,372
12,073
740,213
Depreciation charged in the year
10,149
85,847
19,786
2,262
118,044
Eliminated in respect of disposals
-
0
(1,416)
-
0
-
0
(1,416)
At 31 December 2024
59,276
702,072
81,158
14,335
856,841
Carrying amount
At 31 December 2024
51,557
325,263
36,624
6,785
420,229
At 31 December 2023
43,496
377,228
25,321
9,047
455,092
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
1,397
1,397
BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bisn Oil Tools LLC
45143 Brittmore Road, Houston, Texas, 77,041
Ordinary
100.00
Bisn Oil Tools (Canada) Ltd
Suite 1600,144 Fourt Avenue SW,Calgary,Alberta,T2P3N4
Ordinary
100.00
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,802,389
3,646,705
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,365,271
5,411,965
Amounts owed by group undertakings
10,639,031
9,084,257
Other debtors
6,577
190,847
Prepayments and accrued income
174,929
392,356
14,185,808
15,079,425
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
981,110
311,648
Amounts owed to group undertakings
8,338,339
8,303,994
Corporation tax
550,545
732,392
Other taxation and social security
54,588
54,527
Other creditors
17,511
23,907
Accruals and deferred income
435,051
666,617
10,377,144
10,093,085
BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
97,844
79,782
2024
Movements in the year:
£
Liability at 1 January 2024
79,782
Charge to profit or loss
18,062
Liability at 31 December 2024
97,844

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,314
78,331

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
BISN OIL TOOLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
18
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
277,441
235,774
Between two and five years
608,812
595,411
886,253
831,185
19
Ultimate controlling party

The ultimate controlling party are the directors of the ultimate parent company by virtue of their controlling interest in the ultimate parent, BISN Holdings Limited.

 

The parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is BISN Holdings Limited. Copies of the consolidated group accounts are available from the registered office at 713 Cavendish Avenue, Birchwood, Warrington, WA3 6DE.

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