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Registered number: 05413158 TARGET ENERGY SOLUTIONS LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
01483 755 399 hamlyns.com
TARGET ENERGY SOLUTIONS LIMITED REGISTERED NUMBER: 05413158 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 157 |  | 563
|  |  | 157 |  | 563
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 35,468 |  | 31,568 |
Cash at bank and in hand | 8 | 25,447 |  | 13,061 |
|  | 60,915 |  | 44,629 |
Creditors: amounts falling due within one year | 9 | (292,165) |  | (93,830) |
Net current liabilities |  |  | (231,250) |  | (49,201)
Total assets less current liabilities |  |  | (231,093) |  | (48,638)
Creditors: amounts falling due after more than one year | 10 |  | (222,685) |  | (390,343)
Provisions for liabilities |  |  |  |  |
Net assets excluding pension asset |  |  | (453,778) |  | (438,981)
Net liabilities |  |  | (453,778) |  | (438,981)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 822 |  | 822
Share premium account |  |  | 2,127,109 |  | 2,127,109
Profit and loss account |  |  | (2,581,709) |  | (2,566,912)
Equity attributable to owners of the parent Company |  |  | (453,778) |  | (438,981)
|  |  | (453,778) |  | (438,981)
Page 1
TARGET ENERGY SOLUTIONS LIMITED REGISTERED NUMBER: 05413158 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 consolidated profit and loss account 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 on 10 September 2025.
___________________________ L M Campbell
Director
The notes on pages 9 to 17 form part of these financial statements. Page 2
TARGET ENERGY SOLUTIONS LIMITED REGISTERED NUMBER: 05413158 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 157 |  | 563
Investments | 6 |  | 24,234 |  | 25,447
|  |  | 24,391 |  | 26,010
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 26,651 |  | 24,243 |
Cash at bank and in hand | 8 | 11,830 |  | 2,222 |
|  | 38,481 |  | 26,465 |
Creditors: amounts falling due within one year | 9 | (253,506) |  | (69,885) |
Net current liabilities |  |  | (215,025) |  | (43,420)
Total assets less current liabilities |  |  | (190,634) |  | (17,410)
Creditors: amounts falling due after more than one year | 10 |  | (222,684) |  | (390,343)
Net assets excluding pension asset |  |  | (413,318) |  | (407,753)
Net liabilities |  |  | (413,318) |  | (407,753)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 822 |  | 822
Share premium account |  |  | 2,127,109 |  | 2,127,109
Profit and loss account brought forward |  | (2,535,684) |  | (2,542,246) |
Loss/(profit) for the year |  | (5,565) |  | 6,562 |
Profit and loss account carried forward |  |  | (2,541,249) |  | (2,535,684)
|  |  | (413,318) |  | (407,753)
Page 3
TARGET ENERGY SOLUTIONS LIMITED REGISTERED NUMBER: 05413158 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 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 consolidated profit and loss account 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 on 10 September 2025.
___________________________ L M Campbell
Director
The notes on pages 9 to 17 form part of these financial statements. Page 4
TARGET ENERGY SOLUTIONS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 822 | 2,127,109 | (2,566,912) | (438,981) | (438,981)
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | (14,797) | (14,797) | (14,797)
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | (14,797) | (14,797) | (14,797)
Total transactions with owners | - | - | - | - | -
At 31 December 2024 | 822 | 2,127,109 | (2,581,709) | (453,778) | (453,778)
| The notes on pages 9 to 17 form part of these financial statements.
Page 5
TARGET ENERGY SOLUTIONS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Share premium account | Profit and loss account | Equity attributable to owners of parent Company | Total equity
| £ | £ | £ | £ | £
At 1 January 2023 | 822 | 2,127,109 | (2,566,399) | (438,468) | (438,468)
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | (513) | (513) | (513)
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | - | (513) | (513) | (513)
Total transactions with owners | - | - | - | - | -
At 31 December 2023 | 822 | 2,127,109 | (2,566,912) | (438,981) | (438,981)
| The notes on pages 9 to 17 form part of these financial statements.
Page 6
TARGET ENERGY SOLUTIONS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 822 | 2,127,109 | (2,535,684) | (407,753)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (5,565) | (5,565)
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | (5,565) | (5,565)
Total transactions with owners | - | - | - | -
At 31 December 2024 | 822 | 2,127,109 | (2,541,249) | (413,318)
| The notes on pages 9 to 17 form part of these financial statements.
Page 7
TARGET ENERGY SOLUTIONS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 822 | 2,127,109 | (2,542,246) | (414,315)
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 6,562 | 6,562
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 6,562 | 6,562
Total transactions with owners | - | - | - | -
At 31 December 2023 | 822 | 2,127,109 | (2,535,684) | (407,753)
| The notes on pages 9 to 17 form part of these financial statements.
Page 8
TARGET ENERGY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Target Energy Solutions Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below: Registered number: 05413158 Registered office: Sundial House High Street, Horsell, Woking, Surrey, England, GU21 4SU 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The consolidated 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
| 2.3 | Going concern
The directors believe the entity will continue to be a going concern for the next twelve months and that the going concern basis of preparation is correct. Assurances have been received from the directors and immediate parent company that they will continue to provide financial support as necessary for the group and the company to meet their liabilities as they fall due. Any additional funding would be made available by way of loans or share capital should this be necessary. Accordingly, the financial statements have been prepared on a going concern basis. Page 9
TARGET ENERGY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | 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. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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: 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 Group 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.
| 2.6 | Operating leases: the Group 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 10
TARGET ENERGY SOLUTIONS 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, which range from 3 to 6 years. 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
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.12 | 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 11
TARGET ENERGY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | 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:
|  |  |  | Office equipment | - | 25% | on cost
|  |  |  | Computer equipment | - | 33% | on cost
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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group 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 consolidated profit and loss account 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.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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. Page 12
TARGET ENERGY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Average number of employees | 11 | 11 | 5 | 5
4. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The loss after tax of the parent Company for the year was £5,565 (2023 - profit £6,561).
5. | Tangible fixed assets
| Group
|  | Computer equipment | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 110,064 | 13,977 | 124,041
| Disposals | (108,268) | - | (108,268)
| At 31 December 2024 | 1,796 | 13,977 | 15,773
| Depreciation |  |  |
| At 1 January 2024 | 109,501 | 13,977 | 123,478
| Charge for the year on owned assets | 591 | - | 591
| Disposals | (108,453) | - | (108,453)
| At 31 December 2024 | 1,639 | 13,977 | 15,616
| Net book value |  |  |
| At 31 December 2024 | 157 | - | 157
| At 31 December 2023 | 563 | - | 563
Page 13
TARGET ENERGY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 5.Tangible fixed assets (continued)
| Company
|  | Computer equipment | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 110,064 | 6,003 | 116,067
| Disposals | (108,268) | - | (108,268)
| At 31 December 2024 | 1,796 | 6,003 | 7,799
| Depreciation |  |  |
| At 1 January 2024 | 109,501 | 6,003 | 115,504
| Charge for the year on owned assets | 591 | - | 591
| Disposals | (108,453) | - | (108,453)
| At 31 December 2024 | 1,639 | 6,003 | 7,642
| Net book value |  |  |
| At 31 December 2024 | 157 | - | 157
| At 31 December 2023 | 563 | - | 563
Page 14
TARGET ENERGY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 26,214
| At 31 December 2024 | 26,214
| Impairment |
| At 1 January 2024 | 767
| Charge for the period | 1,213
| At 31 December 2024 | 1,980
| Net book value |
| At 31 December 2024 | 24,234
| At 31 December 2023 | 25,447
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Target Energy Solutions, Inc | 1334 Brittmore Road,Houston 77043, Texas, USA | Ordinary | 100%
| Target Digital Information Technology Trade Limited | Mustafa Kernal, Mahallesi Dumlupinar Blv, No:280 G/1260, Ankara, Turkey | Ordinary | 100%
Page 15
TARGET ENERGY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Other debtors | 34,928 | 30,755 | 26,111 | 23,430
| Prepayments and accrued income | 540 | 813 | 540 | 813
|  | 35,468 | 31,568 | 26,651 | 24,243
8. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 25,447 | 13,061 | 11,830 | 2,222
| Less: bank overdrafts | - | (14) | - | (14)
|  | 25,447 | 13,047 | 11,830 | 2,208
9. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank overdrafts | - | 14 | - | 14
| Trade creditors | 17,271 | 12,506 | 10,009 | 4,761
| Amounts owed to group undertakings | 10,113 | - | - | -
| Corporation tax | 90 | 36 | - | -
| Other taxation and social security | 13,219 | 9,331 | 7,470 | 6,763
| Other creditors | 183,128 | 13,666 | 169,105 | 1,665
| Accruals and deferred income | 68,344 | 58,277 | 66,922 | 56,682
|  | 292,165 | 93,830 | 253,506 | 69,885
10. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Other loans | 222,685 | 390,343 | 222,684 | 390,343
|  | 222,685 | 390,343 | 222,684 | 390,343
Page 16
TARGET ENERGY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Ultimate controlling party
The ultimate parent undertaking is Target Oilfield Services LLC, a company incoporated in Oman. In the opinion of the directors, Target Oilfield Services LLC is considered to be the ultimate controlling party by virtue of its shareholding in the company.
Page 17