REGISTERED NUMBER: SC621428 (Scotland)

Financial Statements For The Year Ended 31 December 2024

for

Rig Surveys Group Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

R J Ritchie

C A Smith

P C Young

J Tebbutt

SECRETARIES:

3rd Momentum Limited

Brodies Secretarial Services Limited

REGISTERED OFFICE:

Evolution View Wellheads Crescent

Wellheads Industrial Estate

Dyce

Aberdeen

AB21 7GA

REGISTERED NUMBER:

SC621428 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Investments

4

2,450,000

2,450,000

CURRENT ASSETS

Debtors

1,984

649

Cash at bank and in hand

1,377

1,255

3,361

1,904

CREDITORS

Amounts falling due within one year

48

6,048

NET CURRENT ASSETS/(LIABILITIES)

3,313

(4,144

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,453,313

2,445,856

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

4,199,999

4,199,999

Retained earnings

(1,747,686

)

(1,755,143

)

2,453,313

2,445,856

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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

R J Ritchie - Director

1.	STATUTORY INFORMATION

Rig Surveys Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities

Basic financial liabilities, including loans from fellow group companies, are initially recognised at transaction price.

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

Equity instruments

Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Taxation

Current tax

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

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

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets

At each balance sheet date, the company reviews 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).

Financial assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investment in subsidiaries are measured at cost less accumulated impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2024

and 31 December 2024

2,450,000

NET BOOK VALUE

At 31 December 2024

2,450,000

At 31 December 2023

2,450,000

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Evolution Ropes Limited

Registered office: Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

Evolution Hose Limited

Registered office: Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

Rig Surveys Limited

Registered office: Evolution View, Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, Scotland, AB21 7GA

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

Rig IRM Inc*

Registered office: 1333 Price Plaza Drive, Katy, Texas 77449, USA

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

Rig Surveys AS*

Registered office: Filiostad brygge 1, Oslo, 0252, Norge

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

Rig Surveys PTY Ltd*

Registered office: 217 Building C, 355 Scarborough Beach Road, Osborne Park WA, 6017, Australia

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

* held through a subsidiary undertaking

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Cantlay CA (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

6.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

7.	ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is 3rd Momentum Limited, a company registered in Scotland.

The ultimate parent undertaking and controlling party is Challenger Energy Limited, a company registered in Scotland.