Registered number: 01948245
FOR THE YEAR ENDED 31 DECEMBER 2024
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group is owned by Scientific Drilling International Inc., and it operates in the UK and internationally.
The Group's principal activity is the provision of directional related services. There have not been any significant changes in the Group's principal activities during the year under review.
The Group has a long history of producing new products and tools, which it has successfully introduced to the industry, and it continues to devote considerable resources to developing innovative technologies. The directors are confident that this effort will continue to stream new technology into the Company resulting in long term revenue growth.
The Group has a strong commitment to HSE matters, and have made substantial investment in environmentally friendly technologies.
The Group's principal activity is the provision of directional related services. There have not been any significant changes in the Group's principal activities during the year under review.
The Group has a long history of producing new products and tools, which it has successfully introduced to the industry, and it continues to devote considerable resources to developing innovative technologies. The directors are confident that this effort will continue to stream new technology into the Company resulting in long term revenue growth.
The Group has a strong commitment to HSE matters, and have made substantial investment in environmentally friendly technologies.
Group turnover of $50M in 2024 represented a decrease of 21% from 2023. The outlook for 2025 is comparable to 2024 levels. The group will control the business structure to match activity and pricing levels whilst continuing to invest to meet strategic objectives.
Demand for directional related services is linked to levels of capital and operational expenditure in the oil and gas industry, a factor in which is volatility in oil and natural gas prices. The industry has historically experienced periodic downturns. Reduced demand for services in a downturn could put downward pressure on prices.
Geopolitical and economic instability in countries or regions in which we operate could limit or disrupt markets and our international operations. This could interrupt our ability to conduct our operations or result in a loss of our investment in the country.
Skilled technical personnel are required to operate our tools. Failure to recruit, train and retain staff could constrain our operations. In periods of high activity competition for personnel increases and this could increase our costs.
Customer credit risks are generally unsecured and could result in bad debts. Ongoing credit checks and monitoring of outstanding balances are used to manage the risk.
Cybersecurity incidents such as unauthorized access to data and systems, loss or destruction of data, ransomware or other malicious code could cause interruption to the digital technologies that we rely on to conduct and protect our business. This could harm our reputation and our relationships with our employees, customers, suppliers and other stakeholders.
Geopolitical and economic instability in countries or regions in which we operate could limit or disrupt markets and our international operations. This could interrupt our ability to conduct our operations or result in a loss of our investment in the country.
Skilled technical personnel are required to operate our tools. Failure to recruit, train and retain staff could constrain our operations. In periods of high activity competition for personnel increases and this could increase our costs.
Customer credit risks are generally unsecured and could result in bad debts. Ongoing credit checks and monitoring of outstanding balances are used to manage the risk.
Cybersecurity incidents such as unauthorized access to data and systems, loss or destruction of data, ransomware or other malicious code could cause interruption to the digital technologies that we rely on to conduct and protect our business. This could harm our reputation and our relationships with our employees, customers, suppliers and other stakeholders.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As shown in the consolidated income statement on page 10, gross profit in 2024 has decreased by 70% year-on-year in line with the decrease in turnover. Profit after tax has also decreased.
On page 12 of the financial statements, the consolidated statement of financial position shows that the net asset position of the group remains strong as consistent to prior year.
On page 12 of the financial statements, the consolidated statement of financial position shows that the net asset position of the group remains strong as consistent to prior year.
Scientific Drilling Controls Limited is a leading provider of directional drilling related services which depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The Group seeks to put its customers’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits for shareholders.
The Directors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its shareholders as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.
The directors hold themselves and each other to the highest standards of business conduct and as such section 172 considerations are embedded in decision making at board level, with the long term consequences of all key decisions being considered in detail as part of the decision making process. Our vision, purpose and values are set out in the Strategic report, as are the risks facing our organisation and the mitigating action we take. Information about our employee involvement is in included within the directors report.
The directors recognise the importance of investing in and nurturing business relationships with key stakeholders such as suppliers and customers and look to ensure all decisions made at board level gives due consideration to the needs of these groups to ensure that any outcome will have mutual benefit for ourselves and our stakeholders. Management engages through regular customer and trade events and periodic business review meetings.
The Directors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its shareholders as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.
The directors hold themselves and each other to the highest standards of business conduct and as such section 172 considerations are embedded in decision making at board level, with the long term consequences of all key decisions being considered in detail as part of the decision making process. Our vision, purpose and values are set out in the Strategic report, as are the risks facing our organisation and the mitigating action we take. Information about our employee involvement is in included within the directors report.
The directors recognise the importance of investing in and nurturing business relationships with key stakeholders such as suppliers and customers and look to ensure all decisions made at board level gives due consideration to the needs of these groups to ensure that any outcome will have mutual benefit for ourselves and our stakeholders. Management engages through regular customer and trade events and periodic business review meetings.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The loss for the year, after taxation and minority interests, amounted to $101,654 (2023 - profit $11,484,892).
The company paid dividends of $8,500,000 during the year (2023 - $12,000,000).
The directors who served during the year were:
Despite the ongoing difficult market conditions the directors believe that the continued investment in new technology and new markets will ensure that the Company is well positioned going forward.
It is Company policy that management should consult regularly with employees on matters which affect their employment and that their views should be taken into account when decisions are taken which will affect their interests. It is policy to keep employees informed of developments and performance across the Group.
Management hold periodic town hall meetings and webcasts to communicate with employees around the world and employees are encouraged to express their views through employee engagement surveys. Information is also communicated in regular newsletters and organizational announcements, as well as on the ‘MySDI’ intranet site.
Management hold periodic town hall meetings and webcasts to communicate with employees around the world and employees are encouraged to express their views through employee engagement surveys. Information is also communicated in regular newsletters and organizational announcements, as well as on the ‘MySDI’ intranet site.
Relationships with stakeholders are of strategic importance to the company, so these matters are therefore dealt with in the Directors' statement of compliance with duty to promote the success of the group section of the Group strategic report.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The greenhouse gas emissions and energy consumption for the year arise from the company’s operational and office facility in the UK.
The principle measures taken to improve energy efficiency in the year include the fitting of a new heating boiler and structural repairs to the warehouse building roof to provide greater insulation
The principle measures taken to improve energy efficiency in the year include the fitting of a new heating boiler and structural repairs to the warehouse building roof to provide greater insulation
Associated greenhouse gases have been calculated using the 2024 and 2023 UK Government Conversion Factors for greenhouse gas (GHG) reporting.
There have been no significant events impacting the group since the year end.
The auditors, Anderson Anderson & Brown Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC DRILLING CONTROLS LIMITED
We have audited the financial statements of Scientific Drilling Controls Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated income statement, the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of 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 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 Group's or the parent 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC DRILLING CONTROLS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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:
∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC DRILLING CONTROLS LIMITED (CONTINUED)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
• Management override of controls to manipulate the company’s key performance indicators to meet targets;
• Timing and completeness of revenue recognition;
• Management judgement applied in calculating provisions; and
• Compliance with relevant laws and regulations which directly impact the financial statements and those that
the company needs to comply with for the purpose of trading.
Our audit procedures to respond to these risks included:
• Testing of journal entries and other adjustments for appropriateness;
• Evaluating the business rationale of significant transactions outside the normal course of business;
• Reviewing judgments made by management in their calculation of accounting estimates for potential
management bias;
• Enquiries of management about litigation and claims and inspection of relevant correspondence; and
• Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any
non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCIENTIFIC DRILLING CONTROLS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditor
Kingshill View,
Prime Four Business Park
AB15 8PU
26 May 2025
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CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 32 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 32 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Scientific Drilling Controls Limited is incorporated in the United Kingdom. The registered office is Connect House 133 - 137 Alexandra Road, Wimbledon, London SW19 7JY. The principal activity of the Group is the provision of directional related services.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, 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 statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors, having made due and careful enquiry, are of the opinion that the group has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Group's presentational currency is USD. Overseas operations within the Company and Group operate in different functional currencies dictated by the economic environment in which they operate.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated income statement except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated income statement within 'other operating income'.
On consolidation, the results of overseas operations are translated into Dollars 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Taxation
The Group establishes reasonable provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
Impairment of debtors
The Group makes an assessment of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management consider various factors including the ageing profile of debtors and historical experience.
The turnover shown in the consolidated statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax.
The Group has not disclosed an analysis of turnover by geographical market since, in the opinion of the directors, it would be seriously prejudicial to do so.
The turnover relates entirely to directional related services rendered.
The Group has not disclosed an analysis of turnover by geographical market since, in the opinion of the directors, it would be seriously prejudicial to do so.
The turnover relates entirely to directional related services rendered.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors which may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements. The profit after tax of the parent Company for the year was $2,921,426 (2023 - $9,202,008 ).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.TANGIBLE FIXED ASSETS (CONTINUED)
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Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has given guarantees of $5,093,582 through the normal course of trade which are in place at 31 December 2024 (2023 - $5,187,656).
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group contributes to a Group personal pension plan. The pension cost charge represents contributions payable by the Company in the year which amounted to $719,849 (2023 - $758,819). At 31 December 2024 contributions of $20,536 were outstanding (2023 - $25,495).
The Company's parent undertaking is Scientific Drilling International Inc , a Company incorporated in Texas, USA.
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