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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Champion Technologies Limited is a leading supplier of production chemicals and associated services to the oil and gas sector, serving customers both in the United Kingdom and internationally. The company is a wholly owned subsidiary of ChampionX Corporation and is headquartered in Aberdeen, Scotland.
Our diverse customer base includes major oil operators, national oil companies, and a range of independent oil and gas firms. The majority of the company’s revenue is derived from direct sales of specialty chemicals and chemical commodities. In addition, we provide manpower services, primarily through technical engineers and account managers, who support the application of our products and conduct rigorous quality assurance and testing programmes on behalf of our clients.
During the year, the company generated revenue of £123,446,752 (2023: £129,563,247), representing a marginal decrease from the prior year. This variance is primarily attributable to inflationary pressures and changing operational prioirities within the business.
The gross profit margin improved to 38.06% (2023: 34.19%), reflecting the positive impact of a rigorous review of operating expenditure throughout 2023 and 2024. The revenue declined by 4.72% in 2024 (2023: growth of 1.36%). Profit for the financial year amounted to £12,922,084 (2023: £5,102,539), demonstrating a significant year-on-year increase. The balance sheet remains strong, with net assets of £93,853,382 (2023: £101,080,592), and the company maintains sufficient working capital to meet its ongoing operational requirements.
The management of the business and the performance of the company are subject to several risks. The key business risks and uncertainties affecting the company are considered to relate to general underlying market conditions in the oil and gas sector, credit risk, liquidity risk, foreign currency, competition and employee retention. The company has a low appetite for risk and has financial and operational controls in place to manage these risks
Credit Risk: The company has strong policies and procedures in place regarding collecting receivables. Trade Receivables consist of a wide range of customers in various industries and geographical areas. The company continuously monitors the credit rating of its customers and other counterparties and incorporates this information into its credit risk controls. Liquidity Risk: The financial performance and financing structure of the company are healthy. Liquidity risks are considered low. Foreign Currency Risk: Exposures to currency exchange rates arise from overseas sales and purchases, which are primarily denominated in US dollars (USD) and EUR. To mitigate exposure to foreign currency risk, non-GBP cash flows are monitored and forward exchange contracts are entered into, in accordance with the risk management policies of the company
Management considers revenue growth and gross margin to be the main indicators of financial performance.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Safety is our number one concern, being integral in all areas of the business. Key safety metrics are monitored regularly, and a rigorous programme of training, education and continual assessment is in place to ensure we maintain the highest of standards.
The company continually strives for technological excellence for the benefit of its customers and significant investment is undertaken each year to support this. Champion Technologies Limited has a dedicated research and development facility based in Aberdeen. This facility collaborates closely with a number of other similar facilities across the Group to identify cutting edge solutions for an increasingly technologically driven customer base.
The Company is committed to encouraging its people to develop and to appropriately reward performance. We work under investor and industry guidelines and provide extensive training both in-house and through external consultants.
We aim to uphold our core values of integrity, safety, and teamwork in each and every location in which we operate. The organisation and our employees are committed to integrating economic, social, and environmental considerations into day-to-day operations and long term planning. Our business is conducted in such a way that promotes a better quality of life for our employees, customers, local communities, and other stakeholders. We work to continuously improve operational and energy efficiencies and search for environmentally friendly products through our commitment to research and development
Section 172 Statement
Champion Technologies Limited is a leading provider of wholesale chemical products 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 employees, supports the communities in which it operates and strives to generate sustainable profits for its 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 strive to operate the business to the highest level of 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. 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. The directors treat all external stakeholders collaboratively and fairly, and duly expect a conduct from them which aligns, to the company’s values.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 profit for the year, after taxation, amounted to £12,922,084 (2023 - £5,102,539).
Dividends were paid in the year amounting to £20,000,000 (2023 - £14,000,000).
The directors who served during the year were:
In 2025 and beyond, Champion Technologies Ltd will continue to invest the resources necessary to service its existing customer base, look towards new customer opportunities and maintain its commitments to employees and wider stakeholder groups.
While we continue to see the impact of the instability within the energy sector because of the conflict in Ukraine, we have adapted well to the situation and are well equipped to deal with future challenges that may arise.
The welfare and development of the company’s employees is of highest importance to the Directors, guided by our Code of Conduct which sets out how all company employees should behave. Our goal is to create a best-in-class culture of engagement across our enterprise to drive consistently strong business and talent and team outcomes. We know that high levels of engagement will drive both strong business and talent and team results.
The Directors are confident that the company has extensive processes in place to ensure the voice of employees is heard and acted upon when necessary. These can include periodic employee surveys rolled out across the Group and ad hoc Pulse surveys for key teams. Significant emphasis is placed on creating an environment where all employees feel they can belong. The company offers access to several Employee Resource Groups to enable participation of specific groups including women and LGBTQ+ employees. Equal Opportunities, Anti-Harassment and Bullying Policies are set out in a company Handbook and a report into inclusion and diversity work is published annually. Diversity and Inclusion are critical to winning talent.
We fully recognise our responsibility to protect the environment and as such, have strong environmental policies, objectives and guidelines in place which we review and update regularly. The Company, and Group, complies with all regulations covering the processing and disposal of toxic & non-toxic waste, and uses qualified licensed contractors for the collection and disposal of waste, where appropriate. We make every effort to keep our neighbours in the local community safe from any potential harm caused by our activities by closely managing our emissions and waste.
The following disclosures covers the financial period for 12 months ending 31 December 2024, where the only company within the group which is required to make these disclosures is Champion Technologies Ltd.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
UK energy use During the reporting period, the Company used a total of 6,653,038 kWh of energy and emitted a total of 1,324.55 tonnes of CO2e which is categorised as follows: The comparable 2023 position shown above reflects a 2024 increase of 2.17% in KwH and 0.89% in CO2e, which is driven by higher electricity usage at our Aberdeen Plant and Laboratory sites, resulting from the transition to electric forklifts and the installation of new, energy-intensive laboratory equipment. The rise in CO2e is lower by comparison due to decreased fuel consumption, again related to the switch to electric forklifts. Energy efficiency action We are committed to energy efficiency and have several projects to decrease energy usage where possible. We are investigating alternative power solutions, such as proposals for Solar Panels, again covering several of our UK sites. Intensity ratio and methodologies Definitions: Electricity – is the amount consumed in the UK resulting from the purchase of electricity for our own use, including for transport purposes.
Gas combustion – is the amount consumed in the UK resulting from stationery or mobile activities for which the business is responsible. Gas is defined in the guidance but covers methane, ethane, propane, butane, hydrogen & carbon monoxide.
Transport – is the amount of energy consumed from activities which the business is responsible and covers all energy used by site-based vehicles, used to support the logistical operations as well as offsite spend through reimbursed employee travel.
Ratios We believe the best method of assessment is total revenues for the Company based on the value used for Group Consolidation purposes. Based on this value reported our key ratio is 1.07 tCO2e per £100,000 of revenues. (2023: 1.01 tCO2e per £100,000 of revenues.) This represents a change of 5.94%, due to lower Revenue in the period. Capital Projects There are no pending Capital Projects planned.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditors are
unaware, and
∙ the director has taken all the steps that ought to have been taken as a director in order to be aware of any
relevant audit information and to establish that the company's auditors are aware of that information.
On June 4th 2025, the ChampionX Group performed a series of Restructuring activities. The result of which was the transfer of two indirectly owned Subsidiary Holdings, ChampionX Egypt Ltd and Houseman Ltd, these entities now being Direct Subsidiaries of Champion Technologies Ltd. This has no operational impact on Champion Technologies Ltd. With the transfer of these two investments, the decision has been taken to close ChampionX Egypt Holdings Ltd, as such liquidation proceedings have commenced.
On July 16th 2025, the ChampionX Group was acquired by “Schlumberger Limited”, a company organised and existing under the laws of Curacao, and publicly traded on the NYSE (SLB). With this change, the combined Organisation is a market leader in a variety of disciplines and across a wide range of geographies
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
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMPION TECHNOLOGIES LIMITED
We have audited the financial statements of Champion Technologies Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 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.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMPION TECHNOLOGIES LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHAMPION TECHNOLOGIES LIMITED (CONTINUED)
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 Auditors' 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.
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 judgements made by management in their calculation of accounting estimates for potential management bias;
∙Enquiries of management about litigation and claims;
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations; and
∙Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied.
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 CHAMPION TECHNOLOGIES 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 Auditors
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
Date:
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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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 15 to 34 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Champion Technologies Limited is a private limited company incorporated in Scotland. The registered office is W. Sam White Building, Peterseat Drive, Altens, Aberdeen. The principal activity is to supply chemicals and associated services to the Oil & Gas sector, serving customers in both the United Kingdom and internationally.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to, 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of ChampionX Corporation as at 31 December 2024 and these financial statements may be obtained from Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United States.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
The directors, having made due and careful enquiry, are of the opinion that the company 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 company had 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.
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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
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is 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)
Depreciation is provided on the following basis:
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.
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 within 'administration expenses' in the Statement of comprehensive income. The cost of stock is determined on a First-In, First-Out (FIFO) method. Net realisable value represents the estimated selling price in the ordinary course of business, less costs to complete and sell.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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 of the recoverable amount, which is an approximation of the amount that the company 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. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company currently apply hedge accounting for foreign exchange derivatives.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company operates chemical processing sites which, over time, have resulted in chemical residue affecting the land. In accordance with applicable environmental regulations and industry best practice, the company has a legal obligation to remediate these sites upon decommissioning. The environmental provision represents the best estimate of the costs required to restore the land to its original condition. This includes soil treatment, waste disposal, and site clearance. Estimates are based on current legislation, historical experience, and independent environmental assessments, and are reviewed annually. Where the effect of the time value of money is material, provisions are measured at the present value of the expected future cash flows.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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. The following are the company's key sources of estimation uncertainty: Stock Carrying Value The company makes an assessment of any stock items that are slow moving or obsolete. When making this assessment management consider various factors including the physical state of the stock and any items that are slow moving and establishes appropriate provision against such items. Investment Valuation The company makes an annual assessment of the carrying value of fixed asset investments and establishes an appropriate provision. This assessment is based on a variety of factors, with the key ones being the underlying current and projected trading performance of the subsidiary companies to which the investments relate. Environmental Provisions The company has recognised environmental provisions reflecting management’s best estimate of its legal obligation to clean and restore operational sites, including the relinquishment of the IPPC permit. These estimates are based on professional valuations and relate to potential contamination occurring since 1994. Significant judgement is applied in assessing the scope, timing, and regulatory requirements of the remediation activities, which are subject to inherent uncertainty.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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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
The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,312,338 (2023 - £1,247,673).
The company's immediate parent undertaking is
The ultimate parent undertaking and controlling party for the year ended 31 December 2024 was
The smallest and largest group for which consolidated financial statements are prepared which include Champion Technologies Limited is that of ChampionX Corporation. The group financial statements can be obtained from Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United States.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
On June 4th 2025, the ChampionX Group performed a series of Restructuring activities. The result of which was the transfer of two indirectly owned Subsidiary Holdings, ChampionX Egypt Ltd and Houseman Ltd, these entities now being Direct Subsidiaries of Champion Technologies Ltd. This has no operational impact on Champion Technologies Ltd. With the transfer of these two investments, the decision has been taken to close ChampionX Egypt Holdings Ltd, as such liquidation proceedings have commenced.
On July 16th 2025, the ChampionX Group was acquired by “Schlumberger Limited”, a company organised and existing under the laws of Curacao, and publicly traded on the NYSE (SLB). With this change, the combined Organisation is a market leader in a variety of disciplines and across a wide range of geographies.
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