Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 467,692 | 486,196 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 2,298,542 | 2,271,049 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 1,993,009 | 1,955,500 | ||
| Total assets less current liabilities | 2,460,701 | 2,441,696 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of DFC Oilfield Supplies Limited (registered number:
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Dean Foster
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
DFC Oilfield Supplies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Brodies House, 31 - 33 Union Grove, Aberdeen, AB10 6SD, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Foreign translation adjustments were miscalculated in 2022, 2023 and 2024 with foreign balances which had already been translated into the Company's presentation currency being re-translated at the balance sheet date in each year. This misstatement impacted trade debtors, trade creditors and the Profit and Loss account and further details of the affected balances are provided in note 2.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Land and buildings |
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| Plant and machinery etc. |
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Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each 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).
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and 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 creditors, and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
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.
During preparation of the financial statements, an error in translation of foreign currency balances was identified which has impacted the 2022, 2023 and 2024 financial statements. To account for these, the 2024 comparatives have been restated, with the following adjustments processed:
| As previously reported | Adjustment | As restated | ||||
| Year ended 31 January 2024 | £ | £ | £ | |||
| Trade debtors | 1,221,257 | (6,118) | 1,215,139 | |||
| Trade creditors | (27,907) | (6,182) | (34,089) | |||
| Retained Profit & Loss Account brought forward | (2,385,146) | (5,207) | (2,390,353) | |||
| (Gain)/loss on foreign exchange transactions | (14,774) | 19,292 | 4,518 | |||
| Bad debts | (6,293) | (1,785) | (8,078) |
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Land and buildings | Plant and machinery etc. | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 February 2024 |
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| At 31 January 2025 |
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| Accumulated depreciation | |||||
| At 01 February 2024 |
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| Charge for the financial year |
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| At 31 January 2025 |
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| Net book value | |||||
| At 31 January 2025 | 463,095 | 4,597 | 467,692 | ||
| At 31 January 2024 | 479,879 | 6,317 | 486,196 |
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| £ | £ | ||
| Trade debtors |
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| Amounts owed by related parties |
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| Deferred tax asset |
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| Other debtors |
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| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
| 2025 | 2024 | ||
| £ | £ | ||
| Amount due to the director | 247,708 | 247,708 |
The above loan is interest free and has no fixed repayment terms.
Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by fellow group subsidiary | 26,933 | 51,933 |
The above loan is interest free and has no fixed repayment terms.