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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Drillco Europe Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit A11(1), Kenyon Court, Walter Leigh Way, Moss Industrial Estate, Leigh, WN7 3PT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 presentational currency of the financial statements is sterling. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is currently reliant on the continued financial support of its parent company, which has confirmed its intention to provide such support for a period of at least 12 months from the date of approval of these financial statements. This ongoing parental support is considered sufficient to enable the company to meet its liabilities as they fall due in the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes for goods and services provided during the year. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually at the point the goods have been received by the customer at the port of entry at the destination country.

Revenue from the provision of services is recognised over the period of the service provided. If any amounts are received for a future period, this is treated as deferred income in the balance sheet and released to the profit and loss in the period to which it relates.

Research expenditure is written off against profits in the year in which it is incurred.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Stocks is valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost is calculated using an average cost method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance Sheet date.Transactions in foreign currencies are translated into sterling at the rate of exchange prevailing at the date of the transaction. The directors consider that the functional currency of the company is not sterling but for practical reasons the accounts are maintained in sterling. Exchange differences are therefore not taken into account in arriving at the operating result but are recognised in the statement of other comprehensive income and are not taxable or tax deductible.

The average monthly number of persons (including directors) employed by the company during the year was:

Other creditors includes £1,589 (2023: £1,423) owed to the company pension schemes.

Other reserves relate to the cumulative foreign exchange differences disclosed in the other comprehensive income statement, as explained in the foreign exchange accounting policy note.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The parent company of the smallest group that draws up consolidated financial statements which include the results for Drillco Europe Ltd is Drillco Tools SpA, whose registered office is at Americo Vespucio Norte 1387, Quillcura, Santiago, Chile.

Ultimate Controlling party

As of February 2025, the ultimate controlling party is now Hehong Wu of Shareate Tools Ltd, a company listed on the Shanghai Stock Exchange.