ACCOUNTS - Final Accounts preparation

Company registration number: 11038081

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	NESR LIMITED


NESR LIMITED

COMPANY INFORMATION

Director	S. N. A. Foda


Registered number	11038081


Registered office	Magna House
	18-32 London Road
	Staines-Upon-Thames
	TW18 4BP


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Magna House
	18-32 London Road
	Staines-Upon-Thames
	TW18 4BP


NESR LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


NESR LIMITED REGISTERED NUMBER:11038081

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		$		$


Current assets
Debtors: amounts falling due within one year	5	967,576		203,545
Cash at bank and in hand		533		1,170
		968,109		204,715
Creditors: amounts falling due within one year	6	(1,031,437)		(144,582)
Net current (liabilities)/assets			(63,328)		60,133
Total assets less current liabilities			(63,328)		60,133

Net (liabilities)/assets			(63,328)		60,133

Capital and reserves
Called up share capital	1,000	1,000
Capital contribution reserve	5,000,000	-
Profit and loss account	(5,064,328)	59,133
	(63,328)	60,133

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S. N. A. Foda

Director

Date: 15 December 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1


NESR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

NESR Limited is a private company limited by shares incorporated in England and Wales. The address of the principal place of business is 7th Floor, 777 Post Oak Boulevard, Houston, Texas, 77056, USA.
The financial statements are presented in dollars which is the functional currency of the company and rounded to the nearest $.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will continue in operational existence for the foreseeable future.
The Company has obtained a financial support letter from its parent company (National Energy Services Reunited Corp.) for at least 12 months from the date of approval of the financial statements. The letter confirms that the parent company will provide, where needed, the necessary financial support so that the Company can meet its obligations as they fall due. The director has satisfied himself that the parent company is able to provide this support for at least 12 months from the date the financial statements were authorised for issue.
As a result, the director believes the Company has adequate resources to enable it to continue as a going concern.
Due to the availability of parental support, the financial statements have been prepared on a going concern basis and the director does not consider there to be any material uncertainty regarding the Company’s ability to continue as a going concern.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is USD.

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.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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NESR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment losses.

Investment in an associates are held at cost less accumulated impairment losses.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors, trade creditors, other creditors and loans from related parties.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

Page 3


NESR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Fixed asset investments

	Investments in subsidiary companies	Investments in associates	Total
	$	$	$
Cost
At 1 January 2024	100,000	-	100,000
Additions	-	5,088,236	5,088,236
At 31 December 2024	100,000	5,088,236	5,188,236
Impairment
At 1 January 2024	100,000	-	100,000
Charge for the period	-	5,088,236	5,088,236
At 31 December 2024	100,000	5,088,236	5,188,236
Net book value
At 31 December 2024	-	-	-
At 31 December 2023	-	-	-

An impairment charge has been recognised in the Statement of Income and Retained Earnings to adjust the carrying value of investments in associates to their recoverable amount for the current year, and for investments in subsidiaries in the prior year.

Debtors

					2024	2023
					$	$


Amounts owed by group undertakings	965,773	202,206
Prepayments and accrued income	1,803	1,339
	967,576	203,545

Page 4


NESR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		$	$

Amounts owed to group undertakings	1,000,000	118,612
Accruals and deferred income	31,437	25,970
	1,031,437	144,582

Reserves

Capital contribution reserve

Capital contribution reserve represents amounts contributed by the parent company during the year to support the NESR Limited investment in associates.

8.	Controlling party

The parent company of the smallest group for which consolidated financial statements are drawn up is National Energy Service Corp. (NESR). The company's principal place of business is 7th Floor, 777 Post Oak Boulevard, Houston, Texas, 77056, USA.

9.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 15 December 2025 by Hezelina Hashim (FCCA) (Senior statutory auditor) on behalf of Menzies LLP.

Page 5