AOT International LTD

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

AOT International LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10162592 . The registered office is 7 Albert Buildings, 49 Queen Victoria Street, London, EC4N 4SA.

The company's principal activity continues to be that of the provision of oilfield services, rentals, consulting and sales to the energy industry.

Overseas Branch

On 1 September 2024, AOT International Ltd established a branch in the Republic of the Congo. As the branch does not constitute a separate legal entity, its financial results and position are fully included within the financial statements of AOT International Ltd.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

The financial statements have been prepared on the going concern basis, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. In considereing the going concern assumption, the directors have considered the cash flow requirements of the Company. The directors are confident that the Company has adequate resources to continue in operation existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Rental of equipment

Turnover from the rental of equipment is recognised during the period when assets are effectively rented to the client.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	7 years
Computer Equipment	3 years

Tangible fixed assets measured under the cost model per FRS 102, Section 17 Property Plant and Equipment,

are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical

cost includes expenditure which is directly attributable to bringing the asset to the location and condition

necessary for it to be capable of operating in the manner intended by management.

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 it meets the recognition criteria for an item of property, plant and equipment (i.e., if

the replacement part is expected to provide future incremental benefit to the Company). The carrying amount of

the replaced part is derecognised.

The assets’ residual values, useful lives and depreciation methods are reviewed annually and are adjusted

prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

...CONTINUED

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AOT International LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Tangible Fixed Assets and Depreciation - continued

Profits and losses on disposal of assets are determined by comparing the proceeds with the carrying amounts

and are recognised in profit or loss.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Financial Instruments

The Company has chosen to adopt FRS 102, Section 11 Basic Financial Instruments and 12 Other Financial Instruments Issues of FRS 102 in respect of financial instruments.

All financial assets and liabilities are initially measured at transaction price, including transaction costs, except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (at transaction price excluding transaction costs) unless the arrangement constitutes a financing transaction.

Financial assets and financial liabilities are only offset in the Company balance sheet when, and only when, there is a legally enforceable right to set off the recognised amounts and the Company intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments (other than those repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently amortised using the effective interest method.

Creditors

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

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 subsequently measured at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments which mature in no more than three months from the date of acquisition and which are readily convertible into known amounts of cash with insignificant risk of change in value.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated financial instrument.

Impairment

Financial assets measured at 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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s 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 Company would receive for the asset if it were to be sold at the reporting date.

Derecognition

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 substantially all of the risks and rewards of ownership of the financial asset

to another party; 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.

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AOT International LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Foreign Currencies

The accounts are presented in US dollars (US$), which is the functional currency of the Company.

Monetary assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollar at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2023: 7)

4. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	$	$	$
Cost
As at 1 January 2024	97,706	18,855	116,561
Additions	-	1,456	1,456
Disposals	(55,034 )	-	(55,034 )

As at 31 December 2024	42,672	20,311	62,983

Depreciation
As at 1 January 2024	46,292	14,197	60,489
Provided during the period	6,095	2,873	8,968
Disposals	(38,181 )	-	(38,181 )

As at 31 December 2024	14,206	17,070	31,276

Net Book Value
As at 31 December 2024	28,466	3,241	31,707

As at 1 January 2024	51,414	4,658	56,072

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AOT International LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Investments

	Unlisted
	$
Cost or Valuation
As at 1 January 2024	11,039

As at 31 December 2024	11,039

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	11,039

As at 1 January 2024	11,039

AOT International Ltd incorporated AOT Manufacturing Ltd in England in 2020 as a 100% owned subsidiary. AOT Manufacturing Ltd has been dormant since incorporation.

During 2023 AOT International Srl was a incorporated in Italy as a 100% subsidiary of AOT International Ltd, for a total amount of investment of €10,000. The principal activity of AOT International Srl is the provision of services, rentals and consulting to the energy industry.

6. Stocks

	2024	2023
	$	$
Stock	159,853	30,538

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	$	$
Trade creditors	211,065	51,847
Bank loans and overdrafts	54,729	56,932
Corporation tax	24,529	50,720
Other taxes and social security	2,367	2,956
Other creditors	608	1,977
Accruals and deferred income	473	-
Directors' loan accounts	-	13,840
Amounts owed to subsidiaries	1	1
Amounts owed to parent undertaking	-	16,500

	293,772	194,773

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	$	$
Bank loans	21,902	75,751

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AOT International LTD

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	$	$
Other timing differences	7,927	14,018

10. Share Capital

	2024	2023
	$	$
Allotted, Called up and fully paid	80,100	80,100

Share capital comprises 8,010,000 ordinary shares.

11. Post Balance Sheet Events

There were no adjusting or non-adjusting events that occurred after the balance sheet date and up to the date of signing the annual financial statements.

12. Related Party Transactions

As of 31st December 2024, AOT International Ltd had a receivable balance of $ 82,463 (2023: $ 13,658) from its 100% owned subsidiary AOT International Srl. This balance is interest free and payable on demand.

13. Controlling Party

The Company’s controlling party is de Clermont Capital Ltd, which owns 55% of the issued share capital of the company.

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		2024		2023
	Notes	$	$	$	$
FIXED ASSETS
Tangible Assets	4		31,707		56,072
Investments	5		11,039		11,039

			42,746		67,111
CURRENT ASSETS
Stocks	6	159,853		30,538
Debtors		407,392		135,263
Cash at bank and in hand		77,918		554,047

		645,163		719,848
Creditors: Amounts Falling Due Within One Year	7	(293,772 )		(194,773 )

NET CURRENT ASSETS (LIABILITIES)			351,391		525,075

TOTAL ASSETS LESS CURRENT LIABILITIES			394,137		592,186

Creditors: Amounts Falling Due After More Than One Year	8		(21,902 )		(75,751 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	9		(7,927 )		(14,018 )

NET ASSETS			364,308		502,417

CAPITAL AND RESERVES
Called up share capital	10		80,100		80,100
Other reserves			250,000		250,000
Profit and Loss Account			34,208		172,317

SHAREHOLDERS' FUNDS			364,308		502,417