Company No: SC379535 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Current assets
Debtors	5	984,998		995,374
Cash at bank and in hand		4,296		0
		989,294		995,374
Creditors: amounts falling due within one year	6	( 247)		( 377)
Net current assets		989,047		994,997
Total assets less current liabilities		989,047		994,997
Net assets		989,047		994,997
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		988,947		994,897
Total shareholder's funds		989,047		994,997

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of SPEX Engineering Limited (registered number: SC379535) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

Mr S R Craib Director

1. Accounting policies

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.

General information and basis of accounting

SPEX Engineering 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 Blackwood House, Union Grove Lane, Aberdeen, AB10 6XU, United Kingdom. The trading address is First Floor, Unit 2, Dunnottar House, Howe Moss Drive, Kirkhill Industrial Estate, Aberdeen, AB21 0FN.

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 £.

Going concern

On 30th June 2025 the entire share capital of the Company’s parent company Spex Group Holdings was purchased by Halliburton Global Holdings Limited “Halliburton”.

Since the date of acquisition, Halliburton have provided funding to the business and they have confirmed their willingness to continue to provide ongoing financial support to the group and its subsidiaries for at least the next 12 months from the date of approval of these financial statements.

At the time of approving the financial statements, the Directors have reviewed trading and cashflow forecasts for the next 12 months through to December 2026 and are satisfied that the Company will have sufficient financial resources to continue in operational existence for the foreseeable future.

On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	4 years straight line
Plant and machinery etc.	4 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks with original maturities of three months or less.

Financial instruments

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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Going concern:
Going concern assessment is a judgement exercised by the directors (see note 1.2).

Recoverability of group receivables:
The company makes an assessment of the recoverable value of amounts due from fellow group undertakings. When assessing the recoverability of these amounts owed, management considers factors such as the expected future performance of the group.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	7,085		2,297		9,382
At 31 December 2024	7,085		2,297		9,382
Accumulated depreciation
At 01 January 2024	7,085		2,297		9,382
At 31 December 2024	7,085		2,297		9,382
Net book value
At 31 December 2024	0		0		0
At 31 December 2023	0		0		0

5. Debtors

	2024		2023
	£		£
Amounts owed by Group undertakings	984,789		995,374
Other debtors	209		0
	984,998		995,374

Amounts owed by group undertakings are interest free and repayable on demand. Repayments are not expected within 12 months.

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank overdrafts	0		31
Trade creditors	247		346
	247		377

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Events after the Balance Sheet date

On 30th June 2025 the entire share capital of the Company’s parent company Spex Group Holdings was purchased by Halliburton Global Holdings Limited “Halliburton”.

9. Ultimate controlling party

Parent Company:

SPEX Group Holdings Limited

Blackwood House Aberdeen AB10 6XU