RIGQUIP DRILLING SERVICES LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: SC324594

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		674,526		710,135

			674,526		710,135
CURRENT ASSETS
Stocks		595,630		546,206
Debtors	5	1,902,290		2,029,204
Cash at bank and in hand		227,095		429,241

		2,725,015		3,004,651
Creditors: Amounts Falling Due Within One Year	6	(1,577,068 )		(1,639,758 )

NET CURRENT ASSETS (LIABILITIES)			1,147,947		1,364,893

TOTAL ASSETS LESS CURRENT LIABILITIES			1,822,473		2,075,028

Creditors: Amounts Falling Due After More Than One Year	7		(75,000 )		(320,077 )

PROVISIONS FOR LIABILITIES
Provisions For Charges			-		(23,040 )

NET ASSETS			1,747,473		1,731,911

CAPITAL AND RESERVES
Called up share capital	8		2		2
Revaluation reserve			7,613		7,613
Profit and Loss Account			1,739,858		1,724,296

SHAREHOLDERS' FUNDS			1,747,473		1,731,911

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RIGQUIP DRILLING SERVICES LIMITED

Balance Sheet (continued)

As At 31 December 2024

For the 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.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Matthew Fraser

Director

29/12/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

RIGQUIP DRILLING SERVICES LIMITED is a private company, limited by shares, incorporated in Scotland, registered number SC324594 . The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA.

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

At 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 at least twelve months from the date of signing the financial statements. Thus the directors have continued 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.

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:

Freehold	0-10 years straight line
Plant & Machinery	3-20 years straight line

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. 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 years 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.

...CONTINUED

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RIGQUIP DRILLING SERVICES LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

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

2.7. Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 28 (2023: 34)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Total
	£	£	£
Cost
As at 1 January 2024	859,888	532,001	1,391,889
Additions	550	9,789	10,339

As at 31 December 2024	860,438	541,790	1,402,228

Depreciation
As at 1 January 2024	202,154	479,600	681,754
Provided during the period	15,945	30,003	45,948

As at 31 December 2024	218,099	509,603	727,702

Net Book Value
As at 31 December 2024	642,339	32,187	674,526

As at 1 January 2024	657,734	52,401	710,135

Included within Land and Buildings is Freehold Property of £601,339 which is not depreciated. The directors consider that this departure from United Kingdom Generally Accepted Accounting Principles (UK GAAP) is necessary is order to provide a true and fair view. The property is maintained in good condition and they consider the residual value of freehold property is at least equal to its net book value and any depreciation would therefore be immaterial.

The property was valued at £655,000 on 23 April 2015 by J & E Shepherd Chartered Surveyors independent valuers not connected with the company, on a market value basis.

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RIGQUIP DRILLING SERVICES LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	409,722	696,172
Amounts owed by group undertakings	1,131,621	1,123,088
Other debtors	360,947	209,944

	1,902,290	2,029,204

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	112,313	142,229
Bank loans and overdrafts	245,739	398,312
Amounts owed to group undertakings	964,826	918,044
Other creditors	183,372	126,262
Taxation and social security	70,818	54,911

	1,577,068	1,639,758

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

	2024	2023
	£	£
Bank loans	75,000	320,077

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

9. Ultimate Controlling Party

The company's immediate parent company is RigQuip Ltd, a company incorporated in Scotland and its ultimate parent company is RigQuip Holdings Limited, a company incorporated in Scotland.

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