Silverfin false 13 April 2026 13 April 2026 David Ewen MA (Hons) CA Hall Morrice LLP 266,142 140,684 false true 31/12/2025 01/01/2025 31/12/2025 Ulf Eide 31/01/2026 26/04/2017 Stuart Noble 31/01/2026 26/04/2017 Christopher Reid 31/01/2026 Oeyvind Roppestad 31/01/2026 13 April 2026 The principal activity of the company continues to be that of the provision of Oil Service Activities in the wider energy sector. The company continues to look for opportunities in the UK region. SC561768 2025-12-31 SC561768 bus:Director1 2025-12-31 SC561768 bus:Director2 2025-12-31 SC561768 bus:Director3 2025-12-31 SC561768 bus:Director4 2025-12-31 SC561768 2024-12-31 SC561768 core:CurrentFinancialInstruments 2025-12-31 SC561768 core:CurrentFinancialInstruments 2024-12-31 SC561768 core:Non-currentFinancialInstruments 2025-12-31 SC561768 core:Non-currentFinancialInstruments 2024-12-31 SC561768 core:ShareCapital 2025-12-31 SC561768 core:ShareCapital 2024-12-31 SC561768 core:SharePremium 2025-12-31 SC561768 core:SharePremium 2024-12-31 SC561768 core:RetainedEarningsAccumulatedLosses 2025-12-31 SC561768 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC561768 core:Goodwill 2024-12-31 SC561768 core:Goodwill 2025-12-31 SC561768 core:OtherPropertyPlantEquipment 2024-12-31 SC561768 core:OtherPropertyPlantEquipment 2025-12-31 SC561768 core:CurrentFinancialInstruments core:Secured 2025-12-31 SC561768 core:MoreThanFiveYears 2025-12-31 SC561768 core:MoreThanFiveYears 2024-12-31 SC561768 bus:OrdinaryShareClass1 2025-12-31 SC561768 2025-01-01 2025-12-31 SC561768 bus:FilletedAccounts 2025-01-01 2025-12-31 SC561768 bus:SmallEntities 2025-01-01 2025-12-31 SC561768 bus:Audited 2025-01-01 2025-12-31 SC561768 2024-01-01 2024-12-31 SC561768 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC561768 bus:Director1 2025-01-01 2025-12-31 SC561768 bus:Director2 2025-01-01 2025-12-31 SC561768 bus:Director3 2025-01-01 2025-12-31 SC561768 bus:Director4 2025-01-01 2025-12-31 SC561768 core:Goodwill core:TopRangeValue 2025-01-01 2025-12-31 SC561768 core:Goodwill 2025-01-01 2025-12-31 SC561768 core:OtherPropertyPlantEquipment core:BottomRangeValue 2025-01-01 2025-12-31 SC561768 core:OtherPropertyPlantEquipment core:TopRangeValue 2025-01-01 2025-12-31 SC561768 core:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 SC561768 core:Non-currentFinancialInstruments 2025-01-01 2025-12-31 SC561768 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 SC561768 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC561768 1 2025-01-01 2025-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC561768 (Scotland)

# IOT ENERGY SERVICES LTD.

### Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

IOT ENERGY SERVICES LTD.

## Financial Statements

For the financial year ended 31 December 2025

Contents

IOT ENERGY SERVICES LTD.

## BALANCE SHEET

As at 31 December 2025
IOT ENERGY SERVICES LTD.

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 5,382 |  | 17,385
|  | 5,382 |  | 17,385
Current assets |  |  |  |
Debtors | 5 | 36,769 |  | 23,336
Cash at bank and in hand |  | 67,454 |  | 335,098
|  | 104,223 |  | 358,434
Creditors: amounts falling due within one year | 6 | ( 1,538,573) |  | ( 1,532,963)
Net current liabilities |  | (1,434,350) |  | (1,174,529)
Total assets less current liabilities |  | (1,428,968) |  | (1,157,144)
Creditors: amounts falling due after more than one year | 7 | ( 19,907) |  | ( 25,589)
Net liabilities |  | ( 1,448,875) |  | ( 1,182,733)
Capital and reserves |  |  |  |
Called-up share capital | 8 | 131,390 |  | 131,390
Share premium account |  | 8,749 |  | 8,749
Profit and loss account |  | ( 1,589,014 ) |  | ( 1,322,872 )
Total shareholders' deficit |  | ( 1,448,875) |  | ( 1,182,733)

The 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 Profit and Loss Account has not been delivered.

The financial statements of IOT Energy Services Ltd. (registered number: SC561768) were approved and authorised for issue by the Board of Directors on 13 April 2026. They were signed on its behalf by:

Christopher Reid Director |

IOT ENERGY SERVICES LTD.

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
IOT ENERGY SERVICES LTD.

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 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

IOT Energy Services Ltd. (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 Independent Oil Tools Ltd Building Sir William Smith Road, Kirkton Industrial Estate, Arbroath, DD11 3RD, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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

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 adopted the going concern basis of accounting in preparing the financial statements.
The going concern assumption is based upon confirmation of support from the parent company of IOT Energy Services Ltd. IOT Energy Services Ltd. have confirmed that the company continues to search for Oil Service activities in the wider energy sector. A letter of support has been provided which confirms that the parent company will continue to support the company by not demanding repayment of any amounts loaned to the company as well as providing sufficient funding and financial support as required to enable IOT Energy Services Ltd. to discharge all its liabilities and continue as a going concern for a minimum period of at least 12 months from the date of signing the audited financial statements.

##### 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.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue for the provision of services is recognised by reference to the date on which services were rendered.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

##### Taxation

Current 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
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.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 10 years straight line

###### Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, 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:

Plant and machinery etc. | 3 - 12 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.

##### Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The company as lessor
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

##### 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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### 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 cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.

##### Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 4 |  | 4

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2025 | 30,000 |  | 30,000
Disposals | ( 30,000) |  | ( 30,000)
At 31 December 2025 | 0 |  | 0
Accumulated amortisation |  |  |
At 01 January 2025 | 30,000 |  | 30,000
Disposals | ( 30,000) |  | ( 30,000)
At 31 December 2025 | 0 |  | 0
Net book value |  |  |
At 31 December 2025 | 0 |  | 0
At 31 December 2024 | 0 |  | 0

#### 4. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2025 | 176,022 |  | 176,022
Disposals | ( 39,662) |  | ( 39,662)
At 31 December 2025 | 136,360 |  | 136,360
Accumulated depreciation |  |  |
At 01 January 2025 | 158,637 |  | 158,637
Charge for the financial year | 9,877 |  | 9,877
Disposals | ( 37,536) |  | ( 37,536)
At 31 December 2025 | 130,978 |  | 130,978
Net book value |  |  |
At 31 December 2025 | 5,382 |  | 5,382
At 31 December 2024 | 17,385 |  | 17,385

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Other debtors | 36,769 |  | 23,336

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 5,720 |  | 5,599
Trade creditors | 12,574 |  | 18,706
Amounts owed to group undertakings | 1,505,582 |  | 1,492,532
Other taxation and social security | 2,038 |  | 6,355
Other creditors | 12,659 |  | 9,771
| 1,538,573 |  | 1,532,963

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 19,907 |  | 25,589

The bank loan is repayable in monthly instalments ending in June 2030 with interest being charged at a fixed rate of 2.5%.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 0 |  | 1,827

#### 8. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
131,390 Ordinary shares of £ 1.00 each | 131,390 |  | 131,390

#### 9. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 107,708 |  | 155,100

Other financial commitments

| 2025 |  | 2024
| £ |  | £
At the reporting end date the company had contracted with tenants for the following minimum lease payments: | 26,973 |  | 30,969

#### 10. Related party transactions

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Related party loan forgiven | 0 |  | 311,822
Amounts due to related parties | 1,505,582 |  | 1,492,532
Sales | 212,117 |  | 144,650

In 2024, the company received loan forgiveness from a related party, NOCO (UK) Limited.

#### 11. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

The audit report was signed by David Ewen MA (Hons) CA on behalf of Hall Morrice LLP.

#### 12. Ultimate controlling party

The company was majority owned by Independent Oil Tools AS, a company incorporated in Norway.
The largest group in which the results of the company are consolidated is that headed by Petrolia SE. The financial statements of Petrolia SE are available from its registered office at 205 Christodoulou Chatzipavlou Street, Loulloupis Court, 4th floor, office 401, 3036 Limassol, Cyprus or online via https://petrolia.eu/financial-reports/