The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Vulcan Completion Products UK Limited is a private company, limited by shares, incorporated in Scotland. The registered office is 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, United Kingdom, AB15 4DT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in Pounds Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As part of their assessment of going concern, the directors have reviewed the company’s future cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. The assessment included consideration of the company’s forecast trading performance, working capital requirements, available funding, amounts falling due for repayment and plausible downside scenarios.true

Based on this assessment, the directors have formed a judgement, at the time of approving the financial statements, that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The directors have also concluded that there are no material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.

During the year, the wider Sawafi group completed a restructure of certain group lending arrangements. As part of this restructure, the amount of £2,034,541 previously due to Sawafi Al Jazeera Oilfield Products & Services Co. Limited under an intercompany revolving credit facility was repaid in full on 7 February 2025.

At the current year end, the company had an amount of £2,906,274 due to its immediate parent undertaking, Sawafi Vulcan Newco Limited. This amount is unsecured, non-interest bearing, repayable on demand and remained outstanding at the date of approval of these financial statements.

In preparing their going concern assessment, the directors have obtained written confirmation from Sawafi Vulcan Newco Limited that repayment of this intercompany balance will not be demanded for a period of at least 12 months from the date of approval of these financial statements where such repayment would, in the reasonable opinion of the directors of Vulcan Completion Products UK Limited, impair the company’s ability to meet its liabilities as they fall due or to continue its forecast operations.

The directors have considered the nature of this support, including the fact that the confirmation is not legally binding, together with the company’s forecasts, expected cash generation, trading performance and the wider group’s stated intention to continue supporting the company. Having considered these matters, the directors have no reason to believe that the support described above will not continue to be available for the period covered by their going concern assessment. Accordingly, the directors do not consider that this gives rise to a material uncertainty in respect of going concern.

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.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

• the company has transferred the significant risks and rewards of ownership to the buyer;

• the amount of revenue can be measured reliably;

• it is probable that the company will receive the consideration due under the transactions;

• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Research expenditure is written off to profit or loss as incurred.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Expenditure on development activities may be capitalised if the product or process is commercially feasible and the company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate portion of overheads. Other development expenditure is recognised in the Statement of Profit and Loss as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives. Intangible assets under construction are not amortised.

Intangible assets held are amortised on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Historical cost includes expenditure that 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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 the profit and loss account.

At each reporting period end date, the company reviews the carrying amounts of 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). 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.

Recoverable amount is the higher of fair valu less costs to sell and 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.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

For assets where the recoverable amount increases as a result of a change in economic conditions or in the expected use of the asset then the resultant reversal of the impairment loss is recognised in the current period.

An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the statement of profit and loss.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks.

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 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.

Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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 issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

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.

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Payments made under operating leases, including any lease incentives received, are charged to the statement of profit and 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 leased asset are consumed.

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 statement of profit and loss in the period in which they arise.

Finance costs

Finance costs are charged to the statement of profit and 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 capital instrument.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The critical judgements that the directors have made in the process of applying the company's policies that have the most significant effect on the amounts recognised in the statutory financial statements are:

Assessing indicators of impairment

In assessing whether there have been indicators of impairment of assets, including intangible assets, the directors have considered both external and internal sources of information such as market conditions, technological changes, asset performance against forecasts, and evidence of obsolescence.

Where an indication of impairment does exist, the directors will carry out an impairment review to determine the recoverable amount, which is the value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.

There has been no indication of impairment identified in the current reporting period.

Carrying value of stocks

The directors assess the recoverability of stock and if a provision is required. When calculating any required provision, management considers the nature and condition of stock, as well as applying assumptions around the anticipated saleability of finished goods and future usage of raw materials. See note 6 for the net carrying value of stock.

There has been no stock provision recognised in the current reporting period.

The average monthly number of persons (including directors) employed by the company during the year was:

Amounts owed by group undertakings are not interest bearing, unsecured, and are repayable on demand.

Bank loans represent a Bounce Back Loan (“BBL”). Repayments commenced on 28 June 2021 and the loan bears interest at 2.5% per annum. The amount outstanding at the balance sheet date was £5,000, all of which is repayable within one year.

Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand. The balance includes £2,906,274 owed to Sawafi Vulcan Newco Limited, the company’s immediate parent undertaking.

The loan from directors balance relates to an interest-free loan due to Ian Kirk, a director of the company. In accordance with FRS 102 Section 11, the loan has been recognised at amortised cost, being the present value of the future contractual repayments discounted using an estimated market rate of interest of 6%.

Repayment of the loan commenced on 7 January 2025, with an initial repayment of £200,000. This is followed by twelve quarterly instalments of £191,750, commencing on 30 June 2025. The instalment due on 31 December 2025 remained outstanding at the balance sheet date and was paid in January 2026. The total undiscounted principal outstanding at the balance sheet date was £1,917,500.

Amounts contractually repayable on or before 31 December 2026 have been classified within creditors falling due within one year, with the remaining balance classified within creditors falling due after more than one year. At the balance sheet date, the discounted carrying amount of the loan was £1,798,648, of which £958,750 was included within creditors falling due within one year and £839,898 was included within creditors falling due after more than one year.

During the year, finance costs of £115,391 were recognised in respect of the unwinding of the discount on this loan.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits of the same period.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The immediate parent undertaking is Sawafi Vulcan Newco Limited, a company incorporated in the United Kingdom.

The ultimate parent undertaking and controlling party is Khalid Ali Alturki & Sons Holding Company, a company incorporated in the Kingdom of Saudi Arabia.

Khalid Ali Alturki & Sons Holding Company is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements may be obtained from the registered office.

Alturki Business Park,

12 & 13th Floor

Prince Faisal Bin Fahad Rd.

P.O. Box 31775,

Alkhobar,

31952