Subsea Fluid Services Limited - Accounts to registrar (filleted) - small 18.2
Subsea Fluid Services Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
| FOR |
| SUBSEA FLUID SERVICES LIMITED |
| SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SUBSEA FLUID SERVICES LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Suite 2 Beswick House |
| Greenfold Way |
| Leigh |
| Lancashire |
| WN7 3XT |
| SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112) |
| BALANCE SHEET |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| Subsea Fluid Services Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Originally, goodwill being the amount paid in connection with the acquisition of patents was not being amortised. |
| In line with FRS 102 section 1a, this has been revised with the balance of goodwill now being amortised over 5 years, commencing 1 January 2015. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| These financial statements have been prepared on a going concern basis. The company is reliant on shareholder and director loans to ensure creditors are paid as and when they fall due. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| AMORTISATION |
| At 1 January 2021 |
| and 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and |
| machinery | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2021 |
| Additions |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| Deferred tax asset |
| Accrued income |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to associates | - | 217,190 |
| Social security and other taxes |
| VAT | 24,432 | 33,786 |
| Shareholder loan account | 274,908 | 74,908 |
| Directors' current accounts | 380,092 | 80,092 |
| Accrued expenses |
| 8. | RELATED PARTY DISCLOSURES |
| Included in debtors is a loan from Subsea Fluids Limited, a company under common control, amounting to £13,000 (2020: Nil).In addition, there is a loan from Offshore Environmental Oils Limited, also under common control, amounting to £219,528 (2020: Nil). The loans are interest free and payable on demand. |