Offshore Environmental Oils Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC421004 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

OFFSHORE ENVIRONMENTAL OILS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Miss K Darby

T J Mckechnie

S Odland

P T Eccles

Mrs J P Mckechnie

REGISTERED OFFICE:

30-34 Reform Street

Dundee

DD1 1RJ

REGISTERED NUMBER:

SC421004 (Scotland)

ACCOUNTANTS:

Hayes and Associates (Leigh) Limited

Suite 2 Beswick House

Greenfold Way

Leigh

Lancashire

WN7 3XT

FIXED ASSETS

Intangible assets

4

739

652

Investments

5

-

63,196

739

63,848

CURRENT ASSETS

Stocks

178,881

224,995

Debtors

6

329,802

617,485

Cash at bank and in hand

27,578

259,225

536,261

1,101,705

CREDITORS

Amounts falling due within one year

7

1,187,625

1,023,135

NET CURRENT (LIABILITIES)/ASSETS

(651,364

)

78,570

TOTAL ASSETS LESS CURRENT LIABILITIES

(650,625

)

142,418

CAPITAL AND RESERVES

Called up share capital

104

104

Retained earnings

(650,729

)

142,314

(650,625

)

142,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 2 August 2022 and were signed on its behalf by:

T J Mckechnie - Director

1.	STATUTORY INFORMATION

Offshore Environmental Oils Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 in 2012, 2013 and 2014 was not being amortised.

In line with FRS 102 section 1a, this has been revised with the balance on Goodwill now being amortised over 5 years commencing from 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.

Development costs were originally being amortised at 8.75% pa. In line with FRS 102 section 1a, this has been revised with the balance on Developments Costs now being amortised over 10 years commencing from 1 January 2015, the date of transition.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale.

- There is the intention to complete the intangible asset and use or sell it.

- There is the ability to use or sell the intangible asset

- The use or sale of the intangible asset will generate probable future economic benefits.

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset.

- The expenditure attributable to the intangible asset during it's development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 January 2021

75,626

1,631

77,257

Additions

-

250

250

At 31 December 2021

75,626

1,881

77,507

AMORTISATION

At 1 January 2021

75,626

979

76,605

Amortisation for year

-

163

163

At 31 December 2021

75,626

1,142

76,768

NET BOOK VALUE

At 31 December 2021

-

739

739

At 31 December 2020

-

652

652

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

63,196

Disposals

(63,196

)

At 31 December 2021

-

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

63,196

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

33,072

26,470

Amounts owed by group undertakings

201,057

109,995

Amounts owed by associates

-

217,190

Other debtors

728

156,584

VAT

15,808

14,330

Deferred tax asset

68,810

68,810

Prepayments

10,327

24,106

329,802

617,485

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

45,568

52,699

Trade creditors

17,931

89,709

Amounts owed to associates

219,528

-

Other creditors

451,121

399,952

Directors' current accounts

446,674

467,695

Accrued expenses

6,803

13,080

1,187,625

1,023,135

8.	RELATED PARTY DISCLOSURES

Included in amounts owed by group undertakings is a loan due from Subsea Fluids Group Limited amounting to £201,057 (2020: £97,869). Subsea Fluids Group Limited owns 100% of the share capital of Offshore Environmental Oils Limited. These loans are interest free and repayable on demand.

Included in creditors are loans from Subsea Fluid Services Limited amounting to £219,528. The previous year, there was a loan to Subsea Fluid Services Limited of £217,190. This is a company under common control. The loan is interest free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The company is under the control of Subsea Fluids Group Limited, registered office E11 Aspul Court, Moss Industrial Estate, Leigh, Lancashire. WN7 3PT.