McBain Subsea Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC568762 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2022

FOR

MCBAIN SUBSEA SERVICES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

5

DIRECTORS:

S J McBain

Mrs F J McBain

REGISTERED OFFICE:

206 Balgownie Road

Bridge of Don

Aberdeen

AB22 8SA

REGISTERED NUMBER:

SC568762 (Scotland)

ACCOUNTANTS:

Goldwells

Acumen House

Grange Road

Peterhead

Aberdeenshire

AB42 1WN

CURRENT ASSETS

Debtors

4

7,779

10,238

Cash at bank

63

2,978

7,842

13,216

CREDITORS

Amounts falling due within one year

5

7,838

13,209

NET CURRENT ASSETS

4

7

TOTAL ASSETS LESS CURRENT LIABILITIES

4

7

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

2

5

SHAREHOLDERS' FUNDS

4

7

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th October 2022 and were signed on its behalf by:

S J McBain - Director

1.	STATUTORY INFORMATION

McBain Subsea Services Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

2,511

2,511

Directors' current accounts

5,268

7,727

7,779

10,238

The loan from the director is interest free with no fixed terms of repayment.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Tax

7,838

13,209

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th June 2022 and 30th June 2021:

2022

2021

£

£

S J McBain

Balance outstanding at start of year

7,727

15,219

Amounts advanced

50,650

41,618

Amounts repaid

(53,109

)

(49,110

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,268

7,727

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S J McBain.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of McBain Subsea Services Ltd for the year ended 30th June 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of McBain Subsea Services Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of McBain Subsea Services Ltd and state those matters that we have agreed to state to the Board of Directors of McBain Subsea Services Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that McBain Subsea Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of McBain Subsea Services Ltd. You consider that McBain Subsea Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of McBain Subsea Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Goldwells

Acumen House

Grange Road

Peterhead

Aberdeenshire

AB42 1WN

5th October 2022