Orwell Offshore Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06564547 (England and Wales)

Unaudited Financial Statements for the Year Ended 24 April 2021

for

Orwell Offshore Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M S Evans

B Somers

SECRETARY:

M S Evans

REGISTERED OFFICE:

Orwell Landing

The Strand

Wherstead

Ipswich

Suffolk

IP2 8NJ

REGISTERED NUMBER:

06564547 (England and Wales)

ACCOUNTANTS:

Guymer King Limited

4 Stone Street Court

Stone Street

Hadleigh

Suffolk

IP7 6HY

FIXED ASSETS

Intangible assets

4

208,982

273,058

Tangible assets

5

122,189

88,379

Investments

6

54,344

56,286

385,515

417,723

CURRENT ASSETS

Inventories

432,504

621,463

Debtors

7

13,163,238

4,057,304

Cash at bank and in hand

345,708

-

13,941,450

4,678,767

CREDITORS

Amounts falling due within one year

8

11,175,691

2,289,149

NET CURRENT ASSETS

2,765,759

2,389,618

TOTAL ASSETS LESS CURRENT LIABILITIES

3,151,274

2,807,341

CREDITORS

Amounts falling due after more than one year

9

(40,000

)

-

PROVISIONS FOR LIABILITIES

(13,760

)

(16,163

)

NET ASSETS

3,097,514

2,791,178

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,097,414

2,791,078

3,097,514

2,791,178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 24 April 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 11 March 2022 and were signed on its behalf by:

M S Evans - Director

1.	STATUTORY INFORMATION

Orwell Offshore Ltd is a private company, limited by shares , registered in England and Wales. 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.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of turnover can be measured reliably;

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

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

the costs incurred and the costs to complete the contract can be measured reliably.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor Vehicles 33% straight line basis

Fixtures & fittings 25% straight line basis

Office Equipment 33% straight line basis

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs). Debt instruments which meet the conditions of being "basic" financial instruments as defined in paragraph 11.9 of FRS 102 are subsequently measured at amortised cost using the effective interest method.

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.

Foreign currencies

Foreign currency transactions are translated into functional currency (GBP) using the spot exchange rates at the date of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As is typical within the industry in which the company operates, this is dependent on the successful completion of certain long term contracts in respect of which the directors are optimistic. Accordingly, the financial statements are prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 25 ).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 25 April 2020

608,430

Exchange differences

(20,439

)

At 24 April 2021

587,991

AMORTISATION

At 25 April 2020

335,372

Charge for year

43,637

At 24 April 2021

379,009

NET BOOK VALUE

At 24 April 2021

208,982

At 24 April 2020

273,058

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 25 April 2020

30,870

306,350

337,220

Additions

-

88,613

88,613

At 24 April 2021

30,870

394,963

425,833

DEPRECIATION

At 25 April 2020

30,870

217,971

248,841

Charge for year

-

54,803

54,803

At 24 April 2021

30,870

272,774

303,644

NET BOOK VALUE

At 24 April 2021

-

122,189

122,189

At 24 April 2020

-

88,379

88,379

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 25 April 2020

56,286

Exchange differences

(1,942

)

At 24 April 2021

54,344

NET BOOK VALUE

At 24 April 2021

54,344

At 24 April 2020

56,286

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.4.21

24.4.20

as

restated

£

£

Trade debtors

8,636,863

2,239,272

Amounts owed by group undertakings

2,975,729

154,496

Other debtors

1,550,646

1,663,536

13,163,238

4,057,304

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

24.4.21

24.4.20

as

restated

£

£

Bank loans and overdrafts

1,996,612

319,376

Trade creditors

3,190,061

1,685,003

Amounts owed to group undertakings

3,453,377

-

Taxation and social security

84,147

-

Other creditors

2,451,494

284,770

11,175,691

2,289,149

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

24.4.21

24.4.20

as

restated

£

£

Bank loans

40,000

-

10.	CAPITAL COMMITMENTS

24.4.21

24.4.20

as

restated

£

£

Contracted but not provided for in the

financial statements

178,272

178,272

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 24 April 2021 and 24 April 2020:

24.4.21

24.4.20

as

restated

£

£

M S Evans

Balance outstanding at start of year

3,000

-

Amounts advanced

255,915

3,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

258,915

3,000