Company Registration No. SC694143 (Scotland)
Drift Offshore Limited
Unaudited accounts
for the period from 31 March 2021 to 31 March 2022
Drift Offshore Limited
Unaudited accounts
Contents
Drift Offshore Limited
Company Information
for the period from 31 March 2021 to 31 March 2022
Directors
Meghan June Bowers
Kyle Richard Pitman
Company Number
SC694143 (Scotland)
Registered Office
199 Westburn Road
Aberdeen
AB25 2QE
Accountants
Granite Accountants (Aberdeen) Limited
199 Westburn Road
Aberdeen
AB25 2QE
Drift Offshore Limited
Statement of financial position
as at 31 March 2022
Cash at bank and in hand
75,311
Creditors: amounts falling due within one year
(265,184)
Net current assets
113,661
Called up share capital
12
Profit and loss account
113,649
Shareholders' funds
113,661
For the period ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2022 and were signed on its behalf by
Meghan June Bowers
Director
Company Registration No. SC694143
Drift Offshore Limited
Notes to the Accounts
for the period from 31 March 2021 to 31 March 2022
Drift Offshore Limited is a private company, limited by shares, registered in Scotland, registration number SC694143. The registered office is 199 Westburn Road, Aberdeen, AB25 2QE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Amounts falling due within one year
Drift Offshore Limited
Notes to the Accounts
for the period from 31 March 2021 to 31 March 2022
5
Creditors: amounts falling due within one year
2022
Taxes and social security
35,013
Loans from directors
34,729
6
Transactions with related parties
Drift Offshore, Inc is a company that was under common control during the period.
During the period the company purchased goods and services amounting to £89,565 from Drift Offshore, Inc. These were purchased on an arms length basis. £37,499 was due from Drift Offshore, Inc at the period end and is included in other creditors.
During the period the company received a loan amounting to £2,091 from Drift Offshore, Inc. This is included in other creditors, is interest free and is repayable on demand.
7
Average number of employees
During the period the average number of employees was 2.
