Al Subsea Engineering Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC402311 (Scotland)

Financial Statements

for the Year Ended 30 September 2020

for

Al Subsea Engineering Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr A Leclerc

REGISTERED OFFICE:

42 Queens Road

Aberdeen

AB15 4YE

REGISTERED NUMBER:

SC402311 (Scotland)

ACCOUNTANTS:

SBP

Accountants

42 Queens Road

Aberdeen

AB15 4YE

FIXED ASSETS

Tangible assets

4

1,257

1,535

CURRENT ASSETS

Debtors

5

3,626

16,643

Cash at bank

5,020

4,445

8,646

21,088

CREDITORS

Amounts falling due within one year

6

9,560

22,230

NET CURRENT LIABILITIES

(914

)

(1,142

)

TOTAL ASSETS LESS CURRENT LIABILITIES

343

393

PROVISIONS FOR LIABILITIES

239

292

NET ASSETS

104

101

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

4

1

SHAREHOLDERS' FUNDS

104

101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 30 September 2021 and were signed by:

Mr A Leclerc - Director

1.	STATUTORY INFORMATION

Al Subsea Engineering 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.

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.

Tangible fixed assets

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

Computer equipment

-

33% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 October 2019

4,702

Additions

714

At 30 September 2020

5,416

DEPRECIATION

At 1 October 2019

3,167

Charge for year

992

At 30 September 2020

4,159

NET BOOK VALUE

At 30 September 2020

1,257

At 30 September 2019

1,535

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

-

15,840

Other debtors

3,626

803

3,626

16,643

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade creditors

2,533

-

Taxation and social security

5,167

16,912

Other creditors

1,860

5,318

9,560

22,230

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to / (from) a director subsisted during the years ended 30 September 2020 and 30 September 2019:

30.9.20

30.9.19

£

£

Mr A Leclerc

Balance outstanding at start of year

(3,008

)

(32,007

)

Amounts advanced

15,700

41,533

Amounts repaid

(9,066

)

(12,534

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,626

(3,008

)

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A Leclerc.