Subsea Fluid Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07938112 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

SUBSEA FLUID SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss K Darby

P T Eccles

T J Mckechnie

S Odland

REGISTERED OFFICE:

E18 Croft Court

Leigh

Lancashire

WN7 3PT

REGISTERED NUMBER:

07938112 (England and Wales)

ACCOUNTANTS:

Hayes and Associates (Leigh) Limited

Suite 2 Beswick House

Greenfold Way

Leigh

Lancashire

WN7 3XT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

78,336

74,758

78,336

74,758

CURRENT ASSETS

Debtors

6

1,243,789

459,025

Cash at bank

53,992

19,174

1,297,781

478,199

CREDITORS

Amounts falling due within one year

7

1,405,301

735,275

NET CURRENT LIABILITIES

(107,520

)

(257,076

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(29,184

)

(182,318

)

ACCRUALS AND DEFERRED INCOME

29,500

-

NET LIABILITIES

(58,684

)

(182,318

)

CAPITAL AND RESERVES

Called up share capital

104

104

Retained earnings

(58,788

)

(182,422

)

(58,684

)

(182,318

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:

T J Mckechnie - Director

1.	STATUTORY INFORMATION

Subsea Fluid Services Limited 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.

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 was not being amortised.

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

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance and 5% on reducing balance

Fixtures and fittings

-

10% on reducing balance

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.

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

These financial statements have been prepared on a going concern basis. The company is reliant on shareholder and director loans to ensure creditors are paid as and when they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

620

AMORTISATION

At 1 January 2022

and 31 December 2022

620

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2022

344,511

51,337

395,848

Additions

14,054

5,915

19,969

At 31 December 2022

358,565

57,252

415,817

DEPRECIATION

At 1 January 2022

271,999

49,091

321,090

Charge for year

12,974

3,417

16,391

At 31 December 2022

284,973

52,508

337,481

NET BOOK VALUE

At 31 December 2022

73,592

4,744

78,336

At 31 December 2021

72,512

2,246

74,758

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

141,444

119,670

Amounts owed by associates

1,009,114

232,528

Other debtors

4,842

5,460

Deferred tax asset

60,947

87,994

Accrued income

19,835

-

Prepayments

7,607

13,373

1,243,789

459,025

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

35,259

44,608

Trade creditors

4,128

781

Social security and other taxes

2,533

1,969

VAT

13,237

24,432

Shareholder loan account

654,908

274,908

Directors' current accounts

660,092

380,092

Accrued expenses

35,144

8,485

1,405,301

735,275

8.	RELATED PARTY DISCLOSURES

Included in debtors is a loan to Subsea Fluids Group Limited amounting to £66,250 (2021: Nil).There is a loan to Offshore Environmental Oils Limited amounting to £702,500 (2021: £219,528). There is a loan to Ecotox Laboratories Limited amounting to £222,864 (2021: Nil). There is a loan to Gigaton CO2 Limited amounting to £17,500 (2021: Nil). All these companies are under common control. The loans are interest free and payable on demand.