Specialist Umbilical Services Limited Accounts

SPECIALIST UMBILICAL SERVICES LTD - Company Information






Specialist Umbilical Services Limited
	Company No. 05400873
		Information for Filing with The Registrar
		31 March 2018

The Directors present their report and the accounts for the year ended 31 March 2018.

Principal activities
The principal activity of the company during the year under review was that of the supply of services to the oil and gas industries.




Directors

The Directors who served at any time during the year were as follows:

D. Humphreys
L.S. West


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

D. Humphreys
Company Secretary

18 December 2018

at	31 March 2018

Company No.		05400873	Notes	2018	2017
				£	£
Fixed assets

	Tangible assets		2	425	531


				425	531
Current assets

	Debtors		3	-	3,684

	Cash at bank and in hand			23,308	80,630
				23,308	84,314
Creditors: Amount falling due within one year			4	3,367	(30,149)
Net current assets				26,675	54,165
Total assets less current liabilities				27,100	54,696




Net assets				27,100	54,696

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		5	27,000	54,596

Total equity				27,100	54,696


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2018 the company was entitled to exemption 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 18 December 2018

And signed on its behalf by:
D. Humphreys
Director

18 December 2018

for the year ended 31 March 2018

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 April 2017	3,141	3,141




		At 31 March 2018	3,141	3,141
		Depreciation
		At 1 April 2017	2,610	2,610
		Charge for the year	106	106



		At 31 March 2018	2,716	2,716
		Net book values
		At 31 March 2018	425	425
		At 31 March 2017	531	531

3	Debtors
			2018	2017
			£	£
		Trade debtors	-	3,684







			-	3,684

4	Creditors:
		amounts falling due within one year
			2018	2017
			£	£

		Bank loans and overdrafts	2	2

		Obligations under finance lease and hire purchase contracts	(10)	(10)
		Trade creditors	(499)	(499)

		Corporation tax	765	34,296
		Other taxes and social security	2,784	3,112
		Loans from directors	(7,761)	(7,353)

		Accruals and deferred income	1,352	601
			(3,367)	30,149

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

6	Dividends
			2018	2017
			£	£
		Dividends for the period:
		Dividends paid in the period	30,000	60,000

			30,000	60,000

		Dividends by type:

		Equity dividends	30,000	60,000
			30,000	60,000

Related party disclosures

Controlling party

Immediate controlling party

D Humphreys

Additional information

Its registered number is:

05400873

Its registered office is:

1 Two Ball Lonnen

Fenham

Newcastle upon Tyne

NE4 9NR