Orwell Offshore Ltd - Accounts to registrar (filleted) - small 18.2
Orwell Offshore Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 24 April 2018 |
for |
Orwell Offshore Ltd |
Orwell Offshore Ltd (Registered number: 06564547) |
Contents of the Financial Statements |
for the Year Ended 24 April 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Orwell Offshore Ltd |
Company Information |
for the Year Ended 24 April 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 Stone Street Court |
Stone Street |
Hadleigh |
Suffolk |
IP7 6HY |
Orwell Offshore Ltd (Registered number: 06564547) |
Balance Sheet |
24 April 2018 |
24.4.18 | 24.4.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Orwell Offshore Ltd (Registered number: 06564547) |
Balance Sheet - continued |
24 April 2018 |
24.4.18 | 24.4.17 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
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 on signed on its behalf by: |
Orwell Offshore Ltd (Registered number: 06564547) |
Notes to the Financial Statements |
for the Year Ended 24 April 2018 |
1. | STATUTORY INFORMATION |
Orwell Offshore Ltd is a |
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 |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland', not to disclose related party transactions with wholly owned subsidiaries within the |
group. |
Critical accounting judgments |
In the application of the company's accounting policies, the directors are required to make |
judgments that have a significant impact on the amounts recognised. The following are the |
critical judgements that the directors have made in the process of applying the company's |
accounting policies and that have the most significant effect on the amounts recognised in |
the financial statements. |
Long term contract recognition |
Assessing the expected financial outcome of long term contracts requires an estimate of the |
total monies the company will receive under the contract and an estimate of the total costs |
that will be incurred. The directors have reviewed each significant contract outstanding at |
the end of the financial period to ensure that to the best of their knowledge the appropriate |
costs and revenue were correctly recognised. In making its judgment, the directors |
considered the detailed criteria for the recognition of the receivables and liabilities. The |
directors are satisfied that the amount recognised in the current period is appropriate. |
Inventories |
Expenditure was incurred in the previous financial year on the design, engineering and |
purchase of goods and equipment to be used in the fulfilment of long term contracts. Where |
these goods were not delivered for a period of time due to non-payment by a client, and |
where there are contractual terms that allow for these goods to remain the property of the |
company until full payment has been received, these items have been classified as |
inventory where it is either known or there is an expectation that full payment will not be |
received. Management have valued the inventory in line with company and accounting |
policies. |
Taxation |
The company undertakes significant Research & Development (R&D) projects for the oil and |
gas industry and, as a result, can claim R&D tax credits from HM Revenue & Customs |
(HMRC). The precise quantum of these credits depends on the judgment of the directors |
and the figure used in the financial statements is an estimate pending final agreement with |
HMRC. |
Orwell Offshore Ltd (Registered number: 06564547) |
Notes to the Financial Statements - continued |
for the Year Ended 24 April 2018 |
2. | ACCOUNTING POLICIES - continued |
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. |
Where applicable, profit on long term contracts is taken as the work is carried out if the final |
outcome can be assessed with reasonable certainty. The profit included is calculated on a |
prudent basis to reflect the proportion of the work carried out at the period end, by recording |
revenue and related costs on a percentage of completion basis as contract activity |
progresses. Revenue is calculated as that proportion of total contract value which costs |
incurred to date bear to total expected costs for the contract. Revenues derived from |
variations on contracts are recognised once the work has been completed. Full provision is |
made for losses on all contracts in the period in which they are first foreseen. |
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. |
Orwell Offshore Ltd (Registered number: 06564547) |
Notes to the Financial Statements - continued |
for the Year Ended 24 April 2018 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and accumulated |
impairment losses. |
Depreciation is provided on the following basis: |
Motor vehicles 25% reducing balance |
Fixtures & fittings 20% straight line |
Office equipment 33% straight line |
Investments in subsidiaries |
Investments are included in the balance sheet at a value determined by the directors to be |
reasonable based on the net assets of the investment company at that date, and are not |
depreciated. |
Inventories |
Inventories have been valued at the lower of cost and estimated selling price to sell. In |
respect of work in progress and finished goods, cost included a relevant proportion of |
overheads according to the stage of completion. |
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. |
Orwell Offshore Ltd (Registered number: 06564547) |
Notes to the Financial Statements - continued |
for the Year Ended 24 April 2018 |
2. | ACCOUNTING POLICIES - continued |
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 period in which it is incurred. |
Foreign currencies |
Foreign currency transactions are translated into functional currency (GBP) using the spot |
exchange rates at the dates 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 |
Orwell Offshore Ltd (Registered number: 06564547) |
Notes to the Financial Statements - continued |
for the Year Ended 24 April 2018 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 25 April 2017 |
Additions |
At 24 April 2018 |
AMORTISATION |
At 25 April 2017 |
Charge for year |
At 24 April 2018 |
NET BOOK VALUE |
At 24 April 2018 |
At 24 April 2017 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 25 April 2017 |
Additions |
At 24 April 2018 |
DEPRECIATION |
At 25 April 2017 |
Charge for year |
At 24 April 2018 |
NET BOOK VALUE |
At 24 April 2018 |
At 24 April 2017 |
Orwell Offshore Ltd (Registered number: 06564547) |
Notes to the Financial Statements - continued |
for the Year Ended 24 April 2018 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 25 April 2017 |
Impairments | ( |
) |
At 24 April 2018 |
NET BOOK VALUE |
At 24 April 2018 |
At 24 April 2017 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
24.4.18 | 24.4.17 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
24.4.18 | 24.4.17 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
24.4.18 | 24.4.17 |
£ | £ |
Other creditors |
Orwell Offshore Ltd (Registered number: 06564547) |
Notes to the Financial Statements - continued |
for the Year Ended 24 April 2018 |
10. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
24.4.18 | 24.4.17 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Included within the contracted but not provided for in the financial statements, the company |
had other operating lease commitments of £235,980 (2016 - £56,300) |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following interest free advances and credits to a director subsisted during the year |
ended 24 April 2018 and the period ended 24 April 2017: |
24.4.18 | 24.4.17 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
12. | POST BALANCE SHEET EVENTS |
As from 23 June 2018 the shareholding of the company was restructured such that the |
company is a wholly-owned subsidiary of Orwell Offshore Holdings Limited, |