Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
|
|
|
Tangible assets | 5 |
|
|
|
6,368,093 | 7,251,231 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
1,033,155 | 3,474,408 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
|
(
|
|
Net current assets/(liabilities) | 180,883 | (173,370) | ||
Total assets less current liabilities | 6,548,976 | 7,077,861 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Share premium account |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Pict Offshore Limited (registered number:
P F Taylor
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Pict Offshore Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Pict House, Unit 13-14 Belleknowes Industrial Estate, Inverkeithing, KY11 1HZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors are aware that there are uncertainties which may cast doubt over the company's ability to continue as a going concern, however based on expected future contracts and recently prepared financial projections the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Goodwill |
|
Other intangible assets |
|
Leasehold improvements |
|
Plant and machinery |
|
Fixtures and fittings |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and other loans are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the performance model and are measured at the value of the proceeds received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The closing stock value on the face of the balance sheet is estimated at £128,997. The directors believe that this in an accurate valuation of the closing stock at 31 March 2022 and confirm that the value is held at the lower of cost and the value for which it can be sold.
The directors also wish to highlight note 7, within other creditors is a £96,525 warranty provision which has been estimated as a percentage of the value of the total units sold in the period.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2021 |
|
|
|
||
At 31 March 2022 |
|
|
|
||
Accumulated amortisation | |||||
At 01 April 2021 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 March 2022 |
|
|
|
||
Net book value | |||||
At 31 March 2022 |
|
|
|
||
At 31 March 2021 |
|
|
|
Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2021 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
At 31 March 2022 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 April 2021 |
|
|
|
|
|||
Charge for the financial year |
|
|
|
|
|||
At 31 March 2022 |
|
|
|
|
|||
Net book value | |||||||
At 31 March 2022 |
|
|
|
|
|||
At 31 March 2021 |
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Other creditors |
|
|
|
Other taxation and social security |
|
|
|
|
|
2022 | 2021 | ||
£ | £ | ||
Bank loans |
|
|
|
Other creditors |
|
|
|
660,955 | 47,645 |
Within other creditors is a loan from Ørsted Ventures Europe A/S which is secured by a floating charge over the assets held by company.
2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2022 | 2021 | ||
£ | £ | ||
- within one year |
|
|
|
- between one and five years |
|
|
|
|
|
Other related party transactions
2022 | 2021 | ||
£ | £ | ||
Amounts owed by related parties | 0 | 156 |
Included in other debtors is a balance of £Nil (2021: £156) due from Limpet Technology Ltd. The balance is unsecured and interest free.
Included in other creditors is an advance payment of £352,545 (2021: £Nil), on future invoices, by Southfork Wind LLC (Ørsted). The advance payment will be deducted from payment of invoices and will be fully repaid by March 2023. The advance payment is interest free.
Included in other creditors is an advance payment of £Nil (2021: £2,419,685) ,on future invoices, by Ørsted Ventures Europe A/S. The advance payment was deducted from payment of invoices and was fully repaid in July 2021. The advance payment is interest free.