Samphire Subsea Ltd |
Notes to the Accounts |
for the year ended 31 December 2021 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2021 |
|
2020 |
Number |
Number |
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Average number of persons employed by the company |
11 |
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3 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
£ |
£ |
£ |
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Cost |
|
At 1 January 2021 |
41,648 |
|
111,877 |
|
153,525 |
|
Additions |
- |
|
16,758 |
|
16,758 |
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At 31 December 2021 |
41,648 |
|
128,635 |
|
170,283 |
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Depreciation |
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At 1 January 2021 |
41,648 |
|
106,294 |
|
147,942 |
|
Charge for the year |
- |
|
5,241 |
|
5,241 |
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At 31 December 2021 |
41,648 |
|
111,535 |
|
153,183 |
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|
|
|
|
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Net book value |
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At 31 December 2021 |
- |
|
17,100 |
|
17,100 |
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At 31 December 2020 |
- |
|
5,583 |
|
5,583 |
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4 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 January 2021 |
533,184 |
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At 31 December 2021 |
533,184 |
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5 |
Debtors |
2021 |
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2020 |
£ |
£ |
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Trade debtors |
430,881 |
|
194,385 |
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Prepayments |
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|
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|
2,394 |
|
2,394 |
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Other debtors |
340,256 |
|
347,678 |
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773,531 |
|
544,457 |
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6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
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Trade creditors |
187,360 |
|
246,129 |
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Corporation tax |
175,074 |
|
84,600 |
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Accruals |
- |
|
80,000 |
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Other creditors |
24,832 |
|
- |
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387,266 |
|
410,729 |
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7 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
Paul Soutar |
|
[Loan 1] |
- |
|
165,908 |
|
- |
|
165,908 |
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|
Karen Soutar |
|
[Loan 1] |
- |
|
165,908 |
|
- |
|
165,908 |
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|
|
- |
|
331,816 |
|
- |
|
331,816 |
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8 |
Other information |
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Samphire Subsea Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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8 Albert Place |
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Aberdeen |
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Aberdeen |
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AB25 1RG |