Samphire Subsea Ltd
Registered number: SC406138
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 17,100 5,583
Investments 4 533,184 533,184
550,284 538,767
Current assets
Debtors 5 773,531 544,457
Cash at bank and in hand 1,143,584 719,449
1,917,115 1,263,906
Creditors: amounts falling due within one year 6 (387,266) (410,729)
Net current assets 1,529,849 853,177
Net assets 2,080,133 1,391,944
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,080,033 1,391,844
Shareholders' funds 2,080,133 1,391,944
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Paul Soutar
Director
Approved by the board on 4 August 2022
Samphire Subsea Ltd
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
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.
Turnover
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.
Tangible fixed assets
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 11 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2021 41,648 111,877 153,525
Additions - 16,758 16,758
At 31 December 2021 41,648 128,635 170,283
Depreciation
At 1 January 2021 41,648 106,294 147,942
Charge for the year - 5,241 5,241
At 31 December 2021 41,648 111,535 153,183
Net book value
At 31 December 2021 - 17,100 17,100
At 31 December 2020 - 5,583 5,583
4 Investments
Other
investments
£
Cost
At 1 January 2021 533,184
At 31 December 2021 533,184
5 Debtors 2021 2020
£ £
Trade debtors 430,881 194,385
Prepayments 2,394 2,394
Other debtors 340,256 347,678
773,531 544,457
6 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 187,360 246,129
Corporation tax 175,074 84,600
Accruals - 80,000
Other creditors 24,832 -
387,266 410,729
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Paul Soutar
[Loan 1] - 165,908 - 165,908
Karen Soutar
[Loan 1] - 165,908 - 165,908
- 331,816 - 331,816
8 Other information
Samphire Subsea Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
8 Albert Place
Aberdeen
Aberdeen
AB25 1RG
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