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REGISTERED NUMBER: SC531463 (Scotland)












Financial Statements for the Year Ended 31 March 2022

for

OFFSHORE INSTALLATION CONTRACTORS LTD

OFFSHORE INSTALLATION CONTRACTORS LTD (REGISTERED NUMBER: SC531463)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OFFSHORE INSTALLATION CONTRACTORS LTD

Company Information
for the Year Ended 31 March 2022







DIRECTOR: M MacRae





REGISTERED OFFICE: 12 Traill Drive
Montrose
Angus
DD10 8SW





REGISTERED NUMBER: SC531463 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

OFFSHORE INSTALLATION CONTRACTORS LTD (REGISTERED NUMBER: SC531463)

Balance Sheet
31 March 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Cash at bank 143,485 144,233

CREDITORS
Amounts falling due within one year 4 124,930 94,717
NET CURRENT ASSETS 18,555 49,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,555

49,516

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 18,554 49,515
SHAREHOLDERS' FUNDS 18,555 49,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 August 2022 and were signed by:





M MacRae - Director


OFFSHORE INSTALLATION CONTRACTORS LTD (REGISTERED NUMBER: SC531463)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Offshore Installation Contractors Ltd is a private company, limited by shares , registered in Scotland. 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Deferred tax
Deferred tax is recognised in respect of all material 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Taxation and social security 1,979 1,979
Other creditors 122,951 92,738
124,930 94,717

5. RELATED PARTY DISCLOSURES

The company was under control of M MacRae throughout the current and previous year.

As at 31 March 2022 included within other creditors is a balance outstanding due to the director of £122,441 (2021 - £92,228). No interest was paid on the funds advanced to the company.