REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Subsea Odyssey Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Subsea Odyssey Limited |
Subsea Odyssey Limited (Registered number: SC315401) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Subsea Odyssey Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants |
2 Cross Street |
Fraserburgh |
Aberdeenshire |
AB43 9EQ |
Subsea Odyssey Limited (Registered number: SC315401) |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | 8 | 94,743 | (9,495 | ) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
Subsea Odyssey Limited (Registered number: SC315401) |
Balance Sheet - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Subsea Odyssey Limited (Registered number: SC315401) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Subsea Odyssey Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. |
Goodwill |
Goodwill represents the cost of the initial investment made in the entity 'Odyssey FR70 LLP' which is being amortised on a straight line basis over 10 years. |
Tangible fixed assets |
Equipment & diving boat | - |
Computer equipment | - |
Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. |
Debtors and creditors receivable /payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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. |
Subsea Odyssey Limited (Registered number: SC315401) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Current asset investment |
The investment comprises the company's interest in 'Odyssey FR70 LLP' which is stated at current value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
Additions |
At 31 December 2021 |
AMORTISATION |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
Goodwill represents the cost of the initial investment made in the entity 'Odyssey FR70 LLP' which is being amortised on a straight line basis over 10 years. |
5. | TANGIBLE FIXED ASSETS |
Equipment |
& diving | Computer |
boat | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | CURRENT ASSET INVESTMENTS |
31.12.21 | 31.12.20 |
£ | £ |
Other investments |
The investment comprises the company's interest in 'Odyssey FR70 LLP' which is stated at current value. |
Subsea Odyssey Limited (Registered number: SC315401) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Amounts owed to participating interests | - | 36,995 |
Tax |
Directors' current accounts | 105 | 148 |
Accrued expenses |
8. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2021 | ( |
) | (9,495 | ) |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer to/from revaluation |
reserve | (29,467 | ) | 29,467 | - |
At 31 December 2021 | 124,210 |
The balance of £29,467 within the revaluation reserve represents the net balance of an unrealised gain within the LLP investment in respect of the revaluation of a fishing licence of £78,800 less an unrealised loss within the LLP investment in respect of the revaluation of the fishing vessel of £49,333. The revaluation reserve is non distributable. |
9. | RELATED PARTY DISCLOSURES |
The directors operate current accounts with the company and as at the financial year end the combined balance owing to them was £105 (2020 - £148). Whilst the loans are considered short term, there are no fixed terms of repayment and no interest is accrued. |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors who between them own 100% of the issued share capital. |