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COMPANY REGISTRATION NUMBER: SC369756
Pangeo Subsea Scotland Ltd
Filleted Unaudited Financial Statements
31 December 2021
Pangeo Subsea Scotland Ltd
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
525,006
Tangible assets
6
166,203
161,847
---------
---------
691,209
161,847
Current assets
Stocks
183,936
24,951
Debtors
7
1,807,067
2,043,963
Cash at bank and in hand
60,010
323,603
------------
------------
2,051,013
2,392,517
Creditors: amounts falling due within one year
8
2,024,321
1,339,336
------------
------------
Net current assets
26,692
1,053,181
---------
------------
Total assets less current liabilities
717,901
1,215,028
Creditors: amounts falling due after more than one year
9
5,056,896
4,717,906
------------
------------
Net liabilities
( 4,338,995)
( 3,502,878)
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 4,338,996)
( 3,502,879)
------------
------------
Shareholders deficit
( 4,338,995)
( 3,502,878)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pangeo Subsea Scotland Ltd
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Mrs L. Adu
Director
Company registration number: SC369756
Pangeo Subsea Scotland Ltd
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Suite A, Pavillion 7, Kingshill Park, Venture Drive, Westhill, AB32 6FL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible Assets
-
7% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% reducing balance
Office Equipment
-
20% and 30% Reducing balance
Motor Vehicles
-
25% reducing balance
Leasehold Improvements
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2020: 19 ).
5. Intangible assets
ROU Assets - Leases
£
Cost
Additions
Acquisitions through business combinations
556,804
---------
At 31 December 2021
556,804
---------
Amortisation
Charge for the year
31,798
---------
At 31 December 2021
31,798
---------
Carrying amount
At 31 December 2021
525,006
---------
At 31 December 2020
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2021
59,363
214,309
104,894
378,566
Additions
29,362
8,622
12,000
49,984
--------
---------
--------
---------
---------
At 31 December 2021
88,725
222,931
12,000
104,894
428,550
--------
---------
--------
---------
---------
Depreciation
At 1 January 2021
41,722
137,832
37,164
216,718
Charge for the year
5,356
19,421
3,144
17,708
45,629
--------
---------
--------
---------
---------
At 31 December 2021
47,078
157,253
3,144
54,872
262,347
--------
---------
--------
---------
---------
Carrying amount
At 31 December 2021
41,647
65,678
8,856
50,022
166,203
--------
---------
--------
---------
---------
At 31 December 2020
17,641
76,477
67,730
161,848
--------
---------
--------
---------
---------
7. Debtors
2021
2020
£
£
Trade debtors
1,755,018
2,018,326
Other debtors
52,049
25,637
------------
------------
1,807,067
2,043,963
------------
------------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
2,024,321
1,339,336
------------
------------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,056,896
4,717,906
------------
------------
10. Related party transactions
The company is exempt under FRS 8 Related Party Disclosures' from reporting transactions with its parent company.
11. Controlling party
The ultimate parent of the company is Kraken Robotic Systems Inc., a company registered in Canada, registered at 189 Glencoe Drive, Mount Pearl, NL Canada, A1N 4P6. Copies of the financial statements of Kraken Robotic Systems Inc. are available at the above address.