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REGISTERED NUMBER: SC315401 (Scotland)















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: Mr A B Mitchell
Mrs W Smith





REGISTERED OFFICE: 70 King Edward Street
Fraserburgh
Aberdeenshire
AB43 9PN





REGISTERED NUMBER: SC315401 (Scotland)





ACCOUNTANTS: SBP
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 25,200 -
Tangible assets 5 1,087 1,279
26,287 1,279

CURRENT ASSETS
Investments 6 75,037 28,000
Cash at bank 48,698 23,078
123,735 51,078
CREDITORS
Amounts falling due within one year 7 25,595 61,599
NET CURRENT ASSETS/(LIABILITIES) 98,140 (10,521 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

124,427

(9,242

)

PROVISIONS FOR LIABILITIES 207 243
NET ASSETS/(LIABILITIES) 124,220 (9,485 )

CAPITAL AND RESERVES
Called up share capital 10 10
Revaluation reserve 8 29,467 -
Retained earnings 8 94,743 (9,495 )
SHAREHOLDERS' FUNDS 124,220 (9,485 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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


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 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 18 August 2022 and were signed on its behalf by:





Mrs W Smith - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment & diving boat - 15% on reducing balance
Computer equipment - 33% on cost

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 2 (2020 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 28,000
At 31 December 2021 28,000
AMORTISATION
Charge for year 2,800
At 31 December 2021 2,800
NET BOOK VALUE
At 31 December 2021 25,200

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 12,000 489 12,489
DEPRECIATION
At 1 January 2021 10,721 489 11,210
Charge for year 192 - 192
At 31 December 2021 10,913 489 11,402
NET BOOK VALUE
At 31 December 2021 1,087 - 1,087
At 31 December 2020 1,279 - 1,279

6. CURRENT ASSET INVESTMENTS
31.12.21 31.12.20
£    £   
Other investments 75,037 28,000

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 24,074 21,184
Directors' current accounts 105 148
Accrued expenses 1,416 3,272
25,595 61,599

8. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2021 (9,495 ) - (9,495 )
Profit for the year 188,536 188,536
Dividends (54,831 ) (54,831 )
Transfer to/from revaluation
reserve (29,467 ) 29,467 -
At 31 December 2021 94,743 29,467 124,210

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.