Silverfin true 31/12/2021 31/12/2021 01/01/2021 D C Rigg 01/08/2012 13 September 2022 The principal activity of the Company during the financial year was the supply of dedicated survey systems for high flow environments. 08164796 2021-12-31 08164796 bus:Director1 2021-12-31 08164796 2020-12-31 08164796 core:CurrentFinancialInstruments 2021-12-31 08164796 core:CurrentFinancialInstruments 2020-12-31 08164796 core:ShareCapital 2021-12-31 08164796 core:ShareCapital 2020-12-31 08164796 core:RetainedEarningsAccumulatedLosses 2021-12-31 08164796 core:RetainedEarningsAccumulatedLosses 2020-12-31 08164796 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 08164796 core:PatentsTrademarksLicencesConcessionsSimilar 2020-12-31 08164796 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 08164796 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 08164796 core:PlantMachinery 2020-12-31 08164796 core:PlantMachinery 2021-12-31 08164796 2021-01-01 2021-12-31 08164796 bus:FullAccounts 2021-01-01 2021-12-31 08164796 bus:SmallEntities 2021-01-01 2021-12-31 08164796 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 08164796 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08164796 bus:Director1 2021-01-01 2021-12-31 iso4217:GBP

Company No: 08164796 (England and Wales)

NORTH SEA SYSTEMS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

NORTH SEA SYSTEMS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

NORTH SEA SYSTEMS LTD

BALANCE SHEET

As at 31 December 2021
NORTH SEA SYSTEMS LTD

BALANCE SHEET (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Intangible assets 2 67,050 67,050
Tangible assets 3 1,004 1,004
68,054 68,054
Current assets
Cash at bank and in hand 725 725
725 725
Creditors
Amounts falling due within one year 4 ( 127,198) ( 127,198)
Net current liabilities (126,473) (126,473)
Total assets less current liabilities (58,419) (58,419)
Net liabilities ( 58,419) ( 58,419)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 58,519 ) ( 58,519 )
Total shareholders' deficit ( 58,419) ( 58,419)

North Sea Systems Ltd (registered number: 08164796) did not trade during the current financial year and has made neither profit nor loss, nor any other comprehensive income. There have been no movements in shareholders’ funds during the current financial year and therefore no Statement of Changes of Equity has been included. For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's responsibilities:

The financial statements of North Sea Systems Ltd (registered number: 08164796) were approved and authorised for issue by the Director on 13 September 2022. They were signed on its behalf by:

D C Rigg
Director
NORTH SEA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
NORTH SEA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

North Sea Systems Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs not amortised
Trademarks, patents and licences not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

2. Intangible assets

Development costs Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 January 2021 147,000 5,000 152,000
At 31 December 2021 147,000 5,000 152,000
Accumulated amortisation
At 01 January 2021 79,950 5,000 84,950
At 31 December 2021 79,950 5,000 84,950
Net book value
At 31 December 2021 67,050 0 67,050
At 31 December 2020 67,050 0 67,050

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 January 2021 4,365 4,365
At 31 December 2021 4,365 4,365
Accumulated depreciation
At 01 January 2021 3,361 3,361
At 31 December 2021 3,361 3,361
Net book value
At 31 December 2021 1,004 1,004
At 31 December 2020 1,004 1,004

4. Creditors: amounts falling due within one year

2021 2020
£ £
Trade creditors 5,806 5,806
Other creditors 120,375 120,375
Other taxation and social security 1,017 1,017
127,198 127,198