1 November 2021 false No description of principal activity Taxfiler 2023.9 SC462632business:PrivateLimitedCompanyLtd2021-11-012022-10-31 SC4626322021-10-31 SC4626322021-11-012022-10-31 SC462632business:AuditExempt-NoAccountantsReport2021-11-012022-10-31 SC462632business:FilletedAccounts2021-11-012022-10-31 SC4626322022-10-31 SC462632business:Director12021-11-012022-10-31 SC462632business:RegisteredOffice2021-11-012022-10-31 SC4626322021-10-31 SC462632core:WithinOneYear2022-10-31 SC462632core:WithinOneYear2021-10-31 SC462632core:ShareCapitalcore:PreviouslyStatedAmount2022-10-31 SC462632core:ShareCapitalcore:PreviouslyStatedAmount2021-10-31 SC462632core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-10-31 SC462632core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2021-10-31 SC462632core:PreviouslyStatedAmount2022-10-31 SC462632core:PreviouslyStatedAmount2021-10-31 SC462632business:SmallEntities2021-11-012022-10-31 SC462632countries:Scotland2021-11-012022-10-31 SC462632core:PlantMachinery2021-11-012022-10-31 SC462632core:MotorVehicles2021-11-012022-10-31 SC462632core:PlantMachinery2021-10-31 SC462632core:MotorVehicles2021-10-31 SC462632core:PlantMachinery2022-10-31 SC462632core:MotorVehicles2022-10-31 SC4626322020-11-012021-10-31 iso4217:GBP xbrli:pure
Company Registration No. SC462632 (Scotland)
Helix Oilfield Services Ltd Unaudited accounts for the year ended 31 October 2022
Helix Oilfield Services Ltd Unaudited accounts Contents
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Helix Oilfield Services Ltd Company Information for the year ended 31 October 2022
Director
F D Milne
Company Number
SC462632 (Scotland)
Registered Office
Union Plaza (6th floor) 1 Union Wynd Aberdeen Aberdeenshire AB10 1DQ Scotland
Accountants
Hutcheon Mearns Limited 21 Mid Stocket Road Aberdeen AB15 5JL
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Helix Oilfield Services Ltd Statement of financial position as at 31 October 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
420,236 
761,948 
Current assets
Inventories
506,537 
747,067 
Debtors
1,908,647 
2,197,122 
Cash at bank and in hand
374,113 
351,269 
2,789,297 
3,295,458 
Creditors: amounts falling due within one year
(1,726,840)
(1,243,661)
Net current assets
1,062,457 
2,051,797 
Total assets less current liabilities
1,482,693 
2,813,745 
Provisions for liabilities
Deferred tax
(144,770)
(144,770)
Net assets
1,337,923 
2,668,975 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
1,337,922 
2,668,974 
Shareholders' funds
1,337,923 
2,668,975 
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 9 October 2023 and were signed on its behalf by
F D Milne Director Company Registration No. SC462632
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Helix Oilfield Services Ltd Notes to the Accounts for the year ended 31 October 2022
1
Statutory information
Helix Oilfield Services Ltd is a private company, limited by shares, registered in Scotland, registration number SC462632. The registered office is Union Plaza (6th floor), 1 Union Wynd , Aberdeen, Aberdeenshire, AB10 1DQ, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% straight line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. A reversal of an impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Helix Oilfield Services Ltd Notes to the Accounts for the year ended 31 October 2022
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2021
2,419,086 
22,100 
2,441,186 
Additions
28,973 
- 
28,973 
Disposals
(207,537)
- 
(207,537)
At 31 October 2022
2,240,522 
22,100 
2,262,622 
Depreciation
At 1 November 2021
1,657,138 
22,100 
1,679,238 
Charge for the year
338,609 
- 
338,609 
On disposals
(175,461)
- 
(175,461)
At 31 October 2022
1,820,286 
22,100 
1,842,386 
Net book value
At 31 October 2022
420,236 
- 
420,236 
At 31 October 2021
761,948 
- 
761,948 
5
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
VAT
- 
2,127 
Trade debtors
333,549 
529,746 
Amounts due from group undertakings etc.
1,555,427 
1,598,132 
Accrued income and prepayments
3,900 
3,900 
Other debtors
15,771 
63,217 
1,908,647 
2,197,122 
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Helix Oilfield Services Ltd Notes to the Accounts for the year ended 31 October 2022
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
VAT
11,284 
- 
Trade creditors
1,385,293 
1,206,272 
Taxes and social security
- 
8,398 
Other creditors
- 
240 
Loans from directors
300,910 
- 
Accruals
29,353 
28,751 
1,726,840 
1,243,661 
7
Operating lease commitments
2022 
2021 
£ 
£ 
At 31 October 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
- 
3,900 
8
Average number of employees
During the year the average number of employees was 1 (2021: 2).
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