Registered number
SC618315
Overgate Subsea Engineering Ltd
Filleted Accounts
31 January 2023
Overgate Subsea Engineering Ltd
Registered number: SC618315
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,194 -
Current assets
Debtors 4 10,000 77,583
Cash at bank and in hand 66,693 37,258
76,693 114,841
Creditors: amounts falling due within one year 5 (25,598) (11,698)
Net current assets 51,095 103,143
Total assets less current liabilities 52,289 103,143
Creditors: amounts falling due after more than one year 6 (35,833) (45,337)
Net assets 16,456 57,806
Capital and reserves
Called up share capital 100 100
Profit and loss account 16,356 57,706
Shareholders' funds 16,456 57,806
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Hilliard
Director
Approved by the board on 10 October 2023
Overgate Subsea Engineering Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 1,291
At 31 January 2023 1,291
Depreciation
Charge for the year 97
At 31 January 2023 97
Net book value
At 31 January 2023 1,194
4 Debtors 2023 2022
£ £
Trade debtors 10,000 77,583
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 24,644 10,409
Other creditors 954 1,289
25,598 11,698
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,833 45,337
7 Other information
Overgate Subsea Engineering Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
No. 1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
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