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FREELANCE SUBSEA SERVICES LTD

Registered Number
SC506921
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

FREELANCE SUBSEA SERVICES LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

MACAULAY, Alexander Adam James

Registered Address

Trinity House
31 Lynedoch Street
Glasgow
G3 6EF

Registered Number

SC506921 (Scotland)
FREELANCE SUBSEA SERVICES LTD
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets59191,198
9191,198
Current assets
Cash at bank and on hand65,87579,784
65,87579,784
Creditors amounts falling due within one year7(14,240)(13,102)
Net current assets (liabilities)51,63566,682
Total assets less current liabilities52,55467,880
Net assets52,55467,880
Capital and reserves
Called up share capital11
Profit and loss account52,55367,879
Shareholders' funds52,55467,880
The financial statements were approved and authorised for issue by the Director on 11 October 2023, and are signed on its behalf by:
MACAULAY, Alexander Adam James
Director
Registered Company No. SC506921
FREELANCE SUBSEA SERVICES LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
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 sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Vehicles25-
Office Equipment-3
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
4.Employee information

20232022
Average number of employees during the year11
5.Property, plant and equipment

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 April 221,9992,0254,024
Additions-516516
At 31 March 231,9992,5414,540
Depreciation and impairment
At 01 April 221,3671,4592,826
Charge for year158637795
At 31 March 231,5252,0963,621
Net book value
At 31 March 23474445919
At 31 March 226325661,198
6.Dividends proposed and payable

2023

2022

££
Dividends Paid11,00010,510
Total11,00010,510
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,060400
Amounts owed to related parties560-
Taxation and social security12,24312,702
Other creditors377-
Total14,24013,102
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.