Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-302022-10-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC607291 2022-10-01 2023-09-30 SC607291 2021-10-01 2022-09-30 SC607291 2023-09-30 SC607291 2022-09-30 SC607291 c:Director1 2022-10-01 2023-09-30 SC607291 c:RegisteredOffice 2022-10-01 2023-09-30 SC607291 d:MotorVehicles 2022-10-01 2023-09-30 SC607291 d:MotorVehicles 2023-09-30 SC607291 d:MotorVehicles 2022-09-30 SC607291 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 SC607291 d:CurrentFinancialInstruments 2023-09-30 SC607291 d:CurrentFinancialInstruments 2022-09-30 SC607291 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 SC607291 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 SC607291 d:ShareCapital 2023-09-30 SC607291 d:ShareCapital 2022-09-30 SC607291 d:RetainedEarningsAccumulatedLosses 2023-09-30 SC607291 d:RetainedEarningsAccumulatedLosses 2022-09-30 SC607291 c:OrdinaryShareClass1 2022-10-01 2023-09-30 SC607291 c:OrdinaryShareClass1 2023-09-30 SC607291 c:OrdinaryShareClass1 2022-09-30 SC607291 c:FRS102 2022-10-01 2023-09-30 SC607291 c:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC607291 c:FullAccounts 2022-10-01 2023-09-30 SC607291 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC607291 2 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC607291










FOSTER OFFSHORE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
FOSTER OFFSHORE LIMITED
 

COMPANY INFORMATION


Director
Mr S Foster 




Registered number
SC607291



Registered office
2 Smithy Lane

Balmullo

Fife

KY16 0FG




Accountants
EQ Accountants LLP
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
FOSTER OFFSHORE LIMITED
 
  
FINANCIAL STATEMENTS

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Foster Offshore Limited for the year ended 30 September 2023 which comprise the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the director of Foster Offshore Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Foster Offshore Limited  and state those matters that we have agreed to state to the director of Foster Offshore Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foster Offshore Limited and its director for our work or for this report. 

It is your duty to ensure that Foster Offshore Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Foster Offshore Limited. You consider that Foster Offshore Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Foster Offshore Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



EQ Accountants LLP
 
Chartered Accountants
  
14 City Quay
Dundee
DD1 3JA
3 October 2023
Page 1

 
FOSTER OFFSHORE LIMITED
REGISTERED NUMBER: SC607291

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
11,035
13,794

  
11,035
13,794

Current assets
  

Debtors: amounts falling due within one year
 5 
-
55,014

  
-
55,014

Creditors: amounts falling due within one year
 6 
(4,899)
(22,100)

Net current (liabilities)/assets
  
 
 
(4,899)
 
 
32,914

Total assets less current liabilities
  
6,136
46,708

Provisions for liabilities
  

Deferred tax
  
(2,097)
(2,621)

  
 
 
(2,097)
 
 
(2,621)

Net assets
  
4,039
44,087


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
4,038
44,086

  
4,039
44,087


Page 2

 
FOSTER OFFSHORE LIMITED
REGISTERED NUMBER: SC607291

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2023.




Mr S Foster
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
FOSTER OFFSHORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Foster Offshore Limited is a company limited by shares, incorporated in Scotland with registration number SC607291. The registered office is 2 Smithy Lane, Balmullo, St Andrews, Scotland, KY16 0FG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
FOSTER OFFSHORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
FOSTER OFFSHORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
FOSTER OFFSHORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 October 2022
21,554



At 30 September 2023

21,554



Depreciation


At 1 October 2022
7,760


Charge for the year on owned assets
2,759



At 30 September 2023

10,519



Net book value



At 30 September 2023
11,035



At 30 September 2022
13,794

Page 7

 
FOSTER OFFSHORE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Other debtors
-
55,014

-
55,014



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
2,390
10,600

Other creditors
109
-

Accruals and deferred income
2,400
11,500

4,899
22,100



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



Page 8