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REGISTERED NUMBER: SC589325 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

PMS SUBSEA LIMITED

PMS SUBSEA LIMITED (REGISTERED NUMBER: SC589325)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PMS SUBSEA LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: P E Smith





SECRETARY:





REGISTERED OFFICE: 66 Broomfield Road
Portlethen
Aberdeen
AB12 4SU





REGISTERED NUMBER: SC589325 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
71 Charleston Road North
Cove
Aberdeen
Aberdeenshire
AB12 3SZ

PMS SUBSEA LIMITED (REGISTERED NUMBER: SC589325)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,261 24,798

CURRENT ASSETS
Debtors 5 58,973 34,008
Cash at bank 36,385 88,732
95,358 122,740
CREDITORS
Amounts falling due within one year 6 55,192 55,984
NET CURRENT ASSETS 40,166 66,756
TOTAL ASSETS LESS CURRENT
LIABILITIES

59,427

91,554

CREDITORS
Amounts falling due after more than one
year

7

(3,336

)

(11,342

)

PROVISIONS FOR LIABILITIES (4,815 ) (4,712 )
NET ASSETS 51,276 75,500

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 51,275 75,499
SHAREHOLDERS' FUNDS 51,276 75,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PMS SUBSEA LIMITED (REGISTERED NUMBER: SC589325)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 March 2024 and were signed by:





P E Smith - Director


PMS SUBSEA LIMITED (REGISTERED NUMBER: SC589325)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

PMS Subsea Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

PMS SUBSEA LIMITED (REGISTERED NUMBER: SC589325)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 49,993
Additions 1,663
At 31 March 2023 51,656
DEPRECIATION
At 1 April 2022 25,195
Charge for year 7,200
At 31 March 2023 32,395
NET BOOK VALUE
At 31 March 2023 19,261
At 31 March 2022 24,798

The net book value of motor vehicles held under hire purchase agreements as at 31 March 2023 was £17,755 (2022 - £23,674).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 58,973 34,008

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 8,006 8,006
Trade creditors (2 ) 1,199
Taxation and social security 46,098 43,401
Other creditors 1,090 3,378
55,192 55,984

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 3,336 11,342