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REGISTERED NUMBER: SC645331 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

J&S SUBSEA LIMITED

J&S SUBSEA LIMITED (REGISTERED NUMBER: SC645331)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J&S SUBSEA LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J K D Morris
P K Reid
D A Sedge
M Blair





REGISTERED OFFICE: 1st Floor North Kingshill View
Prime Four Business Park
Aberdeen
AB15 8PU





REGISTERED NUMBER: SC645331 (Scotland)






J&S SUBSEA LIMITED (REGISTERED NUMBER: SC645331)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 (67,899 ) (108,639 )
Tangible assets 5 88,846 87,780
20,947 (20,859 )

CURRENT ASSETS
Stocks 1,002,173 858,960
Debtors 6 1,273,929 815,123
Cash at bank and in hand 1,452,133 801,558
3,728,235 2,475,641
CREDITORS
Amounts falling due within one year 7 465,987 411,566
NET CURRENT ASSETS 3,262,248 2,064,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,283,195

2,043,216

CREDITORS
Amounts falling due after more than one year 8 (20,064 ) (30,000 )

PROVISIONS FOR LIABILITIES (21,111 ) -
NET ASSETS 3,242,020 2,013,216

CAPITAL AND RESERVES
Called up share capital 195,000 195,000
Retained earnings 3,047,020 1,818,216
3,242,020 2,013,216

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

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

The directors acknowledge their 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.

J&S SUBSEA LIMITED (REGISTERED NUMBER: SC645331)

Balance Sheet - continued
31 December 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 Board of Directors and authorised for issue on 9 April 2024 and were signed on its behalf by:





P K Reid - Director


J&S SUBSEA LIMITED (REGISTERED NUMBER: SC645331)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

J&S 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 33% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


J&S SUBSEA LIMITED (REGISTERED NUMBER: SC645331)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 (203,698 )
AMORTISATION
At 1 January 2023 (95,059 )
Amortisation for year (40,740 )
At 31 December 2023 (135,799 )
NET BOOK VALUE
At 31 December 2023 (67,899 )
At 31 December 2022 (108,639 )

J&S SUBSEA LIMITED (REGISTERED NUMBER: SC645331)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 77,952 28,336 20,029 126,317
Additions 10,584 12,016 25,928 48,528
At 31 December 2023 88,536 40,352 45,957 174,845
DEPRECIATION
At 1 January 2023 27,919 7,437 3,181 38,537
Charge for year 27,934 10,622 8,906 47,462
At 31 December 2023 55,853 18,059 12,087 85,999
NET BOOK VALUE
At 31 December 2023 32,683 22,293 33,870 88,846
At 31 December 2022 50,033 20,899 16,848 87,780

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,095,471 629,433
Other debtors 178,458 185,690
1,273,929 815,123

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 219,200 286,714
Taxation and social security 169,849 64,007
Other creditors 66,938 50,845
465,987 411,566

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 20,064 30,000

J&S SUBSEA LIMITED (REGISTERED NUMBER: SC645331)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are P Reid and M Blair.