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REGISTERED NUMBER: 13145879 (England and Wales)


































Unaudited Financial Statements

for the Year Ended 31 January 2024

for

MAINSFORTH SUBSEA LTD

MAINSFORTH SUBSEA LTD (REGISTERED NUMBER: 13145879)






Contents of the Financial Statements
for the year ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAINSFORTH SUBSEA LTD

Company Information
for the year ended 31 January 2024







DIRECTORS: A Parkin
Mrs S L Parkin





REGISTERED OFFICE: Kensington House
3 Kensington
Bishop Auckland
Co. Durham
DL14 6HX





REGISTERED NUMBER: 13145879 (England and Wales)





ACCOUNTANTS: Mitchells Grievson
Chartered Accountants
Kensington House
3 Kensington
Bishop Auckland
Co. Durham
DL14 6HX

MAINSFORTH SUBSEA LTD (REGISTERED NUMBER: 13145879)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,535 2,046

CURRENT ASSETS
Debtors 5 4,590 13,500
Cash at bank 55,966 63,887
60,556 77,387
CREDITORS
Amounts falling due within one year 6 17,514 23,073
NET CURRENT ASSETS 43,042 54,314
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,577

56,360

PROVISIONS FOR LIABILITIES 292 466
NET ASSETS 44,285 55,894

CAPITAL AND RESERVES
Called up share capital 100 1
Retained earnings 44,185 55,893
44,285 55,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

MAINSFORTH SUBSEA LTD (REGISTERED NUMBER: 13145879)

Balance Sheet - continued
31 January 2024


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 14 March 2024 and were signed on its behalf by:





A Parkin - Director


MAINSFORTH SUBSEA LTD (REGISTERED NUMBER: 13145879)

Notes to the Financial Statements
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Mainsforth Subsea Ltd is a private company, limited by shares , registered in England and Wales. 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.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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.

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 2 (2023 - 1 ) .

MAINSFORTH SUBSEA LTD (REGISTERED NUMBER: 13145879)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 1,250 1,699 2,949
DEPRECIATION
At 1 February 2023 245 658 903
Charge for year 251 260 511
At 31 January 2024 496 918 1,414
NET BOOK VALUE
At 31 January 2024 754 781 1,535
At 31 January 2023 1,005 1,041 2,046

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,590 13,500

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 15,094 20,924
Other creditors 2,420 2,149
17,514 23,073