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REGISTERED NUMBER: SC346192 (Scotland)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

OFFSHORE WATER MANAGEMENT LTD

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

OFFSHORE WATER MANAGEMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Mr Russell Ben Caldwell
Mrs Sarah Anne Caldwell
Mr Neill Crone





SECRETARY: Mrs Sarah Anne Caldwell





REGISTERED OFFICE: Ground Floor
3 Prospect Place
Arnhall Business Park
Westhill
Aberdeenshire
AB32 6SY





REGISTERED NUMBER: SC346192 (Scotland)





ACCOUNTANTS: D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,477 55,167
Investments 5 2 7
44,479 55,174

CURRENT ASSETS
Stocks 28,777 13,410
Debtors 6 612,889 584,014
Cash at bank and in hand 290,108 320,356
931,774 917,780
CREDITORS
Amounts falling due within one year 7 356,207 443,737
NET CURRENT ASSETS 575,567 474,043
TOTAL ASSETS LESS CURRENT
LIABILITIES

620,046

529,217

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 619,946 529,117
SHAREHOLDERS' FUNDS 620,046 529,217

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

BALANCE SHEET - continued
30 SEPTEMBER 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 22 November 2023 and were signed on its behalf by:





Mr Russell Ben Caldwell - Director


OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

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


1. STATUTORY INFORMATION

Offshore Water Management Ltd 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 - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

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.

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022 92,182
Additions 4,593
Disposals (3,870 )
At 30 September 2023 92,905
DEPRECIATION
At 1 October 2022 37,015
Charge for year 12,294
Eliminated on disposal (881 )
At 30 September 2023 48,428
NET BOOK VALUE
At 30 September 2023 44,477
At 30 September 2022 55,167

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 October 2022 2 5 7
Disposals - (5 ) (5 )
At 30 September 2023 2 - 2
NET BOOK VALUE
At 30 September 2023 2 - 2
At 30 September 2022 2 5 7

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 483,802 479,085
Other debtors 129,087 104,929
612,889 584,014

OFFSHORE WATER MANAGEMENT LTD (REGISTERED NUMBER: SC346192)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 175,569 170,044
Taxation and social security 82,040 185,994
Other creditors 98,598 87,699
356,207 443,737

8. RELATED PARTY DISCLOSURES

Included in administrative expenses are consultancy fees charged by companies under the control of the directors, totalling £1,209,240 (2022 - £464,960).

Included in debtors is a loan to a subsidiary company of £5,000 (2022 - £NIL). There are no fixed terms for repayment and no interest is charged.

9. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is the directors by virtue of their office and shareholdings.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
OFFSHORE WATER MANAGEMENT LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Offshore Water Management Ltd for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Offshore Water Management Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Offshore Water Management Ltd and state those matters that we have agreed to state to the Board of Directors of Offshore Water Management Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Offshore Water Management Ltd 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 Offshore Water Management Ltd. You consider that Offshore Water Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Offshore Water Management Ltd. 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.






D M McNaught & Co Ltd
Chartered Accountants
166 Buchanan Street
Glasgow
Lanarkshire
G1 2LW


22 November 2023