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REGISTERED NUMBER: SC443081 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

NAMAKA SUBSEA LTD

NAMAKA SUBSEA LTD (REGISTERED NUMBER: SC443081)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NAMAKA SUBSEA LTD

Company Information
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: A Harper





SECRETARY: S Harper





REGISTERED OFFICE: Unit 7, Innovation Centre
Aberdeen Energy Park, Exploration Drive
Bridge of Don
Aberdeen
AB23 8GX





REGISTERED NUMBER: SC443081 (Scotland)





ACCOUNTANTS: Fyfe Moir & Associates
1st Floor, 5 Abercrombie Crt
Prospect Road,
Westhill
Aberdeenshire
Grampian
AB32 6FE

NAMAKA SUBSEA LTD (REGISTERED NUMBER: SC443081)

Balance Sheet
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,418 46,314
Investments 5 57,261 57,261
122,679 103,575

CURRENT ASSETS
Stocks 127,108 147,611
Debtors 6 415,935 424,091
Cash at bank and in hand 164,166 147,987
707,209 719,689
CREDITORS
Amounts falling due within one year 7 310,039 396,495
NET CURRENT ASSETS 397,170 323,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

519,849

426,769

PROVISIONS FOR LIABILITIES 8 6,762 3,793
NET ASSETS 513,087 422,976

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 512,987 422,876
SHAREHOLDERS' FUNDS 513,087 422,976

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

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

NAMAKA SUBSEA LTD (REGISTERED NUMBER: SC443081)

Balance Sheet - continued
30 JUNE 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 29 March 2024 and were signed by:





A Harper - Director


NAMAKA SUBSEA LTD (REGISTERED NUMBER: SC443081)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Namaka Subsea 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.
Fixtures and fittings - 20% on cost
Computer equipment - 25% on reducing balance and 15% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

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.

NAMAKA SUBSEA LTD (REGISTERED NUMBER: SC443081)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2022 7,833 80,136 87,969
Additions 21,506 13,250 34,756
At 30 June 2023 29,339 93,386 122,725
DEPRECIATION
At 1 July 2022 2,753 38,902 41,655
Charge for year 4,005 11,647 15,652
At 30 June 2023 6,758 50,549 57,307
NET BOOK VALUE
At 30 June 2023 22,581 42,837 65,418
At 30 June 2022 5,080 41,234 46,314

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
30.6.23 30.6.22
£    £   
Namaka Subsea PTE. Ltd 57,261 57,261

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 295,480 331,572
Other debtors 10,281 8,576
Interco - Namaka TT 64,320 65,951
Interco - Namaka Compliance 2,384 -
Interco - Namaka Subsea UAE 15,100 -
VAT 9,323 -
Prepayments and accrued income 19,047 17,992
415,935 424,091

NAMAKA SUBSEA LTD (REGISTERED NUMBER: SC443081)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 211,128 266,974
Tax 42,946 56,847
Social security and other taxes 9,471 10,894
VAT - 13,307
Other creditors 10,290 6,735
Directors' current accounts 4,083 1,639
Accrued expenses 32,121 40,099
310,039 396,495

8. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax 6,762 3,793

Deferred
tax
£   
Balance at 1 July 2022 3,793
Movement during the year 2,969
Balance at 30 June 2023 6,762