Company Registration No. SC729539 (Scotland)
Omni Subsea Limited
Unaudited accounts
for the period from 1 May 2023 to 31 December 2023
Omni Subsea Limited
Unaudited accounts
Contents
Omni Subsea Limited
Company Information
for the period from 1 May 2023 to 31 December 2023
Directors
M A Buchan
D H Duguid
C D Phillips
Company Number
SC729539 (Scotland)
Registered Office
Unit 1 Dunnottar House
Howe Moss Drive, Dyce
Aberdeen
AB21 0FN
Scotland
Accountants
Hutcheon Mearns Limited
2 Queens Road
Aberdeen
AB15 4ZT
Omni Subsea Limited
Statement of financial position
as at 31 December 2023
Cash at bank and in hand
27,492
10,182
Creditors: amounts falling due within one year
(277,240)
(142,475)
Net current liabilities
(107,577)
(43,182)
Net liabilities
(107,577)
(43,182)
Called up share capital
1
1
Profit and loss account
(107,578)
(43,183)
Shareholders' funds
(107,577)
(43,182)
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by
M A Buchan
Director
Company Registration No. SC729539
Omni Subsea Limited
Notes to the Accounts
for the period from 1 May 2023 to 31 December 2023
Omni Subsea Limited is a private company, limited by shares, registered in Scotland, registration number SC729539. The registered office is Unit 1 Dunnottar House, Howe Moss Drive, Dyce, Aberdeen, AB21 0FN, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the period from 1 May 2023 to 31 December 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 May 2022
The accounts have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have adopted the going concern basis of accounting in preparing the annual financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probably that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Omni Subsea Limited
Notes to the Accounts
for the period from 1 May 2023 to 31 December 2023
Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the Company in an independently administered fund.
Tax is recognised in the profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Trade debtors and other receivables
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Trade creditors and other payables
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans from related parties.
Distributions to equity holders
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
4
Debtors
31/12/2023
30/04/2023
Amounts falling due within one year
Trade debtors
74,650
79,376
Amounts due from group undertakings etc.
40,336
-
Accrued income and prepayments
27,185
9,735
Omni Subsea Limited
Notes to the Accounts
for the period from 1 May 2023 to 31 December 2023
5
Creditors: amounts falling due within one year
31/12/2023
30/04/2023
Bank loans and overdrafts
68,785
-
Trade creditors
20,056
8,811
Amounts owed to group undertakings and other participating interests
166,693
130,247
Taxes and social security
2,993
626
Other creditors
1,570
1,062
The Company contributed to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,260 (2022: £nil).
Contributions payable to the fund at the balance sheet date were £723 (2022: £nil).
7
Transactions with related parties
During the Period Ended 31 December 2023, and the comparative Period Ended 30 April 2023 respectively, the Company entered into the following transactions with related parties:
Owners Holding a participating Interest
Opening Balance: (£35,225); £nil
Purchases: (£44,674); (£32,225)
Net (Receipts) / Payments: £76,899; £nil
Net Loans (Received) / Advanced: £37,013; (£3,000)
Closing Balance: £34,013; (£35,225)
Fellow Subsidiaries
Opening Balance: (£95,022); £nil
Net Loans (Received) / Advanced: (£71,671); (£95,022)
Closing Balance: (£166,693); (£95,022)
Associates
Opening Balance: £nil; £nil
Net Loans (Received) / Advanced: £6,323; £nil
Closing Balance: £6,323; £nil
The Company's immediate parent company is Recruitment Ventures Limited, a company registered in the United Kingdom. The Company's ultimate parent undertaking is Indigo 7 Ventures Limited, a company registered in the United Kingdom. Indigo 7 Ventures Limited is controlled by a number of private individuals, all of whom own less than a 25% shareholding in the company.
9
Average number of employees
During the period the average number of employees was 2 (30/04/2023: 2).