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REGISTERED NUMBER: SC409442 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SUBSEA COMMERCIAL SERVICES LTD

SUBSEA COMMERCIAL SERVICES LTD (REGISTERED NUMBER: SC409442)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SUBSEA COMMERCIAL SERVICES LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: Mr C A Magee





REGISTERED OFFICE: 1 Rubislaw Place
Aberdeen
AB10 1XN





REGISTERED NUMBER: SC409442 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

SUBSEA COMMERCIAL SERVICES LTD (REGISTERED NUMBER: SC409442)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 480 640
Tangible assets 5 3,045 2,535
Investments 6 522 1,565
4,047 4,740

CURRENT ASSETS
Debtors 7 177,998 88,480
Cash at bank 78,796 76,922
256,794 165,402
CREDITORS
Amounts falling due within one year 8 106,401 31,561
NET CURRENT ASSETS 150,393 133,841
TOTAL ASSETS LESS CURRENT
LIABILITIES

154,440

138,581

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 154,439 138,580
154,440 138,581

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

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

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 3 August 2024 and were signed by:





Mr C A Magee - Director


SUBSEA COMMERCIAL SERVICES LTD (REGISTERED NUMBER: SC409442)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Subsea Commercial Services 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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 - 33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets which include trade & other debtors, cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers significant risk and reward of ownership to another entity.

Basic financial liabilities
Basic financial liabilities which include trade and other creditors are recognised at transaction price including transaction cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

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.

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 NIL (2023 - NIL).

SUBSEA COMMERCIAL SERVICES LTD (REGISTERED NUMBER: SC409442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023
and 31 March 2024 800
AMORTISATION
At 1 April 2023 160
Amortisation for year 160
At 31 March 2024 320
NET BOOK VALUE
At 31 March 2024 480
At 31 March 2023 640

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 1,445 3,407 4,852
Additions 1,226 266 1,492
At 31 March 2024 2,671 3,673 6,344
DEPRECIATION
At 1 April 2023 42 2,275 2,317
Charge for year 417 565 982
At 31 March 2024 459 2,840 3,299
NET BOOK VALUE
At 31 March 2024 2,212 833 3,045
At 31 March 2023 1,403 1,132 2,535

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 1,565
Revaluations (1,043 )
At 31 March 2024 522
NET BOOK VALUE
At 31 March 2024 522
At 31 March 2023 1,565

SUBSEA COMMERCIAL SERVICES LTD (REGISTERED NUMBER: SC409442)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2021 (1,075 )
Valuation in 2022 (1,566 )
Valuation in 2023 (4,044 )
Valuation in 2024 (1,043 )
Cost 8,250
522

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 166,213 87,844
VAT 7,654 636
Prepayments and accrued income 4,131 -
177,998 88,480

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 93,549 -
Tax 4,221 20,131
Directors' current accounts 8,631 9,917
Accrued expenses - 1,513
106,401 31,561

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr C A Magee
Balance outstanding at start of year (9,917 ) (7,898 )
Amounts advanced 2,598 618
Amounts repaid (1,312 ) (2,637 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (8,631 ) (9,917 )

The above loan is interest free and has no set repayment terms.