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REGISTERED NUMBER: 07804453 (England and Wales)














Financial Statements

for the Year Ended 31 December 2023

for

SUBSEA ENERGY SOLUTIONS LTD

SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


SUBSEA ENERGY SOLUTIONS LTD

Company Information
for the Year Ended 31 December 2023







Directors: P A R Stanyon
C J Topp
S T Boissier Wyles



Registered office: Unit 4 Chartermark Way
Colburn Business Park
Catterick Road
Catterick Garrison
North Yorkshire
DL9 4QJ



Registered number: 07804453 (England and Wales)



Senior statutory auditor: Simon Davies MMath FCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Abridged Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Intangible assets 4 38,634 37,002
Tangible assets 5 280,646 282,860
319,280 319,862

Current assets
Stocks 31,625 21,875
Debtors 308,717 426,551
Cash at bank and in hand 157,475 82,180
497,817 530,606
Creditors
Amounts falling due within one year 234,247 278,381
Net current assets 263,570 252,225
Total assets less current liabilities 582,850 572,087

Creditors
Amounts falling due after more than one
year

(16,667

)

(26,667

)

Provisions for liabilities (43,420 ) (25,120 )
Net assets 522,763 520,300

Capital and reserves
Called up share capital 1 2
Capital redemption reserve 1 -
Retained earnings 522,761 520,298
Shareholders' funds 522,763 520,300

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 19 July 2024 and were signed on its behalf by:





P A R Stanyon - Director


SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Subsea Energy Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company traded for a shorter period in the prior year due to a change in accounting period. Therefore the comparative amounts in the financial statements (including related notes) are not entirely comparable.

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.

The financial statements have been prepared under the going concern basis of accounting.

Turnover
Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding value added tax. Income is being recognised according to the stage of completion of work done.

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.

Patents and licences are being amortised evenly over their estimated useful life of eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost and Straight line over 20 years
Plant and machinery - At varying rates
Fixtures and fittings - 15% on reducing balance
Motor vehicles - At varying rates
Computer equipment - 33% on 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.


SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 15 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 53,578
Additions 8,788
At 31 December 2023 62,366
AMORTISATION
At 1 January 2023 16,576
Amortisation for year 7,156
At 31 December 2023 23,732
NET BOOK VALUE

At 31 December 2023 38,634
At 31 December 2022 37,002

SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 699,859
Additions 92,408
At 31 December 2023 792,267
DEPRECIATION
At 1 January 2023 416,999
Charge for year 94,622
At 31 December 2023 511,621
NET BOOK VALUE
At 31 December 2023 280,646
At 31 December 2022 282,860

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 110,796
Transfer to ownership (110,796 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 64,396
Transfer to ownership (64,396 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 46,400

6. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Hire purchase contracts - 15,016

The debts are secured against the assets to which they relate.

SUBSEA ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 07804453)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Davies MMath FCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP

8. RELATED PARTY DISCLOSURES

The immediate parent company is Subsea Energy Solutions Holdings Ltd, this company does not prepare consolidated financial statements. The smallest group for which consolidated financial statements are prepared that includes Subsea Energy Solutions Ltd is Topp Holdings Gmbh. Consolidated financial statements can be requested from the company's registered office at Martinistraße 57, 28195 Bremen, Germany.