Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Steven Drummond 29/11/2019 David Mitchell 29/11/2019 12 August 2024 The principal activity of the company is the provision of engineering consultancy services both onshore and offshore. SC648393 2023-11-30 SC648393 bus:Director1 2023-11-30 SC648393 bus:Director2 2023-11-30 SC648393 2022-11-30 SC648393 core:CurrentFinancialInstruments 2023-11-30 SC648393 core:CurrentFinancialInstruments 2022-11-30 SC648393 core:ShareCapital 2023-11-30 SC648393 core:ShareCapital 2022-11-30 SC648393 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC648393 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC648393 core:OtherPropertyPlantEquipment 2022-11-30 SC648393 core:OtherPropertyPlantEquipment 2023-11-30 SC648393 bus:OrdinaryShareClass1 2023-11-30 SC648393 2022-12-01 2023-11-30 SC648393 bus:FilletedAccounts 2022-12-01 2023-11-30 SC648393 bus:SmallEntities 2022-12-01 2023-11-30 SC648393 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC648393 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC648393 bus:Director1 2022-12-01 2023-11-30 SC648393 bus:Director2 2022-12-01 2023-11-30 SC648393 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-12-01 2023-11-30 SC648393 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-12-01 2023-11-30 SC648393 2021-12-01 2022-11-30 SC648393 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 SC648393 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC648393 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC648393 (Scotland)

ENOVATEQ LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

ENOVATEQ LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ENOVATEQ LIMITED

BALANCE SHEET

As at 30 November 2023
ENOVATEQ LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 8,287 3,465
8,287 3,465
Current assets
Debtors 4 48,216 30,569
Cash at bank and in hand 129,248 112,696
177,464 143,265
Creditors: amounts falling due within one year 5 ( 40,654) ( 37,807)
Net current assets 136,810 105,458
Total assets less current liabilities 145,097 108,923
Provision for liabilities ( 2,050) ( 866)
Net assets 143,047 108,057
Capital and reserves
Called-up share capital 6 4,500 4,500
Profit and loss account 138,547 103,557
Total shareholders' funds 143,047 108,057

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Enovateq Limited (registered number: SC648393) were approved and authorised for issue by the Board of Directors on 12 August 2024. They were signed on its behalf by:

Steven Drummond
Director
ENOVATEQ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ENOVATEQ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Enovateq Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 12, James Gregory Centre, Campus 2, Balgownie Drive, Bridge Of Don, Aberdeen, AB22 8GU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 5,063 5,063
Additions 9,445 9,445
At 30 November 2023 14,508 14,508
Accumulated depreciation
At 01 December 2022 1,598 1,598
Charge for the financial year 4,623 4,623
At 30 November 2023 6,221 6,221
Net book value
At 30 November 2023 8,287 8,287
At 30 November 2022 3,465 3,465

4. Debtors

2023 2022
£ £
Trade debtors 27,227 28,551
Other debtors 20,989 2,018
48,216 30,569

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 1,990
Corporation tax 30,796 26,822
Other taxation and social security 6,772 5,756
Other creditors 3,086 3,239
40,654 37,807

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4,500 Ordinary shares of £ 1.00 each 4,500 4,500

7. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 0 893

8. Related party transactions

Transactions with the entity's directors

As at 30 November 2023 the company was due the directors £37 (2022 - The directors were due the company £1,013). This loan is interest free with no set repayment terms.