Registered number
SC664523
NORTH SEA COMMUNICATION LTD
Filleted Accounts
for the year ended 31 May 2024
NORTH SEA COMMUNICATION LTD
Registered number: SC664523
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,615 1,871
Current assets
Cash at bank and in hand 18,521 20,896
Creditors: amounts falling due within one year 4 (19,483) (22,583)
Net current assets/(liabilities) (962) (1,687)
Net assets 653 184
Capital and reserves
Called up share capital 1 1
Profit and loss account 652 183
Shareholder's funds 653 184
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Hendrik Kombrink
Director
Approved by the board on 13 August 2024
NORTH SEA COMMUNICATION LTD
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Straight line
Fixtures and fittings 20% Straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery Fixtures & fittings Total
£ £ £
Cost
At 1 June 2023 2,441 - 2,441
Additions - 290 290
At 31 May 2024 2,441 290 2,731
Depreciation
At 1 June 2023 570 - 570
Charge for the year 488 58 546
At 31 May 2024 1,058 58 1,116
Net book value
At 31 May 2024 1,383 232 1,615
At 31 May 2023 1,871 - 1,871
4 Creditors: amounts falling due within one year 2024 2023
£ £
Accrual 650 650
Corporation tax 6,973 5,148
Director's account 11,860 16,785
19,483 22,583
5 Profit and loss account 2024
£
At 31 May 2023 183
Profit for the year 29,470
Dividend (29,000)
At 31 May 2024 653
6 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
Dividends paid 29,000 26,000
29,000 26,000
7 Related party transactions
Included within the creditors at the year end is £11,857.(2023: £16,785) due to the company directors. During the period the company paid £50,885 of expenses on behalf of the directors and the directors introduced £45,957.
8 Controlling party
The ultimate controlling party is the director
Dr Hendrik Kombrink
9 Other information
NORTH SEA COMMUNICATION LTD is a private company limited by shares and incorporated in England. Its registered office is:
8 Dubford Terrace
Aberdeen
Aberdeenshire
AB23 8GE
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