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REGISTERED NUMBER: 11329820 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ADMIRAL OFFSHORE LIMITED

ADMIRAL OFFSHORE LIMITED (REGISTERED NUMBER: 11329820)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance sheet 1

Notes to the financial statements 2


ADMIRAL OFFSHORE LIMITED (REGISTERED NUMBER: 11329820)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 1,107 940

Current assets
Debtors 5 183,167 195,501

Creditors
Amounts falling due within one year 6 146,055 156,980
Net current assets 37,112 38,521
Total assets less current liabilities 38,219 39,461

Creditors
Amounts falling due after more than one year 7 (17,814 ) (29,065 )

Provisions for liabilities 8 (277 ) (235 )
Net assets 20,128 10,161

Capital and reserves
Called up share capital 9 100 100
Retained earnings 20,028 10,061
Shareholders' funds 20,128 10,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





Mr T Ellis - Director


ADMIRAL OFFSHORE LIMITED (REGISTERED NUMBER: 11329820)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. Statutory information

Admiral Offshore Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11329820. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is Unit 46, Basepoint Business Centre, Little High Street, Shoreham, West Sussex, BN43 5EG.

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.

Turnover
Turnover represents amounts invoiced for Vessel Charter and services, net of value added tax

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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.

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.

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.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 6 (2022 - 5 ) .

ADMIRAL OFFSHORE LIMITED (REGISTERED NUMBER: 11329820)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. Tangible fixed assets
Computer
equipment
£   
Cost
At 1 January 2023 7,157
Additions 1,211
At 31 December 2023 8,368
Depreciation
At 1 January 2023 6,217
Charge for year 1,044
At 31 December 2023 7,261
Net book value
At 31 December 2023 1,107
At 31 December 2022 940

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 159,502 162,716
VAT 6,965 7,729
Prepayments 16,700 25,056
183,167 195,501

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 35,388 22,474
Trade creditors 34,358 24,368
Tax 38,076 18,268
Social security and other taxes 19,612 16,194
Wages creditor 15,856 -
Pension creditor 192 2,529
Directors' current accounts 223 70,842
Accruals and deferred income 2,350 2,305
146,055 156,980

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 11,251 11,251
Bank loans - 2-5 years 6,563 17,814
17,814 29,065

ADMIRAL OFFSHORE LIMITED (REGISTERED NUMBER: 11329820)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. Provisions for liabilities
2023 2022
£    £   
Deferred tax 277 235

Deferred
tax
£   
Balance at 1 January 2023 235
Provided during year 42
Balance at 31 December 2023 277

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. Ultimate controlling party

The company is controlled by the director Mr T Ellis, owning 100% of the issued share capital.