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Registration number: SC575018

Offshore Projects Alliance Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Offshore Projects Alliance Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Offshore Projects Alliance Ltd

(Registration number: SC575018)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

108,350

121,165

Current assets

 

Debtors

5

895,577

1,285,676

Cash at bank and in hand

 

161,096

98,273

 

1,056,673

1,383,949

Creditors: Amounts falling due within one year

6

(855,478)

(369,898)

Net current assets

 

201,195

1,014,051

Total assets less current liabilities

 

309,545

1,135,216

Provisions for liabilities

(27,087)

(23,021)

Net assets

 

282,458

1,112,195

Capital and reserves

 

Called up share capital

450

400

Profit and loss account

282,008

1,111,795

Shareholders' funds

 

282,458

1,112,195

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Offshore Projects Alliance Ltd

(Registration number: SC575018)
Balance Sheet as at 31 August 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr G Munachen
Director

 

Offshore Projects Alliance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Offshore Projects Alliance Ltd
431 Union Street
The Capitol
Aberdeen
AB11 6DA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

 

Offshore Projects Alliance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and computer equipment

straight line over 4 years/straight line over 3 years

Plant and equipment

25% reducing balance

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Offshore Projects Alliance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Fixtures, fittings and computer equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 September 2022

6,098

149,772

155,870

Additions

1,096

7,675

8,771

At 31 August 2023

7,194

157,447

164,641

Depreciation

At 1 September 2022

2,678

32,027

34,705

Charge for the year

1,855

19,731

21,586

At 31 August 2023

4,533

51,758

56,291

Carrying amount

At 31 August 2023

2,661

105,689

108,350

At 31 August 2022

3,420

117,745

121,165

5

Debtors

2023
£

2022
£

Trade debtors

490,967

946,087

Amounts owed by participating interests

350,000

310,000

Other debtors

54,610

29,589

895,577

1,285,676

 

Offshore Projects Alliance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

163,276

148,784

Amounts owed to participating interests

525,000

100,000

Taxation and social security

 

2,082

50,983

Other creditors

 

165,120

70,131

 

855,478

369,898