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REGISTERED NUMBER: SC300394 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

COXON OFFSHORE LTD.

COXON OFFSHORE LTD. (REGISTERED NUMBER: SC300394)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

COXON OFFSHORE LTD.

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: Mr N Coxon





SECRETARY: Mrs N Coxon





REGISTERED OFFICE: 17 Polmuir Gardens
Aberdeen
AB11 7WE





REGISTERED NUMBER: SC300394 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

COXON OFFSHORE LTD. (REGISTERED NUMBER: SC300394)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 667,507 660,520
Investment property 6 520,000 460,000
1,187,507 1,120,520

CURRENT ASSETS
Debtors 7 1,747 746
Cash at bank 133,034 196,805
134,781 197,551
CREDITORS
Amounts falling due within one year 8 5,395 5,083
NET CURRENT ASSETS 129,386 192,468
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,316,893

1,312,988

PROVISIONS FOR LIABILITIES 9 51,712 34,965
NET ASSETS 1,265,181 1,278,023

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 242,935 192,695
Retained earnings 1,022,146 1,085,228
SHAREHOLDERS' FUNDS 1,265,181 1,278,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 September 2024 and were signed by:





Mr N Coxon - Director


COXON OFFSHORE LTD. (REGISTERED NUMBER: SC300394)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Coxon Offshore Ltd. is a private company, limited by shares , registered in Scotland. 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 (£).


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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investments
Fixed asset investments are recorded in the balance sheet at their market values with the gain or loss on revaluation reported through the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

COXON OFFSHORE LTD. (REGISTERED NUMBER: SC300394)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 13,663 3,826 17,489
DEPRECIATION
At 1 April 2023
and 31 March 2024 13,663 3,826 17,489
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -

5. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 April 2023 660,520
Revaluations 6,987
At 31 March 2024 667,507
NET BOOK VALUE
At 31 March 2024 667,507
At 31 March 2023 660,520

Cost or valuation at 31 March 2024 is represented by:

Listed
investments
£   
Valuation in 2015 21,843
Valuation in 2016 3,064
Valuation in 2017 4,604
Valuation in 2018 13,584
Valuation in 2019 11,338
Valuation in 2020 12,993
Valuation in 2021 3,943
Valuation in 2022 49,221
Valuation in 2023 (10,070 )
Valuation in 2024 6,987
Cost 550,000
667,507

COXON OFFSHORE LTD. (REGISTERED NUMBER: SC300394)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 460,000
Revaluations 60,000
At 31 March 2024 520,000
NET BOOK VALUE
At 31 March 2024 520,000
At 31 March 2023 460,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 117,140
Valuation in 2024 60,000
Cost 342,860
520,000

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 342,860 342,860

Investment property was valued on an open market basis on 31 March 2024 by the director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,747 746

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 5,395 5,083

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 51,712 34,965

Deferred
tax
£   
Balance at 1 April 2023 34,965
Movement in year 16,747
Balance at 31 March 2024 51,712

COXON OFFSHORE LTD. (REGISTERED NUMBER: SC300394)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr N Coxon
Balance outstanding at start of year (5,083 ) (4,771 )
Amounts repaid (312 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,395 ) (5,083 )

The loan is interest free and has no fixed terms of repayment.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
COXON OFFSHORE LTD. (REGISTERED NUMBER: SC300394)

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coxon Offshore Ltd. for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Coxon Offshore Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Coxon Offshore Ltd. and state those matters that we have agreed to state to the director of Coxon Offshore Ltd. in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Coxon Offshore Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Coxon Offshore Ltd.. You consider that Coxon Offshore Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Coxon Offshore Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


9 September 2024