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Company No: 08823076 (England and Wales)

FLUID EARTH SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

FLUID EARTH SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FLUID EARTH SYSTEMS LIMITED

BALANCE SHEET

As at 31 December 2023
FLUID EARTH SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 22,888 27,075
22,888 27,075
Current assets
Debtors 5 42,379 42,901
Cash at bank and in hand 26,796 33,699
69,175 76,600
Creditors: amounts falling due within one year 6 ( 62,062) ( 65,075)
Net current assets 7,113 11,525
Total assets less current liabilities 30,001 38,600
Creditors: amounts falling due after more than one year 7 ( 17,333) ( 26,716)
Provision for liabilities ( 3,850) ( 4,684)
Net assets 8,818 7,200
Capital and reserves
Called-up share capital 8 20 20
Profit and loss account 8,798 7,180
Total shareholders' funds 8,818 7,200

For the financial year ending 31 December 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 Fluid Earth Systems Limited (registered number: 08823076) were approved and authorised for issue by the Board of Directors on 12 September 2024. They were signed on its behalf by:

Mr M R Davis
Director
FLUID EARTH SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FLUID EARTH SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Fluid Earth Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Unit 18,, 23 Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The principal place of business is Rockhill, East Charleton, Kingsbridge, Devon, TQ7 2AR.
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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
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 reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 % reducing balance
Plant and machinery 33 % reducing balance
Office equipment 20 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 50,000 50,000
At 31 December 2023 50,000 50,000
Accumulated amortisation
At 01 January 2023 50,000 50,000
At 31 December 2023 50,000 50,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 January 2023 14,120 34,701 22,607 71,428
Additions 0 0 1,424 1,424
At 31 December 2023 14,120 34,701 24,031 72,852
Accumulated depreciation
At 01 January 2023 5,782 27,871 10,700 44,353
Charge for the financial year 834 2,254 2,523 5,611
At 31 December 2023 6,616 30,125 13,223 49,964
Net book value
At 31 December 2023 7,504 4,576 10,808 22,888
At 31 December 2022 8,338 6,830 11,907 27,075

5. Debtors

2023 2022
£ £
Trade debtors 0 16,263
Other debtors 42,379 26,638
42,379 42,901

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 8,000 10,930
Taxation and social security 52,012 52,330
Other creditors 2,050 1,815
62,062 65,075

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 17,333 26,716

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary A shares of £ 1.00 each 10 10
10 Ordinary B shares of £ 1.00 each 10 10
20 20

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Opening balance 26,638 11,813
Advances to directors 4,360 14,604
Repayments 0 0
Interest 687 221
Closing balance 31,685 26,638

During the year Interest was charged on the amount due from Directors at 2.00% until March 2023, then from April 2023 onwards was charged at 2.25%.