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REGISTERED NUMBER: SC421004 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

OFFSHORE ENVIRONMENTAL OILS LIMITED

OFFSHORE ENVIRONMENTAL OILS LIMITED (REGISTERED NUMBER: SC421004)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OFFSHORE ENVIRONMENTAL OILS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Miss K Darby
T J McKechnie
S Odland
P T Eccles





REGISTERED OFFICE: 30-34 Reform Street
Dundee
DD1 1RJ





REGISTERED NUMBER: SC421004 (Scotland)





ACCOUNTANTS: Hayes and Associates (Leigh) Limited
Suite 2 Beswick House
Greenfold Way
Leigh
Lancashire
WN7 3XT

OFFSHORE ENVIRONMENTAL OILS LIMITED (REGISTERED NUMBER: SC421004)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 365 553

CURRENT ASSETS
Stocks 135,897 182,986
Debtors 5 764,955 674,774
Cash at bank and in hand 88,621 28,314
989,473 886,074
CREDITORS
Amounts falling due within one year 6 1,988,255 1,753,102
NET CURRENT LIABILITIES (998,782 ) (867,028 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(998,417

)

(866,475

)

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings (998,521 ) (866,579 )
(998,417 ) (866,475 )

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 directors acknowledge their 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 Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:





T J McKechnie - Director


OFFSHORE ENVIRONMENTAL OILS LIMITED (REGISTERED NUMBER: SC421004)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Offshore Environmental Oils Limited 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.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Originally, goodwill being the amount paid in connection with the acquisition of patents in 2012, 2013 and 2014 was not being amortised.
In line with FRS 102 section 1a, this has been revised with the balance on Goodwill now being amortised over 5 years commencing from 1 January 2015.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs were originally being amortised at 8.75% pa. In line with FRS 102 section 1a, this has been revised with the balance on Developments Costs now being amortised over 10 years commencing from 1 January 2015, the date of transition.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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
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.

OFFSHORE ENVIRONMENTAL OILS LIMITED (REGISTERED NUMBER: SC421004)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale.
- There is the intention to complete the intangible asset and use or sell it.
- There is the ability to use or sell the intangible asset
- The use or sale of the intangible asset will generate probable future economic benefits.
- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset.
- The expenditure attributable to the intangible asset during it's development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 75,626 1,881 77,507
AMORTISATION
At 1 January 2023 75,626 1,328 76,954
Amortisation for year - 188 188
At 31 December 2023 75,626 1,516 77,142
NET BOOK VALUE
At 31 December 2023 - 365 365
At 31 December 2022 - 553 553

OFFSHORE ENVIRONMENTAL OILS LIMITED (REGISTERED NUMBER: SC421004)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 38,770 40,105
Amounts owed by group undertakings 131,182 212,878
Amounts owed by associates 57,098 71,014
Other debtors 3,150 -
VAT 7,099 7,051
Deferred tax asset 68,810 68,810
Accrued income 433,525 254,786
Prepayments 25,321 20,130
764,955 674,774

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 31,944 42,717
Trade creditors 11,963 6,249
Amounts owed to associates 1,060,241 808,417
Other creditors 427,297 437,297
Directors' current accounts 449,353 449,353
Accrued expenses 7,457 9,069
1,988,255 1,753,102

7. RELATED PARTY DISCLOSURES

Included in amounts owed by group undertakings is a loan due from Subsea Fluids Group Limited amounting to £131,182 (2022: £212,878). Subsea Fluids Group Limited owns 100% of the share capital of Offshore Environmental Oils Limited. Amounts are also due from Subsea Fluids Limited £1,744 (2022: £1,101) and Ecotox Laboratories limited £55,354 (2022: £52,079). These companies are under common control with the company and the loans are interest free and repayable on demand.

Included in creditors are loans from Subsea Fluid Services Limited amounting to £927,142 (2022: £702,500), Subsea Chemistry Limited £107,404 (2022: £105,917) and Gigaton CO2 Limited (£25,695). These companies are also under common control. The loans are interest free and repayable on demand.

8. ULTIMATE CONTROLLING PARTY

The company is under the control of Subsea Fluids Group Limited, registered office E11 Aspul Court, Moss Industrial Estate, Leigh, Lancashire. WN7 3PT.