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REGISTERED NUMBER: 07938112 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SUBSEA FLUID SERVICES LIMITED

SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SUBSEA FLUID SERVICES LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Miss K Darby
T J McKechnie
S Odland
B T Sinclair





REGISTERED OFFICE: E18 Croft Court
Leigh
Lancashire
WN7 3PT





REGISTERED NUMBER: 07938112 (England and Wales)





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

SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 70,163 78,336
70,163 78,336

CURRENT ASSETS
Debtors 6 1,503,352 1,243,789
Cash at bank 61,915 53,992
1,565,267 1,297,781
CREDITORS
Amounts falling due within one year 7 1,619,119 1,405,301
NET CURRENT LIABILITIES (53,852 ) (107,520 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,311

(29,184

)

ACCRUALS AND DEFERRED INCOME - 29,500
NET ASSETS/(LIABILITIES) 16,311 (58,684 )

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 16,207 (58,788 )
16,311 (58,684 )

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.

SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112)

BALANCE SHEET - continued
31 December 2023


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 8 August 2024 and were signed on its behalf by:





T J McKechnie - Director


SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112)

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

1. STATUTORY INFORMATION

Subsea Fluid Services Limited is a private company, limited by shares , registered in England and Wales. 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 was not being amortised.
In line with FRS 102 section 1a, this has been revised with the balance of goodwill now being amortised over 5 years, commencing 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance and 5% on reducing balance
Fixtures and fittings - 10% on reducing balance

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.

SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112)

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

2. ACCOUNTING POLICIES - continued

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.

Going concern
These financial statements have been prepared on a going concern basis. The company is reliant on shareholder and director loans to ensure creditors are paid as and when they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 620
AMORTISATION
At 1 January 2023
and 31 December 2023 620
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 358,565 57,252 415,817
Additions 6,850 - 6,850
At 31 December 2023 365,415 57,252 422,667
DEPRECIATION
At 1 January 2023 284,973 52,508 337,481
Charge for year 11,626 3,397 15,023
At 31 December 2023 296,599 55,905 352,504
NET BOOK VALUE
At 31 December 2023 68,816 1,347 70,163
At 31 December 2022 73,592 4,744 78,336

SUBSEA FLUID SERVICES LIMITED (REGISTERED NUMBER: 07938112)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 15,476 141,444
Amounts owed by associates 1,431,035 1,009,114
Other debtors 4,804 4,842
VAT 1,022 -
Deferred tax asset 43,392 60,947
Accrued income 700 19,835
Prepayments 6,923 7,607
1,503,352 1,243,789

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,186 35,259
Trade creditors 7,217 4,128
Tax 40 -
Social security and other taxes 2,105 2,533
VAT - 13,237
Shareholder loan account 803,878 654,908
Directors' current accounts 754,017 660,092
Accrued expenses 26,676 35,144
1,619,119 1,405,301

8. RELATED PARTY DISCLOSURES

Included in debtors is a loan to Subsea Fluids Group Limited amounting to £168,750 (2022: £66,250).There is a loan to Offshore Environmental Oils Limited amounting to £927,142 (2022: £702,500). There is a loan to Ecotox Laboratories Limited amounting to £297,643 (2022: £222,864). There is a loan to Gigaton CO2 Limited amounting to £37,500 (2022: £17,500). All these companies are under common control. The loans are interest free and payable on demand.