Registered number
SC572379
SB Oil & Gas Training and Competence Ltd
Filleted Accounts
31 July 2024
SB Oil & Gas Training and Competence Ltd
Registered number: SC572379
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 43,619 -
Current assets
Cash at bank and in hand 11,859 34,315
Creditors: amounts falling due within one year 4 (599) (1,257)
Net current assets 11,260 33,058
Total assets less current liabilities 54,879 33,058
Creditors: amounts falling due after more than one year 5 (51,090) (21,922)
Net assets 3,789 11,136
Capital and reserves
Profit and loss account 3,789 11,136
Shareholders' funds 3,789 11,136
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Birrell
Director
Approved by the board on 27 September 2024
SB Oil & Gas Training and Competence Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current periods and is not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
Additions 899 43,498 44,397
At 31 July 2024 899 43,498 44,397
Depreciation
Charge for the year 45 733 778
At 31 July 2024 45 733 778
Net book value
At 31 July 2024 854 42,765 43,619
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 598 570
Corporation tax - 687
Other creditors 1 -
599 1,257
5 Creditors: amounts falling due after one year 2024 2023
£ £
Director's account 16,592 21,922
Obligations under finance lease and hire purchase contracts 34,498 -
51,090 21,922
6 Other information
SB Oil & Gas Training and Competence Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
No. 1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
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