Registered number
SC582901
Moray Firth Offshore LTD
Filleted Accounts
31 December 2023
Moray Firth Offshore LTD
Registered number: SC582901
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 370 462
Current assets
Debtors 4 129,615 134,796
Cash at bank and in hand 34,591 1,923
164,206 136,719
Creditors: amounts falling due within one year 5 (42,504) (31,290)
Net current assets 121,702 105,429
Total assets less current liabilities 122,072 105,891
Creditors: amounts falling due after more than one year 6 (31,530) (35,647)
Net assets 90,542 70,244
Capital and reserves
Called up share capital 1 1
Profit and loss account 90,541 70,243
Shareholders' funds 90,542 70,244
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.
Mr G Smith
Director
Approved by the board on 29 September 2024
Moray Firth Offshore LTD
Notes to the Accounts
for the year ended 31 December 2023
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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 and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 1,128
At 31 December 2023 1,128
Depreciation
At 1 January 2023 666
Charge for the year 92
At 31 December 2023 758
Net book value
At 31 December 2023 370
At 31 December 2022 462
4 Debtors 2023 2022
£ £
Prepayments & Accrued Income 90,797 95,978
Other debtors 38,818 38,818
129,615 134,796
5 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals 380 380
Bank loans and overdrafts 5,647 7,177
Taxation and social security costs 36,477 23,733
42,504 31,290
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 31,530 35,647
7 Other information
Moray Firth Offshore LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
34 Hamilton Drive
Elgin
Moray
IV30 4NN
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