Registered number
SC618315
Overgate Subsea Engineering Ltd
Filleted Accounts
31 January 2024
Overgate Subsea Engineering Ltd
Registered number: SC618315
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 20,158 1,194
Current assets
Debtors 4 10,000 10,000
Cash at bank and in hand 94,496 66,693
104,496 76,693
Creditors: amounts falling due within one year 5 (727) (25,598)
Net current assets 103,769 51,095
Total assets less current liabilities 123,927 52,289
Creditors: amounts falling due after more than one year 6 (25,833) (35,833)
Net assets 98,094 16,456
Capital and reserves
Called up share capital 100 100
Profit and loss account 97,994 16,356
Shareholders' funds 98,094 16,456
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.
C Hilliard
Director
Approved by the board on 4 October 2024
Overgate Subsea Engineering Ltd
Notes to the Accounts
for the year ended 31 January 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.
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 period.
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
At 1 February 2023 1,291 - 1,291
Additions - 22,521 22,521
At 31 January 2024 1,291 22,521 23,812
Depreciation
At 1 February 2023 97 - 97
Charge for the year 179 3,378 3,557
At 31 January 2024 276 3,378 3,654
Net book value
At 31 January 2024 1,015 19,143 20,158
At 31 January 2023 1,194 - 1,194
4 Debtors 2024 2023
£ £
Trade debtors 10,000 10,000
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs (9) 24,644
Other creditors 736 954
727 25,598
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 25,833 35,833
7 Other information
Overgate Subsea Engineering 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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