1 November 2022 false No description of principal activity Taxfiler 2024.5 SC462632business:PrivateLimitedCompanyLtd2022-11-012023-10-31 SC4626322022-10-31 SC4626322022-11-012023-10-31 SC462632business:AuditExempt-NoAccountantsReport2022-11-012023-10-31 SC462632business:FilletedAccounts2022-11-012023-10-31 SC4626322023-10-31 SC462632business:Director12022-11-012023-10-31 SC462632business:RegisteredOffice2022-11-012023-10-31 SC4626322022-10-31 SC462632core:WithinOneYear2023-10-31 SC462632core:WithinOneYear2022-10-31 SC462632core:ShareCapitalcore:PreviouslyStatedAmount2023-10-31 SC462632core:ShareCapitalcore:PreviouslyStatedAmount2022-10-31 SC462632core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-10-31 SC462632core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-10-31 SC462632core:PreviouslyStatedAmount2023-10-31 SC462632core:PreviouslyStatedAmount2022-10-31 SC462632business:SmallEntities2022-11-012023-10-31 SC462632countries:Scotland2022-11-012023-10-31 SC462632core:PlantMachinery2022-11-012023-10-31 SC462632core:MotorVehicles2022-11-012023-10-31 SC462632core:PlantMachinery2022-10-31 SC462632core:MotorVehicles2022-10-31 SC462632core:PlantMachinery2023-10-31 SC462632core:MotorVehicles2023-10-31 SC4626322021-11-012022-10-31 iso4217:GBP xbrli:pure
Company Registration No. SC462632 (Scotland)
Helix Oilfield Services Ltd Unaudited accounts for the year ended 31 October 2023
Helix Oilfield Services Ltd Unaudited accounts Contents
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Helix Oilfield Services Ltd Company Information for the year ended 31 October 2023
Director
F D Milne
Company Number
SC462632 (Scotland)
Registered Office
2 Marischal Square Broad Street Aberdeen AB10 1DQ United Kingdom
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Helix Oilfield Services Ltd Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
240,013 
420,236 
Current assets
Inventories
494,337 
506,537 
Debtors
1,675,732 
1,908,647 
Cash at bank and in hand
940,792 
374,113 
3,110,861 
2,789,297 
Creditors: amounts falling due within one year
(1,839,536)
(1,726,840)
Net current assets
1,271,325 
1,062,457 
Total assets less current liabilities
1,511,338 
1,482,693 
Provisions for liabilities
Deferred tax
(60,003)
(144,770)
Net assets
1,451,335 
1,337,923 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
1,451,334 
1,337,922 
Shareholders' funds
1,451,335 
1,337,923 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 October 2024 and were signed on its behalf by
F D Milne Director Company Registration No. SC462632
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Helix Oilfield Services Ltd Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Helix Oilfield Services Ltd is a private company, limited by shares, registered in Scotland, registration number SC462632. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% straight line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. A reversal of an impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Helix Oilfield Services Ltd Notes to the Accounts for the year ended 31 October 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2022
2,240,522 
22,100 
2,262,622 
Additions
- 
19,000 
19,000 
Disposals
(180,000)
- 
(180,000)
At 31 October 2023
2,060,522 
41,100 
2,101,622 
Depreciation
At 1 November 2022
1,820,286 
22,100 
1,842,386 
Charge for the year
197,244 
1,979 
199,223 
On disposals
(180,000)
- 
(180,000)
At 31 October 2023
1,837,530 
24,079 
1,861,609 
Net book value
At 31 October 2023
222,992 
17,021 
240,013 
At 31 October 2022
420,236 
- 
420,236 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
1,173 
- 
Trade debtors
31,144 
333,549 
Amounts due from group undertakings etc.
1,615,613 
1,555,427 
Accrued income and prepayments
4,397 
3,900 
Other debtors
23,405 
15,771 
1,675,732 
1,908,647 
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Helix Oilfield Services Ltd Notes to the Accounts for the year ended 31 October 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
- 
11,284 
Trade creditors
1,222,994 
1,385,293 
Taxes and social security
5,072 
- 
Loans from directors
581,538 
300,910 
Accruals
29,932 
29,353 
1,839,536 
1,726,840 
7
Average number of employees
During the year the average number of employees was 1 (2022: 1).
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