Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Ian McIntosh 21/02/2003 Joanne Slade 21/02/2003 11 November 2024 The principal activity of the company continued to be that of the gathering and targeted dissemination of offshore contracting information. SC240977 2024-03-31 SC240977 bus:Director1 2024-03-31 SC240977 bus:Director2 2024-03-31 SC240977 2023-03-31 SC240977 core:CurrentFinancialInstruments 2024-03-31 SC240977 core:CurrentFinancialInstruments 2023-03-31 SC240977 core:Non-currentFinancialInstruments 2024-03-31 SC240977 core:Non-currentFinancialInstruments 2023-03-31 SC240977 core:ShareCapital 2024-03-31 SC240977 core:ShareCapital 2023-03-31 SC240977 core:CapitalRedemptionReserve 2024-03-31 SC240977 core:CapitalRedemptionReserve 2023-03-31 SC240977 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC240977 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC240977 core:OtherPropertyPlantEquipment 2023-03-31 SC240977 core:OtherPropertyPlantEquipment 2024-03-31 SC240977 bus:OrdinaryShareClass1 2024-03-31 SC240977 2023-04-01 2024-03-31 SC240977 bus:FilletedAccounts 2023-04-01 2024-03-31 SC240977 bus:SmallEntities 2023-04-01 2024-03-31 SC240977 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC240977 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC240977 bus:Director1 2023-04-01 2024-03-31 SC240977 bus:Director2 2023-04-01 2024-03-31 SC240977 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-04-01 2024-03-31 SC240977 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC240977 2022-04-01 2023-03-31 SC240977 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC240977 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC240977 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC240977 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC240977 (Scotland)

STRATEGIC OFFSHORE RESEARCH LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

STRATEGIC OFFSHORE RESEARCH LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

STRATEGIC OFFSHORE RESEARCH LTD

BALANCE SHEET

As at 31 March 2024
STRATEGIC OFFSHORE RESEARCH LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 14,160 11,185
14,160 11,185
Current assets
Debtors 4 124,484 117,640
Cash at bank and in hand 161,965 169,567
286,449 287,207
Creditors: amounts falling due within one year 5 ( 276,840) ( 250,896)
Net current assets 9,609 36,311
Total assets less current liabilities 23,769 47,496
Creditors: amounts falling due after more than one year 6 ( 12,231) ( 22,435)
Provision for liabilities ( 2,814) ( 1,769)
Net assets 8,724 23,292
Capital and reserves
Called-up share capital 7 69 69
Capital redemption reserve 31 31
Profit and loss account 8,624 23,192
Total shareholders' funds 8,724 23,292

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Strategic Offshore Research Ltd (registered number: SC240977) were approved and authorised for issue by the Board of Directors on 11 November 2024. They were signed on its behalf by:

Ian McIntosh
Director
STRATEGIC OFFSHORE RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
STRATEGIC OFFSHORE RESEARCH LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Strategic Offshore Research Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 1 Queens Lane South, Aberdeen, AB10 6XW, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 2 - 4 years straight line
Leases

The company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 74,137 74,137
Additions 13,071 13,071
Disposals ( 14,508) ( 14,508)
At 31 March 2024 72,700 72,700
Accumulated depreciation
At 01 April 2023 62,952 62,952
Charge for the financial year 10,096 10,096
Disposals ( 14,508) ( 14,508)
At 31 March 2024 58,540 58,540
Net book value
At 31 March 2024 14,160 14,160
At 31 March 2023 11,185 11,185

4. Debtors

2024 2023
£ £
Trade debtors 101,900 97,929
Other debtors 22,584 19,711
124,484 117,640

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,204 9,952
Trade creditors 1,639 2,217
Corporation tax 29,705 12,377
Other taxation and social security 11,173 11,279
Other creditors 224,119 215,071
276,840 250,896

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,231 22,435

The bank loan is repayable in monthly instalments ending in May 2026 with interest being charged at fixed rate of 2.5%.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
6,875 Ordinary shares of £ 0.01 each 69 69

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 4,688 33,763