Registered number
09672590
Offshore Construction Consultants Ltd
Filleted Accounts
31 March 2024
Offshore Construction Consultants Ltd
Registered number: 09672590
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 64 -
Investments 4 48,755 47,210
48,819 47,210
Current assets
Stocks - 177,600
Debtors 5 39,566 202,581
Cash at bank and in hand 51,931 139,176
91,497 519,357
Creditors: amounts falling due within one year 6 (1,736) (143,779)
Net current assets 89,761 375,578
Net assets 138,580 422,788
Capital and reserves
Called up share capital 300 300
Profit and loss account 138,280 422,488
Shareholders' funds 138,580 422,788
The directors are 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 directors acknowledge their 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 N W Wordsworth
Director
Approved by the board on 8 October 2024
Offshore Construction Consultants Ltd
Notes to the Accounts
for the year ended 31 March 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 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 8
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 64
At 31 March 2024 64
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 64
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 47,210
Additions 1,545
At 31 March 2024 48,755
5 Debtors 2024 2023
£ £
Trade debtors 14,713 177,728
Amounts owed by group undertakings and undertakings in which the company has a participating interest 22,730 22,730
Other debtors 2,123 2,123
39,566 202,581
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,466 130,389
Taxation and social security costs (7,948) 27,209
Other creditors 218 (13,819)
1,736 143,779
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr N W Wordsworth
Loan - 13,819 - 13,819
- 13,819 - 13,819
8 Other information
Offshore Construction Consultants Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Danby Street
London
SE15 4BU
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