Acorah Software Products - Accounts Production 16.0.110 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 SC345639 Mr Brian Watt Mrs Susan Watt Mrs Susan Watt iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC345639 2023-07-31 SC345639 2024-07-31 SC345639 2023-08-01 2024-07-31 SC345639 frs-core:CurrentFinancialInstruments 2024-07-31 SC345639 frs-core:Non-currentFinancialInstruments 2024-07-31 SC345639 frs-core:ComputerEquipment 2024-07-31 SC345639 frs-core:ComputerEquipment 2023-08-01 2024-07-31 SC345639 frs-core:ComputerEquipment 2023-07-31 SC345639 frs-core:FurnitureFittings 2024-07-31 SC345639 frs-core:FurnitureFittings 2023-08-01 2024-07-31 SC345639 frs-core:FurnitureFittings 2023-07-31 SC345639 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-07-31 SC345639 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 SC345639 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-31 SC345639 frs-core:ShareCapital 2024-07-31 SC345639 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 SC345639 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC345639 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 SC345639 frs-bus:SmallEntities 2023-08-01 2024-07-31 SC345639 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 SC345639 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC345639 frs-bus:Director1 2023-08-01 2024-07-31 SC345639 frs-bus:Director2 2023-08-01 2024-07-31 SC345639 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 SC345639 frs-countries:Scotland 2023-08-01 2024-07-31 SC345639 2022-07-31 SC345639 2023-07-31 SC345639 2022-08-01 2023-07-31 SC345639 frs-core:CurrentFinancialInstruments 2023-07-31 SC345639 frs-core:Non-currentFinancialInstruments 2023-07-31 SC345639 frs-core:ShareCapital 2023-07-31 SC345639 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: SC345639
Watt Subsea Services Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
M Squared Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC345639
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 395,593 395,718
395,593 395,718
CURRENT ASSETS
Debtors 5 595 -
Cash at bank and in hand 23,681 18,230
24,276 18,230
Creditors: Amounts Falling Due Within One Year 6 (42,677 ) (23,324 )
NET CURRENT ASSETS (LIABILITIES) (18,401 ) (5,094 )
TOTAL ASSETS LESS CURRENT LIABILITIES 377,192 390,624
Creditors: Amounts Falling Due After More Than One Year 7 (50,878 ) (66,848 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (94 ) (95 )
NET ASSETS 326,220 323,681
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 326,120 323,581
SHAREHOLDERS' FUNDS 326,220 323,681
Page 1
Page 2
For the year ending 31 July 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Brian Watt
Director
15/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Watt Subsea Services Limited is a private company, limited by shares, incorporated in Scotland, registered number SC345639 . The registered office is 276 West Road, Fraserburgh, Aberdeenshire, AB43 9NL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: 1)
- 1
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 395,216 2,867 1,943 400,026
As at 31 July 2024 395,216 2,867 1,943 400,026
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 August 2023 - 2,641 1,667 4,308
Provided during the period - 56 69 125
As at 31 July 2024 - 2,697 1,736 4,433
Net Book Value
As at 31 July 2024 395,216 170 207 395,593
As at 1 August 2023 395,216 226 276 395,718
5. Debtors
2024 2023
£ £
Due within one year
Due after more than one year
Trade debtors 595 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 16,145 16,319
Corporation tax 346 -
Accruals 1,001 1,670
Directors' loan accounts 25,185 5,335
42,677 23,324
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 50,878 66,848
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4