Company registration number SC163402 (Scotland)
GOURLEY SUBSEA ENGINEERING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
GOURLEY SUBSEA ENGINEERING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GOURLEY SUBSEA ENGINEERING LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
14,355
14,009
Cash at bank and in hand
9,319
12,164
23,674
26,173
Creditors: amounts falling due within one year
5
(14,122)
(13,980)
Net current assets
9,552
12,193
Creditors: amounts falling due after more than one year
6
(20,833)
(30,833)
Net liabilities
(11,281)
(18,640)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(11,283)
(18,642)
Total equity
(11,281)
(18,640)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
C A G GOURLEY
C A G Gourley
Director
Company registration number SC163402 (Scotland)
GOURLEY SUBSEA ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Gourley Subsea Engineering Ltd is a private company limited by shares incorporated in Scotland. The registered office is Ironbrae, Whiterashes, Aberdeen, AB21 0RB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. At the balance sheet date, the company had net liabilities of £11,281.true The financial statements are prepared on a going concern basis which assumes that the company will continue to meet its liabilities as they fall due. Furthermore, the director has confirmed they shall continue to support the company to facilitate its ability to continue trading as a going concern for the foreseeable future. As a result, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Consultancy income is recognised in the month work is carried out.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
4 years straight line
Motor vehicles
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
GOURLEY SUBSEA ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
4,994
7,268
15,595
27,857
Disposals
(15,595)
(15,595)
At 28 February 2024
4,994
7,268
12,262
Depreciation and impairment
At 1 March 2023
4,994
7,268
15,595
27,857
Eliminated in respect of disposals
(15,595)
(15,595)
At 28 February 2024
4,994
7,268
12,262
Carrying amount
At 28 February 2024
At 28 February 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
14,355
14,009
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Other creditors
4,122
3,980
14,122
13,980
GOURLEY SUBSEA ENGINEERING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,833
30,833
7
Related party transactions
Transactions with related parties
During the year repayments were made to the director of £346 which resulted in a balance due to the company of £346 (2023 - NIL)