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REGISTERED NUMBER: 07936973 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Offshore Energy Uk Limited

Offshore Energy Uk Limited (Registered number: 07936973)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Offshore Energy Uk Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr Andrew James Nussbaum
Mr Richard William Turnbull





REGISTERED OFFICE: C/O Cantelowes Limited
4th Floor
20 Aldermanbury
London
EC2V 7HY





REGISTERED NUMBER: 07936973 (England and Wales)






Offshore Energy Uk Limited (Registered number: 07936973)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 131,223 43,543
Investments 6 13,442 13,442
144,665 56,985

CURRENT ASSETS
Debtors 7 456,297 48,390
Cash at bank 2,537 5,144
458,834 53,534
CREDITORS
Amounts falling due within one year 8 195,952 12,936
NET CURRENT ASSETS 262,882 40,598
TOTAL ASSETS LESS CURRENT
LIABILITIES

407,547

97,583

CREDITORS
Amounts falling due after more than one year 9 (65,367 ) -

PROVISIONS FOR LIABILITIES - (3,700 )
NET ASSETS 342,180 93,883

CAPITAL AND RESERVES
Called up share capital 274,137 40,137
Share premium 77,874 77,874
Retained earnings (9,831 ) (24,128 )
SHAREHOLDERS' FUNDS 342,180 93,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Offshore Energy Uk Limited (Registered number: 07936973)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2024 and were signed on its behalf by:





Mr Richard William Turnbull - Director


Offshore Energy Uk Limited (Registered number: 07936973)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Offshore Energy Uk Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 20% on reducing balance and 10% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Offshore Energy Uk Limited (Registered number: 07936973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Related parties
Included within other debtors is an amount of £413,008 due from Offshore Energy Holdings Ltd of which Mr R Turnbull is the sole director and shareholder.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Offshore Energy Uk Limited (Registered number: 07936973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 52,490
AMORTISATION
At 1 April 2023
and 31 March 2024 52,490
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 18,269 69,833 88,102
Additions - 97,478 97,478
At 31 March 2024 18,269 167,311 185,580
DEPRECIATION
At 1 April 2023 8,347 36,212 44,559
Charge for year 913 8,885 9,798
At 31 March 2024 9,260 45,097 54,357
NET BOOK VALUE
At 31 March 2024 9,009 122,214 131,223
At 31 March 2023 9,922 33,621 43,543

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 1 13,441 13,442
NET BOOK VALUE
At 31 March 2024 1 13,441 13,442
At 31 March 2023 1 13,441 13,442

Offshore Energy Uk Limited (Registered number: 07936973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 39,596 43,640
Amounts owed by group undertakings 413,008 -
Other debtors 3,693 4,750
456,297 48,390

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 6,123 -
Trade creditors 3,582 4,257
Taxation and social security 74,818 4,436
Other creditors 111,429 4,243
195,952 12,936

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 65,367 -

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr Andrew James Nussbaum
Balance outstanding at start of year (4,243 ) (4,243 )
Amounts advanced 4,000 -
Amounts repaid (30,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (30,243 ) (4,243 )

Mr Richard William Turnbull
Balance outstanding at start of year 1,056 (19,167 )
Amounts advanced 260,046 64,172
Amounts repaid (327,746 ) (43,949 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (66,644 ) 1,056

11. RELATED PARTY DISCLOSURES

The controlling party is Mr Richard William Turnbull.

Offshore Energy Holdings Ltd holds a majority shareholding in Offshore Energy UK Ltd. Mr R Turnbull holds full ownership and control of Offshore Energy Holdings Ltd.