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REGISTERED NUMBER: SC407715 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 September 2024

for

LSM Subsea Services Ltd.

LSM Subsea Services Ltd. (Registered number: SC407715)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LSM Subsea Services Ltd.

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr S Morrison
Mrs L Morrison





REGISTERED OFFICE: Auchenbrae Farmhouse
Tarryblake
Rothiemay
Huntly
Aberdeenshire
AB54 7PD





REGISTERED NUMBER: SC407715 (Scotland)





ACCOUNTANTS: SBP
Accountants
9 Carmelite Street
Banff
Aberdeenshire
AB45 1AF

LSM Subsea Services Ltd. (Registered number: SC407715)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £   
CURRENT ASSETS
Debtors 5 - 4,529
Cash at bank 89,048 10,304
89,048 14,833
CREDITORS
Amounts falling due within one year 6 23,843 1,603
NET CURRENT ASSETS 65,205 13,230
TOTAL ASSETS LESS CURRENT
LIABILITIES

65,205

13,230

CAPITAL AND RESERVES
Called up share capital 120 120
Retained earnings 65,085 13,110
65,205 13,230

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:





Mr S Morrison - Director


LSM Subsea Services Ltd. (Registered number: SC407715)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

LSM Subsea Services Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 October 2023
and 30 September 2024 3,872
DEPRECIATION
At 1 October 2023
and 30 September 2024 3,872
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

LSM Subsea Services Ltd. (Registered number: SC407715)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Other debtors - 4,529

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Taxation and social security 22,123 -
Other creditors 1,720 1,603
23,843 1,603

7. RELATED PARTY DISCLOSURES

The Director's operate current accounts with the company and as at 30th September 2024 the balance owing to them was £320 (2023: £1,004). There are no fixed terms of repayment and no interest is accrued.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S Morrison.