Company registration number 11950932 (England and Wales)
OFFSHORE MECHANICAL ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
OFFSHORE MECHANICAL ENGINEERING LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
OFFSHORE MECHANICAL ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
1,226,000
1,226,000
Current assets
Debtors
5
20
1,000
Cash at bank and in hand
1,000
105
1,020
1,105
Creditors: amounts falling due within one year
6
(654,380)
(663,507)
Net current liabilities
(653,360)
(662,402)
Total assets less current liabilities
572,640
563,598
Creditors: amounts falling due after more than one year
7
(518,783)
(561,401)
Net assets
53,857
2,197
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss reserves
51,857
197
Total equity
53,857
2,197
The notes on pages 3 to 5 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
OFFSHORE MECHANICAL ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
B. P. Shaw
Director
Company Registration No. 11950932
OFFSHORE MECHANICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Offshore Mechanical Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Freeman Way, North Seaton Industrial Estate, Ashington, Northumberland, United Kingdom, NE63 OYB.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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.
OFFSHORE MECHANICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs, interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
1.7
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised as profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,226,000
1,226,000
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Site and Field Services Limited
Freeman Way, North Seaton Industrial Estate, Ashington, NE63 0YB Enland & Wales
Ordinary shares
100.00
Charlton Metal Testng Limited
14C Atley Way, North Nelson Industrial Estate, Cramlington, NE23 1WA England & Wales
Ordinary shares
100.00
OFFSHORE MECHANICAL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,000
Other debtors
20
20
1,000
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
43,927
42,995
Other borrowings
8
286,455
12,683
Trade creditors
2,820
Taxation and social security
836
511
Other creditors
321,747
603,223
Accruals and deferred income
1,415
1,275
654,380
663,507
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
518,783
561,401
Bank borrowings are secured by a debenture dated 21 June 2019 in favour of the lender with full guarantee over all assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
(343,076)
(389,427)
8
Loans and overdrafts
2024
2023
£
£
Bank loans
562,710
604,396
Loans from group undertakings and related parties
286,455
12,683
849,165
617,079
Payable within one year
330,382
55,678
Payable after one year
518,783
561,401