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Company No: 07413429 (England and Wales)

NORTH SEA SYSTEMS ENTERPRISES LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

NORTH SEA SYSTEMS ENTERPRISES LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

NORTH SEA SYSTEMS ENTERPRISES LTD

BALANCE SHEET

As at 31 October 2024
NORTH SEA SYSTEMS ENTERPRISES LTD

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 134,746 190,272
134,746 190,272
Current assets
Debtors 5 136,012 124,332
Cash at bank and in hand 96,430 7,405
232,442 131,737
Creditors: amounts falling due within one year 6 ( 136,491) ( 210,104)
Net current assets/(liabilities) 95,951 (78,367)
Total assets less current liabilities 230,697 111,905
Net assets 230,697 111,905
Capital and reserves
Called-up share capital 123 123
Share premium account 184,977 184,977
Profit and loss account 45,597 ( 73,195 )
Total shareholders' funds 230,697 111,905

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of North Sea Systems Enterprises Ltd (registered number: 07413429) were approved and authorised for issue by the Director on 20 February 2025. They were signed on its behalf by:

D C Rigg
Director
NORTH SEA SYSTEMS ENTERPRISES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
NORTH SEA SYSTEMS ENTERPRISES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

North Sea Systems Enterprises Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House 2-8, Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £230,697. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Development costs Total
£ £
Cost
At 01 November 2023 62,000 62,000
At 31 October 2024 62,000 62,000
Accumulated amortisation
At 01 November 2023 62,000 62,000
At 31 October 2024 62,000 62,000
Net book value
At 31 October 2024 0 0
At 31 October 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 November 2023 217,485 13,500 16,826 247,811
At 31 October 2024 217,485 13,500 16,826 247,811
Accumulated depreciation
At 01 November 2023 32,503 13,500 11,536 57,539
Charge for the financial year 53,907 0 1,619 55,526
At 31 October 2024 86,410 13,500 13,155 113,065
Net book value
At 31 October 2024 131,075 0 3,671 134,746
At 31 October 2023 184,982 0 5,290 190,272

5. Debtors

2024 2023
£ £
Trade debtors 3,777 0
Other debtors 132,235 124,332
136,012 124,332

6. Creditors: amounts falling due within one year

2024 2023
£ £
Other taxation and social security 33,199 4,333
Other creditors 103,292 205,771
136,491 210,104