Company registration number SC359340 (Scotland)
FFOLKES OFFSHORE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FFOLKES OFFSHORE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FFOLKES OFFSHORE LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
134,106
107,789
Current assets
Debtors
4
1,580,245
830,264
Cash at bank and in hand
22,183
28,737
1,602,428
859,001
Creditors: amounts falling due within one year
5
(1,620,410)
(874,884)
Net current liabilities
(17,982)
(15,883)
Total assets less current liabilities
116,124
91,906
Creditors: amounts falling due after more than one year
6
(53,997)
(58,270)
Provisions for liabilities
(23,841)
(25,684)
Net assets
38,286
7,952
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
37,286
6,952
Total equity
38,286
7,952
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 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.
FFOLKES OFFSHORE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
D G BRUCE
J P GOODCHILD
D G Bruce
J P Goodchild
Director
Director
J B MITCHELL
J B Mitchell
Director
Company registration number SC359340 (Scotland)
FFOLKES OFFSHORE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Ffolkes Offshore Ltd is a private company limited by shares incorporated in Scotland. The registered office is Fjord House, 41 Abbotswell Road, Aberdeen, United Kingdom, AB12 3AD.
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 £.
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 £17,982. 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 directors have 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 directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. true
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.
Revenue from vessel disbursements and agency work are recognised in the month the 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, using the straight line method.
Depreciation is provided on the following basis:
Plant and machinery
- 3 - 5 years
Fixtures and Fittings
- 3 - 4 years
Office equipment
- 3 years
Motor Vehicles
- 3 - 5 years
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
Cash at bank and in hand
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.
FFOLKES OFFSHORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
FFOLKES OFFSHORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
19
3
Tangible fixed assets
Plant and machinery
Fixtures and Fittings
Office equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
21,033
22,853
21,943
164,022
229,851
Additions
32,234
5,714
9,272
35,500
82,720
Disposals
(2,476)
(16,831)
(19,307)
At 30 September 2024
53,267
26,091
14,384
199,522
293,264
Depreciation and impairment
At 1 October 2023
21,033
20,892
8,588
71,549
122,062
Depreciation charged in the year
8,729
1,402
5,909
34,035
50,075
Eliminated in respect of disposals
(1,348)
(11,631)
(12,979)
At 30 September 2024
29,762
20,946
2,866
105,584
159,158
Carrying amount
At 30 September 2024
23,505
5,145
11,518
93,938
134,106
At 30 September 2023
1,961
13,355
92,473
107,789
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,435,124
649,012
Corporation tax recoverable
18,380
20,150
Other debtors
126,741
161,102
1,580,245
830,264
FFOLKES OFFSHORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
12,520
13,780
Trade creditors
1,489,212
785,474
Corporation tax
21,376
1,213
Other taxation and social security
11,496
9,370
Other creditors
85,806
65,047
1,620,410
874,884
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
9,167
Other creditors
44,830
58,270
53,997
58,270
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
487,500
8
Related party transactions
During the year, the company made advances to a director of £1,521. Credits were received of £26,445 which resulted in amounts due to the company at the year end of £29,317 (2023 - £54,241). The loan is unsecured and interest free with no fixed repayment terms in place.