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Registration number: 01644630

Lowestoft Offshore Services Limited

Annual Report and Financial Statements

for the Year Ended 31 May 2024

 

Lowestoft Offshore Services Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 18

 

Lowestoft Offshore Services Limited

Company Information

Directors

Mr Oisin Henry Gibson

Mr Lee Colston Andrews

Mr Troy William John Hales

Mr Reece Winston Cooper

Registered office

Unit 14 Mobbs Way Business Park
Mobbs Way
Lowestoft
Suffolk
NR32 3BE

Auditors

Paul Winston Limited
Chartered AccountantsSilver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Lowestoft Offshore Services Limited

Directors' Report for the Year Ended 31 May 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Oisin Henry Gibson

Mr Lee Colston Andrews

Mr Troy William John Hales

Mr Reece Winston Cooper (appointed 1 June 2023)

Principal activity

The principal activity of the company is the provision of electrical engineering and contracting services to the water and waste water industries

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Mr Troy William John Hales
Director

 

Lowestoft Offshore Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Lowestoft Offshore Services Limited

Independent Auditor's Report to the Members of Lowestoft Offshore Services Limited

Opinion

We have audited the financial statements of Lowestoft Offshore Services Limited (the 'company') for the year ended 31 May 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Lowestoft Offshore Services Limited

Independent Auditor's Report to the Members of Lowestoft Offshore Services Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Lowestoft Offshore Services Limited

Independent Auditor's Report to the Members of Lowestoft Offshore Services Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the Union and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Union that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, UK tax legislation and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the Central Executive Council meetings, minutes of regional meetings held, legal reports provided to the Central Executive Council and correspondence between the Union and its legal representatives.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We also completed the following procedures:

• Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results;
• Assessed the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates. We considered the key estimates to be the valuation of the defined benefit pension scheme liability and the carrying value of the Union’s assets.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

 

Lowestoft Offshore Services Limited

Independent Auditor's Report to the Members of Lowestoft Offshore Services Limited

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
(Senior Statutory Auditor)
For and on behalf of Paul Winston Limited, Statutory Auditor
 Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

21 March 2025

 

Lowestoft Offshore Services Limited

Profit and Loss Account for the Year Ended 31 May 2024

Note

2024
£

2023
£

Turnover

 

3,727,770

3,167,456

Cost of sales

 

(2,335,128)

(1,901,315)

Gross profit

 

1,392,642

1,266,141

Administrative expenses

 

(1,043,003)

(865,211)

Operating profit

 

349,639

400,930

Other interest receivable and similar income

 

6,313

633

Interest payable and similar expenses

 

(7,136)

(5,968)

   

(823)

(5,335)

Profit before tax

5

348,816

395,595

Tax on profit

 

(19,445)

(29,114)

Profit for the financial year

 

329,371

366,481

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Lowestoft Offshore Services Limited

Statement of Comprehensive Income for the Year Ended 31 May 2024

2024
£

2023
£

Profit for the year

329,371

366,481

Total comprehensive income for the year

329,371

366,481

 

Lowestoft Offshore Services Limited

(Registration number: 01644630)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

139,750

163,419

Current assets

 

Debtors

7

1,003,701

956,391

Cash at bank and in hand

 

769,944

504,266

 

1,773,645

1,460,657

Creditors: Amounts falling due within one year

8

(1,352,240)

(871,626)

Net current assets

 

421,405

589,031

Total assets less current liabilities

 

561,155

752,450

Creditors: Amounts falling due after more than one year

8

(41,825)

(67,994)

Provisions for liabilities

(26,553)

(31,050)

Net assets

 

492,777

653,406

Capital and reserves

 

Called up share capital

9

9,000

9,000

Capital redemption reserve

1,000

1,000

Retained earnings

482,777

643,406

Shareholders' funds

 

492,777

653,406

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 

.........................................
Mr Troy William John Hales
Director

 

Lowestoft Offshore Services Limited

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 June 2023

9,000

1,000

643,406

653,406

Profit for the year

-

-

329,371

329,371

Dividends

-

-

(490,000)

(490,000)

At 31 May 2024

9,000

1,000

482,777

492,777

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 June 2022

9,000

1,000

326,925

336,925

Profit for the year

-

-

366,481

366,481

Dividends

-

-

(50,000)

(50,000)

At 31 May 2023

9,000

1,000

643,406

653,406

 

Lowestoft Offshore Services Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 14 Mobbs Way Business Park
Mobbs Way
Lowestoft
Suffolk
NR32 3BE

These financial statements were authorised for issue by the Board on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Lowestoft Offshore Services Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Motor vehicles

25% net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Lowestoft Offshore Services Limited

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

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 profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 21).

 

Lowestoft Offshore Services Limited

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

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

1,500

-


 

5

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

46,586

54,474

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

11,765

285,715

297,480

Additions

-

22,917

22,917

At 31 May 2024

11,765

308,632

320,397

Depreciation

At 1 June 2023

11,765

122,296

134,061

Charge for the year

-

46,586

46,586

At 31 May 2024

11,765

168,882

180,647

Carrying amount

At 31 May 2024

-

139,750

139,750

At 31 May 2023

-

163,419

163,419

7

Debtors

Current

2024
£

2023
£

Trade debtors

666,043

635,696

Other debtors

337,658

320,695

 

1,003,701

956,391

 

Lowestoft Offshore Services Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

26,167

35,978

Trade creditors

 

330,687

274,579

Taxation and social security

 

37,245

27,075

Accruals and deferred income

 

5,000

10,900

Other creditors

 

953,141

523,094

 

1,352,240

871,626

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

41,825

67,994

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

5,400

5,400

5,400

5,400

Ordinary B of £1 each

3,600

3,600

3,600

3,600

9,000

9,000

9,000

9,000

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

41,825

67,994

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

26,167

35,978

 

Lowestoft Offshore Services Limited

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

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £75.18 (2023 - £9.259) per each Ordinary A

406,000

50,000

Interim dividend of £23.33 (2023 - £Nil) per each Ordinary B

84,000

-

490,000

50,000

12

Related party transactions

 

Lowestoft Offshore Services Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

37,833

13,306

Summary of transactions with parent

The company is a 60% owned subsidiary of GEL Engineering Ltd During the year there were sales to GEL Engineering Ltd of £1,709,702 (2023 £2,568,978)
Dividends paid to GEL Engineering Ltd amounted to £406,000 (2023 £50,000)
At the balance sheet date the company was owed £276,491 by GEL Engineering Ltd

Summary of transactions with other related parties

The company is associated to TWJ Hales Ltd by reason of common directorship of Mr Hales, and because TWJ Hales Ltd owns 40% of the company. During the year the company paid management fees to TWJ Hales Ltd of £93,748 (2023 £86,934).
Dividends paid to TWJ Hales Ltd amounted to £84,000 (2023 £nil)