Caseware UK (AP4) 2024.0.164 2024.0.164 2024-01-312024-01-312023-01-042falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.trueNo description of principal activityfalse 14570425 2023-01-03 14570425 2023-01-04 2024-01-31 14570425 2022-01-04 2023-01-03 14570425 2024-01-31 14570425 c:Director1 2023-01-04 2024-01-31 14570425 d:OfficeEquipment 2023-01-04 2024-01-31 14570425 d:OfficeEquipment 2024-01-31 14570425 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-04 2024-01-31 14570425 d:CurrentFinancialInstruments 2024-01-31 14570425 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 14570425 d:ShareCapital 2024-01-31 14570425 d:RetainedEarningsAccumulatedLosses 2024-01-31 14570425 c:OrdinaryShareClass1 2023-01-04 2024-01-31 14570425 c:OrdinaryShareClass1 2024-01-31 14570425 c:FRS102 2023-01-04 2024-01-31 14570425 c:AuditExempt-NoAccountantsReport 2023-01-04 2024-01-31 14570425 c:FullAccounts 2023-01-04 2024-01-31 14570425 c:PrivateLimitedCompanyLtd 2023-01-04 2024-01-31 14570425 e:PoundSterling 2023-01-04 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14570425














VAULT SUBSEA LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

 
VAULT SUBSEA LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 6

 
VAULT SUBSEA LIMITED
REGISTERED NUMBER:14570425

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
5,026

Current assets
  

Debtors: amounts falling due within one year
 5 
19,721

Cash at bank and in hand
  
1,432

Current liabilities
  
21,153

Creditors: amounts falling due within one year
 6 
(25,697)

Net current (liabilities)/assets
  
 
 
(4,544)

  

Net assets
  
482


Capital and reserves
  

Called up share capital 
  
2

Profit and loss account
  
480

  
482


The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.




K May
Director

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
VAULT SUBSEA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.


General information

Vault Subsea Limited is a limited liability company registered in England and Wales. Its registered office address is at 167-169 Great Portland Street, 5th Floor, London, W1W 5PF
The Company was incorporated and started trading on 4 January 2023.
The principal activity of the Company during the year was that of independent experts dedicated to protecting and maintaining critical subsea infrastructure.
The financial statements are presented in £ sterling, which is the functional currency of the Company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 2

 
VAULT SUBSEA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


Page 3

 
VAULT SUBSEA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits. 


 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the period was 2.

Page 4

 
VAULT SUBSEA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
5,080



At 31 January 2024

5,080



Depreciation


Charge for the period on owned assets
54



At 31 January 2024

54



Net book value



At 31 January 2024
5,026


5.


Debtors

2024
£


Other debtors
17,278

Prepayments and accrued income
2,443

19,721



6.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
2,130

Other taxation and social security
18,597

Other creditors
1,000

Accruals and deferred income
3,970

25,697


Page 5

 
VAULT SUBSEA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

7.


Share capital

2024
£
Allotted, called up and fully paid


2 Ordinary shares of $1.00 each
2


Upon incorporation, 2 Ordinary shares was issued at a nominal value of $1 each.

 
Page 6