IRIS Accounts Production v24.3.2.46 SC378645 director 30.3.23 29.3.24 29.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3786452023-03-29SC3786452024-03-29SC3786452023-03-302024-03-29SC3786452022-03-29SC3786452022-03-302023-03-29SC3786452023-03-29SC378645ns15:Scotland2023-03-302024-03-29SC378645ns14:PoundSterling2023-03-302024-03-29SC378645ns10:Director12023-03-302024-03-29SC378645ns10:PrivateLimitedCompanyLtd2023-03-302024-03-29SC378645ns10:SmallEntities2023-03-302024-03-29SC378645ns10:AuditExemptWithAccountantsReport2023-03-302024-03-29SC378645ns10:SmallCompaniesRegimeForDirectorsReport2023-03-302024-03-29SC378645ns10:SmallCompaniesRegimeForAccounts2023-03-302024-03-29SC378645ns10:FullAccounts2023-03-302024-03-29SC378645ns10:CompanySecretary12023-03-302024-03-29SC378645ns10:RegisteredOffice2023-03-302024-03-29SC378645ns5:CurrentFinancialInstruments2024-03-29SC378645ns5:CurrentFinancialInstruments2023-03-29SC378645ns5:Non-currentFinancialInstruments2024-03-29SC378645ns5:Non-currentFinancialInstruments2023-03-29SC378645ns5:ShareCapital2024-03-29SC378645ns5:ShareCapital2023-03-29SC378645ns5:RetainedEarningsAccumulatedLosses2024-03-29SC378645ns5:RetainedEarningsAccumulatedLosses2023-03-29SC378645ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-03-302024-03-29SC378645ns5:PlantMachinery2023-03-302024-03-29SC378645ns5:FurnitureFittings2023-03-302024-03-29SC378645ns5:MotorVehicles2023-03-302024-03-29SC378645ns5:ComputerEquipment2023-03-302024-03-29SC378645ns5:LandBuildings2023-03-29SC378645ns5:LandBuildingsns5:ShortLeaseholdAssets2023-03-29SC378645ns5:PlantMachinery2023-03-29SC378645ns5:LandBuildings2023-03-302024-03-29SC378645ns5:LandBuildingsns5:ShortLeaseholdAssets2023-03-302024-03-29SC378645ns5:LandBuildings2024-03-29SC378645ns5:LandBuildingsns5:ShortLeaseholdAssets2024-03-29SC378645ns5:PlantMachinery2024-03-29SC378645ns5:LandBuildings2023-03-29SC378645ns5:LandBuildingsns5:ShortLeaseholdAssets2023-03-29SC378645ns5:PlantMachinery2023-03-29SC378645ns5:FurnitureFittings2023-03-29SC378645ns5:MotorVehicles2023-03-29SC378645ns5:ComputerEquipment2023-03-29SC378645ns5:FurnitureFittings2024-03-29SC378645ns5:MotorVehicles2024-03-29SC378645ns5:ComputerEquipment2024-03-29SC378645ns5:FurnitureFittings2023-03-29SC378645ns5:MotorVehicles2023-03-29SC378645ns5:ComputerEquipment2023-03-29SC378645ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-29SC378645ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-29SC378645ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-03-29SC378645ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-03-29SC378645ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-29SC378645ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-29SC378645ns5:DeferredTaxation2023-03-29SC378645ns5:DeferredTaxation2024-03-29SC3786451ns10:Director12023-03-29SC3786451ns10:Director12022-03-29SC3786451ns10:Director12023-03-302024-03-29SC3786451ns10:Director12022-03-302023-03-29SC3786451ns10:Director12024-03-29SC3786451ns10:Director12023-03-29
REGISTERED NUMBER: SC378645 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2024

FOR

INDEPTH ENERGY LTD

INDEPTH ENERGY LTD (REGISTERED NUMBER: SC378645)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

INDEPTH ENERGY LTD

COMPANY INFORMATION
for the Year Ended 29 March 2024







DIRECTOR: Mr J L Taylor





SECRETARY: Mrs C J Taylor





REGISTERED OFFICE: Tillycairn Castle
Millbank
Sauchen
Inverurie
Aberdeenshire
AB51 7RX





REGISTERED NUMBER: SC378645 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

INDEPTH ENERGY LTD (REGISTERED NUMBER: SC378645)

BALANCE SHEET
29 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 312,632 332,656

CURRENT ASSETS
Stocks 5 45,262 34,950
Debtors 6 9,893 5,324
55,155 40,274
CREDITORS
Amounts falling due within one year 7 200,264 211,951
NET CURRENT LIABILITIES (145,109 ) (171,677 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

167,523

160,979

CREDITORS
Amounts falling due after more than one year 8 (22,455 ) (28,043 )

PROVISIONS FOR LIABILITIES 10 (36,458 ) (43,077 )
NET ASSETS 108,610 89,859

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 108,609 89,858
108,610 89,859

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 March 2025 and were signed by:





Mr J L Taylor - Director


INDEPTH ENERGY LTD (REGISTERED NUMBER: SC378645)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 March 2024

1. STATUTORY INFORMATION

Indepth Energy Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% on cost

Upon review, the director felt that 33% at cost depreciation was a more appropriate reflection of the useful life of the assets owned within the asset category computer equipment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

INDEPTH ENERGY LTD (REGISTERED NUMBER: SC378645)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 March 2024

4. TANGIBLE FIXED ASSETS
Assets
Freehold under Plant and
property construction machinery
£    £    £   
COST
At 30 March 2023 127,835 - 509,910
Additions - 600 30,170
Disposals - - (18,948 )
At 29 March 2024 127,835 600 521,132
DEPRECIATION
At 30 March 2023 - - 321,579
Charge for year 2,557 - 40,077
Eliminated on disposal - - (10,839 )
At 29 March 2024 2,557 - 350,817
NET BOOK VALUE
At 29 March 2024 125,278 600 170,315
At 29 March 2023 127,835 - 188,331

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 30 March 2023 2,015 26,405 10,391 676,556
Additions - 3,620 1,361 35,751
Disposals - - - (18,948 )
At 29 March 2024 2,015 30,025 11,752 693,359
DEPRECIATION
At 30 March 2023 1,682 12,169 8,470 343,900
Charge for year 66 3,936 1,030 47,666
Eliminated on disposal - - - (10,839 )
At 29 March 2024 1,748 16,105 9,500 380,727
NET BOOK VALUE
At 29 March 2024 267 13,920 2,252 312,632
At 29 March 2023 333 14,236 1,921 332,656

5. STOCKS
2024 2023
£    £   
Stocks 45,262 34,950

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,108 2,865
Other debtors 62 62
Prepayments and accrued income 1,723 2,397
9,893 5,324

INDEPTH ENERGY LTD (REGISTERED NUMBER: SC378645)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 28,672 52,671
Hire purchase contracts 917 2,750
Trade creditors 5,710 12,400
Social security and other taxes 9,046 3,702
VAT 10,194 2,627
Directors' current accounts 145,725 137,801
200,264 211,951

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 22,455 27,126
Hire purchase contracts - 917
22,455 28,043

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 21,136 23,574
Bank loans 7,536 29,097
28,672 52,671

Amounts falling due between one and two years:
Bank loans - 1-2 years 7,727 7,609

Amounts falling due between two and five years:
Bank loans - 2-5 years 14,728 19,517

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 36,458 43,077

Deferred
tax
£   
Balance at 30 March 2023 43,077
Movement (6,619 )
Balance at 29 March 2024 36,458

INDEPTH ENERGY LTD (REGISTERED NUMBER: SC378645)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 March 2024

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 March 2024 and 29 March 2023:

2024 2023
£    £   
Mr J L Taylor
Balance outstanding at start of year (137,801 ) (117,548 )
Amounts advanced 13,166 15,718
Amounts repaid (21,090 ) (35,971 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (145,725 ) (137,801 )

This loan is interest free and has no repayment date.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
INDEPTH ENERGY LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Indepth Energy Ltd for the year ended 29 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Indepth Energy Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Indepth Energy Ltd and state those matters that we have agreed to state to the director of Indepth Energy Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Indepth Energy Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Indepth Energy Ltd. You consider that Indepth Energy Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Indepth Energy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


26 March 2025