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Registration number: SC575018

Offshore Projects Alliance Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Offshore Projects Alliance Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Offshore Projects Alliance Ltd

(Registration number: SC575018)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

92,124

108,350

Current assets

 

Debtors

5

1,703,764

895,527

Cash at bank and in hand

 

79,838

161,096

 

1,783,602

1,056,623

Creditors: Amounts falling due within one year

6

(1,104,180)

(855,478)

Net current assets

 

679,422

201,145

Total assets less current liabilities

 

771,546

309,495

Provisions for liabilities

(23,031)

(27,087)

Net assets

 

748,515

282,408

Capital and reserves

 

Called up share capital

400

400

Retained earnings

748,115

282,008

Shareholders' funds

 

748,515

282,408

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 May 2025 and signed on its behalf by:
 

.........................................
Mr G Munachen
Director

 

Offshore Projects Alliance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Offshore Projects Alliance Ltd
431 Union Street
The Capitol
Aberdeen
AB11 6DA

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 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.

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

 

Offshore Projects Alliance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred tax.

The current 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.

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

Fixtures, fittings and computer equipment

straight line over 4 years/straight line over 3 years

Plant and equipment

25% reducing balance

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

 

Offshore Projects Alliance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Fixtures, fittings and computer equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 September 2023

7,194

157,447

164,641

Additions

75

-

75

At 31 August 2024

7,269

157,447

164,716

Depreciation

At 1 September 2023

4,533

51,758

56,291

Charge for the year

532

15,769

16,301

At 31 August 2024

5,065

67,527

72,592

Carrying amount

At 31 August 2024

2,204

89,920

92,124

At 31 August 2023

2,661

105,689

108,350

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

504,810

490,967

Amounts owed by related parties

1,125,000

350,000

Other debtors

 

73,954

54,560

   

1,703,764

895,527

 

Offshore Projects Alliance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loan

10,681

-

Trade creditors

 

83,740

163,276

Amounts owed to participating interests

725,000

525,000

Taxation and social security

 

449

2,082

Other creditors

 

284,310

165,120

 

1,104,180

855,478