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REGISTERED NUMBER: SC152357 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Safelift Offshore Limited

Safelift Offshore Limited (Registered number: SC152357)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Safelift Offshore Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr P G Innes
Mr S Simpson





REGISTERED OFFICE: Safelift Offshore Ltd Aquithie Road
Kemnay
Inverurie
AB51 5PD





REGISTERED NUMBER: SC152357 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Safelift Offshore Limited (Registered number: SC152357)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,953,940 1,782,130

CURRENT ASSETS
Stocks 1,745,545 1,274,931
Debtors 5 564,743 761,341
Cash at bank 307,789 458,763
2,618,077 2,495,035
CREDITORS
Amounts falling due within one year 6 734,214 915,232
NET CURRENT ASSETS 1,883,863 1,579,803
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,837,803

3,361,933

CREDITORS
Amounts falling due after more than one
year

7

(518,672

)

(277,493

)

PROVISIONS FOR LIABILITIES (77,105 ) -
NET ASSETS 3,242,026 3,084,440

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 3,242,024 3,084,438
3,242,026 3,084,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Safelift Offshore Limited (Registered number: SC152357)

Balance Sheet - continued
31 October 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by:





Mr P G Innes - Director


Safelift Offshore Limited (Registered number: SC152357)

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

1. STATUTORY INFORMATION

Safelift Offshore Limited 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.

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
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Safelift Offshore Limited (Registered number: SC152357)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 November 2023 1,442,310 187,423 670,659
Additions - 271,008 42,574
Disposals - - (12,600 )
At 31 October 2024 1,442,310 458,431 700,633
DEPRECIATION
At 1 November 2023 135,456 68,968 492,598
Charge for year 28,836 21,962 54,084
Eliminated on disposal - - (5,894 )
At 31 October 2024 164,292 90,930 540,788
NET BOOK VALUE
At 31 October 2024 1,278,018 367,501 159,845
At 31 October 2023 1,306,854 118,455 178,061

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 369,281 233,556 2,903,229
Additions 17,700 37,919 369,201
Disposals (7,600 ) - (20,200 )
At 31 October 2024 379,381 271,475 3,252,230
DEPRECIATION
At 1 November 2023 201,850 222,227 1,121,099
Charge for year 61,772 16,748 183,402
Eliminated on disposal (317 ) - (6,211 )
At 31 October 2024 263,305 238,975 1,298,290
NET BOOK VALUE
At 31 October 2024 116,076 32,500 1,953,940
At 31 October 2023 167,431 11,329 1,782,130

Safelift Offshore Limited (Registered number: SC152357)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 479,007 660,883
Other debtors 85,736 100,458
564,743 761,341

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 100,984 61,811
Trade creditors 403,253 545,459
Taxation and social security 200,865 194,571
Other creditors 29,112 113,391
734,214 915,232

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Bank loans 518,672 277,493

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 140,253 -

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mr P G Innes and his wife.

The company is controlled by the director and his wife who owns 100% of the share capital.