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REGISTERED NUMBER: SC678860 (Scotland)












Financial Statements for the Year Ended 30 September 2024

for

TLA SUBSEA LTD

TLA SUBSEA LTD (REGISTERED NUMBER: SC678860)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TLA SUBSEA LTD

Company Information
for the Year Ended 30 September 2024







DIRECTORS: C A G Gourley
J M Stewart





REGISTERED OFFICE: 12 Traill Drive
Montrose
Angus
DD10 8SW





REGISTERED NUMBER: SC678860 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

TLA SUBSEA LTD (REGISTERED NUMBER: SC678860)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 250,019 276,347
Tangible assets 5 15,787 -
265,806 276,347

CURRENT ASSETS
Debtors 6 59,622 70,262
Cash at bank 154,522 225,386
214,144 295,648
CREDITORS
Amounts falling due within one year 7 64,905 265,891
NET CURRENT ASSETS 149,239 29,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

415,045

306,104

CREDITORS
Amounts falling due after more than one
year

8

(146,009

)

-

PROVISIONS FOR LIABILITIES (3,000 ) (25 )
NET ASSETS 266,036 306,079

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 266,034 306,077
SHAREHOLDERS' FUNDS 266,036 306,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

TLA SUBSEA LTD (REGISTERED NUMBER: SC678860)

Balance Sheet - continued
30 September 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2025 and were signed on its behalf by:





J M Stewart - Director


TLA SUBSEA LTD (REGISTERED NUMBER: SC678860)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

TLA Subsea 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.

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.

Intangible assets
Intangible assets are initially measured at cost.
Intangible assets consist of the Development costs associated with a Prototype BOP Tethering System and the Intellectual property related to this development.
Currently both categories of intangible assets are being amortised at 25% reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 material 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

TLA SUBSEA LTD (REGISTERED NUMBER: SC678860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Intellectual Development
Property costs Totals
£    £    £   
COST
At 1 October 2023 50,430 343,107 393,537
Additions 29,410 52,038 81,448
At 30 September 2024 79,840 395,145 474,985
AMORTISATION
At 1 October 2023 17,099 100,091 117,190
Amortisation for year 17,340 90,436 107,776
At 30 September 2024 34,439 190,527 224,966
NET BOOK VALUE
At 30 September 2024 45,401 204,618 250,019
At 30 September 2023 33,331 243,016 276,347

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
Additions 19,315 507 19,822
At 30 September 2024 19,315 507 19,822
DEPRECIATION
Charge for year 4,024 11 4,035
At 30 September 2024 4,024 11 4,035
NET BOOK VALUE
At 30 September 2024 15,291 496 15,787

TLA SUBSEA LTD (REGISTERED NUMBER: SC678860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 55,380 30,536
Other debtors 4,242 39,726
59,622 70,262

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 46,753 237,478
Trade creditors 4,727 43,478
Taxation and social security 7,153 (16,175 )
Other creditors 6,272 1,110
64,905 265,891

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 146,009 -

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £68,000 (2023 - £60,000) were paid to the directors .

The company was under control of the directors, C A G Gourley and J M Stewart, throughout the current and previous year

During the year the directors repaid the company net amounts totalling £6,115. As at 30 September 2024 included within other debtors is a balance outstanding due to the company of £0 (2023 - £6,115). No interest has been paid on this loan.