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REGISTERED NUMBER: SC635053 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

SUBSEA PRESSURE CONTROLS LTD

SUBSEA PRESSURE CONTROLS LTD (REGISTERED NUMBER: SC635053)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SUBSEA PRESSURE CONTROLS LTD

Company Information
for the Year Ended 31 July 2024







DIRECTORS: N Fentie
J L Fentie





REGISTERED OFFICE: 5 Carden Place
Aberdeen
AB10 1UT





REGISTERED NUMBER: SC635053 (Scotland)






SUBSEA PRESSURE CONTROLS LTD (REGISTERED NUMBER: SC635053)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 171,747 172,817
Tangible assets 5 521,070 503,868
692,817 676,685

CURRENT ASSETS
Debtors 6 353,918 448,792
Cash at bank 194,814 48,064
548,732 496,856
CREDITORS
Amounts falling due within one year 7 1,147,705 935,622
NET CURRENT LIABILITIES (598,973 ) (438,766 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,844

237,919

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 93,744 237,819
93,844 237,919

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by:



N Fentie - Director


SUBSEA PRESSURE CONTROLS LTD (REGISTERED NUMBER: SC635053)

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


1. STATUTORY INFORMATION

Subsea Pressure Controls 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. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 15% on cost
Computer equipment - 20% on cost

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.

SUBSEA PRESSURE CONTROLS LTD (REGISTERED NUMBER: SC635053)

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


2. ACCOUNTING POLICIES - continued

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.

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 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 10,703 164,409 175,112
AMORTISATION
At 1 August 2023 2,295 - 2,295
Amortisation for year 1,070 - 1,070
At 31 July 2024 3,365 - 3,365
NET BOOK VALUE
At 31 July 2024 7,338 164,409 171,747
At 31 July 2023 8,408 164,409 172,817

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2023 21,962 618,911 1,860
Additions 9,251 142,251 -
At 31 July 2024 31,213 761,162 1,860
DEPRECIATION
At 1 August 2023 2,745 203,486 480
Charge for year 2,568 145,382 372
At 31 July 2024 5,313 348,868 852
NET BOOK VALUE
At 31 July 2024 25,900 412,294 1,008
At 31 July 2023 19,217 415,425 1,380

SUBSEA PRESSURE CONTROLS LTD (REGISTERED NUMBER: SC635053)

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


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 72,016 24,570 739,319
Additions 38,750 - 190,252
At 31 July 2024 110,766 24,570 929,571
DEPRECIATION
At 1 August 2023 21,188 7,552 235,451
Charge for year 16,538 8,190 173,050
At 31 July 2024 37,726 15,742 408,501
NET BOOK VALUE
At 31 July 2024 73,040 8,828 521,070
At 31 July 2023 50,828 17,018 503,868

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 182,403 113,545
Other debtors 171,515 335,247
353,918 448,792

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 30,573 12,403
Taxation and social security 27,851 2,639
Other creditors 1,089,281 920,580
1,147,705 935,622

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N Fentie.