Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312025-05-222025-05-23true282024-01-01falseSupport activities for petroleum and natural gas extraction37falsetruefalse SC645331 2024-01-01 2024-12-31 SC645331 2023-01-01 2023-12-31 SC645331 2024-12-31 SC645331 2023-12-31 SC645331 c:Director2 2024-01-01 2024-12-31 SC645331 d:PlantMachinery 2024-01-01 2024-12-31 SC645331 d:PlantMachinery 2024-12-31 SC645331 d:PlantMachinery 2023-12-31 SC645331 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC645331 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 SC645331 d:MotorVehicles 2024-01-01 2024-12-31 SC645331 d:MotorVehicles 2024-12-31 SC645331 d:MotorVehicles 2023-12-31 SC645331 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC645331 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 SC645331 d:FurnitureFittings 2024-01-01 2024-12-31 SC645331 d:FurnitureFittings 2024-12-31 SC645331 d:FurnitureFittings 2023-12-31 SC645331 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC645331 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 SC645331 d:ComputerEquipment 2024-01-01 2024-12-31 SC645331 d:ComputerEquipment 2024-12-31 SC645331 d:ComputerEquipment 2023-12-31 SC645331 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC645331 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 SC645331 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC645331 d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 SC645331 d:Goodwill 2024-12-31 SC645331 d:Goodwill 2023-12-31 SC645331 d:CurrentFinancialInstruments 2024-12-31 SC645331 d:CurrentFinancialInstruments 2023-12-31 SC645331 d:Non-currentFinancialInstruments 2024-12-31 SC645331 d:Non-currentFinancialInstruments 2023-12-31 SC645331 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC645331 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC645331 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 SC645331 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC645331 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 SC645331 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 SC645331 d:ShareCapital 2024-12-31 SC645331 d:ShareCapital 2023-12-31 SC645331 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC645331 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC645331 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 SC645331 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC645331 c:FRS102 2024-01-01 2024-12-31 SC645331 c:Audited 2024-01-01 2024-12-31 SC645331 c:FullAccounts 2024-01-01 2024-12-31 SC645331 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC645331 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC645331 2 2024-01-01 2024-12-31 SC645331 4 2024-01-01 2024-12-31 SC645331 d:Goodwill d:OwnedIntangibleAssets 2024-01-01 2024-12-31 SC645331 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Registered number: SC645331














J&S SUBSEA LIMITED





INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024

 
J&S SUBSEA LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 12

 
J&S SUBSEA LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
J&S SUBSEA LIMITED
REGISTERED NUMBER: SC645331

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
(27,160)
(67,899)

Tangible assets
 5 
198,693
88,846

  
171,533
20,947

Current assets
  

Stocks
 6 
1,211,866
1,002,173

Debtors: amounts falling due within one year
 7 
1,538,029
1,273,929

Cash at bank and in hand
 8 
1,245,587
1,452,133

  
3,995,482
3,728,235

Creditors: amounts falling due within one year
 9 
(763,648)
(465,987)

Net current assets
  
 
 
3,231,834
 
 
3,262,248

Total assets less current liabilities
  
3,403,367
3,283,195

Creditors: amounts falling due after more than one year
  
(13,284)
(20,064)

Provisions for liabilities
  

Deferred tax
  
-
(21,111)

  
 
 
-
 
 
(21,111)

Net assets
  
3,390,083
3,242,020


Capital and reserves
  

Called up share capital 
  
210,162
195,000

Profit and loss account
  
3,179,921
3,047,020

  
3,390,083
3,242,020


Page 2

 
J&S SUBSEA LIMITED
REGISTERED NUMBER: SC645331

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P K Reid
Director

Date: 22 May 2025

The notes on pages 4 to 12 form part of these financial statements.
Page 3

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

J&S Subsea 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.
The principal activity of the company is to support activities for petroleum and natural gas extraction.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months, following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
straight line
Motor vehicles
-
33%
straight line
Fixtures and fittings
-
33%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 37 (2023 - 28).

Page 7

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
(203,698)



At 31 December 2024

(203,698)



Amortisation


At 1 January 2024
135,799


Charge for the year on owned assets
40,739



At 31 December 2024

176,538



Net book value



At 31 December 2024
(27,160)



At 31 December 2023
(67,899)


Page 8

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
88,536
-
40,352
45,957
174,845


Additions
30,696
31,201
100,818
16,505
179,220


Disposals
-
-
(8,047)
-
(8,047)



At 31 December 2024

119,232
31,201
133,123
62,462
346,018



Depreciation


At 1 January 2024
55,853
-
18,059
12,087
85,999


Charge for the year on owned assets
20,745
144
20,024
17,640
58,553


Charge for the year on financed assets
-
7,794
-
-
7,794


Disposals
-
-
(5,021)
-
(5,021)



At 31 December 2024

76,598
7,938
33,062
29,727
147,325



Net book value



At 31 December 2024
42,634
23,263
100,061
32,735
198,693



At 31 December 2023
32,683
-
22,293
33,870
88,846

The net book value of assets held under finance leases or hire purchase contracts, included above, is £21,727 (2023: NIL).

Page 9

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Stocks

2024
2023
£
£

Raw materials and consumables
409,079
441,202

Amounts recoverable under contracts
802,787
560,971

1,211,866
1,002,173



7.


Debtors

2024
2023
£
£


Trade debtors
1,203,488
1,095,471

Amounts owed by group undertakings
198,263
-

Other debtors
29,468
27,000

Prepayments and accrued income
93,600
151,458

Deferred taxation
13,210
-

1,538,029
1,273,929


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,245,587
1,452,133

1,245,587
1,452,133


Page 10

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
10,000

Trade creditors
280,565
219,200

Corporation tax
-
90,123

Other taxation and social security
64,454
79,726

Obligations under finance lease and hire purchase contracts
9,743
-

Other creditors
20,044
13,441

Accruals and deferred income
388,842
53,497

763,648
465,987



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
20,064

Net obligations under finance leases and hire purchase contracts
13,284
-

13,284
20,064



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Amounts falling due within one year
-
10,000

Amounts falling due 1-2 years
-
20,064



-
30,064



12.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets representing bank and cash
1,245,587
1,452,133



Page 11

 
J&S SUBSEA LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



210,162 (2023 - 195,000) Ordinary shares of £1.00 each
210,162
195,000


During the year, the company issued 15,162 ordinary shares at par value. 


14.


Pension commitments

The company contributes to a defined contribution pension scheme. The pension charge for the year represents contributions payable by the company to the funds and amounted to £88,231 (2023: £68,162). The contributions outstanding at the year end were £20,044 (2023: £13,941).


15.


Commitments under operating leases

At 31 December 2024, the company had future minimum lease payments under non-cancelable operating leases of £2,000,000 (2023: £532,500).


16.


Related party transactions

The company is a wholly owned subsidiary of J&S Subsea Holdings Limited and has taken advantage of the exemption given by section 33A of FRS102, which allows exemption from disclosure of related party transactions with other group companies on the basis that the company is a 100% subsidiary.


17.


Controlling party

Following investment in the year, 100% ownership of the company passed to J&S Subsea Holdings Limited. 
The largest single shareholder of J&S Subsea Holdings Limited is a group headed up by Foresight Group Holdings Limited, a company registered in Jersey and registered on the London Stock Exchange. 

18.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act 2006. Therefore the prior period numbers included in these financial statements were not subject to audit.

The audit report was signed on 23 May 2025 by Graeme Penman (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.

Page 12