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Registration number: SC412258

Young Subsea Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Young Subsea Engineering Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Young Subsea Engineering Ltd

Company Information

Directors

Mrs Natalie Dawn Young

Mr Adam William Young

Registered office

Toll House Watergate
Cleish
Kinross
Kinross-Shire
KY13 0LS

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Young Subsea Engineering Ltd

(Registration number: SC412258)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

160,907

150,813

Current assets

 

Debtors

5

35,362

58,538

Cash at bank and in hand

 

26,234

19,379

 

61,596

77,917

Creditors: Amounts falling due within one year

6

(93,341)

(90,075)

Net current liabilities

 

(31,745)

(12,158)

Total assets less current liabilities

 

129,162

138,655

Creditors: Amounts falling due after more than one year

6

(61,367)

(67,444)

Provisions for liabilities

(35,400)

(33,179)

Net assets

 

32,395

38,032

Capital and reserves

 

Called up share capital

100

100

Retained earnings

32,295

37,932

Shareholders' funds

 

32,395

38,032

For the financial year ending 30 November 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 16 May 2025 and signed on its behalf by:
 

.........................................
Mr Adam William Young
Director

 

Young Subsea Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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 sale of goods and 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current income 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.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

 

Young Subsea Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Furniture and fittings

25% reducing balance

Office equipment

33% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Young Subsea Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 December 2023

465

224,828

5,791

52,963

Additions

-

51,750

-

20,500

Disposals

-

(17,095)

-

(8,250)

At 30 November 2024

465

259,483

5,791

65,213

Depreciation

At 1 December 2023

454

96,504

3,631

32,645

Charge for the year

11

43,931

1,069

9,341

Eliminated on disposal

-

(12,743)

-

(4,798)

At 30 November 2024

465

127,692

4,700

37,188

Carrying amount

At 30 November 2024

-

131,791

1,091

28,025

At 30 November 2023

11

128,324

2,160

20,318

Total
£

Cost or valuation

At 1 December 2023

284,047

Additions

72,250

Disposals

(25,345)

At 30 November 2024

330,952

Depreciation

At 1 December 2023

133,234

Charge for the year

54,352

Eliminated on disposal

(17,541)

At 30 November 2024

170,045

Carrying amount

At 30 November 2024

160,907

At 30 November 2023

150,813

 

Young Subsea Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

-

21,360

Prepayments

5,840

7,842

Other debtors

29,522

29,336

 

35,362

58,538

 

Young Subsea Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

43,922

25,197

Trade creditors

 

-

768

Taxation and social security

 

17,844

32,641

Other creditors

 

31,575

31,469

 

93,341

90,075

Creditors: amounts falling due after more than one year

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

20,102

25,005

Hire purchase contracts

13,375

-

Other borrowings

27,890

42,439

61,367

67,444

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648

Hire purchase contracts

18,725

-

Other borrowings

14,549

14,549

43,922

25,197

 

Young Subsea Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Adam William Young

14,294

15,569

Mrs Natalie Dawn Young

14,295

15,569

 

28,589

31,138

The maximum balance outstanding during the year amounted to £31,138.

The directors current accounts are repayable on demand.

Other debtors includes an amount of £29,336 (2023: £29,336) which is owed to a related party, Construction Management Solutions (Fife) Ltd, in which Adam Young is also a director. The loan is repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Young Subsea Engineering Ltd
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Young Subsea Engineering Ltd for the year ended 30 November 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Young Subsea Engineering Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Young Subsea Engineering Ltd and state those matters that we have agreed to state to the Board of Directors of Young Subsea Engineering Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Young Subsea Engineering Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Young Subsea Engineering Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Young Subsea Engineering Ltd. You consider that Young Subsea Engineering Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Young Subsea Engineering Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

16 May 2025