Company registration number SC608410 (Scotland)
N Sea Engineers Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with registrar
N Sea Engineers Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of N Sea Engineers Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N Sea Engineers Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of N Sea Engineers Limited, as a body, in accordance with the terms of our engagement letter dated 8 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of N Sea Engineers Limited and state those matters that we have agreed to state to the board of directors of N Sea Engineers Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N Sea Engineers Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that N Sea Engineers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N Sea Engineers Limited. You consider that N Sea Engineers Limited 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 financial statements of N Sea Engineers Limited. 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 financial statements.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
27 June 2025
N Sea Engineers Limited
Balance sheet
as at 30 September 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
2
13,240
Tangible assets
3
162,120
15,025
175,360
15,025
Current assets
Debtors
466,453
52,849
Cash at bank and in hand
1,565
9,766
468,018
62,615
Creditors: amounts falling due within one year
(525,299)
(44,866)
Net current (liabilities)/assets
(57,281)
17,749
Total assets less current liabilities
118,079
32,774
Creditors: amounts falling due after more than one year
(39,973)
Provisions for liabilities
(23,811)
(2,855)
Net assets
54,295
29,919
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
54,294
29,918
Total equity
54,295
29,919
N Sea Engineers Limited
Balance sheet (continued)
as at 30 September 2024
3
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 June 2025
Gavin Drummond
Director
Company registration number SC608410 (Scotland)
N Sea Engineers Limited
Notes to the financial statements
for the year ended 30 September 2024
4
1
Accounting policies
Company information
N Sea Engineers Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 7, Barratt Trading Estate, Denmore Road, Bridge of Don, Aberdeen, AB23 8JW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Welding procedures
10% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% and 20% straight line
Computers
33% straight line
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
N Sea Engineers Limited
Notes to the financial statements (continued)
for the year ended 30 September 2024
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Intangible fixed assets
Total
£
Cost
At 1 October 2023
Additions
13,727
At 30 September 2024
13,727
Amortisation and impairment
At 1 October 2023
Amortisation charged for the year
487
At 30 September 2024
487
Carrying amount
At 30 September 2024
13,240
At 30 September 2023
N Sea Engineers Limited
Notes to the financial statements (continued)
for the year ended 30 September 2024
6
3
Tangible fixed assets
Total
£
Cost
At 1 October 2023
15,025
Additions
157,767
At 30 September 2024
172,792
Depreciation and impairment
At 1 October 2023
Depreciation charged in the year
10,672
At 30 September 2024
10,672
Carrying amount
At 30 September 2024
162,120
At 30 September 2023
15,025
4
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments of £545,227 for future minimum lease payments under non-cancellable operating leases.
5
Directors' transactions
During the year the director entered into the following advances and credits with the company:
Description
Opening debit balance
Amounts advanced
Amounts repaid
Closing credit balance
£
£
£
£
Gavin Drummond - Director's loan
501
34,372
(106,947)
(72,074)
501
34,372
(106,947)
(72,074)