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COMPANY REGISTRATION NUMBER: 11325300
Subsea Communications Limited
Filleted Unaudited Financial Statements
30 September 2024
Subsea Communications Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,558
1,929
Current assets
Debtors
6
6,689
444
Cash at bank and in hand
2,059
1,029
-------
-------
8,748
1,473
Creditors: amounts falling due within one year
7
27,794
11,259
--------
--------
Net current liabilities
19,046
9,786
--------
-------
Total assets less current liabilities
( 16,488)
( 7,857)
--------
-------
Net liabilities
( 16,488)
( 7,857)
--------
-------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 16,588)
( 7,957)
--------
-------
Shareholders deficit
( 16,488)
( 7,857)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Subsea Communications Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 26 June 2025 , and are signed on behalf of the board by:
Mr M A Wickham
Director
Company registration number: 11325300
Subsea Communications Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 OAW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of its directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Equipment
£
Cost
At 1 October 2023
4,701
Additions
1,805
-------
At 30 September 2024
6,506
-------
Depreciation
At 1 October 2023
2,772
Charge for the year
1,176
-------
At 30 September 2024
3,948
-------
Carrying amount
At 30 September 2024
2,558
-------
At 30 September 2023
1,929
-------
6. Debtors
2024
2023
£
£
Trade debtors
5,592
Amounts owed by related undertakings
946
Other debtors
151
444
-------
----
6,689
444
-------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,000
1,760
Director loan accounts
25,794
9,499
--------
--------
27,794
11,259
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
50
50
50
50
Ordinary B shares of £ 1 each
50
50
50
50
----
----
----
----
100
100
100
100
----
----
----
----
9. Related party transactions
During the year the directors charged the company a consultancy fee of £23,300 (2023 - £10,500). At the year end Mr and Mrs M Wickham were owed £25,794 (2023 - £9,499) which is shown amongst creditors. At the year end an amount of £946 (2023 - £Nil) was owed from a related undertaking in which the director has an interest in.