Offshore Consult Limited

(Registration number: 12107453)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Current assets
Debtors	4	322,692	238,484
Cash at bank and in hand		1,943	4,075
		324,635	242,559
Creditors: Amounts falling due within one year	5	(26,522)	(42,214)
Net assets		298,113	200,345
Capital and reserves
Called up share capital	6	100	100
Profit and loss account		298,013	200,245
Total equity		298,113	200,345

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 September 2025
 

......................................... R L D Grimmond Director

Offshore Consult Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit J
Underfall Boat Yard
Cumberland Road
Bristol
BS1 6XG

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The director has prepared the financial statements on the going concern basis which assumes that the company will have sufficient financial resources in order to meet its liabilities for a period of at least 12 months from the date of approving these financial statements. The company’s balance sheet includes a significant debtor owing from a group undertaking, therefore the director has considered the resources available to the wider group when completing this assessment.

Based on the support which the director expects to be available from the parent company and wider group, and taking into account the financial performance of the group since the year-end, the director considers it appropriate to prepare the financial statements on a going concern basis.

Offshore Consult Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Given the company's standard terms, revenues are generally therefore recognised when the consultancy services are delivered.

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 rates prevailing on the initial transaction dates.

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

Foreign exchange gains and losses are taken to profit and loss and classified within administrative expenses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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 recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Offshore Consult Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4	Debtors: amounts falling due within one year

	2024 £	2023 £
Trade debtors	253,963	163,963
Amounts owed by group undertakings	67,768	73,858
Other debtors	961	663
	322,692	238,484

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

5

Creditors

	2024 £	2023 £
Amounts falling due within one year
Amounts owed to group undertakings	20,619	25,020
Taxation and social security	4,153	-
Other creditors	-	2,194
Accruals	1,750	15,000
	26,522	42,214

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

Offshore Consult Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

7	Parent and ultimate parent undertaking

The company's immediate parent company is Offshore Marine Management Holdings Limited, their registered office is First Floor Office, Unit J The Underfall Boat Yard, Cumberland Road, Bristol, BS1 6XG.

The ultimate controlling party is R L D Grimmond by virtue of his interest in Confideo Invest Holding SA, incorporated in Switzerland, parent company to Offshore Marine Management Holdings Limited.