Company registration number SC346106 (Scotland)
Jackson Offshore Supply Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with registrar
Jackson Offshore Supply Limited
Statement of financial position
as at 31 December 2024
31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
250,000
250,000
Current assets
Stocks
358,025
348,159
Debtors
55,215
244,287
Cash at bank and in hand
639,527
533,071
1,052,767
1,125,517
Creditors: amounts falling due within one year
(60,166)
(173,161)
Net current assets
992,601
952,356
Total assets less current liabilities
1,242,601
1,202,356
Provisions for liabilities
(37,500)
(37,500)
Net assets
1,205,101
1,164,856
Capital and reserves
Called up share capital
4
4
Revaluation reserve
112,500
112,500
Profit and loss reserves
1,092,597
1,052,352
Total equity
1,205,101
1,164,856

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 directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

Jackson Offshore Supply Limited
Statement of financial position (continued)
as at 31 December 2024
31 December 2024
2
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
Mark Buchan
Stephen Buchan
Director
Director
Emil Eythorsson
Hjortur Erlendsson
Director
Director
Company registration number SC346106 (Scotland)
Jackson Offshore Supply Limited
Notes to the financial statements
for the year ended 31 December 2024
3
1
Accounting policies
Company information

Jackson Offshore Supply Limited is a private company limited by shares incorporated in Scotland. The registered office is Broad House, Broad Street, Peterhead, Aberdeenshire, AB42 1HY.

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 represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax.

1.3
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:

Freehold land and buildings
No depreciation is provided on land
Fixtures and fittings
33.33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Jackson Offshore Supply Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
4
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 income statement 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.

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 income statement, 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
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Tangible fixed assets
Total
£
Cost
At 1 January 2024 and 31 December 2024
251,230
Depreciation and impairment
At 1 January 2024 and 31 December 2024
1,230
Carrying amount
At 31 December 2024
250,000
At 31 December 2023
250,000

The land was valued on 23rd October 2019 at £250,000.

Jackson Offshore Supply Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
5
3
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Richard D. Christie CA
Statutory Auditor:
James Milne & Co
4
Parent company

The parent company and controlling related party is Hampidjan HF, a company registered at Skarfagardar 4, Reykjavik, 104, Iceland. Hampidjan HF control the company by virtue of a controlling interest (directly or indirectly) of 80% of the ordinary share capital.

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