Offshore Water Management Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC346192 (Scotland)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2023 TO 31 DECEMBER 2024

FOR

OFFSHORE WATER MANAGEMENT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mr Neill Crone

Mr Joep Jacobus Bruins

Ms Britt Denise Schuurs

Ms Mariska Henrica Maria Van Schaik

Mr Robert Marcel Wolff

REGISTERED OFFICE:

Ground Floor

3 Prospect Place

Arnhall Business Park

Westhill

Aberdeenshire

AB32 6SY

REGISTERED NUMBER:

SC346192 (Scotland)

ACCOUNTANTS:

D M McNaught & Co Ltd

Chartered Accountants

166 Buchanan Street

Glasgow

Lanarkshire

G1 2LW

FIXED ASSETS

Tangible assets

4

67,111

44,477

Investments

5

2

67,113

44,479

CURRENT ASSETS

Stocks

25,785

28,777

Debtors

6

2,365,041

612,889

Cash at bank and in hand

244,880

290,108

2,635,706

931,774

CREDITORS

Amounts falling due within one year

7

842,644

356,207

NET CURRENT ASSETS

1,793,062

575,567

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,860,175

620,046

PROVISIONS FOR LIABILITIES

16,778

-

NET ASSETS

1,843,397

620,046

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

1,843,297

619,946

SHAREHOLDERS' FUNDS

1,843,397

620,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Mr Neill Crone - Director

1.	STATUTORY INFORMATION

Offshore Water Management Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2023 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2023

92,905

Additions

46,718

Disposals

(11,741

)

At 31 December 2024

127,882

DEPRECIATION

At 1 October 2023

48,428

Charge for period

21,245

Eliminated on disposal

(8,902

)

At 31 December 2024

60,771

NET BOOK VALUE

At 31 December 2024

67,111

At 30 September 2023

44,477

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2023

and 31 December 2024

2

NET BOOK VALUE

At 31 December 2024

2

At 30 September 2023

2

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

769,847

483,802

Other debtors

1,595,194

129,087

2,365,041

612,889

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

164,932

175,569

Taxation and social security

552,650

82,040

Other creditors

125,062

98,598

842,644

356,207

8.	RELATED PARTY DISCLOSURES

Included in administrative expenses are consultancy fees charged by companies under the control of a director and former directors, totalling £382,840 (2023 - £1,209,240).

Included in debtors are loans to group companies totalling £1,465,050 (2023 - £5,050). There are no fixed terms for repayment and no interest is charged.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Normec Holding UK Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Offshore Water Management Ltd for the period ended 31 December 2024 which comprise the Income Statement, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Offshore Water Management Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Offshore Water Management Ltd and state those matters that we have agreed to state to the Board of Directors of Offshore Water Management Ltd, as a body, in this report in accordance with the requirements of 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Offshore Water Management Ltd 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 Offshore Water Management Ltd. You consider that Offshore Water Management Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Offshore Water Management 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 financial statements.

D M McNaught & Co Ltd

Chartered Accountants

166 Buchanan Street

Glasgow

Lanarkshire

G1 2LW

19 September 2025