REGISTERED NUMBER: 08702032 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

OFFSHORE NETWORK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T W J Angell

D C Fordham

N C L Fordham

REGISTERED OFFICE:

University House

Lower Grosvenor Place

LONDON

SW1W 0EX

REGISTERED NUMBER:

08702032 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Charlton House

Dour Street

DOVER

Kent

CT16 1BL

FIXED ASSETS

Tangible assets

4

9,953

13,757

CURRENT ASSETS

Debtors

5

468,611

279,827

Cash at bank

73,790

119,497

542,401

399,324

CREDITORS

Amounts falling due within one year

6

540,894

404,691

NET CURRENT ASSETS/(LIABILITIES)

1,507

(5,367

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,460

8,390

PROVISIONS FOR LIABILITIES

2,488

3,446

NET ASSETS

8,972

4,944

CAPITAL AND RESERVES

Called up share capital

7

318

318

Retained earnings

8,654

4,626

SHAREHOLDERS' FUNDS

8,972

4,944

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

The members have not required the company to obtain an audit of its financial statements for the year 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

D C Fordham - Director

1.	STATUTORY INFORMATION

Offshore Network Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company.

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 represents net invoiced sales of services, excluding value added tax. A sale is recognised at the conference date.

Tangible fixed assets

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

Computer equipment

-

20% to 33.3% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 year was 8 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

and 31 December 2024

22,960

DEPRECIATION

At 1 January 2024

9,203

Charge for year

3,804

At 31 December 2024

13,007

NET BOOK VALUE

At 31 December 2024

9,953

At 31 December 2023

13,757

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

293,341

155,574

Amounts owed by group undertakings

132,357

69,979

Directors' current accounts

17,000

23,000

Sundry debtors and prepayments

25,913

31,274

468,611

279,827

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

2,498

17,895

Tax

24,954

46,069

Social security and other taxes

29,789

13,045

Sundry creditors

7,460

6,492

Income in advance

476,193

321,190

540,894

404,691

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

300

Ordinary A

£1

300

300

18

Ordinary B

£1

18

18

318

318

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY

The controlling party is D C Fordham.

10.	GOING CONCERN

The directors believe the company is a going concern given the continued support of its creditors and its parent company.

11.	PARENT COMPANY