Company Registration No. SC462632 (Scotland)
Helix Oilfield Services Ltd
Unaudited accounts
for the year ended 31 October 2024
Helix Oilfield Services Ltd
Unaudited accounts
Contents
Helix Oilfield Services Ltd
Company Information
for the year ended 31 October 2024
Company Number
SC462632 (Scotland)
Registered Office
2 Marischal Square
Broad Street
Aberdeen
AB10 1DQ
United Kingdom
Accountants
Hutcheon Mearns Limited
2 Queens Road
Aberdeen
AB15 4ZT
Helix Oilfield Services Ltd
Statement of financial position
as at 31 October 2024
Tangible assets
96,015
240,013
Inventories
494,337
494,337
Debtors
3,167,397
1,675,732
Cash at bank and in hand
475,838
940,792
Creditors: amounts falling due within one year
(2,553,391)
(1,839,536)
Net current assets
1,584,181
1,271,325
Total assets less current liabilities
1,680,196
1,511,338
Provisions for liabilities
Deferred tax
(24,004)
(60,003)
Net assets
1,656,192
1,451,335
Called up share capital
1
1
Profit and loss account
1,656,191
1,451,334
Shareholders' funds
1,656,192
1,451,335
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 October 2025 and were signed on its behalf by
F D Milne
Director
Company Registration No. SC462632
Helix Oilfield Services Ltd
Notes to the Accounts
for the year ended 31 October 2024
Helix Oilfield Services Ltd is a private company, limited by shares, registered in Scotland, registration number SC462632. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% straight line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. A reversal of an impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Helix Oilfield Services Ltd
Notes to the Accounts
for the year ended 31 October 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 November 2023
2,060,522
41,100
2,101,622
Disposals
-
(19,000)
(19,000)
At 31 October 2024
2,061,688
22,100
2,083,788
At 1 November 2023
1,837,530
24,079
1,861,609
Charge for the year
128,143
1,979
130,122
On disposals
-
(3,958)
(3,958)
At 31 October 2024
1,965,673
22,100
1,987,773
At 31 October 2024
96,015
-
96,015
At 31 October 2023
222,992
17,021
240,013
Amounts falling due within one year
Trade debtors
534,251
31,144
Amounts due from group undertakings etc.
2,601,600
1,615,613
Accrued income and prepayments
4,397
4,397
Other debtors
20,000
23,405
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
1,558,171
1,222,994
Taxes and social security
-
5,072
Loans from directors
989,220
581,538
Helix Oilfield Services Ltd
Notes to the Accounts
for the year ended 31 October 2024
7
Average number of employees
During the year the average number of employees was 1 (2023: 1).