Company Registration No. SC694143 (Scotland)
DRIFT Offshore Limited
Unaudited accounts
for the year ended 31 March 2025
DRIFT Offshore Limited
Unaudited accounts
Contents
DRIFT Offshore Limited
Company Information
for the year ended 31 March 2025
Directors
Meghan June Bowers
Kyle Richard Pitman
Company Number
SC694143 (Scotland)
Registered Office
10 Bon Accord Square
Aberdeen
Aberdeenshire
AB11 6DJ
Scotland
Accountants
Granite Accountants (Aberdeen) Limited
2 Queens Road
Aberdeen
AB15 4ZT
DRIFT Offshore Limited
Statement of financial position
as at 31 March 2025
Tangible assets
3,503
5,395
Cash at bank and in hand
41,190
251,618
Creditors: amounts falling due within one year
(464,628)
(772,760)
Net current assets
166,770
169,594
Total assets less current liabilities
170,273
174,989
Provisions for liabilities
Net assets
169,607
173,694
Called up share capital
12
12
Profit and loss account
169,595
173,682
Shareholders' funds
169,607
173,694
For the year ending 31 March 2025 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 directors acknowledge their 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 of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by
Meghan June Bowers
Director
Company Registration No. SC694143
DRIFT Offshore Limited
Notes to the Accounts
for the year ended 31 March 2025
DRIFT Offshore Limited is a private company, limited by shares, registered in Scotland, registration number SC694143. The registered office is 10 Bon Accord Square, Aberdeen, Aberdeenshire, AB11 6DJ, Scotland.
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:
Fixtures & fittings
33% straight line
Computer equipment
33% straight line
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
DRIFT Offshore Limited
Notes to the Accounts
for the year ended 31 March 2025
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.
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
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2024
2,575
5,582
8,157
At 31 March 2025
2,575
6,645
9,220
At 1 April 2024
1,233
1,529
2,762
Charge for the year
858
2,097
2,955
At 31 March 2025
2,091
3,626
5,717
At 31 March 2025
484
3,019
3,503
At 31 March 2024
1,342
4,053
5,395
Amounts falling due within one year
Trade debtors
487,323
581,398
Accrued income and prepayments
102,885
109,338
6
Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
67,615
206,059
Trade creditors
33,194
30,028
Amounts owed to group undertakings and other participating interests
25,873
29,092
Taxes and social security
9,826
28,854
Loans from directors
3,709
2,008
Bank loans and overdrafts are secured by a floating charge over the property and undertaking of the company.
DRIFT Offshore Limited
Notes to the Accounts
for the year ended 31 March 2025
7
Transactions with related parties
Drift Offshore, Inc is a company that was under common control during the year.
During the year the company purchased goods and services amounting to £74,159 (2024: £40,819) from Drift Offshore, Inc. These were purchased on an arms length basis. £25,873 (2024: £29,092) was due from Drift Offshore, Inc at the year end and is included in other creditors.
8
Average number of employees
During the year the average number of employees was 5 (2024: 3).