Company registration number SC359340 (Scotland)
FFOLKES OFFSHORE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
FFOLKES OFFSHORE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FFOLKES OFFSHORE LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
165,927
134,106
Current assets
Debtors
4
1,950,301
1,580,245
Cash at bank and in hand
78,620
22,183
2,028,921
1,602,428
Creditors: amounts falling due within one year
5
(2,069,721)
(1,620,410)
Net current liabilities
(40,800)
(17,982)
Total assets less current liabilities
125,127
116,124
Creditors: amounts falling due after more than one year
6
(62,491)
(53,997)
Provisions for liabilities
(23,398)
(23,841)
Net assets
39,238
38,286
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
38,238
37,286
Total equity
39,238
38,286

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

- 1 -
FFOLKES OFFSHORE LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2025
30 September 2025
The financial statements were approved by the board of directors and authorised for issue on 6 April 2026 and are signed on its behalf by:
D G BRUCE
J P GOODCHILD
D G Bruce
J P Goodchild
Director
Director
J B MITCHELL
J B Mitchell
Director
Company registration number SC359340 (Scotland)
- 2 -
FFOLKES OFFSHORE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
Company information

Ffolkes Offshore Ltd is a private company limited by shares incorporated in Scotland. The registered office is Fjord House, 41 Abbotswell Road, Aberdeen, United Kingdom, AB12 3AD.

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. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

These financial statements are prepared on the going concern basis. At the balance sheet date, the company had net current liabilities of £40,800. The financial statements are prepared on a going concern basis which assumes that the company will continue to meet its liabilities as they fall due. Furthermore, the directors have confirmed they shall continue to support the company to facilitate its ability to continue trading as a going concern for the foreseeable future. As a result, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from vessel disbursements and agency work are recognised in the month the work is carried out.

1.4
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, using the straight line method.

Depreciation is provided on the following basis:

Plant and machinery
- 3 - 5 years
Fixtures and Fittings
- 3 - 4 years
Office equipment
- 3 years
Motor Vehicles
- 3 - 5 years

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.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

- 3 -
FFOLKES OFFSHORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
1.6
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.7
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 profit and loss account 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.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.9
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
21
19
- 4 -
FFOLKES OFFSHORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3
Tangible fixed assets
Plant and machinery
Fixtures and Fittings
Office equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 October 2024
53,267
26,091
14,384
199,522
293,264
Additions
750
400
2,657
111,842
115,649
Disposals
(4,000)
-
-
(57,691)
(61,691)
At 30 September 2025
50,017
26,491
17,041
253,673
347,222
Depreciation and impairment
At 1 October 2024
29,762
20,946
2,866
105,584
159,158
Depreciation charged in the year
20,807
2,229
5,886
32,518
61,440
Eliminated in respect of disposals
(3,000)
-
-
(36,303)
(39,303)
At 30 September 2025
47,569
23,175
8,752
101,799
181,295
Carrying amount
At 30 September 2025
2,448
3,316
8,289
151,874
165,927
At 30 September 2024
23,505
5,145
11,518
93,938
134,106
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,840,516
1,435,124
Corporation tax recoverable
9,528
18,380
Other debtors
100,257
126,741
1,950,301
1,580,245
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
-
12,520
Trade creditors
1,826,580
1,489,212
Corporation tax
29,218
21,376
Other taxation and social security
33,770
11,496
Other creditors
180,153
85,806
2,069,721
1,620,410
- 5 -
FFOLKES OFFSHORE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
-
9,167
Other creditors
62,491
44,830
62,491
53,997
7
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
393,750
487,500
8
Related party transactions

During the year, the company made advances to one of the director s of £12,189. Credits were received of £55,996 which resulted in amounts due to the director at the year end of £14,490 (20 24 - £29,317 due to the company).

During the year, the company made advances to one of the director s of £4,776. Credits were received of £19,953 which resulted in amounts due to the director at the year end of £15,177 (20 24 - £nil).

During the year the company made advances to a shareholder of £10,595 and received credits of £19,779 which resulted in amounts due to the shareholder at the year end of £9,184 (2024 - £nil).

The loan s are unsecured and interest free with no fixed repayment terms in place.

- 6 -
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