Registration number: SC774150

Offshore Engineering Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Offshore Engineering Ltd

Company Information

Director

Robert Argo

Registered office

Oikos Wardhill Road Stromness Orkney Scotland KW16 3HS

Accountants

Gray Associates Ridgeways Back Road Stromness Orkney KW16 3DS

Offshore Engineering Ltd

(Registration number: SC774150)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	33,974	35,211
Current assets
Stocks	5	22,630	-
Debtors	6	20,359	4,049
Cash at bank and in hand		3,326	9,964
		46,315	14,013
Creditors: Amounts falling due within one year	7	(10,711)	(7,108)
Net current assets		35,604	6,905
Total assets less current liabilities		69,578	42,116
Provisions for liabilities		(6,455)	(6,690)
Net assets		63,123	35,426
Capital and reserves
Called up share capital	8	10	10
Retained earnings		63,113	35,416
Shareholders' funds		63,123	35,426

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2026
 

......................................... Robert Argo Director

Offshore Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Oikos
Wardhill Road
Stromness
Orkney
KW16 3HS
Scotland

These financial statements were authorised for issue by the director on 20 May 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Offshore Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Offshore Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Offshore Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2025 - 2).

Offshore Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2025	3,917	36,071	14,944	54,932
Additions	1,663	516	8,925	11,104
Disposals	(997)	-	-	(997)
At 31 March 2026	4,583	36,587	23,869	65,039
Depreciation
At 1 April 2025	2,285	14,090	3,346	19,721
Charge for the year	1,528	5,624	4,774	11,926
Eliminated on disposal	(582)	-	-	(582)
At 31 March 2026	3,231	19,714	8,120	31,065
Carrying amount
At 31 March 2026	1,352	16,873	15,749	33,974
At 31 March 2025	1,632	21,981	11,598	35,211

5

Stocks

	2026 £	2025 £
Work in progress	22,630	-

6

Debtors

Current	2026 £	2025 £
Trade debtors	18,278	913
Prepayments	1,741	1,683
Other debtors	340	1,453
	20,359	4,049

Offshore Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

7

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	9	2,003	-
Trade creditors		195	2,931
Taxation and social security		7,122	2,917
Accruals and deferred income		1,391	1,260
		10,711	7,108

8	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary of £1 each	10	10	10	10

9	Loans and borrowings

Current loans and borrowings

	2026 £	2025 £
Bank borrowings	2,003	-

10

Dividends

		2026		2025
		£		£
Interim dividend of £Nil (2025 - £50.00) per ordinary share		500		500

Offshore Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

11	Related party transactions

Transactions with the director

2026	At 1 April 2025 £	Advances from director £	Repayments to director £	At 31 March 2026 £
Robert Argo
Directors loan account	(1,453)	1,944	(830)	(340)

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
Robert Argo
Directors loan account	13,824	6,508	(21,786)	(1,453)