Safelift Offshore Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC152357 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2025

for

Safelift Offshore Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P G Innes

Mr S Simpson

REGISTERED OFFICE:

Safelift Offshore Ltd Aquithie Road

Kemnay

Inverurie

AB51 5PD

REGISTERED NUMBER:

SC152357 (Scotland)

ACCOUNTANTS:

SBP

Accountants

42 Queens Road

Aberdeen

AB15 4YE

FIXED ASSETS

Tangible assets

4

2,128,583

1,953,940

CURRENT ASSETS

Stocks

1,859,125

1,745,545

Debtors

5

1,179,625

564,743

Cash at bank

168,397

307,789

3,207,147

2,618,077

CREDITORS

Amounts falling due within one year

6

997,115

734,214

NET CURRENT ASSETS

2,210,032

1,883,863

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,338,615

3,837,803

CREDITORS

Amounts falling due after more than one
year

7

(418,496

)

(518,672

)

PROVISIONS FOR LIABILITIES

(71,788

)

(77,105

)

NET ASSETS

3,848,331

3,242,026

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

3,848,329

3,242,024

3,848,331

3,242,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 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 21 May 2026 and were signed on its behalf by:

Mr S Simpson - Director

1.	STATUTORY INFORMATION

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

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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 34 (2024 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

machinery

£

COST

At 1 November 2024

1,442,310

458,431

700,633

Additions

-

236,791

136,059

Disposals

-

(8,600

)

At 31 October 2025

1,442,310

695,222

828,092

DEPRECIATION

At 1 November 2024

164,292

90,930

540,788

Charge for year

28,846

46,266

68,933

Eliminated on disposal

-

(430

)

At 31 October 2025

193,138

137,196

609,291

NET BOOK VALUE

At 31 October 2025

1,249,172

558,026

218,801

At 31 October 2024

1,278,018

367,501

159,845

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1 November 2024

379,381

271,475

3,252,230

Additions

27,895

16,061

416,806

Disposals

(48,104

)

-

(56,704

)

At 31 October 2025

359,172

287,536

3,612,332

DEPRECIATION

At 1 November 2024

263,305

238,975

1,298,290

Charge for year

53,754

15,287

213,086

Eliminated on disposal

(27,197

)

-

(27,627

)

At 31 October 2025

289,862

254,262

1,483,749

NET BOOK VALUE

At 31 October 2025

69,310

33,274

2,128,583

At 31 October 2024

116,076

32,500

1,953,940

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

Trade debtors

1,125,969

479,007

Other debtors

53,656

85,736

1,179,625

564,743

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

Bank loans and overdrafts

100,984

Trade creditors

468,261

403,253

Taxation and social security

174,877

200,865

Other creditors

252,993

29,112

997,115

734,214

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.10.25

31.10.24

£

Bank loans

418,496

518,672

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

106,678

140,253

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr P G Innes and his wife.

The company is controlled by the director and his wife who owns 100% of the share capital.