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Financial Statements for the Year Ended 31 December 2021 |
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TI UK Contracting Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2021 |
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for |
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TI UK Contracting Limited |
TI UK Contracting Limited (Registered number: SC134398) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TI UK Contracting Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
145 St Vincent Street |
Glasgow |
G2 5JF |
TI UK Contracting Limited (Registered number: SC134398) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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1,264,825 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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TI UK Contracting Limited (Registered number: SC134398) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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TI UK Contracting Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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In respect of long-term contracts, turnover is calculated using the total contract value and the proportion of progress completed on said contract during the reporting period. This progress is calculated by referring to the cost incurred during the period in relation to the total estimated costs to complete the contracted work. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
TI UK Contracting Limited (Registered number: SC134398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2021 |
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Additions |
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Disposals | ( |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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TI UK Contracting Limited (Registered number: SC134398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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5. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Tay House, 300 Bath Street, Glasgow, G2 4JR |
Nature of business:
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Class of shares: | holding |
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31.12.21 | 31.12.20 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Registered office: 19-16 Dialand 3-chrome, Nagaski 850 0963, Japan. |
Nature of business:
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Class of shares: | holding |
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31.12.21 | 31.12.20 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Registered office: 305 Dongsang-Ro, Onyang-Eup, Ulig-Gun, Ulsan, 689-901, South Korea. |
Nature of business:
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Class of shares: | holding |
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31.12.21 | 31.12.20 |
£ | £ |
Aggregate capital and reserves |
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Loss for the year | ( |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
as restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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TI UK Contracting Limited (Registered number: SC134398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
as restated |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.12.20 |
as restated |
£ | £ |
Within one year |
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Between one and five years |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,312 (2020: £7,309). Contributions totalling £1,663 (2020: £2,647) were payable to the fund at the balance sheet date and are included in creditors. |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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12. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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13. | POST BALANCE SHEET EVENTS |
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After the balance sheet date the ultimate parent company has changed to Ti Con Group Companies Limited. |
TI UK Contracting Limited (Registered number: SC134398) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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14. | ULTIMATE CONTROLLING PARTY |
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The entire share capital of the company is beneficially owned by TI Marine Contracting AS which is incorporated in Norway. |
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The ultimate parent company and controlling party is JF Lehman & Company which is incorporated in the USA. |
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Trident Maritime Systems LLC is the smallest and largest group for which consolidated financial statements are prepared, which include these results. A copy of the consolidated financial statements may be obtained from the registered office: |
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2001 Jefferson Davis Highway |
Suite 1112 |
Arlington, VA 22202 |
USA |