Company No:
Contents
DIRECTORS | David Norman Lumsden |
Nicola Jane Lumsden | |
REGISTERED OFFICE | 8 Hobshill Close |
Hatton | |
Peterhead | |
AB42 0TU | |
United Kingdom | |
COMPANY NUMBER | SC470805(Scotland) |
ACCOUNTANT | Acumen Accountants & Advisors Limited |
Acumen House | |
Grange Road | |
Peterhead | |
AB42 1WN |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at _http://www.accaglobal.com/rulebook_.
It is your duty to ensure that Oceanographic Technical Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oceanographic Technical Services Ltd. You consider that Oceanographic Technical Services Ltd is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Oceanographic Technical Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountants
Grange Road
Peterhead
AB42 1WN
29.02.2020 | 28.02.2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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0 | 732 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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22,987 | 13,564 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 6,653 | 1,348 | ||
Total assets less current liabilities | 6,653 | 2,080 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors’ responsibilities:
The financial statements of Oceanographic Technical Services Ltd (registered number:
David Norman Lumsden
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Oceanographic Technical Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 8 Hobshill Close, Hatton, Peterhead, AB42 0TU, , United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Oceanographic Technical Services Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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.
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.
Computer equipment, over 25% per year.
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
29.02.2020 | 28.02.2019 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Office equipment | Total | |
£ | £ | |
Cost/Valuation | ||
At 01 March 2019 |
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Disposals | (
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At 29 February 2020 |
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Accumulated depreciation | ||
At 01 March 2019 |
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Disposals | (
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At 29 February 2020 |
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Net book value | ||
At 29 February 2020 |
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At 28 February 2019 |
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29.02.2020 | 28.02.2019 | |
£ | £ | |
Trade debtors |
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Other debtors |
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29.02.2020 | 28.02.2019 | |
£ | £ | |
Cash at bank and in hand |
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4,016 | 9,522 |
29.02.2020 | 28.02.2019 | |
£ | £ | |
Other creditors |
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Corporation tax |
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Other taxation and social security |
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29.02.2020 | 28.02.2019 | |
£ | £ | |
Allotted, called-up and fully-paid | ||
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100 | 100 |
Transactions with the entity's directors
28.02.2019 | 29.02.2020 | |
£ | £ | |
As at 29 February 2020 there was a loan balance due to D Lumsden from the Company | (4) | (170) |
The loan is interest free and there is no fixed repayment date