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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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SCORPION OCEANICS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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SCORPION OCEANICS LIMITED |
SCORPION OCEANICS LIMITED (REGISTERED NUMBER: 03097009) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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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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SCORPION OCEANICS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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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 |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
SCORPION OCEANICS LIMITED (REGISTERED NUMBER: 03097009) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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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 | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account 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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SCORPION OCEANICS LIMITED (REGISTERED NUMBER: 03097009) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Scorpion Oceanics Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Critical accounting judgements and key sources of estimation uncertainty |
Tangible fixed assets: |
assets are depreciated over their expected useful lives taking into consideration residual values,where appropriate. The actual lives of the assets and residual values are assessed and amended when necessary to reflect the current estimates based on economic utilization and physical condition of the assets. |
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Doubtful debts: |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing |
impairment of trade debtors , management considers factors including the current credit rating of the debtor, |
the ageing of the debtor and historical experience regarding payment history. |
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Stock obsolescence: |
An estimate is made by management relating to stock that may have become obsolete. This is based on stock items that have been included in stock for a period greater than 24 months and where appropriate items that have not moved within the last 6 months. |
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Turnover |
Turnover represents the fair value of consideration received or receivable in relation to the sale of underwater cable and connectors for the offshore and nuclear industries excluding, trade discounts and value added tax. |
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Revenue is usually recognised on dispatch unless there goods are manufactured and remain on site until required by the customer in which instance revenue is recognised once the right to consideration has been earnt through fulfilment of contractual obligations. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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The asset's residual values and useful lives are reviewed, and adjusted, if appropriate at the end of each reporting period. The changes are accounted for prospectively. |
SCORPION OCEANICS LIMITED (REGISTERED NUMBER: 03097009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks consist of finished goods and goods held for resale, and are stated at the lower of cost and net realisable value. Net realisable value is based on estimated normal selling price, less further costs expected to be incurred to disposal. Provision is made for slow moving or defective items where appropriate. |
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Work in progress is valued at selling price less an estimated gross margin. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates an Employer-Financed Retirement Benefits Scheme for key employees, which provides benefits on a money purchase basis. The assets of the scheme are held separately from those of the company. The contributions payable are charged to the profit and loss account. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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SCORPION OCEANICS LIMITED (REGISTERED NUMBER: 03097009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
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 |
The following operating lease payments are committed to be paid: | 2018 | 2017 |
£ | £ |
Land and buildings | 43,400 | 43,400 |
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Other operating leases | 4,820 | 8,995 |
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Amounts payable in connection with land and buildings are payable on a rolling 12 month basis. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 750 | 750 |
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Ordinary 'A' | £1 | 1 | 1 |
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Ordinary 'B' | £1 | 1 | 1 |
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Ordinary 'C' | £1 | 1 | 1 |
753 | 753 |
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10. | RESERVES |
Retained |
earnings |
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At 1 January 2019 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2019 |
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SCORPION OCEANICS LIMITED (REGISTERED NUMBER: 03097009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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11. | 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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12. | RELATED PARTY DISCLOSURES |
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Scorpion Oceanics Ltd was charged £421,500 (2018: £414,905) in relation to management fees by a company which holds a particpating interest. The balance within other creditors at the balance sheet date, due in less than one year is £50,000 (2018: nil). |
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Shown within amounts due to group undertakings within creditors is a balance of £250,284 (2018: £108,543 debtor balance) due to a company which holds a participating interest in the share capital of Scorpion Oceanics Ltd. |
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Key Management Personal: |
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The amount of remuneration paid to key management personnel during the year amounted to £114,737 (2018: £135,195). |