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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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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 | 10 |
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Retained earnings | 11 |
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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 2020 |
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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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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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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 2020 |
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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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss accountprofit and loss account, 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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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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Going concern |
The company has access to considerable financial resources together with long standing relationships with its key suppliers and customers. The Company's business activities, together with the factors likely to affect its future development and financial position, including the impact of Covid 19 are set out in the report of the directors. |
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As a consequence the directors believe the Company is well placed to manage its business risk successfully. After making enquiries, the directors have a more than reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
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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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SCORPION OCEANICS LIMITED (REGISTERED NUMBER: 03097009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
Additions |
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At 31 December 2020 |
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AMORTISATION |
Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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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 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Payments on account |
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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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9. | LEASING AGREEMENTS |
The following operating lease payments are committed to be paid: | 2020 | 2019 |
£ | £ |
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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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
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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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2020 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2020 |
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12. | 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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SCORPION OCEANICS LIMITED (REGISTERED NUMBER: 03097009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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13. | RELATED PARTY DISCLOSURES |
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Scorpion Oceanics Ltd was charged £472,329 (2019: £421,500) in relation to management fees by a company which holds a participating interest. The balance of £472,329 (2019: £50,000) is disclosed in accruals and is due in less than one year. |
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Shown within other creditors is a balance of £530,398 (2019: £250,284 Creditor balance) due to a company which holds a participating interest in the share capital of Scorpion Oceanics Ltd. The amount bears no interest and is repayable on demand. |
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Shown within other debtors is a balance of £819,551 (2019: Nil) due to a company which holds a participating interest in the share capital of Scorpion Oceanics Ltd. The amount bears no interest and is repayable on demand. |
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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 £113,223 (2019: £114,737). |
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14. | POST BALANCE SHEET EVENTS |
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Scorpion Oceanics (Saffron Walden) Ltd, a company which has 33% holding in Scorpion Oceanics Ltd acquired a further 9% interest in the share capital of the company. |