Company registration number SC252775 (Scotland)
ABDIVE OFFSHORE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ABDIVE OFFSHORE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ABDIVE OFFSHORE SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
935,233
785,266
Current assets
Cash at bank and in hand
1
1
Creditors: amounts falling due within one year
6
(67)
(67)
Net current liabilities
(66)
(66)
Net assets
935,167
785,200
Capital and reserves
Called up share capital
7
1
1
Profit and loss account - Non-distributable
8
935,166
785,199
Total equity
935,167
785,200
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 October 2022 and are signed on its behalf by:
A R McLaughlin
Director
Company Registration No. SC252775
ABDIVE OFFSHORE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Abdive Offshore Services Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Morton Fraser LLP, 5th Floor Quartermile Two, Lister Square, Edinburgh, EH3 9GL.
1.1
Reporting period
The period covered by these financial statements is the period 1 December 2021 to 31 March 2022, having been shortened to align the accounting period end to that of the fiscal year.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention,as modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade for they foreseeable future. The future of the company is dependent upon the continued support of creditors. The director is of the opinion that it is appropriate to prepare the financial statements on a going concern basis.
true
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to
profit
or
loss
as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in
profit
or
loss,
or a loss exceeds the accumulated gains recognised in equity
;
such gains and loss are recognised in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ABDIVE OFFSHORE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
2
2
3
Interest receivable and similar income
2022
2021
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
9,000
36,685
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
935,233
785,266
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 August 2021
785,266
Valuation changes
149,967
At 31 March 2022
935,233
Carrying amount
At 31 March 2022
935,233
At 31 July 2021
785,266
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
A M Properties (Bonnyrigg) Limited
Scotland
Activities of real estate investment trusts
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
ABDIVE OFFSHORE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
5
Subsidiaries
(Continued)
- 4 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
A M Properties (Bonnyrigg) Limited
935,233
246,928
6
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
67
67
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 25p each
4
4
1
1
8
Profit and loss account - non-distributable
2022
2021
£
£
At the beginning of the period
785,199
860,000
Revaluation of Investment in subsidiary
149,967
(74,801)
At the end of the period
935,166
785,199
9
Related party transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.