SUBSURFACE_HOLDINGS_LTD - Accounts


Company registration number SC733274 (Scotland)
SUBSURFACE HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
SUBSURFACE HOLDINGS LTD
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 5
SUBSURFACE HOLDINGS LTD
COMPANY INFORMATION
- 1 -
Directors
Mr Robert Gorman
(Appointed 23 May 2022)
Mr Alan Green
(Appointed 23 May 2022)
Mr John MacSween
(Appointed 23 May 2022)
Mr John McCarroll
(Appointed 23 May 2022)
Mr James McPherson
(Appointed 23 May 2022)
Mr Benjamin Potter
(Appointed 23 May 2022)
Mr Benjamin Sharples
(Appointed 23 May 2022)
Mr Adam Young
(Appointed 23 May 2022)
Mr C Robertson
(Appointed 23 May 2022)
Company number
SC733274
Registered office
200 Old Dalmarnock Road
Glasgow
Scotland
G40 4DW
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
SUBSURFACE HOLDINGS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
Notes
£
£
Fixed assets
Investments
3
2,000,000
Current assets
Cash at bank and in hand
80
Creditors: amounts falling due within one year
4
(2,004,814)
Net current liabilities
(2,004,734)
Net liabilities
(4,734)
Capital and reserves
Called up share capital
5
80
Profit and loss reserves
(4,814)
Total equity
(4,734)

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 December 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.

The 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 20 December 2023 and are signed on its behalf by:
Mr John McCarroll
Director
Company Registration No. SC733274
SUBSURFACE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Subsurface Holdings Ltd is a private company limited by shares incorporated in Scotland. The registered office is 200 Old Dalmarnock Road, Glasgow, Scotland, G40 4DW. The company's registration number is SC733274.

1.1
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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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.

1.4
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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SUBSURFACE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Total
-
0
3
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
2,000,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 23 May 2022
-
Additions
2,000,000
At 31 December 2022
2,000,000
Carrying amount
At 31 December 2022
2,000,000
SUBSURFACE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 5 -
4
Creditors: amounts falling due within one year
2022
£
Amounts owed to group undertakings
1,350,000
Other creditors
654,814
2,004,814
5
Called up share capital
2022
£
Ordinary share capital
Issued and fully paid
80 A Ordinary shares of £1
80

On the 23rd May 2022 the company issued 40 "A" Ordinary Shares and 40 "B" Ordinary Shares at £1 par value to assist with the working capital of the business.

 

The 40 "B" Ordinary shares were subsequently converted into "A" Ordinary Shares on the 14th December 2022.

 

6
Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under the provision of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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