ABERDEEN DRILLING MANAGEMENT LIMITED - Period Ending 2016-04-30

ABERDEEN DRILLING MANAGEMENT LIMITED

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016

Mint Strategies Ltd t/a Mint Accounting
56 King Street
Aberdeen
AB24 5AX

ABERDEEN DRILLING MANAGEMENT LIMITED
Contents

Accountants' Report

Abbreviated Balance Sheet

2 to 3

Notes to the Abbreviated Accounts

4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
ABERDEEN DRILLING MANAGEMENT LIMITED
for the Year Ended 30 April 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ABERDEEN DRILLING MANAGEMENT LIMITED for the year ended 30 April 2016 set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of ABERDEEN DRILLING MANAGEMENT LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of ABERDEEN DRILLING MANAGEMENT LIMITED and state those matters that we have agreed to state to them, as a body, in this report . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ABERDEEN DRILLING MANAGEMENT LIMITED and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that ABERDEEN DRILLING MANAGEMENT LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of ABERDEEN DRILLING MANAGEMENT LIMITED. You consider that ABERDEEN DRILLING MANAGEMENT LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of ABERDEEN DRILLING MANAGEMENT LIMITED. 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 accounts.

......................................

Mint Strategies Ltd t/a Mint Accounting
56 King Street
Aberdeen
AB24 5AX

18 January 2017

Page 1

ABERDEEN DRILLING MANAGEMENT LIMITED
(Registration number: SC202704)
Abbreviated Balance Sheet at 30 April 2016

	Note	2016 £	2015 £
Fixed assets
Intangible fixed assets		-	8,373
Tangible fixed assets		3,108	31,170
		3,108	39,543
Current assets
Debtors		17,169	87,112
Cash at bank and in hand		3,230	53,533
		20,399	140,645
Creditors: Amounts falling due within one year		(78,018)	(156,867)
Net current liabilities		(57,619)	(16,222)
Net (liabilities)/assets		(54,511)	23,321
Capital and reserves
Called up share capital	3	715	501
Share premium account		4,786	-
Profit and loss account		(60,012)	22,820
Shareholders' (deficit)/funds		(54,511)	23,321

For the year ending 30 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 18 January 2017 and signed on its behalf by:

.........................................
Leslie McKay
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

ABERDEEN DRILLING MANAGEMENT LIMITED
(Registration number: SC202704)
Abbreviated Balance Sheet at 30 April 2016
......... continued

.........................................
Robert MacAndrew
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

ABERDEEN DRILLING MANAGEMENT LIMITED
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

As at the balance sheet date, the company's liabilities exceeded its assets by £54,511 (2015 -£23,321).. The company meets its day to day working capital requirements from sales income and a directors loan. The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to amend the balance sheet values to their recoverable amounts and to provide for further liabilities that may arise. The directors believe that the financial statements should be prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Software licences	25% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	40% reducing balance and 25% straight line
Fixtures and fittings	25% straight line
Tenants improvements	20% straight line
Motor vehicles	20% straight line

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 4

ABERDEEN DRILLING MANAGEMENT LIMITED
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 May 2015	33,500	94,397	127,897
Disposals	-	(30,423)	(30,423)
At 30 April 2016	33,500	63,974	97,474
Depreciation
At 1 May 2015	25,127	63,227	88,354
Charge for the year	8,373	3,202	11,575
Eliminated on disposals	-	(5,563)	(5,563)
At 30 April 2016	33,500	60,866	94,366
Net book value
At 30 April 2016	-	3,108	3,108
At 30 April 2015	8,373	31,170	39,543

3	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary shares of £0.05 each		14,257	713		9,980	499
Preference shares of £0.05 each		40	2		40	2
		14,297	715		10,020	501

Page 5

ABERDEEN DRILLING MANAGEMENT LIMITED
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

New shares allotted

During the year 4,277 Ordinary shares having an aggregate nominal value of £214 were allotted for an aggregate consideration of £5,000.

Redeemable preference shares

The preference shares are redeemable at the option of the company or holder. They are redeemable at £1,375 per share and carry the same voting rights as all classes of share. On a winding up of the company the holders of the shares have a right to receive the first £110,000 divided equally between the holders of the preference ordinary shares with the remainder divided among the holders of all the issued shares in each class in proportion to the nominal amount paid up.

Each ordinary preference share shall carry the right to an annual cumulative net cash dividend of an amount equal to 2.5% over the base rate of the Bank of Scotland from time to time on £55,000; such dividend accruing on a daily basis and being paid quarterly on 31 March, 30 June, 30 September and 31 December in each year. In addition each preference ordinary share shall carry the right to such dividend as is paid on each ordinary share.

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Robert MacAndrew
During the year the director provided the company with an interest free loan, which is unsecured, repayable on demand and shown under Other Creditors.	15,346	9,000	10,000	-


Fiona MacAndrew
During the year the director provided the company with an interest free loan, which is unsecured, repayable on demand and shown under Other Creditors.	11,754	300	10,000	-

Page 6