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Aberdeen Drilling Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

Mint Accounting Ltd
56 King Street
Aberdeen
AB24 5AX

Aberdeen Drilling Management Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 14

Aberdeen Drilling Management Ltd

Company Information

Directors

Leslie McKay Robert MacAndrew Fiona MacAndrew Dr Clive Ninnes Scott Ewen

Registered office

Johnstone House 52-54 Rose Street Aberdeen AB10 1HA

Accountants

Mint Accounting Ltd 56 King Street Aberdeen AB24 5AX

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Aberdeen Drilling Management Ltd
for the Year Ended 30 April 2017

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 Ltd for the year ended 30 April 2017 as set out on pages 3 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com/members/.

This report is made solely to the Board of Directors of Aberdeen Drilling Management Ltd, 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 Ltd and state those matters that we have agreed to state to the Board of Directors of Aberdeen Drilling Management Ltd, as a body, in this report in accordance with CIMA. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aberdeen Drilling Management Ltd 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 Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Aberdeen Drilling Management Ltd. You consider that Aberdeen Drilling Management Ltd 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 Ltd. 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 Accounting Ltd
56 King Street
Aberdeen
AB24 5AX

30 January 2018

Page 2

Aberdeen Drilling Management Ltd

(Registration number: SC202704)
Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,572	3,108
Current assets
Debtors	5	88,354	17,169
Cash at bank and in hand		5,390	3,229
		93,744	20,398
Creditors: Amounts falling due within one year	6	(66,937)	(20,217)
Net current assets		26,807	181
Total assets less current liabilities		28,379	3,289
Creditors: Amounts falling due after more than one year	6	(45,124)	(57,800)
Net liabilities		(16,745)	(54,511)
Capital and reserves
Called up share capital		715	715
Share premium reserve		4,786	4,786
Profit and loss account		(22,246)	(60,012)
Total equity		(16,745)	(54,511)

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 14 form an integral part of these financial statements.

Page 3

Aberdeen Drilling Management Ltd

(Registration number: SC202704)
Balance Sheet as at 30 April 2017

Approved and authorised by the Board on 30 January 2018 and signed on its behalf by:
 

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

Leslie McKay

Director

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

Robert MacAndrew

Director

The notes on pages 5 to 14 form an integral part of these financial statements.

Page 4

Aberdeen Drilling Management Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in Scotland.

The address of its registered office is:
Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA

These financial statements were authorised for issue by the Board on 30 January 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

As at the balance sheet date, the company's liabilities exceeded its assets by £16,745 (2016 £54,511). The company meets its day to day working capital requirements from sales income and directors' loans. 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Page 5

Aberdeen Drilling Management Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

Asset class	Depreciation method and rate
Office equipment	25% straight line
Fixtures and fittings	25% straight line
Office improvements	33% straight line

Amortisation

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

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 6

Aberdeen Drilling Management Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 prroportion 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.

Page 7

Aberdeen Drilling Management Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

3	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 May 2016	33,500	33,500
At 30 April 2017	33,500	33,500
Amortisation
At 1 May 2016	33,500	33,500
At 30 April 2017	33,500	33,500
Carrying amount
At 30 April 2017	-	-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

Page 8

Aberdeen Drilling Management Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 May 2016	61,587	2,387	63,974
Additions	250	-	250
At 30 April 2017	61,837	2,387	64,224
Depreciation
At 1 May 2016	58,479	2,387	60,866
Charge for the year	1,786	-	1,786
At 30 April 2017	60,265	2,387	62,652
Carrying amount
At 30 April 2017	1,572	-	1,572
At 30 April 2016	3,108	-	3,108

5

Debtors

	2017 £	2016 £
Trade debtors	70,931	3,386
Other debtors	17,423	13,783
Total current trade and other debtors	88,354	17,169

6

Creditors

Page 9

Aberdeen Drilling Management Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	9,370	-
Trade creditors		55,944	10,400
Taxation and social security		488	1,325
Other creditors		1,135	8,492
		66,937	20,217
Due after one year
Loans and borrowings	7	45,124	57,800