REGISTERED NUMBER: SC218980 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

AC & DC LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A W Cameron

Mrs D M Cameron

SECRETARY:

Mrs D M Cameron

REGISTERED OFFICE:

Aldersyde

Dell Road

Nethybridge

Inverness-shire

PH25 3DG

REGISTERED NUMBER:

SC218980 (Scotland)

ACCOUNTANTS:

MacKenzie Kerr Limited

65 High Street

Grantown on Spey

Moray

PH26 3EG

FIXED ASSETS

Tangible assets

4

12,995

17,420

CURRENT ASSETS

Debtors

5

1,587

10,019

Cash at bank

14,541

24,458

16,128

34,477

CREDITORS

Amounts falling due within one year

6

21,175

25,672

NET CURRENT (LIABILITIES)/ASSETS

(5,047

)

8,805

TOTAL ASSETS LESS CURRENT LIABILITIES

7,948

26,225

PROVISIONS FOR LIABILITIES

7

2,469

-

NET ASSETS

5,479

26,225

CAPITAL AND RESERVES

Allotted, called up and fully

paid share capital

2

2

Retained earnings

-distributable

5,477

26,223

SHAREHOLDERS' FUNDS

5,479

26,225

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 1 February 2018 and were signed on its behalf by:

Mr A W Cameron - Director

Mrs D M Cameron - Director

1.	STATUTORY INFORMATION

AC & DC Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015 and these are the first

statements that comply with FRS 102.

No transitional adjustments were required in equity or profit or loss for the year.

At the balance sheet date, the company had net current liabilities totalling £5,047. However, the directors

have agreed to subordinate their loans in favour of the other creditors and confirmed that they will ensure

that adequate funds will be made available to meet third party liabilities as they fall due and as a result,

they still consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover represents revenue earned, excluding value added tax, under a wide variety of contracts

providing oilfield technical testing and analysis services to third parties.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in

exchange for its performance under those contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Fixed assets are stated at cost, being purchase price, less accumulated depreciation.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for

the current or past reporting periods. It is measured at the amount expected to be paid or recovered using

the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with

certain exceptions. Timing differences are differences between taxable profits and total comprehensive

income as stated in the financial statements that arise from the inclusion of income and expense in tax

assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by

the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on

revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and

allowances that apply to the sale of the asset.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

and 31 May 2017

24,662

DEPRECIATION

At 1 June 2016

7,242

Charge for year

4,425

At 31 May 2017

11,667

NET BOOK VALUE

At 31 May 2017

12,995

At 31 May 2016

17,420

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,587

10,019

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

18,795

22,686

Other creditors

2,380

2,986

21,175

25,672

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

2,469

-

Deferred

tax

£

Provided during year

2,469

Balance at 31 May 2017

2,469

The deferred tax balance consists of accelerated capital allowances.