Registered number
05312007
AB-OVO Drilling Limited
Abbreviated Accounts
31 October 2016
AB-OVO Drilling Limited
Registered number: 05312007
Abbreviated Balance Sheet
as at 31 October 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 84,265 84,728
Current assets
Debtors 30,214 39,968
Cash at bank and in hand 16,094 26,469
46,308 66,437
Creditors: amounts falling due within one year (35,711) (69,435)
Net current assets/(liabilities) 10,597 (2,998)
Total assets less current liabilities 94,862 81,730
Creditors: amounts falling due after more than one year (17,537) (15,179)
Provisions for liabilities (13,138) (12,416)
Net assets 64,187 54,135
Capital and reserves
Called up share capital 3 20,000 20,000
Profit and loss account 44,187 34,135
Shareholder's funds 64,187 54,135
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
C Jones
Director
Approved by the board on 24 July 2017
AB-OVO Drilling Limited
Notes to the Abbreviated Accounts
for the year ended 31 October 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Equipment, fixtures & fittings 20% straight line
Plant and machinery 12.5% straight line
Motor vehicles 12.5% straight line
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Tangible fixed assets £
Cost
At 1 November 2015 234,110
Additions 29,810
At 31 October 2016 263,920
Depreciation
At 1 November 2015 149,382
Charge for the year 30,273
At 31 October 2016 179,655
Net book value
At 31 October 2016 84,265
At 31 October 2015 84,728
3 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 20,000 20,000 20,000
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