REGISTERED NUMBER: 07006833 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

AGM DRILLING SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A G Melody

REGISTERED OFFICE:

Rose Cottage

Main Street

Great Hatfield

Hull

HU11 4US

REGISTERED NUMBER:

07006833 (England and Wales)

ACCOUNTANTS:

Sowerby

Chartered Accountants

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

FIXED ASSETS

Tangible assets

4

3,747

4,370

Investments

5

296,949

286,818

300,696

291,188

CURRENT ASSETS

Debtors

6

51

1,788

Cash at bank and in hand

72,000

108,712

72,051

110,500

CREDITORS

Amounts falling due within one year

7

1,802

11,282

NET CURRENT ASSETS

70,249

99,218

TOTAL ASSETS LESS CURRENT LIABILITIES

370,945

390,406

PROVISIONS FOR LIABILITIES

3,489

1,564

NET ASSETS

367,456

388,842

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

367,356

388,742

SHAREHOLDERS' FUNDS

367,456

388,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 14 June 2018 and were signed by:

A G Melody - Director

1.	STATUTORY INFORMATION

AGM Drilling Services Limited is a private company limited by shares and incorporated and domiciled in England. It has its

registered office and principal place of business at Rose Cottage, Main Street, Great Hatfield, Hull, HU11 4US.

The principal activity of the company is that of services to oil and gas extraction.

The presentational currency of the financial statements is Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going

concern basis of accounting is appropriate as, in the opinion of the director, there are no material uncertainties related to

events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover

Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or

receivable. Turnover excludes value added tax and trade discounts.

Turnover from services is recognised on completion of service, or when those services span the year end date, by

reference to the stage of completion at the balance sheet date.

Tangible fixed assets

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

Plant and machinery etc

-

33% on reducing balance and 10% on cost

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the

statement of comprehensive income because of items of income or expense that are taxable or deductible in other years

and items that are never taxable or deductible. The Company's liability for the current tax is calculated using tax rates that

have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial

statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally

recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary

differences to the extent that it is probable that taxable profits will be available against which those deductible timing

differences can be utilised. The carrying amount of deferred tax is reviewed at the end of each reporting period and

reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the

asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the

liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted or substantively

enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in

other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other

comprehensive income or directly in equity respectively.

Fixed asset investments

Fixed asset investments comprise listed shares and bonds. The assets are initially recognised at cost. Thereafter, the

investments are stated at market value, with any gains and deferred tax arising on the revaluation being taken to the profit

and loss account in the year in which the gain has occurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

5,525

DEPRECIATION

At 1 April 2017

1,155

Charge for year

623

At 31 March 2018

1,778

NET BOOK VALUE

At 31 March 2018

3,747

At 31 March 2017

4,370

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2017

286,818

Revaluations

10,131

At 31 March 2018

296,949

NET BOOK VALUE

At 31 March 2018

296,949

At 31 March 2017

286,818

Cost or valuation at 31 March 2018 is represented by:

Other

investments

£

Valuation in 2017

7,818

Valuation in 2018

10,131

Cost

279,000

296,949

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

51

1,788

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

18

9,984

Other creditors

1,784

1,298

1,802

11,282

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £29,000 (2017 - £40,000) were paid to the director .

At the balance sheet date, the company owed its director £240 (2017: the director owed an amount of £1,760 to the

company).

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A G Melody.