REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2015 TO 31 MARCH 2017 |
FOR |
AGM DRILLING SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 NOVEMBER 2015 TO 31 MARCH 2017 |
FOR |
AGM DRILLING SERVICES LIMITED |
AGM DRILLING SERVICES LIMITED (REGISTERED NUMBER: 07006833) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 November 2015 to 31 March 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
AGM DRILLING SERVICES LIMITED |
COMPANY INFORMATION |
for the Period 1 November 2015 to 31 March 2017 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
AGM DRILLING SERVICES LIMITED (REGISTERED NUMBER: 07006833) |
BALANCE SHEET |
31 March 2017 |
2017 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
AGM DRILLING SERVICES LIMITED (REGISTERED NUMBER: 07006833) |
BALANCE SHEET - continued |
31 March 2017 |
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 |
AGM DRILLING SERVICES LIMITED (REGISTERED NUMBER: 07006833) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 November 2015 to 31 March 2017 |
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 |
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. |
This is the first year in which the financial statements have been prepared under FRS 102. The last financial |
statements prepared under UKGAAP were for the year ended 31 October 2015. The date of transition to FRS |
102 was 1 November 2015. |
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 |
Plant and machinery etc | - |
AGM DRILLING SERVICES LIMITED (REGISTERED NUMBER: 07006833) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 November 2015 to 31 March 2017 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
Change of reporting period |
The client has chosen to extend its reporting period to report to the 31st March 2017 rather than 31 October |
2016. |
The period has been extended since there has been significantly less work performed than in previous years and |
the director considers that bringing the reporting period end in line with the fiscal year end would be beneficial to |
the company. |
As a result of the current period being extended, the comparative amounts presented in these financial statements |
are not entirely comparable, since these reflect a 12 month period as a comparison to a 17 month period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
AGM DRILLING SERVICES LIMITED (REGISTERED NUMBER: 07006833) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 November 2015 to 31 March 2017 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2015 |
Additions |
At 31 March 2017 |
DEPRECIATION |
At 1 November 2015 |
Charge for period |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 October 2015 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 November 2015 |
Additions |
Revaluations |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 October 2015 |
Cost or valuation at 31 March 2017 is represented by: |
Other |
investments |
£ |
Valuation in 2017 | 7,818 |
Cost | 279,000 |
286,818 |
AGM DRILLING SERVICES LIMITED (REGISTERED NUMBER: 07006833) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 November 2015 to 31 March 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2015 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2015 |
£ | £ |
Taxation and social security |
Other creditors |
8. | RELATED PARTY DISCLOSURES |
During the period, total dividends of £40,000 were paid to the director . |
During the period, the company made a loan to its director amounting to £7,500 (2015: £nil). The loan was made |
on an interest free basis and is repayable on demand. |
At the balance sheet date, the director owed an amount of £1,760 to the company (2015: £5,740 owed by to the |
company to the director). |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |