REGISTERED NUMBER: SC205389 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

AG OIL & GAS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A G Gauld

SECRETARY:

Mrs R M Gauld

REGISTERED OFFICE:

Wickerinn

Raemoir Road

Banchory

Aberdeenshire

AB31 5QX

REGISTERED NUMBER:

SC205389 (Scotland)

ACCOUNTANTS:

Bon Accord Accountancy Limited

71 Charleston Road North

Cove

Aberdeen

Aberdeenshire

AB21 3SZ

FIXED ASSETS

Tangible assets

4

1,691

2,813

Investments

5

336,004

311,028

337,695

313,841

CURRENT ASSETS

Debtors

6

441

57,703

Cash at bank

225,388

286,256

225,829

343,959

CREDITORS

Amounts falling due within one year

7

21,306

58,260

NET CURRENT ASSETS

204,523

285,699

TOTAL ASSETS LESS CURRENT LIABILITIES

542,218

599,540

PROVISIONS FOR LIABILITIES

338

563

NET ASSETS

541,880

598,977

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

541,870

598,967

SHAREHOLDERS' FUNDS

541,880

598,977

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 6 December 2017 and were signed by:

A G Gauld - Director

1.	STATUTORY INFORMATION

AG Oil & Gas 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.

Turnover

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

value added tax and other sales taxes.

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 cost and 25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

7,785

Additions

1,365

At 31 March 2017

9,150

DEPRECIATION

At 1 April 2016

4,972

Charge for year

2,487

At 31 March 2017

7,459

NET BOOK VALUE

At 31 March 2017

1,691

At 31 March 2016

2,813

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

311,028

Additions

24,976

At 31 March 2017

336,004

NET BOOK VALUE

At 31 March 2017

336,004

At 31 March 2016

311,028

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

-

37,608

Other debtors

441

20,095

441

57,703

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

2,447

2,925

Taxation and social security

17,364

53,545

Other creditors

1,495

1,790

21,306

58,260