Registered Number SC166205
DRG OFFSHORE ENGINEERING SERVICES LTD.
Abbreviated Accounts
31 March 2016
Notes | 2016 | 2015 | |
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Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Boats - 10% reducing balance
Boat improvements - 10% reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on cost
Other accounting policies
The directors have considered a period of at least twelve months from the date on which these financial statements have been signed and, having considered all relevant information available to them, believe it is appropriate to prepare financial statements on a going concern basis.
Cash Flow
The financial statements do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015)
Deferred Taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of the gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse
Deferred tax assets and liabilities are not discounted.Foreign Currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and Loss account.
1. Related Party transaction
Included within other creditors is a balance due to D Ross Goldie of £139571 (2015- £70,119). During the year the director with drew £26500 (2015- £31,500) from the company, paid expenses totalling £14,028 (2015- £5,718) on behalf of the director. A salary of £8,400 (2015 - £8,400) was credited to his account during the year. The Loan is interest free and there are no fixed repayment terms.
Included within other debtors is an amount due from the Adcentiv Media Communications Limited totalling £66,000 (2015- £66,000). During the year Adcentiv Media Communications was advanced £nil (2015 - £4,915) and repaid £nil (2015 - £4,915). D Ross Goldie is both a director and a shareholder in this company. This balance is interest free and has no fixed repayment terms.
Also included in other debtors is an amount due from Adcentiv Media Retail Limited totalling £70,987 (2015 - £nil). D Ross Goldie is both a director and a shareholder in this company. This balance is interest free and has no fixed repayment terms.
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
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At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 94,988 |
At 31 March 2015 | 71,297 |