Company Registration No. SC310697 (Scotland)
BASE LINE_SURVEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
PAGES FOR FILING WITH REGISTRAR
BASE LINE_SURVEY LIMITED
COMPANY INFORMATION
Director
Mr D W Anderson
Company number
SC310697
Registered office
44 Skene Terrace (Top Left)
Aberdeen
Aberdeenshire
AB10 1RP
Accountants
Cathedral Accountancy Ltd.
4 North Guildry Street
Elgin
Moray
IV30 1JR
Business address
44 Skene Terrace (Top Left)
Aberdeen
Aberdeenshire
AB10 1RP
BASE LINE_SURVEY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
BASE LINE_SURVEY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
5
380
-
Current assets
Inventories
13,725
-
Trade and other receivables
6
190
44,217
Cash at bank and in hand
93,136
38,622
107,051
82,839
Current liabilities
7
(31,149)
(25,267)
Net current assets
75,902
57,572
Total assets less current liabilities
76,282
57,572
Equity
Called up share capital
8
5
5
Retained earnings
76,277
57,567
Total equity
76,282
57,572
The director of the company has elected not to include a copy of the income statement or related notes within the financial statements.
true
For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 25 January 2017
Mr D W Anderson
Director
Company Registration No. SC310697
BASE LINE_SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 2 -
1
Company Information
Base Line_Survey Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
44 Skene Terrace (Top Left), Aberdeen, Aberdeenshire, AB10 1RP.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
pounds sterling
, which is the functional currency of the company
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 October 2016
are the
first
financial statements of Base Line_Survey Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
3
Accounting policies
3.1
Revenue
Turnover represents the value of sales to customers, net of discounts and other payments to customers and excludes VAT. Sales of services are recognised when the company has provided the service to the customer and collectability of the related receivable is reasonably assured.
Revenue from the sale of
services
is recognised when the
services have been provided
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
3.2
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BASE LINE_SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
3
Accounting policies
(Continued)
- 3 -
3.3
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
3.4
Basic financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
3.5
Taxation
The tax expense represents the sum of the tax currently payable .
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
3.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
3.7
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2015 - 2).
BASE LINE_SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 4 -
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 November 2015
5,227
Additions
380
At 31 October 2016
5,607
Depreciation and impairment
At 1 November 2015 and 31 October 2016
5,227
Carrying amount
At 31 October 2016
380
At 31 October 2015
-
6
Trade and other receivables
2016
2015
Amounts falling due within one year:
£
£
Trade receivables
-
44,037
Other receivables
190
180
190
44,217
7
Current liabilities
2016
2015
£
£
Trade payables
79
79
Corporation tax
19,529
21,816
Other taxation and social security
3,727
200
Other payables
7,814
3,172
31,149
25,267
8
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
4 Ordinary shares of £1 each
4
4
1 A Ordinary shares of £1 each
1
1
5
5
BASE LINE_SURVEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 5 -
9
Directors' transactions
At 1 November 2015, the company owed the director, Mr D W Anderson, £1,912. During the year the director met expenses on behalf of the company totalling £12,602 and the company met expenses on behalf of the director of £8,000. At 31 October 2016, the company owed the director £6,514. This loan is interest free and has no fixed terms of repayment.
During the year the company paid dividends of £47,500 (2015 - £32,000) to the director, Mr D W Anderson.