Company Registration No. SC584564 (Scotland)
RADICO ENERGY SOLUTIONS II LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
RADICO ENERGY SOLUTIONS II LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
Notes
£
£
Current assets
Debtors
3
23,040
Cash at bank and in hand
6,711
29,751
Creditors: amounts falling due within one year
4
(21,291)
Net current assets
8,460
Capital and reserves
Called up share capital
5
120
Profit and loss reserves
8,340
Total equity
8,460
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 period 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 by the board of directors and authorised for issue on 24 September 2019 and are signed on its behalf by:
Mr Andrew Thomson
Director
Company Registration No. SC584564
RADICO ENERGY SOLUTIONS II LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Radico Energy Solutions II Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
1.1
Accounting convention
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
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company was incorporated on 29 December 2017 and commenced trading on 3 February 2018.
1.3
Turnover
T
urnover comprises the invoiced value of
the provision of services to the oil and gas industry provided
by the company, net of Value Added Tax and trade discounts.
1.4
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.5
Taxation
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.
1.6
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 fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 4.
RADICO ENERGY SOLUTIONS II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 3 -
3
Debtors
2019
Amounts falling due within one year:
£
Trade debtors
9,214
Other debtors
120
Prepayments and accrued income
13,706
23,040
4
Creditors: amounts falling due within one year
2019
£
Trade creditors
8,280
Corporation tax
1,991
Other taxation and social security
4,085
Other creditors
5,025
Accruals and deferred income
1,910
21,291
5
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
120 Ordinary shares of £1 each
120
During the period, the company issued
120
Ordinary shares of £1 each for a consideration of £
120
. The purpose of this allotment was to raise the initial share capital of the company.