ASB Geophysics Limited - Period Ending 2015-03-31

Registration number: 07526709

ASB Geophysics Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Howard and Co
Monkhurst House Offices
Sandy Cross Lane
Heathfield
East Sussex
TN21 8QR

ASB Geophysics Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

ASB Geophysics Limited
(Registration number: 07526709)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,640			739
Current assets
Debtors					10,503			9,141
Cash at bank and in hand					31,178			22,431
					41,681			31,572
Creditors: Amounts falling due within one year					(13,671)			(13,251)
Net current assets					28,010			18,321
Total assets less current liabilities					29,650			19,060
Provisions for liabilities					(328)			(148)
Net assets					29,322			18,912
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					28,322			17,912
Shareholders' funds					29,322			18,912

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 1 July 2015

.........................................
Mr Anthony BUCKLEY
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

ASB Geophysics Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance
Fixtures and fittings	25% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

ASB Geophysics Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		986			986
Additions		1,447			1,447
At 31 March 2015		2,433			2,433
Depreciation
At 1 April 2014		247			247
Charge for the year		546			546
At 31 March 2015		793			793
Net book value
At 31 March 2015		1,640			1,640
At 31 March 2014		739			739

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Anthony BUCKLEY
	36,468	32,024	34,304	36,652

Page 3