SELECT_OIL_AND_GAS_LIMITE - Accounts

SELECT OFFSHORE LTD - Company Information

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Company Registration No. 08634426 (England and Wales)

SELECT OIL AND GAS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

SELECT OIL AND GAS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SELECT OIL AND GAS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

10,261

397

Current assets

Debtors

246,003

218,504

Cash at bank and in hand

105,812

109,159

351,815

327,663

Creditors: amounts falling due within one year

(351,118)

(298,066)

Net current assets

697

29,597

Total assets less current liabilities

10,958

29,994

Provisions for liabilities

(2,100)

(100)

8,858

29,894

Capital and reserves

Called up share capital

Profit and loss account

8,766

29,802

Shareholders' funds

8,858

29,894

For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 29 August 2016

Mr C R Foster

Mr R Burville

Director

Company Registration No. 08634426

SELECT OIL AND GAS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised from when the service took place.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

2 years straight line

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.6

Foreign currency translation

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.

SELECT OIL AND GAS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 January 2015

794

Additions

10,966

At 31 December 2015

11,760

Depreciation

At 1 January 2015

397

Charge for the year

1,102

At 31 December 2015

1,499

Net book value

At 31 December 2015

10,261

At 31 December 2014

397

Share capital

2015

2014

Allotted, called up and fully paid

90 Ordinary shares of £1 each

1 Ordinary class B shares of £1 each

1 Ordinary class C shares of £1 each