Red Rock Geoscience Limited - Period Ending 2016-03-31

Registration number: 07503027

Red Rock Geoscience Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

Red Rock Geoscience Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Red Rock Geoscience Limited
(Registration number: 07503027)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			34,000			48,027
Tangible fixed assets		2			34,362			47,772
					68,362			95,799
Current assets
Debtors					264,119			279,042
Cash at bank and in hand					64,756			196,010
					328,875			475,052
Creditors: Amounts falling due within one year					(169,050)			(251,674)
Net current assets					159,825			223,378
Total assets less current liabilities					228,187			319,177
Creditors: Amounts falling due after more than one year					-			(1,512)
Provisions for liabilities					(5,610)			(9,253)
Net assets					222,577			308,412
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					222,575			308,410
Shareholders' funds					222,577			308,412

For the year ending 31 March 2016 the company was entitled to exemption from audit 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 directors acknowledge their 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 19 September 2016 and signed on its behalf by:

Dr P N Arnold
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Red Rock Geoscience Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of services provided to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	5 years straight line

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	20% Straight line basis
Plant and Machinery	33% Straight line basis
Motor Vehicles	20% Straight line basis

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.

Page 2

Red Rock Geoscience Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		90,135			75,558			165,693
Additions		5,000			5,239			10,239
At 31 March 2016		95,135			80,797			175,932
Depreciation
At 1 April 2015		42,108			27,786			69,894
Charge for the year		19,027			18,649			37,676
At 31 March 2016		61,135			46,435			107,570
Net book value
At 31 March 2016		34,000			34,362			68,362
At 31 March 2015		48,027			47,772			95,799

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		2,207			26,683
Amounts falling due after more than one year		-			1,512
Total secured creditors		2,207			28,195

Page 3

Red Rock Geoscience Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 4