OILDEOLOGY LTD Accounts filed on 31-03-2014
OILDEOLOGY LTD Accounts filed on 31-03-2014
OILDEOLOGY LTD
Company Registration Number:
08581818 (England and Wales)
Abbreviated (Unaudited) Accounts
Period of accounts
Start date: 24th June 2013
End date: 31st March 2014
SUBMITTED
OILDEOLOGY LTD
Company Information
for the Period Ended
31st March 2014
Director: |
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Registered office: |
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Company Registration Number: |
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OILDEOLOGY LTD
Abbreviated Balance sheet
As at 31st March 2014
Notes | 2014 £ |
£ |
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Current assets | |||
Cash at bank and in hand: |
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- | |
Total current assets: |
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- | |
Creditors | |||
Creditors: amounts falling due within one year |
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- | |
Net current assets (liabilities): | ( |
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Total assets less current liabilities: | ( |
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Total net assets (liabilities): | ( |
- |
The notes form part of these financial statements
OILDEOLOGY LTD
Abbreviated Balance sheet
As at 31st March 2014
continued
Notes | 2014 £ |
£ |
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Capital and reserves | |||
Called up share capital: | 2 |
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- |
Profit and Loss account: | ( |
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Total shareholders funds: | ( |
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The financial statements were approved by the Board of Directors on
SIGNED ON BEHALF OF THE BOARD BY:
Name: Youlia Ouzounova
Status: Director
The notes form part of these financial statements
OILDEOLOGY LTD
Notes to the Abbreviated Accounts
for the Period Ended
31st March 2014
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1. Accounting policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008) Turnover policy
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts. Tangible fixed assets depreciation policy
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. Freehold buildings - 2% on cost or revalued amounts, Plant and Machinery - 15% on cost, Fixtures and fittings - 10% on cost, Motor vehicles - 25% on cost. Intangible fixed assets amortisation policy
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. Valuation information and policy
Stocks and work -in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Other accounting policies
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Research and Development Expenditure on research and development is written off in the year in which it is incurred. 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. Deferred taxation is calculated at the rates of tax that are expected to apply in the periods when the timing differences will reverse and has not been discounted.