Company Registration No. 06426895 (England and Wales)
BLUEBACK RESERVOIR LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2013
BLUEBACK RESERVOIR LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
BLUEBACK RESERVOIR LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2013
31 December 2013
- 1 -
2013
2012
Notes
£
£
£
£
Fixed assets
Tangible assets
2
39,753
37,855
Current assets
Debtors
2,008,456
1,166,435
Cash at bank and in hand
120,759
171,830
2,129,215
1,338,265
Creditors: amounts falling due within one year
(838,332)
(604,982)
Net current assets
1,290,883
733,283
Total assets less current liabilities
1,330,636
771,138
Capital and reserves
Called up share capital
3
20,000
20,000
Profit and loss account
1,310,636
751,138
Shareholders' funds
1,330,636
771,138
For the financial year ended 31 December 2013 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
Approved by the Board for issue on 17 July 2014
Mr M Sutherland
Director
Company Registration No. 06426895
BLUEBACK RESERVOIR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2013
- 2 -
1
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 April 2008).
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.
1.4
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.5
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:
Fixtures, fittings & equipment
33.30% straight line
1.6
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.7
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.
BLUEBACK RESERVOIR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2013
64,137
Additions
21,912
At 31 December 2013
86,049
Depreciation
At 1 January 2013
26,282
Charge for the year
20,014
At 31 December 2013
46,296
Net book value
At 31 December 2013
39,753
At 31 December 2012
37,855
3
Share capital
2013
2012
£
£
Allotted, called up and fully paid
20,000 Ordinary shares of £1 each
20,000
20,000
4
Ultimate parent company
The ultimate parent company is Blueback Reservoir AS, a company registered in Norway.
Blueback Reservoir AS prepares group financial statements and copies can be obtained from - Prof.Olav Hanssensvei 7, P.O. Box 8034, 4068 Stavanger, Norway.
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