Moorhouse Petroleum Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02967598 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

FOR

MOORHOUSE PETROLEUM LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

R A Sands

J R Sands

SECRETARY:

W S Sands

REGISTERED OFFICE:

Moor House

Bessingby Way

Bessingby Industrial Estate

BRIDLINGTON

East Yorkshire

YO16 4SJ

REGISTERED NUMBER:

02967598 (England and Wales)

ACCOUNTANTS:

Lloyd Dowson Limited

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

BANKERS:

HSBC Bank plc

1 King Street

Bridlington

East Yorkshire

YO15 2DL

FIXED ASSETS

Tangible assets

2

700,715

656,320

Investments

3

9,226

8,844

Investment property

4

403,337

1,113,278

1,068,501

CURRENT ASSETS

Stocks

429,960

312,034

Debtors

894,842

292,850

Cash at bank

409,841

597,551

1,734,643

1,202,435

CREDITORS

Amounts falling due within one year

5

511,050

335,851

NET CURRENT ASSETS

1,223,593

866,584

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,336,871

1,935,085

CREDITORS

Amounts falling due after more than one
year

5

(234,043

)

(327,248

)

PROVISIONS FOR LIABILITIES

(74,216

)

(64,687

)

NET ASSETS

2,028,612

1,543,150

CAPITAL AND RESERVES

Called up share capital

6

1,000

Profit and loss account

2,027,612

1,542,150

SHAREHOLDERS' FUNDS

2,028,612

1,543,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 January 2017 and were signed on its behalf by:

R A Sands - Director

J R Sands - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced oil drilling consultancy services, equipment rentals and property rentals.

Tangible fixed assets and investment properties

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property

-

2% on cost

Leasehold improvements

-

10% on cost

Plant, machinery and equipment

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles and heavy plant

-

25% on reducing balance

Office equipment

-

10% on reducing balance

Investment properties are reviewed on an annual basis and revalued, where appropriate, so that they are shown

on the balance sheet at their open market value. The valuations are carried out by the company directors. In

accordance with Statement of Accounting Practice Number 19, depreciation is only provided in respect of a

permanent fall in value of the company's investment properties. These properties are held for their investment

potential and the directors consider that the adoption of this policy is necessary in order to give a true and fair

view.

Stocks

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Fixed asset investment

Fixed asset investments are stated at cost.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

943,116

Additions

120,305

At 30 September 2016

1,063,421

DEPRECIATION

At 1 October 2015

286,796

Charge for year

75,910

At 30 September 2016

362,706

NET BOOK VALUE

At 30 September 2016

700,715

At 30 September 2015

656,320

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 October 2015

8,844

Additions

382

At 30 September 2016

9,226

NET BOOK VALUE

At 30 September 2016

9,226

At 30 September 2015

8,844

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 October 2015

and 30 September 2016

403,337

NET BOOK VALUE

At 30 September 2016

403,337

At 30 September 2015

403,337

In the opinion of the directors there is no material difference between the historical cost and market value of the

investment property.

5.

CREDITORS

Creditors include an amount of £ 249,548 (30.9.15 - £ 348,948 ) for which security has been given.

They also include the following debts falling due in more than five years:

30.9.16

30.9.15

£

Repayable by instalments

163,342

239,428

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.16

30.9.15

value:

£

1,000

Ordinary

£1

1,000