BUCK_GEOPHYSICAL_LIMITED - Accounts

BUCK GEOPHYSICAL LIMITED - Company Information

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Company Registration No. SC477691 (Scotland)

BUCK GEOPHYSICAL LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

BUCK GEOPHYSICAL LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

BUCK GEOPHYSICAL LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2016

- 1 -

2016

2015

Notes

Current assets

Debtors

10,206

1,058

Cash at bank and in hand

2,442

12,648

1,058

Creditors: amounts falling due within one year

(51,678)

(11,384)

Total assets less current liabilities

(39,030)

(10,326)

Capital and reserves

Called up share capital

Profit and loss account

(39,031)

(10,327)

Shareholders' funds

(39,030)

(10,326)

For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 30 September 2016

Mr Nigel Buck

Director

Company Registration No. SC477691

BUCK GEOPHYSICAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

- 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).

The balance sheet reports net liabilities of £39,030. The company has continued to trade profitably since the balance sheet date and is in a position to meet all liabilities, accordingly the director considers it appropriate to prepare these accounts on the going concern basis.

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 services performed in the period . performed in the period.

1.4

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.

Share capital

2016

2015

Allotted, called up and fully paid

1 Ordinary shares of £1 each

Related party relationships and transactions

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr Nigel Buck

846

66,680

67,526

846

66,680

67,526

All loans from the company to the director are interest free and there are no formal repayment terms.