Red Rock Geoscience Limited - Period Ending 2017-03-31
Red Rock Geoscience Limited - Period Ending 2017-03-31
Registration number:
Red Rock Geoscience Limited
for the Year Ended 31 March 2017
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG
Red Rock Geoscience Limited
(Registration number: 07503027)
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Red Rock Geoscience Limited
(Registration number: 07503027)
Company Information
Directors |
Dr P N Arnold Mr A White |
Registered office |
|
Accountants |
|
Page 1 |
Red Rock Geoscience Limited
(Registration number: 07503027)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 2 |
Red Rock Geoscience Limited
(Registration number: 07503027)
Balance Sheet as at 31 March 2017
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Dr P N Arnold
Director
Page 3 |
Red Rock Geoscience Limited
(Registration number: 07503027)
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
East Wing
Station House
Broadclyst
Exeter
Devon
EX5 3AS
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, 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 |
Page 4 |
Red Rock Geoscience Limited
(Registration number: 07503027)
Notes to the Financial Statements for the Year Ended 31 March 2017
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
Red Rock Geoscience Limited
(Registration number: 07503027)
Notes to the Financial Statements for the Year Ended 31 March 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Red Rock Geoscience Limited
(Registration number: 07503027)
Notes to the Financial Statements for the Year Ended 31 March 2017
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2016 |
|
|
At 31 March 2017 |
|
|
Amortisation |
||
At 1 April 2016 |
|
|
Amortisation charge |
|
|
At 31 March 2017 |
|
|
Carrying amount |
||
At 31 March 2017 |
|
|
At 31 March 2016 |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 7 |
Red Rock Geoscience Limited
(Registration number: 07503027)
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 April 2016 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
( |
( |
- |
( |
At 31 March 2017 |
|
|
|
|
Depreciation |
||||
At 1 April 2016 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
- |
( |
At 31 March 2017 |
|
|
|
|
Carrying amount |
||||
At 31 March 2017 |
|
|
|
|
At 31 March 2016 |
|
|
|
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
11,086 |
7,080 |
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
7,770 |
11,824 |
|
|
|
Page 8 |
Red Rock Geoscience Limited
(Registration number: 07503027)
Notes to the Financial Statements for the Year Ended 31 March 2017
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Bank borrowings |
- |
|
Other borrowings |
|
|
|
|
Creditors falling due within one year includes bank loans of £nil (2016 - £2,207), on which security has been given by the company.
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Transition to FRS 102 |
Page 9 |