Landtech Geophysics Limited - Period Ending 2017-11-30

Registration number: 08760352

Landtech Geophysics Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Landtech Geophysics Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

Landtech Geophysics Limited

Company Information

Directors

Dr RJ McDonald Mr NRW Russill

Company secretary

Mr NRW Russill

Registered office

Ty Menter Navigation Park Abercynon Rhondda Cynon Taf CF45 4SN

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Landtech Geophysics Limited
for the Year Ended 30 November 2017

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 30 November 2017, as set out on pages 3 to 10, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

3 August 2018

Page 2

Landtech Geophysics Limited

(Registration number: 08760352)
Balance Sheet as at 30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	259,143	305,462
Investments	5	603	603
		259,746	306,065
Current assets
Debtors	6	1,604	11,989
Cash at bank and in hand		15,058	65,223
		16,662	77,212
Creditors: Amounts falling due within one year	7	(67,968)	(167,565)
Net current liabilities		(51,306)	(90,353)
Total assets less current liabilities		208,440	215,712
Provisions for liabilities		(40,001)	(54,685)
Net assets		168,439	161,027
Capital and reserves
Called up share capital	8	150	150
Profit and loss account		168,289	160,877
Total equity		168,439	161,027

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

Landtech Geophysics Limited

(Registration number: 08760352)
Balance Sheet as at 30 November 2017

For the financial year ending 30 November 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Board on 3 August 2018 and signed on its behalf by:
 

.........................................

Mr NRW Russill

Company secretary and director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Landtech Geophysics Limited

Statement of Changes in Equity for the Year Ended 30 November 2017

	Share capital £	Profit and loss account £	Total £
At 1 December 2016	150	160,877	161,027
Profit for the year	-	7,412	7,412
Total comprehensive income	-	7,412	7,412
At 30 November 2017	150	168,289	168,439

	Share capital £	Profit and loss account £	Total £
At 1 December 2015	200	115,783	115,983
Profit for the year	-	45,094	45,094
Total comprehensive income	-	45,094	45,094
Purchase of own share capital	(50)	-	(50)
At 30 November 2016	150	160,877	161,027

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Landtech Geophysics Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

The company registration number is: 08760352

The company is a private company limited by share capital incorporated in United kingdom.

The address of its registered office is:
Ty Menter
Navigation Park
Abercynon
Rhondda Cynon Taf
CF45 4SN

These financial statements were authorised for issue by the Board on 3 August 2018.

2	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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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	25% Straight line
Plant and machinery	15% Reducing balance

Page 6

Landtech Geophysics Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 7

Landtech Geophysics Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

4	Tangible assets

	Office equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 December 2016	3,929	338,143	342,072
At 30 November 2017	3,929	338,143	342,072
Depreciation
At 1 December 2016	1,060	35,549	36,609
Charge for the year	931	45,389	46,320
At 30 November 2017	1,991	80,938	82,929
Carrying amount
At 30 November 2017	1,938	257,205	259,143
At 30 November 2016	2,868	302,594	305,462

5	Investments

	2017 £	2016 £
Investments in subsidiaries	603	603

Subsidiaries	£
Cost or valuation
At 1 December 2016	603
Provision
Carrying amount
At 30 November 2017	603
At 30 November 2016	603

6

Debtors

	2017 £	2016 £
Other debtors	1,604	11,989

Page 8

Landtech Geophysics Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		720	21,688
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	1,933	80,951
Other creditors		65,315	64,926
		67,968	167,565

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary A of £1 each	100	100	100	100
Ordinary C of £1 each	50	50	50	50
	150	150	150	150

9	Related party transactions

Key management personnel

Relationship: Director

Summary of transactions with key management

The director Mr NRW Russill made unsecured, interest free, repayable on demand loans during year the to the company. At the balance sheet date the amount due to the director Mr NRW Russill was £500 (2016: £nil).
 

Summary of transactions with other related parties

Terradat (UK) Limited
Relationship: Common directors and shareholders
During the year Terradat (UK) Limited, a company of which Mr NRW Russill and Dr RJ McDonald are both directors and shareholders, made interest free, unsecured, repayable on demand loans to the company. At the balance sheet date the amount due to Terradat (UK) Limited was £1,933 (2016 - £80,951).
 

Page 9

Landtech Geophysics Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

10	Transition to FRS 102

These financial statements for the year ended 30 November 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 December 2015.

The transition to FRS 102 Section 1A small entities has resulted in no changes to the accounting policies to those used previously. There were also no restatements or remeasurements required to the profit and loss account or the balance sheet for the previous or current accounting periods.

Page 10