Drill-Wright Limited - Accounts to registrar (filleted) - small 18.1
Drill-Wright Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2017 |
| for |
| Drill-Wright Limited |
| Drill-Wright Limited (Registered number: SC169830) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 6 |
| Drill-Wright Limited |
| Company Information |
| for the Year Ended 31 December 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Offices 1 & 8, Unit 1A |
| Inverurie Business Hub, Burghmuir Circle |
| Blackhall Industrial Estate |
| Inverurie |
| Aberdeenshire |
| AB51 4FS |
| Drill-Wright Limited (Registered number: SC169830) |
| Balance Sheet |
| 31 December 2017 |
| 31.12.17 | 31.12.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The director acknowledges her 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| Drill-Wright Limited (Registered number: SC169830) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2017 |
| 1. | STATUTORY INFORMATION |
| Drill-Wright Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard |
| applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as |
| applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of |
| FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
| amounts in these financial statements are rounded to the nearest £. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and |
| any impairment losses. |
| The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the |
| carrying value of the asset and is included in the profit and loss account. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Drill-Wright Limited (Registered number: SC169830) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 3. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Financial instruments |
| Financial instruments are recognised when the company becomes party to the contractual provisions of the |
| instrument. |
| Basic financial assets |
| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured |
| at transaction price including transaction costs and are subsequently carried at amortised cost. |
| Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or |
| when the company transfers the risks and rewards of ownership to another entity. |
| Basic financial liabilities |
| Basic financial liabilities, which include trade and other creditors and bank loans, are initially recognised at |
| transaction price and are subsequently carried at amortised cost. |
| Financial liabilities are derecognised when the company's contractual obligations are discharged |
| Provisions |
| Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event |
| which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably. |
| Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of |
| the time value of money is material, the provision is based on the present value of those amounts, discounted at |
| the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount os |
| recognised within interest payable and similar charges. |
| Drill-Wright Limited (Registered number: SC169830) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2017 |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security | ( |
) |
| Other creditors |
| 7. | RELATED PARTY DISCLOSURES |
| Consultancy fees of £83,000 (2016: £72,000) were paid to J Smart Services Ltd a company controlled by Ms J A |
| Smart. |
| 8. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Daniel Doubenmier. |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| Drill-Wright Limited |
| The following reproduces the text of the report prepared for the director in respect of the company's annual |
| unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
| a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
| Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of Drill-Wright Limited for the year ended 31 December 2017 which comprise the Income |
| Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records |
| and from information and explanations you have given us. |
| As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
| This report is made solely to the director of Drill-Wright Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Drill-Wright Limited and state those matters that we have agreed to state to the director of Drill-Wright Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
| It is your duty to ensure that Drill-Wright Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Drill-Wright Limited. You consider that Drill-Wright Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Drill-Wright Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Offices 1 & 8, Unit 1A |
| Inverurie Business Hub, Burghmuir Circle |
| Blackhall Industrial Estate |
| Inverurie |
| Aberdeenshire |
| AB51 4FS |
| Date: ............................................. |