Choice Geophysical Services Limited - Period Ending 2020-12-31

Choice Geophysical Services Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Choice Geophysical Services Limited

Company Information

Director

Mr M R Hobson

Company secretary

Mrs C Hobson

Registered office

6 Letham Mains Holdings Haddington East Lothian EH41 4NN

Accountants

Glen Drummond Ltd Chartered Accountants Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Choice Geophysical Services Limited
for the Year Ended 31 December 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Choice Geophysical Services Limited for the year ended 31 December 2020 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, 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 Board of Directors of Choice Geophysical Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Choice Geophysical Services Limited and state those matters that we have agreed to state to the Board of Directors of Choice Geophysical Services Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland 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 Choice Geophysical Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Choice Geophysical Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Choice Geophysical Services Limited. You consider that Choice Geophysical Services 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 accounts of Choice Geophysical Services 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 accounts.

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

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

23 September 2021

Choice Geophysical Services Limited

(Registration number: SC160116)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	4,451	6,641
Current assets
Debtors	5	1,415	887
Cash at bank and in hand		50,583	69,635
		51,998	70,522
Creditors: Amounts falling due within one year	6	(55,979)	(70,258)
Net current (liabilities)/assets		(3,981)	264
Total assets less current liabilities		470	6,905
Provisions for liabilities		(341)	(647)
Net assets		129	6,258
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		29	6,158
Shareholders' funds		129	6,258

For the financial year ending 31 December 2020 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 accounts for the year in question in accordance with section 476; and

•

The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

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.

Choice Geophysical Services Limited

(Registration number: SC160116)
Balance Sheet as at 31 December 2020

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 director on 23 September 2021
 

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

Mr M R Hobson
Director

Choice Geophysical Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
6 Letham Mains Holdings
Haddington
East Lothian
EH41 4NN

These financial statements were authorised for issue by the director on 23 September 2021.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of providing services for geophysical data acquisition and processing. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Choice Geophysical Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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
Furniture, fittings and equipment	10% on cost and 33% reducing balance

Choice Geophysical Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2019 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2020	126,792	126,792
At 31 December 2020	126,792	126,792
Depreciation
At 1 January 2020	120,151	120,151
Charge for the year	2,190	2,190
At 31 December 2020	122,341	122,341
Carrying amount
At 31 December 2020	4,451	4,451
At 31 December 2019	6,641	6,641

Choice Geophysical Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

5

Debtors

	2020 £	2019 £
Other debtors	1,415	887
	1,415	887

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Taxation and social security	-	3,329
Accruals and deferred income	1,407	1,401
Other creditors	54,572	65,528
	55,979	70,258

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Choice Geophysical Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

8	Related party transactions

The company operates a loan account with the director, Mr M R Hobson.

During the year, the company repaid loans totalling £10,900 to the director. At the year end, the balance due to the director was £54,572 (2019 - £65,472). This loan is unsecured, interest free and has no fixed repayment terms.