Infinity Oilfield Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC459247 (Scotland)

Financial Statements for the Year Ended 31 December 2020

for

Infinity Oilfield Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms S J Hunter

Ms S Barnett

C G Banks

A R Mackay

REGISTERED OFFICE:

Linton Business Park

Linton Road

Gourdon

Montrose

DD10 0NH

REGISTERED NUMBER:

SC459247 (Scotland)

ACCOUNTANTS:

J M Taylor

5 Rubislaw Terrace

ABERDEEN

AB10 1XE

FIXED ASSETS

Tangible assets

4

753

1,588

Investments

5

1,077

1,077

1,830

2,665

CURRENT ASSETS

Debtors

6

104,330

139,924

Cash at bank

119,667

52,568

223,997

192,492

CREDITORS

Amounts falling due within one year

7

90,928

135,252

NET CURRENT ASSETS

133,069

57,240

TOTAL ASSETS LESS CURRENT LIABILITIES

134,899

59,905

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

134,799

59,805

SHAREHOLDERS' FUNDS

134,899

59,905

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2021 and were signed on its behalf by:

A R Mackay - Director

1.	STATUTORY INFORMATION

Infinity Oilfield Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

and 31 December 2020

47,573

DEPRECIATION

At 1 January 2020

45,985

Charge for year

835

At 31 December 2020

46,820

NET BOOK VALUE

At 31 December 2020

753

At 31 December 2019

1,588

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2020

and 31 December 2020

1,077

NET BOOK VALUE

At 31 December 2020

1,077

At 31 December 2019

1,077

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

72,921

80,215

Amounts owed by group undertakings

25,619

25,817

Other debtors

5,790

33,892

104,330

139,924

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

50,000

-

Trade creditors

12,610

57,670

Taxation and social security

18,613

30,995

Other creditors

9,705

46,587

90,928

135,252