Oil Check Laboratory Services Limited - Period Ending 2014-12-31

Registration number: 06393078

Oil Check Laboratory Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Oil Check Laboratory Services Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Oil Check Laboratory Services Limited (Registration number: 06393078)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					40,073			22,882
Current assets
Stocks					2,150			1,950
Debtors					32,382			9,828
Cash at bank and in hand					31,541			9,296
					66,073			21,074
Creditors: Amounts falling due within one year					(58,609)			(28,987)
Net current assets/(liabilities)					7,464			(7,913)
Total assets less current liabilities					47,537			14,969
Creditors: Amounts falling due after more than one year					(5,544)			(10,749)
Net assets					41,993			4,220
Capital and reserves
Called up share capital		3			700			700
Profit and loss account					41,293			3,520
Shareholders' funds					41,993			4,220

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 September 2015 and signed on its behalf by:

.........................................
Mr M A Volante
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Oil Check Laboratory Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Equipment	5 years on a straight line basis
Motor vehicles	5 years on a straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Oil Check Laboratory Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		204,770			204,770
Additions		31,728			31,728
At 31 December 2014		236,498			236,498
Depreciation
At 1 January 2014		181,888			181,888
Charge for the year		14,537			14,537
At 31 December 2014		196,425			196,425
Net book value
At 31 December 2014		40,073			40,073
At 31 December 2013		22,882			22,882

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
A ordinary of £1 each		650			650			650			650
B ordinary of £1 each		50			50			50			50
		700			700			700			700

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