Company Registration No. SC232965 (Scotland)
Oilgen Limited
Abbreviated financial statements
for the year ended 30 June 2015
Oilgen Limited
Contents
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated financial statements
3 - 6
Oilgen Limited
Abbreviated balance sheet
as at 30 June 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
4,667
6,277
Investments
2
66
66
4,733
6,343
Current assets
Stocks
2,447
-
Debtors
101,649
62,330
Cash at bank and in hand
216,668
252,326
320,764
314,656
Creditors: amounts falling due within one year
(22,730)
(24,425)
Net current assets
298,034
290,231
Total assets less current liabilities
302,767
296,574
Provisions for liabilities
(934)
(1,241)
301,833
295,333
Capital and reserves
Called up share capital
3
20
20
Profit and loss account
301,813
295,313
Shareholders' funds
301,833
295,333
Oilgen Limited
Abbreviated balance sheet (continued)
as at 30 June 2015
- 2 -
For the financial year ended 30 June 2015 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 31 March 2016
L Schirrer
Director
Company Registration No. SC232965
Oilgen Limited
Notes to the abbreviated financial statements
for the year ended 30 June 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements have been prepared on a going concern basis. The directors have considered the company's current contracts and liabilities, and the future and opportunities and risks that are likely to materialise over the next 12 months. Based on their review, the directors feel that the going concern basis is appropriate for the preparation of these financial statements.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Oilgen Limited
Notes to the abbreviated financial statements (continued)
for the year ended 30 June 2015
1
Accounting policies (continued)
- 4 -
1.8
Taxation
The tax expense represents the sum of the corporation tax and deferred tax charge for the year.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all temporary timing differences that have not reversed by the balance sheet date and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available. Deferred tax is calculated at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the profit and loss accounts, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
Oilgen Limited
Notes to the abbreviated financial statements (continued)
for the year ended 30 June 2015
- 5 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 July 2014 & at 30 June 2015
17,425
66
17,491
Depreciation
At 1 July 2014
11,148
-
11,148
Charge for the year
1,610
-
1,610
At 30 June 2015
12,758
-
12,758
Net book value
At 30 June 2015
4,667
66
4,733
At 30 June 2014
6,277
66
6,343
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Oilgen USA LLC
USA
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Oilgen USA LLC
Consultancy work in the oil and gas industry.
-
-
Oilgen USA LLC had not yet started trading at the Balance Sheet date.
Oilgen Limited
Notes to the abbreviated financial statements (continued)
for the year ended 30 June 2015
- 6 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
10 "A" Ordinary of £1 each
10
10
10 "B" Ordinary of £1 each
10
10
20
20
4
Related party relationships and transactions
Directors' loan accounts
During the year, the following transactions were made with the directors -
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
L Schirrer - Director
-
(129)
4,366
-
1,039
3,198
I Vervoort-Schirrer - Director
-
(99)
2,325
-
2,162
64
(228)
6,691
-
3,201
3,262
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