Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-31 2018-03-31 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. true true provision of engineering consultancy services to the oil industry false 2017-04-01 SC166205 2017-04-01 2018-03-31 SC166205 2016-04-01 2017-03-31 SC166205 2018-03-31 SC166205 2017-03-31 SC166205 c:CompanySecretary1 2017-04-01 2018-03-31 SC166205 c:Director1 2017-04-01 2018-03-31 SC166205 c:Director2 2017-04-01 2018-03-31 SC166205 c:RegisteredOffice 2017-04-01 2018-03-31 SC166205 d:PlantMachinery 2017-04-01 2018-03-31 SC166205 d:PlantMachinery 2017-03-31 SC166205 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 SC166205 d:MotorVehicles 2017-04-01 2018-03-31 SC166205 d:MotorVehicles 2017-03-31 SC166205 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 SC166205 d:FurnitureFittings 2017-04-01 2018-03-31 SC166205 d:FurnitureFittings 2017-03-31 SC166205 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 SC166205 d:OfficeEquipment 2017-04-01 2018-03-31 SC166205 d:ComputerEquipment 2017-04-01 2018-03-31 SC166205 d:ComputerEquipment 2017-03-31 SC166205 d:OtherPropertyPlantEquipment 2017-04-01 2018-03-31 SC166205 d:OtherPropertyPlantEquipment 2017-03-31 SC166205 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 SC166205 d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 SC166205 d:CurrentFinancialInstruments 2018-03-31 SC166205 d:CurrentFinancialInstruments 2017-03-31 SC166205 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 SC166205 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 SC166205 d:UKTax 2017-04-01 2018-03-31 SC166205 d:ShareCapital 2018-03-31 SC166205 d:ShareCapital 2017-03-31 SC166205 d:RetainedEarningsAccumulatedLosses 2018-03-31 SC166205 d:RetainedEarningsAccumulatedLosses 2017-03-31 SC166205 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 SC166205 d:TaxLossesCarry-forwardsDeferredTax 2017-03-31 SC166205 c:EntityNoLongerTradingButTradedInPast 2017-04-01 2018-03-31 SC166205 c:FRS102 2017-04-01 2018-03-31 SC166205 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 SC166205 c:FullAccounts 2017-04-01 2018-03-31 SC166205 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

        img28c0.png












Company registration number SC166205


FILING FINANCIAL STATEMENTS


FOR THE YEAR ENDED 31 MARCH 2018































 
DRG OFFSHORE ENGINEERING SERVICES LTD
 

CONTENTS



Page
Company Information
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 11



 
DRG OFFSHORE ENGINEERING SERVICES LTD
 
 
COMPANY INFORMATION


D Ross Goldie  
Andrew A Goldie  




D Ross Goldie



SC166205



25 Bothwell Street

Glasgow

G2 6NL




Scott-Moncrieff
Chartered Accountants

25 Bothwell Street

Glasgow

G2 6NL




1

 
DRG OFFSHORE ENGINEERING SERVICES LTD
REGISTERED NUMBER: SC166205

BALANCE SHEET
AS AT  31 MARCH 2018

2018
2017
Note
£
£
   

Tangible assets
 5 
-
71,411

   
-
71,411

Current assets
   

Debtors: amounts falling due within one year
 6 
12,394
148,559

Cash at bank and in hand
   
5,051
20,289

   
17,445
168,848

Creditors: amounts falling due within one year
 7 
(80,704 )
(198,262 )

Net current liabilities
   
 
 
(63,259 )
 
 
(29,414 )

Total assets less current liabilities
   
(63,259 )
41,997

Provisions for liabilities
   

Deferred tax
 8 
-
(1,859 )

   
 
 
-
 
 
(1,859 )

Net (liabilities)/assets
   
(63,259 )
40,138

Capital and reserves
   

Called up share capital 
   
1,000
1,000

Profit and loss account
   
(64,259 )
39,138

   
(63,259 )
40,138


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.

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

As permitted by Section 444 of the Companies Act 2006, the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account for the year ended 31 March 2018.

2

 
DRG OFFSHORE ENGINEERING SERVICES LTD
REGISTERED NUMBER: SC166205
    
BALANCE SHEET  (CONTINUED)
AS AT  31 MARCH 2018

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:



D Ross Goldie
Director

Date:  2 July 2018
The notes on pages 4 to 11 form part of these financial statements.

3


 
DRG OFFSHORE ENGINEERING SERVICES LTD
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

General information

These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which (the majority of) the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 31 March 2018.
The continuing activities of DRG Offshore Engineering Services Limited ('the company') is the provision of engineering consultancy services to the oil industry.
The company is a private company limited by shares and is incorporated in United Kingdom and registered in Scotland.  Details of the registered office can be found on the company information page of these financial statements.  The company's registered number is SC166205.

2. Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

It is the intention of the directors to wind up the company. At 31 March 2018, the company had net liabilities of £63,259 ( 2017: net assets of £40,138 ) including £66,058 ( 2017: £190,665 ) due to the directors of the company. On this basis the accounts have not been prepared on a going concern basis, but on a wind-up basis. Trade creditors and other current liabilities will continue to be met up to the date of cessation and all leases will be terminated.

2.3

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

4


 
DRG OFFSHORE ENGINEERING SERVICES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2. Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following basis:

Boats
-
10% reducing balance
Boat improvements
-
10% reducing balance
Motor vehicles
-
25% on cost
Office equipment
-
25% reducing balance
Computer equipment
-
33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

5


 
DRG OFFSHORE ENGINEERING SERVICES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2. Accounting policies (continued)

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

6


 
DRG OFFSHORE ENGINEERING SERVICES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2. Accounting policies (continued)

2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

7


 
DRG OFFSHORE ENGINEERING SERVICES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2. Accounting policies (continued)

2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

The average monthly number of employees, including directors, during the year was 0  (2017 -  2 ) .


2018
2017
£
£


Current tax on profits for the year
(2,347 )
-

Adjustments in respect of previous periods
(10,126 )
-


(12,473 )
-


Total current tax
(12,473 )
-

Deferred tax


Origination and reversal of timing differences
(1,859 )
(7,700 )

Total deferred tax
(1,859 )
(7,700 )


Taxation on loss on ordinary activities
(14,332 )
(7,700 )
8


 
DRG OFFSHORE ENGINEERING SERVICES LTD
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
 
4. Taxation (continued)


Factors affecting tax charge for the year

Due to the availability of losses brought forward, and losses in the year, there will be no corporation tax charge.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.





Motor vehicles
Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£





At 1 April 2017
26,636
62,908
2,765
1,377
11,051
104,737


Additions
10,400
-
-
-
2,668
13,068


Disposals
(37,036 )
(62,908 )
(2,765 )
(1,377 )
(13,719 )
(117,805 )



At 31 March 2018

-
-
-
-
-
-





At 1 April 2017
13,318
14,817
1,737
1,377
2,077
33,326


Charge for the year on owned assets
9,259
4,809
257
-
1,787
16,112


Disposals
(22,577 )
(19,626 )
(1,994 )
(1,377 )
(3,864 )
(49,438 )



At 31 March 2018

-
-
-
-
-
-



Net book value



At 31 March 2018
-
-
-
-
-
-



At 31 March 2017
13,318
48,091
1,028
-
8,974
71,411

9


 
DRG OFFSHORE ENGINEERING SERVICES LTD
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
2018
2017
£
£


Other debtors
12,394
148,097

Prepayments and accrued income
-
462

12,394
148,559


2018
2017
£
£

Corporation tax
-
94

Other taxation and social security
9,824
295

Other creditors
66,058
190,665

Accruals and deferred income
4,822
7,208

80,704
198,262





2018


£






At beginning of year
(1,859 )


Charged to profit or loss
1,859



At end of year
-

2018
2017
£
£


Accelerated capital allowances
-
(9,559 )

Tax losses carried forward
-
7,700

-
(1,859 )

10


 
DRG OFFSHORE ENGINEERING SERVICES LTD
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
Included within other creditors is a balance due to D Ross Goldie, director, of £66,058 ( 2017: £190,665 ). During the year the director withdrew £2,500 ( 2017: £20,090 ) from the company, paid expenses totalling £23,416 ( 2017: £68,973 ) on behalf of the company and the company paid expenses totalling £145,523 ( 2017: £1,988 ) on behalf of the director which included the transfer of assets to the director at market value of £73,581. A salary of £nil ( 2017: £4,200 ) was credited to his account during the year. The loan is interest free and there are no fixed repayment terms.
Included within other debtors is an amount due from AdcentivMedia Communications Limited totalling £nil (
2017: £66,000 ). D Ross Goldie is a shareholder in this company. An impairment of £66,000 was written off to the profit and loss account.
Also included in other debtors is an amount due from Adcentiv Media Retail Limited totalling £nil (
2017: £82,097 ). D Ross Goldie is a shareholder in this company. The balance was assigned to D Ross Goldie and set against his directors loan account.

 
11