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Registered number: 02856486
Azure Oil Services Limited
Abbreviated accounts
For The Year Ended 31 December 2014
Abbreviated Balance Sheet
2014 2013
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 2 2,800 4,200
Tangible Assets 3 183,771 209,813
Investments 4 425,000 425,000
611,571 639,013
CURRENT ASSETS
Stocks 102,367 85,339
Debtors 5 1,627,149 2,205,410
Cash at bank and in hand 1,026,565 581,779
2,756,081 2,872,528
Creditors: Amounts Falling Due Within One Year (688,723) (571,416)
NET CURRENT ASSETS (LIABILITIES) 2,067,358 2,301,112
TOTAL ASSETS LESS CURRENT LIABILITIES 2,678,929 2,940,125
Creditors: Amounts Falling Due After More Than One Year 6 (324,870) (337,622)
NET ASSETS 2,354,059 2,602,503
CAPITAL AND RESERVES
Called up share capital 7 25,000 25,000
Capital redemption reserve 975,000 975,000
Other reserves 82,682 82,682
Profit and Loss Account 1,271,377 1,519,821
SHAREHOLDERS' FUNDS 2,354,059 2,602,503
Page 1
For the year ending 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities
  • The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).
On behalf of the board
Mr Christopher Walters
10th December 2015
Page 2
Notes to the Abbreviated Accounts
Accounting Policies
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.

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 of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10 Years on cost
Plant & Machinery Between 4 and 50 years om cost
Investment properties
Investment properties should not be subject to periodic charges for depreciation on the basis set out in SSAP 12, except for properties held on lease which should be depreciated on the basis set out in SSAP 12 at least over the period when the unexpired term is 20 years or less.
Investment properties should be included in the balance sheet at their open market value.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 3
Intangible Assets
Total
Cost £
As at 1 January 2014 7,000
As at 31 December 2014 7,000
Amortisation
As at 1 January 2014 2,800
Provided during the period 1,400
As at 31 December 2014 4,200
Net Book Value
As at 31 December 2014 2,800
As at 1 January 2014 4,200
Tangible Assets
Total
Cost £
As at 1 January 2014 1,451,113
Additions 12,720
As at 31 December 2014 1,463,833
Depreciation
As at 1 January 2014 1,241,300
Provided during the period 38,762
As at 31 December 2014 1,280,062
Net Book Value
As at 31 December 2014 183,771
As at 1 January 2014 209,813
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2014 2013
£ £
Plant & Machinery 38,472 21,994
Page 4
Investments
Other
£
Cost
As at 1 January 2014 425,000
As at 31 December 2014 425,000
Provision
As at 1 January 2014 -
As at 31 December 2014 -
Net Book Value
As at 31 December 2014 425,000
As at 1 January 2014 425,000
Debtors
Debtors include an amount of £ 257,463 (2013 - £ 227,578 ) falling due after more than one year.
Creditors: Amounts Falling Due After More Than One Year
2014 2013
£ £
Net obligations under finance lease and hire purchase contracts 30,708 43,460
Bank loans 294,162 294,162
324,870 337,622
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
2014 2013
£ £
Bank loans and overdrafts 294,162 294,162
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
2014 2013
£ £
Net obligations under finance lease and hire purchase contracts 30,708 86,797
Page 5
Share Capital
Value Number 2014 2013
Allotted and called up £ £ £
Ordinary shares 1.00 25000 25,000 25,000
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Garraf Limited. Garraf Limited was incorporated in England. The ultimate controlling party is Christopher J Walters who controls 100% of the shares of Azure Oil Services Limited.
Page 6