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REGISTERED NUMBER: SC299344 (Scotland)











Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Muchalls Oilfield Service Company
Limited

Muchalls Oilfield Service Company
Limited (Registered number: SC299344)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Muchalls Oilfield Service Company
Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: I W Smith
Mrs S Smith
H W Van Tuijl





SECRETARY: Mrs S Smith





REGISTERED OFFICE: The Capitol
431 Union Street
Aberdeen
AB11 6DA





REGISTERED NUMBER: SC299344 (Scotland)





ACCOUNTANTS: Grampian Accounting
3 Prospect Place
Arnhall Business Park
Westhill
Aberdeenshire
AB32 6SY

Muchalls Oilfield Service Company
Limited (Registered number: SC299344)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3 405
Tangible assets 5 3,424 4,444
3,427 4,849

CURRENT ASSETS
Debtors 6 15,064 28,413
Cash at bank 538,806 600,245
553,870 628,658
CREDITORS
Amounts falling due within one year 7 5,039 15,910
NET CURRENT ASSETS 548,831 612,748
TOTAL ASSETS LESS CURRENT
LIABILITIES

552,258

617,597

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 552,158 617,497
SHAREHOLDERS' FUNDS 552,258 617,597

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Muchalls Oilfield Service Company
Limited (Registered number: SC299344)

Balance Sheet - continued
31 March 2023


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 19 October 2023 and were signed on its behalf by:





I W Smith - Director


Muchalls Oilfield Service Company
Limited (Registered number: SC299344)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Muchalls Oilfield Service Company 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 - 20% 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.

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.

Muchalls Oilfield Service Company
Limited (Registered number: SC299344)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 43,769
AMORTISATION
At 1 April 2022 43,364
Charge for year 402
At 31 March 2023 43,766
NET BOOK VALUE
At 31 March 2023 3
At 31 March 2022 405

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 123,602
DEPRECIATION
At 1 April 2022 119,158
Charge for year 1,020
At 31 March 2023 120,178
NET BOOK VALUE
At 31 March 2023 3,424
At 31 March 2022 4,444

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 13,512 15,708
Other debtors 1,552 12,705
15,064 28,413

Muchalls Oilfield Service Company
Limited (Registered number: SC299344)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 1,437 -
Taxation and social security 1,246 4,496
Other creditors 2,356 11,414
5,039 15,910