Company Registration No. SC584564 (Scotland)
RADICO ENERGY SOLUTIONS II LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
RADICO ENERGY SOLUTIONS II LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
2,771
1,694
Cash at bank and in hand
4,175
2,350
6,946
4,044
Creditors: amounts falling due within one year
4
(5,182)
(2,126)
Net current assets
1,764
1,918
Capital and reserves
Called up share capital
5
120
120
Profit and loss reserves
1,644
1,798
Total equity
1,764
1,918
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
Mr Andrew Thomson
Director
Company Registration No. SC584564
RADICO ENERGY SOLUTIONS II LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Radico Energy Solutions II Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company ceased trading on 31 March 2023. The financial statements have therefore been prepared on the discontinuation basis. This basis is abnormal as financial statements are usually prepared on the basis that the company will carry on business as a going concern. Under the discontinuation basis, the financial statements include provisions for post cessation expenditure which will arise as a result of the company ceasing to trade. true
1.3
Turnover
Turnover comprises the invoiced value of the provision of services to the oil and gas industry provided by the company, net of Value Added Tax and trade discounts.
1.4
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.5
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
RADICO ENERGY SOLUTIONS II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
980
980
Other debtors
1,791
714
2,771
1,694
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13
Other creditors
700
700
Accruals and deferred income
4,482
1,413
5,182
2,126
5
Called up share capital
2023
2022
£
£
Ordinary share capital - issued and fully paid
120 Ordinary shares of £1 each
120
120