Company registration number SC195565 (Scotland)
WELLSITE CHEMISTRY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
WELLSITE CHEMISTRY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WELLSITE CHEMISTRY SERVICES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
135
272
Current assets
Stocks
4
700
700
Debtors
5
18,999
9,203
Cash at bank and in hand
17,309
10,194
37,008
20,097
Creditors: amounts falling due within one year
6
(19,769)
(11,849)
Net current assets
17,239
8,248
Total assets less current liabilities
17,374
8,520
Creditors: amounts falling due after more than one year
7
(9,200)
(14,000)
Net assets/(liabilities)
8,174
(5,480)
Capital and reserves
Called up share capital
40
40
Profit and loss reserves
8,134
(5,520)
Total equity
8,174
(5,480)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 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.
WELLSITE CHEMISTRY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
R UPTON
Mr R Upton
Director
Company Registration No. SC195565
WELLSITE CHEMISTRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Wellsite Chemistry Services Limited is a private company limited by shares incorporated in Scotland. The registered office is Auchendryne Lodge, Auchendryne Square, Braemar, Aberdeenshire, AB35 5WS.
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 £.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Consultancy income is recognised in the month work is carried out.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Testing equipment
5 years straight line
Office equipment
5 years straight line
Computer equipment
5 years straight line
Motor vehicles
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
WELLSITE CHEMISTRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and 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 comprehensive income.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.10
Interest income is recognised in the Statement of comprehensive income using the effective interest method
1.11
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
WELLSITE CHEMISTRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Testing equipment
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
20,229
971
10,442
9,335
40,977
Depreciation and impairment
At 1 July 2022
20,052
971
10,347
9,335
40,705
Depreciation charged in the year
89
48
137
At 30 June 2023
20,141
971
10,395
9,335
40,842
Carrying amount
At 30 June 2023
88
47
135
At 30 June 2022
177
95
272
4
Stocks
2023
2022
£
£
Stocks
700
700
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
17,239
9,203
Prepayments and accrued income
1,760
18,999
9,203
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,800
4,800
Corporation tax
9,909
1,573
Other taxation and social security
1,211
1,388
Accruals and deferred income
3,849
4,088
19,769
11,849
WELLSITE CHEMISTRY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
9,200
14,000
8
Related party transactions
Transactions
During the year, credits of £9,735 were received from the directors. The company made advances to the directors of £17,784 which resulted in amounts due to the company at the year end of £16,321 (2022 - £8,272 due to the company).
The loan is unsecured and interest free with no fixed repayments terms in place.