Company registration number SC062855 (Scotland)
RIGSERV LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
RIGSERV LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RIGSERV LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,114
1,333
Current assets
Stocks
4
53,126
56,690
Debtors
5
394,764
346,787
Cash at bank and in hand
2,954
8,580
450,844
412,057
Creditors: amounts falling due within one year
6
(708,359)
(658,266)
Net current liabilities
(257,515)
(246,209)
Net liabilities
(256,401)
(244,876)
Capital and reserves
Called up share capital
18,667
18,667
Share premium account
70,333
70,333
Other reserves
96,088
96,088
Profit and loss reserves
(441,489)
(429,964)
Total equity
(256,401)
(244,876)
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 28 February 2024 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 26 November 2024 and are signed on its behalf by:
Y T CHAN
Y T Chan
Director
Company Registration No. SC062855
RIGSERV LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Rigserv Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 9 Wellheads Crescent, Wellheads Industrial Estate, Dyce, Aberdeen, AB21 7GA.
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
The directorstrue, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
At 28 February 2024 the company has net current liabilities of £256,401 (2023 - £244,876). Included within these liabilities are amounts due to the directors (see note 7). The directors continue to support the company financially. The financial statements are prepared on a going concern basis, which assumes that the company will continue to meet its liabilities as they fall due.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Plant and machinery
12.5 - 33% reducing balance
Motor vehicles
25% reducing balance
RIGSERV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
RIGSERV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023 and 28 February 2024
202,515
4,900
207,415
Depreciation and impairment
At 1 March 2023
201,380
4,702
206,082
Depreciation charged in the year
169
50
219
At 28 February 2024
201,549
4,752
206,301
Carrying amount
At 28 February 2024
966
148
1,114
At 28 February 2023
1,135
198
1,333
4
Stocks
2024
2023
£
£
Stocks and work in progress
53,126
56,690
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
77,372
34,478
Other debtors
317,392
312,309
394,764
346,787
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,336
35,644
Taxation and social security
2,400
2,500
Other creditors
646,623
620,122
708,359
658,266
RIGSERV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
7
Related party transactions
Control
Throughout the year the company was controlled by the directors.
Transactions
During the current year, the directors made advances to the company of £26,500 and withdrawals of £19,700, resulting in a balance at the year end of £623,422 due by the company to the directors (2023 - £616,622). There are no set repayment terms, nor is interest charged on the loan.