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COMPANY REGISTRATION NUMBER: 04210596
Oilfield Testing Services Limited
Unaudited financial statements
31 March 2024
Oilfield Testing Services Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
572,100
623,912
Current assets
Debtors
6
357,217
634,436
Cash at bank and in hand
1,578,042
1,298,286
-----------
-----------
1,935,259
1,932,722
Creditors: Amounts falling due within one year
7
( 113,570)
( 64,749)
-----------
-----------
Net current assets
1,821,689
1,867,973
-----------
-----------
Total assets less current liabilities
2,393,789
2,491,885
Provisions
( 56,512)
( 72,917)
-----------
-----------
Net assets
2,337,277
2,418,968
-----------
-----------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
2,337,177
2,418,868
-----------
-----------
Shareholders funds
2,337,277
2,418,968
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
P G J Furlong
Director
Company registration number: 04210596
Oilfield Testing Services Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and trading address is Qualtest House, Viking Road, Gapton Hall Industrial Estate, Great Yarmouth, Norfolk, NR31 0NU, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and Fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
4. Employee numbers
The average number of employees during the year was 14 (2023: 18 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 April 2023
357,739
717,355
23,960
78,188
27,700
1,204,942
Disposals
( 6,900)
( 6,900)
---------
---------
-------
-------
-------
-----------
At 31 March 2024
357,739
717,355
23,960
71,288
27,700
1,198,042
---------
---------
-------
-------
-------
-----------
Depreciation
At 1 April 2023
21,390
469,912
11,913
63,669
14,146
581,030
Charge for the year
7,154
37,108
1,806
3,600
2,033
51,701
Disposals
( 6,789)
( 6,789)
---------
---------
-------
-------
-------
-----------
At 31 March 2024
28,544
507,020
13,719
60,480
16,179
625,942
---------
---------
-------
-------
-------
-----------
Carrying amount
At 31 March 2024
329,195
210,335
10,241
10,808
11,521
572,100
---------
---------
-------
-------
-------
-----------
At 31 March 2023
336,349
247,443
12,047
14,519
13,554
623,912
---------
---------
-------
-------
-------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
317,198
571,408
Other debtors
40,019
63,028
---------
---------
357,217
634,436
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
12,319
45,780
Social security and other taxes
67,412
9,709
Other creditors
33,839
9,260
---------
-------
113,570
64,749
---------
-------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Director's advances, credits and guarantees
At the year end the directors owed the company £3,949 (2023: £20,242) being the balance on their interest free directors loan account.