Mills Contracts Civils Ltd is a private company limited by shares incorporated in Northern Ireland United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The companys principal activities are plant hire and directional drilling. The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland FRS 102 as adapted by Section 1A of FRS 102 and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. Debtors with no stated interest rate and receivable within one year are recorded at transaction price less any impairment. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Cash at bank and in hand includes cash on hand demand deposits and other term highly liquid investments regardless of maturity. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. Creditors with no stated interest rate and payable within one year are recorded at transaction price. Other financial liabilities including bank loans are measured initially at fair value net of transaction costs and are measured subsequently at amortised cost using the effective interest method. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to or from related parties which are recognised at transaction price. Debt instruments other than those wholly repayable or receivable within one year including loans from related parties and other accounts receivable and payable, are initially measured at the transaction price present value of the future cash flows including transaction costs and subsequently at amortised cost using the effective interest method. Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. The company contributes to an industry pension scheme for specific employees. The scheme is intended to provide defined benefits for its’ members but the company has no contractual obligation to meet benefits if the schemes resources are insufficient to do so. The cost of funding the contributions to the scheme is charged to the profit and loss account as incurred. The company operates a defined contribution scheme for the directors. The cost of funding the defined contribution scheme is charged to the profit and loss account as incurred. Current tax represents the amount of tax payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference. The ordinary share capital of the company is presented as equity. When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. All foreign exchange differences are taken to the profit and loss account. Dividends payable to the companys equity shareholders are recognised as a liability of the company when they are declared.