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Farrah Project Services Ltd SC538238 false 2016-08-01 2017-07-31 2017-07-31 The principal activity of the company is has been providing project engineering services in the oil and gas industry Digita Accounts Production Advanced 6.20.8420.0 Software true SC538238 2016-08-01 2017-07-31 SC538238 2017-07-31 SC538238 core:RetainedEarningsAccumulatedLosses 2017-07-31 SC538238 core:ShareCapital 2017-07-31 SC538238 core:CurrentFinancialInstruments core:WithinOneYear 2017-07-31 SC538238 bus:SmallEntities 2016-08-01 2017-07-31 SC538238 bus:AuditExemptWithAccountantsReport 2016-08-01 2017-07-31 SC538238 bus:AbridgedAccounts 2016-08-01 2017-07-31 SC538238 bus:RegisteredOffice 2016-08-01 2017-07-31 SC538238 bus:Director1 2016-08-01 2017-07-31 SC538238 bus:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 SC538238 bus:Agent1 2016-08-01 2017-07-31 SC538238 core:RetainedEarningsAccumulatedLosses 2016-08-01 2017-07-31 SC538238 core:ShareCapital 2016-08-01 2017-07-31 SC538238 core:FurnitureFittingsToolsEquipment 2016-08-01 2017-07-31 SC538238 countries:Scotland 2016-08-01 2017-07-31 SC538238 2016-07-31 SC538238 core:RetainedEarningsAccumulatedLosses 2016-07-31 SC538238 core:ShareCapital 2016-07-31 iso4217:GBP

Registration number: SC538238

Farrah Project Services Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2017

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG

 

Farrah Project Services Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Abridged Financial Statements

6 to 7

 

Farrah Project Services Ltd

Company Information

Director

Mark Nicholas Douglas

Registered office

6 Carronvale Road
Larbert
FK5 3LZ

Bankers

Clydesdale Bank plc
31 Hallam Road
Stenhousemuir
FK5 3BF

Accountants

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG

 

Farrah Project Services Ltd

Director's Report for the Year Ended 31 July 2017

The director presents his report and the abridged financial statements for the year ended 31 July 2017.

Director of the company

The director who held office during the year was as follows:

Mark Nicholas Douglas

Principal activity

The principal activity of the company is has been providing project engineering services in the oil and gas industry

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board on 3 October 2017 and signed on its behalf by:

.........................................
Mark Nicholas Douglas
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Farrah Project Services Ltd
for the Year Ended 31 July 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Farrah Project Services Ltd for the year ended 31 July 2017 as set out on pages 4 to 7 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Farrah Project Services Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Farrah Project Services Ltd and state those matters that we have agreed to state to the Board of Directors of Farrah Project Services Ltd, as a body, in this report.

This is in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.doc. And, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Farrah Project Services Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Farrah Project Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Farrah Project Services Ltd. You consider that Farrah Project Services Ltd is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Farrah Project Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

................................................

Roderick Gunkel & Associates Ltd
Chartered Certified Accountants
Orchardlea
Callander
FK17 8BG


 

3 October 2017

 

Farrah Project Services Ltd

(Registration number: SC538238)
Abridged Balance Sheet as at 31 July 2017

Note

2017
£

Fixed assets

 

Tangible assets

4

900

Current assets

 

Cash at bank and in hand

 

65,000

Creditors: Amounts falling due within one year

(19,561)

Net current assets

 

45,439

Total assets less current liabilities

 

46,339

Accruals and deferred income

 

(1,200)

Net assets

 

45,139

Capital and reserves

 

Called up share capital

100

Profit and loss account

45,039

Total equity

 

45,139

For the financial year ending 31 July 2017 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 3 October 2017
 

.........................................

Mark Nicholas Douglas

Director

 

Farrah Project Services Ltd

Statement of Changes in Equity for the Year Ended 31 July 2017

Share capital
£

Profit and loss account
£

Total
£

At 1 August 2016

100

-

100

Profit for the year

-

45,039

45,039

Total comprehensive income

-

45,039

45,039

At 31 July 2017

100

45,039

45,139

 

Farrah Project Services Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

1

General information

The company is a private company limited by share capital incorporated in Scotland.

The address of its registered office is:
6 Carronvale Road
Larbert
FK5 3LZ

These financial statements were authorised for issue by the director on 3 October 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Farrah Project Services Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 July 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Profit before tax

Arrived at after charging/(crediting)

2017
£

Depreciation expense

400

4

Tangible assets

Total
£

Cost or valuation

Additions

1,300

At 31 July 2017

1,300

Depreciation

Charge for the

400

At 31 July 2017

400

Carrying amount

At 31 July 2017

900