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Zetland Project Management Services Ltd SC547269 false 2016-11-01 2017-10-31 2017-10-31 The principal activity of the company is has been providing a planning service from concept to implementation in the oil and gas industry Digita Accounts Production Advanced 6.20.8420.0 Software true SC547269 2016-11-01 2017-10-31 SC547269 2017-10-31 SC547269 core:RetainedEarningsAccumulatedLosses 2017-10-31 SC547269 core:ShareCapital 2017-10-31 SC547269 core:CurrentFinancialInstruments 2017-10-31 SC547269 core:CurrentFinancialInstruments core:WithinOneYear 2017-10-31 SC547269 core:FurnitureFittingsToolsEquipment 2017-10-31 SC547269 bus:SmallEntities 2016-11-01 2017-10-31 SC547269 bus:AuditExemptWithAccountantsReport 2016-11-01 2017-10-31 SC547269 bus:FullAccounts 2016-11-01 2017-10-31 SC547269 bus:RegisteredOffice 2016-11-01 2017-10-31 SC547269 bus:Director1 2016-11-01 2017-10-31 SC547269 bus:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 SC547269 bus:Agent1 2016-11-01 2017-10-31 SC547269 core:RetainedEarningsAccumulatedLosses 2016-11-01 2017-10-31 SC547269 core:ShareCapital 2016-11-01 2017-10-31 SC547269 core:FurnitureFittingsToolsEquipment 2016-11-01 2017-10-31 SC547269 countries:Scotland 2016-11-01 2017-10-31 SC547269 2016-10-31 SC547269 core:RetainedEarningsAccumulatedLosses 2016-10-31 SC547269 core:ShareCapital 2016-10-31 iso4217:GBP

Registration number: SC547269

Zetland Project Management Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2017

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

 

Zetland Project Management Services Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 9

Non-statutory pages

10 to 11

 

Zetland Project Management Services Ltd

Company Information

Directors

Mr David Christie

Registered office

5 Peddie Place
Grangemouth
FK3 9JW

Bankers

Santander
29 High Street
Falkirk
FK1 1ES

Accountants

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

 

Zetland Project Management Services Ltd

Director's Report for the Year Ended 31 October 2017

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

Director of the company

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

Mr David Christie

Principal activity

The principal activity of the company has been providing a planning service from concept to implementation 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 102 Section 1A - Small Entities, the applicable Financial Reporting Standard. 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 17 January 2018 and signed on its behalf by:

.........................................
Mr David Christie
Director

 

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

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Zetland Project Management Services Ltd for the year ended 31 October 2017 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
 

As a member of the Association of Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.
 

This report is made solely to the Board of Directors of Zetland Project Management 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 Zetland Project Management Services Ltd and state those matters that we have agreed to state to the Board of Directors of Zetland Project Management 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 Zetland Project Management Services Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Zetland Project Management 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 Zetland Project Management Services Ltd. You consider that Zetland Project Management 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 Zetland Project Management 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


 

17 January 2018

 

Zetland Project Management Services Ltd

Profit and Loss Account for the Year Ended 31 October 2017

Note

Total
31 October
2017
£

Turnover

 

66,920

Cost of sales

 

(2,922)

Gross profit

 

63,998

Administrative expenses

 

(38,088)

Operating profit

 

25,910

Other interest receivable and similar income

 

5

 

5

Profit before tax

3

25,915

Taxation

 

(4,795)

Profit for the financial year

 

21,120

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Zetland Project Management Services Ltd

(Registration number: SC547269)
Balance Sheet as at 31 October 2017

Note

2017
£

Fixed assets

 

Tangible assets

4

1,850

Current assets

 

Debtors

5

1,370

Cash at bank and in hand

 

12,414

 

13,784

Creditors: Amounts falling due within one year

6

(15,914)

Net current liabilities

 

(2,130)

Net liabilities

 

(280)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(380)

Total equity

 

(280)

For the financial year ending 31 October 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.

Approved and authorised by the director on 17 January 2018
 

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

Mr David Christie

Director

 

Zetland Project Management Services Ltd

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

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2016

100

-

100

Profit for the year

-

21,120

21,120

Total comprehensive income

-

21,120

21,120

Dividends

-

(21,500)

(21,500)

At 31 October 2017

100

(380)

(280)

 

Zetland Project Management Services Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

1

General information

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

The address of its registered office is:
5 Peddie Place
Grangemouth
FK3 9JW

These financial statements were authorised for issue by the director on 17 January 2018.

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

 

Zetland Project Management Services Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Zetland Project Management Services Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

3

Profit before tax

Arrived at after charging/(crediting)

2017
£

Depreciation expense

1,000

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,850

2,850

At 31 October 2017

2,850

2,850

Depreciation

Charge for the

1,000

1,000

At 31 October 2017

1,000

1,000

Carrying amount

At 31 October 2017

1,850

1,850

5

Debtors

2017
£

Trade debtors

1,370

Total current trade and other debtors

1,370

6

Creditors

Note

2017
£

Due within one year

 

Loans and overdrafts

7

6,690

Taxation and social security

 

3,229

Other creditors

 

5,995

 

15,914

7

Loans and borrowings

2017
£

Current loans and borrowings

Director current account

6,690

 

Zetland Project Management Services Ltd

Detailed Profit and Loss Account for the Year Ended 31 October 2017

2017
 £

Turnover (analysed below)

66,920

Cost of sales (analysed below)

(2,922)

Gross profit

63,998

Gross profit (%)

95.63%

Administrative expenses

Employment costs (analysed below)

(29,995)

General administrative expenses (analysed below)

(7,018)

Finance charges (analysed below)

(75)

Depreciation costs (analysed below)

(1,000)

(38,088)

Operating profit

25,910

Other interest receivable and similar income (analysed below)

5

Profit before tax

25,915

 

Zetland Project Management Services Ltd

Detailed Profit and Loss Account for the Year Ended 31 October 2017

2017
 £

Turnover

Income summarised

65,550

WIP and drs adjustment

1,370

66,920

Cost of sales

Use of private car

613

Conferences

2,247

Workwear

62

(2,922)

Employment costs

Salaries - employees

8,195

Salaries - directors

10,800

Pension - director

11,000

(29,995)

General administrative expenses

Insurance

99

Use of home office

800

Use of mobile phone

100

Use of home phone

100

Postage + stationery

15

Travel - subsistence

632

Advertising & PR

2,232

Entertaining

634

Accountants fees

2,406

(7,018)

Finance charges

Bank charges

75

(75)

Depreciation costs

Depreciation

(1,000)

Operating profit

25,910

Other interest receivable and similar income

Interest

5

Profit before tax

25,915