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Financial Statements for the Year Ended 31 December 2019 |
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Oil Plus Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Oil Plus Limited |
Oil Plus Limited (Registered number: 01386979) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Oil Plus Limited (Registered number: 01386979) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors: amounts falling due within one
year |
6 |
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Debtors: amounts falling due after more
than one year |
6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Oil Plus Limited (Registered number: 01386979) |
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Balance Sheet - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Oil Plus Limited (Registered number: 01386979) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Oil Plus Limited is a private company, limited by shares, registered in England and Wales. The company's |
registered number is 01386979 and the address of it's registered office is Dominion House, Kennet Side, |
Newbury, Berkshire, RG14 5PX. |
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The financial statements are presented in sterling which is the functional currency of the company and |
rounded to the nearest £. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal accounting policies adopted in the preparation of the financial statements are set out below. |
These policies have been consistently applied to all years presented, unless otherwise stated. |
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Revenue recognition |
Revenue from the sale of goods and services is recognised when the risks and rewards of ownership have been |
transferred to the customer, which is usually when title passes. |
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Revenue from services is recognised in accounting periods in which the services are rendered, by reference to |
completion of the specific transaction, assessed on the basis of the actual service provided as a portion of the |
total services to be provided. |
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Revenue is measured at the fair value of the consideration received or receivable, net of trade discounts, |
rebates, value added tax and other sales taxes. |
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Long term funded contracts |
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the |
stage of completion of a contract activity at the balance sheet date.The Company uses the "percentage of |
completion method" to determine the appropriate amount to recognise in a given period. The assessment of the |
stage of completion is dependant on the nature of the contract, but will generally be based on the estimated |
proportion of the total contract costs which have been incurred to date. If a contract is expected to be |
loss-making, a provision is recognised for the entire loss. |
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Tangible fixed assets |
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Technical, office and laboratory equipment | 10% to 33% on cost |
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Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment |
losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working |
condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. |
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An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying |
amount is greater than its estimated recoverable amount. |
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Repairs, maintenance and minor inspection costs are expenses as incurred. |
Oil Plus Limited (Registered number: 01386979) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Financial assets |
Financial assets are initially recognised at transaction price when the Company becomes party to contractual |
obligations. The transaction price used includes transactions costs unless the asset is being fair valued through |
the Statement of Income and Retained Earnings. |
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The classification of financial assets depends on the purpose for which the assets were acquired. Management |
determines the classification of an asset at initial recognition and re-evaluates their designation at each |
reporting date. Assets are classified as: loans and receivables; or financial assets where changes in fair value |
are charged (or credited) to the Statement of Income and Retained Earnings. |
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The subsequent measurement of financial assets depends on the classification. Loans and receivables are |
measured at amortised cost using the effective interest method. Financial assets where changes in fair value are |
charged (or credited) to the Statement of Income and Retained Earnings are subsequently measured at fair |
value. Realised and unrealised gains and losses arising from changes in the fair value of the 'financial assets at |
fair value through profit and loss' category are included in the Statement of Income and Retained Earnings in |
the year in which they arise. |
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Financial assets are derecognised when the right to receive cashflows from the assets has expired or has been |
transferred, and the Company has transferred substantially all of the risks and rewards of ownership. |
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Financial liabilities |
Borrowings are initially recognised at the fair value of the proceeds, net of related transaction costs. These |
transaction costs and any discount or premium on issue are subsequently amortised under the effective yield |
method through the Statement of Income and Retained Earnings as interest over the life of a loan, and added |
tot the liability disclosed in the Balance Sheet. Related accrued interest is included in the borrowings figure. |
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Borrowings are classified due within one year unless the Company has an unconditional right to defer |
settlement of the liability for at least one year after the Balance Sheet date. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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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. |
Oil Plus Limited (Registered number: 01386979) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure on research and development is charged to the statement of income and retained earnings in the |
year in which it is incurred with the exception of amounts recoverable from third parties. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
Oil Plus Limited (Registered number: 01386979) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Employee benefits |
The Company provides a range of benefits to employees, including paid holiday arrangements and defined |
contribution pension plans. |
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Leases |
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are |
classified as operating leases. Payments made under operating leases are charged to the statement of income |
and retained earnings on a straight-line basis over the period of the lease. |
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Provisions and contingencies |
Provisions are recognised when the company has a present legal or constructive obligation as a result of past |
events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of |
the obligation can be estimated reliably. In particular: |
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(i) Restructuring provisions are recognised when the company has a detailed, formal plan for the restructuring |
and has raised a valid expectation in those affected by either starting to implement the plan or announcing its |
main features to those affected and therefore has a legal or constructive obligation to carry out the |
restructuring. |
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(ii) Provision is not made for future operating losses. Provisions are measured at the present value of the |
expenditures expected to be required to settle the obligation using pre-tax rate that reflects current market |
assessments of the time value of money and the risk specific to the obligation. The increase in the provision |
due to passage of time is recognised as a finance cost. |
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(iii) Contingent liabilities are not recognised, Contingent liabilities arise as a result of past events when (i) it is |
not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the |
reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain |
future events not wholly within the company's control. Contingent liabilities are disclosed in the financial |
statements unless the probability of an outflow of resources is remote. |
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an |
inflow of economic benefits is probable. |
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Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary |
shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
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Distributions to equity holders |
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial |
statements in the period in which the dividends and other distributions are approved by the company's |
shareholders. These amounts are recognised in the statement of income and retained earnings. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Oil Plus Limited (Registered number: 01386979) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | DEBTORS |
31.12.19 | 31.12.18 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Deferred tax asset |
31.12.19 | 31.12.18 |
£ | £ |
Tax losses carried forward |
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Other timing differences | 62,753 | 77,754 |
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The company transferred trade debtors to a factoring company. The trade debtors have not been derecognised |
from the balance sheet, because the company retains substantially all of the risks and rewards, primarily credit |
risk. The amount received on transfer has been recognised within other creditors. |
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The deferred tax asset is regarded as due in more than one year with the exception of £85,310 (2018 - |
£106,969) which relates to the expected net reversal of timing differences within the next 12 months. |
Oil Plus Limited (Registered number: 01386979) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.19 | 31.12.18 |
£ | £ |
Bank loans |
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Hire purchase contracts | 29,075 | 65,139 |
Factored trade debts | 201,316 | 282,452 |
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The bank loan is secured by a guarantee for £100,000 from one of the directors in favour of Barclays Bank plc. |
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Bibby Financial Services Limited (As Security Trustee), by way of a first legal mortgage, hold a fixed and |
floating charge over the assets of the company. There is also a personal guarantee from one of the directors for |
£175,000 in place in favour of Bibby Financial Services Limited. |
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The hire purchase balances are secured over the fixed assets to which they relate. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £1 | 150 | 150 |
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11. | OTHER FINANCIAL COMMITMENTS |
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Total amount of commitments, guarantees and contingencies is £227,675 (2018 - £335,412). |
Oil Plus Limited (Registered number: 01386979) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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12. | RELATED PARTY DISCLOSURES |
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At 31 December 2018, the company owed M Cavanagh, one of the directors, £577,975. During the year the |
director advanced £238,357 to the company and the company repaid £300,357 to the director. As a result, at 31 |
December 2019, the company owed the director £515,975. |
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This loan is interest free and is repayable on demand. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is V Cavanagh. |