Company Registration No. 02590491 (England and Wales)
PAR PETROLEUM LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
PAR PETROLEUM LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
PAR PETROLEUM LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,589,737
1,467,725
Investments
2
2
2
1,589,739
1,467,727
Current assets
Stocks
113,073
105,772
Debtors
1,408,826
1,363,335
Cash at bank and in hand
812,510
252,681
2,334,409
1,721,788
Creditors: amounts falling due within one year
3
(1,893,973)
(1,423,055)
Net current assets
440,436
298,733
Total assets less current liabilities
2,030,175
1,766,460
Creditors: amounts falling due after more than one year
4
(203,837)
(202,950)
Provisions for liabilities
(168,280)
(117,821)
Accruals and deferred income
(32,000)
(32,800)
1,626,058
1,412,889
Capital and reserves
Called up share capital
5
48,000
48,000
Profit and loss account
1,578,058
1,364,889
Shareholders' funds
1,626,058
1,412,889
PAR PETROLEUM LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2016
30 June 2016
- 2 -
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 8 February 2017
Mr P Roy-Toole
Director
Company Registration No. 02590491
PAR PETROLEUM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Straight line over 50 years
Plant and machinery
10% Reducing balance
Fixtures, fittings & equipment
10% Reducing balance
Motor vehicles
25% Reducing balance
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
PAR PETROLEUM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 July 2015
2,794,728
2
2,794,730
Additions
471,369
-
471,369
Disposals
(133,979)
-
(133,979)
At 30 June 2016
3,132,118
2
3,132,120
Depreciation
At 1 July 2015
1,327,003
-
1,327,003
On disposals
(94,885)
-
(94,885)
Charge for the year
310,263
-
310,263
At 30 June 2016
1,542,381
-
1,542,381
Net book value
At 30 June 2016
1,589,737
2
1,589,739
At 30 June 2015
1,467,725
2
1,467,727
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
PAR Fuels Limited
England & Wales
Ordinary
100.00
Petroleum Fleet Services Limited
England & Wales
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
PAR Fuels Limited
Haulage contractors
(3,205)
(4,247)
Petroleum Fleet Services Limited
Testing station
104,871
80,962
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £213,473 (2015 - £192,545).
PAR PETROLEUM LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 5 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £203,837 (2015 - £202,950).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
48,000 Ordinary shares of £1 each
48,000
48,000
6
Related party relationships and transactions
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr P Roy-Toole
-
-
20,000
-
15,000
5,000
Mrs C Roy-Toole
-
-
20,000
-
15,000
5,000
-
40,000
-
30,000
10,000
Par Fuels Limited is a wholly owned subsidiary of Par Petroleum Limited.
During the year Par Petroleum purchased goods and services from Par Fuels Limited in the sum of £868,246 (2015 £723,817).
At the year end £38,231 (2015 £42,332) was due to Par Fuels Limited.
Petroleum Fleet Services Ltd is a wholly owned subsidiary of Par Petroleum Limited.
During the year Par Petroleum Ltd recharged costs totalling £33,250 (2015 £37,377) and gave net funding totalling £11,818 (2015 £22,896) to Petroleum Fleet Services Ltd.
At the year end £61,455 (2015 £60,273) was due from Petroleum Fleet Services Limited.
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