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Directors' report and financial statements
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For the year ended
31 December 2021
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Registered number:
04645184
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D1 Oils Trading Limited
Company Information
Page 1
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D1 Oils Trading Limited
Contents
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Independent auditor's report
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Statement of profit or loss and other comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Page 2
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D1 Oils Trading Limited
Directors' report
for the year ended 31 December 2021
The directors present their report together with the financial statements of D1 Oils Trading Limited ('the Company') for the year ended
31 December 2021
.
General information and principal activity
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The Company is a private limited company incorporated in England and Wales under the Companies Act 2006 with registration number 04645184. The address of the registered office and the principal trading address of the Company is unit C, 2nd Floor, 16 Dufferin Street, London, EC1Y 8PD.
The principal activity of the Company in the period under review was the marketing of biofuels intelligence.
The company has ceased trading and the directors intend to wind up the company within 12 months from the
date of signing the financial statements. Therefore, the accounts have been prepared on a basis other than going concern.
The loss for the year, after taxation, amounted to £
11,644
(2020 -
£
6,689
)
.
The directors who served during the year were:
Page 3
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D1 Oils Trading Limited
Directors' report (continued)
for the year ended 31 December 2021
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with international accounting standards (IAS) as adopted by the UK.
Under company law the directors must not approve the financial statements unless they are 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 the financial statements, the directors are required to:
∙
select suitable accounting policies and then apply them consistently;
∙
make judgements and estimates that are reasonable and prudent; and
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume the Group will
continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such
internal control as they determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other
irregularities.
Provision of information to auditors
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Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
∙
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Small companies exemption
In preparing this report, the directors have taken advantage of the small companies exemption provided by section 415A of the Companies Act 2006.
This report was approved by the board on
14 April 2022
and signed on its behalf by:
Page 4
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Independent auditor's report to the members of D1 Oils Trading Limited
for the year ended 31 December 2021
We have audited the financial statements of D1 Oils Trading Limited for the year ended 31 December 2021 which comprise
the Statement of profit or loss and other comprehensive income
,
the Statement of financial position
,
the Statement of changes in equity
,
the Statement of cash flows
and the related notes, including a summary of significant accounting policies set out on pages 14 - 16. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.
In our opinion the financial statements:
∙
give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its loss for the year then ended;
∙
have been properly prepared in accordance with IFRSs as adopted by the UK; and
∙
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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We draw attention to note 1.3 in the financial statements, which explains that the directors have indicated their intention
to wind down the company and therefore do not consider it appropriate to adopt the going concern basis of accounting
in preparing the financial statements. As explained in note 1.3, the company has ceased trading since the balance sheet
date. The financial statements have been prepared on a basis other than that of a going concern which includes, where
appropriate, writing down the company’s assets to net realisable value. The financial statements do not include any
provision for the future costs of terminating the business of the company except to the extent that such costs were
committed at the balance sheet date.
Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 5
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Independent auditor's report to the members of D1 Oils Trading Limited (continued)
for the year ended 31 December 2021
The other information comprises the information included in the Annual Report other than the financial statements and
our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
∙
the directors were not entitled to take advantage of the small companies' exemption in preparing the Directors'
report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the responsibilities statement, the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view, and for such internal control as the directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to
Page 6
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Independent auditor's report to the members of D1 Oils Trading Limited (continued)
for the year ended 31 December 2021
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 7
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Independent auditor's report to the members of D1 Oils Trading Limited (continued)
for the year ended 31 December 2021
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
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we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the Company through discussions with directors and other management at the planning stage, and
from our knowledge and experience of the Company;
∙
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations;
∙
we focussed our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the Company including the Companies Act 2006 and taxation
legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙
making enquiries of management;
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inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and
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considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws
and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙
determined the susceptibility of the Company to management override of controls by checking the implementation
of controls and enquiring of individuals involved in the financial reporting process;
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reviewed journal entries throughout the year to identify unusual transactions;
Page 8
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Independent auditor's report to the members of D1 Oils Trading Limited (continued)
for the year ended 31 December 2021
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performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the period above;
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reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias
on the part of the Company's management; and
∙carried out substantive testing to check the occurrence and cut-off of expenditure
Page 9
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Independent auditor's report to the members of D1 Oils Trading Limited (continued)
for the year ended 31 December 2021
Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
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agreeing financial statements disclosures to underlying supporting documentation;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC and the Company's legal advisors.
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be
inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal
correspondence, if any.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Chapman
(Senior statutory auditor)
for and on behalf of
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
14 April 2022
Page 10
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D1 Oils Trading Limited
Statement of profit or loss and other comprehensive income
for the year ended 31 December 2021
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Total comprehensive income
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There was no other comprehensive income for 2021 or 2020.
The notes on pages 14 to 19 form part of these financial statements.
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Page 11
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D1 Oils Trading Limited - Registered number: 04645184
Statement of financial position
as at
31 December 2021
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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The financial statements were approved and authorised for issue by the board of directors on
14 April 2022
and were signed on its behalf by:
The notes on pages 14 to 19 form part of these financial statements.
Page 12
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D1 Oils Trading Limited
for the year ended
31 December 2021
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Total comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 14 to 19 form part of these financial statements.
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Page 13
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D1 Oils Trading Limited
Statement of cash flows
for the year ended 31 December 2021
Cash flows from operating activities
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Cash (used in)/generated from operations
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Cash generated from operations
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Net cash from operating activities
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Cash flows from investing activities
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Net cash from investing activities
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Cash flows from financing activities
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Dividends paid to owners of the Company
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Net cash from/(used in) financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at the beginning of the year
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Cash and cash equivalents at the end of the year
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The notes on pages 14 to 19 form part of these financial statements.
D1 Oils Trading Limited is a private company limited by shares and incorporated in England and
Wales. Its registered office and principal place of business is Unit C, 2nd Floor, 16 Dufferin Street, London, EC1Y 8PD and its registered number is 04645184.
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) reduced disclosure framework as adopted by the UK, IFRIC Interpretations and the parts of the Companies Act 2006 applicable to companies reporting under IFRSs.
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Basis of preparation of financial statements
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The company has ceased trading and the directors intend to wind up the company within the next 12 months
from the date of signing the financial statements. Therefore, the accounts have been prepared on the breakup
basis.
The significant accounting policies of the company have remained unchanged from the previous period and are set out below.
The company has ceased trading and the directors intend to wind up the company within 12 months from the date of signing the financial statements. Therefore, the accounts have been prepared on the break-up basis.
Page 14
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D1 Oils Trading Limited
Notes to the financial statements
for the year ended 31 December 2021
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Accounting policies (continued)
Trade and other payables 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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost.
a) Functional and presentational currency
These financial statements are presented in Pounds Sterling which is the Company's functional currency.
b) Transactions and balances
Transactions in foreign currencies are translated into Pounds Sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Any gains or losses arising from a change in exchange rates subsequent to the transaction date are included as an exchange gain or loss in the Statement of comprehensive income.
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Cash and cash equivalents
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Cash and cash equivalents include cash in hand, deposits held on call with banks and all other cash amounts with maturities of three months or less.
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Current and deferred income tax
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The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income. Management periodically evaluate positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Ordinary shares are classified as equity. Any incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
Page 15
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D1 Oils Trading Limited
Notes to the financial statements
for the year ended 31 December 2021
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Accounting policies (continued)
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Adoption of new and revised standards
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There are no new or amended IFRSs or IFRIC interpretations that have been issued but are not yet effective that would be expected to have a material impact on the company.
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Critical accounting judgements and key sources of estimation uncertainty
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In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.
The directors do not consider there to be any critical judgements, estimates or assumptions in respect of the year.
The operating (loss)/profit is stated after charging:
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Differences on foreign exchange
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Page 16
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D1 Oils Trading Limited
Notes to the financial statements
for the year ended 31 December 2021
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Fees payable to the auditor for the audit of the Company's annual accounts
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Fees payable to the auditor in respect of:
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- taxation compliance services
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- all other non-audit services
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Staff costs and average employee numbers
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The company had no employees other than directors (who are not on employment contracts) during the year (2020 - £nil).
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Cash and cash equivalents
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Total cash at bank and in hand
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Accruals and deferred income
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Total trade and other payables
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Page 17
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D1 Oils Trading Limited
Notes to the financial statements
for the year ended 31 December 2021
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Ordinary A
shares of £
1.00
each
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Ordinary A shares of £
1.00
each
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At 1 January and 31 December
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An analysis of changes in net debt has not been presented as all of the Company's cash flows relate to movements in cash, and the Company has no items to include in such an analysis other than the cash flows in the Statement of cash flows.
There were no contingent liabilities at 31 December 2021 or 31 December 2020.
There were no capital commitments at 31 December 2021 or 31 December 2020.
Page 18
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D1 Oils Trading Limited
Notes to the financial statements
for the year ended 31 December 2021
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Immediate and ultimate controlling party
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The immediate parent undertaking of the company is SCB & Associates Limited, a company incorporated in England and Wales.
The largest and smallest group of undertakings for which the group accounts have been drawn up which include the company is headed by SCB & Associates Limited. The registered office of the company is Unit C, 2nd Floor 16 Dufferin Street, London EC1Y 8PD. These group accounts are available from The Registrar, Companies House, Crown way, Cardiff, CF4 3UZ.
The ultimate controlling party is
SCB Brokers SA
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Events after the reporting period
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The directors have decided to enter the company into a voluntary liquidation process which is expected to be completed within 12 months of the date of approval of these financial statements.
Page 19
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