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REGISTERED NUMBER:
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GLOBAL OIL COMPANY (EUROPE) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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REGISTERED NUMBER:
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GLOBAL OIL COMPANY (EUROPE) LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018 |
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GLOBAL OIL COMPANY (EUROPE) LIMITED (REGISTERED NUMBER: 03916476) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GLOBAL OIL COMPANY (EUROPE) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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GLOBAL OIL COMPANY (EUROPE) LIMITED (REGISTERED NUMBER: 03916476) |
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BALANCE SHEET |
31 MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
GLOBAL OIL COMPANY (EUROPE) LIMITED (REGISTERED NUMBER: 03916476) |
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BALANCE SHEET - continued |
31 MARCH 2018 |
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The financial statements were approved by the director on
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GLOBAL OIL COMPANY (EUROPE) LIMITED (REGISTERED NUMBER: 03916476) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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1. | STATUTORY INFORMATION |
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Global Oil Company (Europe) Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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. The financial statements have been prepared under the historical cost convention. |
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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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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. The policies adopted for the recognition of turnover are as follows: |
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Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods |
have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the |
economic benefits associated with the transaction will flow to the company and the costs incurred or to be |
incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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GLOBAL OIL COMPANY (EUROPE) LIMITED (REGISTERED NUMBER: 03916476) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
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. |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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GLOBAL OIL COMPANY (EUROPE) LIMITED (REGISTERED NUMBER: 03916476) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2017 |
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Disposals | ( |
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At 31 March 2018 | ( |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2018 | ( |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Directors' current accounts | 78,594 | 74,335 |
Corporation tax |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to associates | 145,582 | 116,602 |
Corporation tax |
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VAT | 10,410 | 5,133 |
Other creditors |
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Accruals and deferred income |
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GLOBAL OIL COMPANY (EUROPE) LIMITED (REGISTERED NUMBER: 03916476) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2018 and |
31 March 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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No interest was charged on the loan from the company to the director. |
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9. | RELATED PARTY DISCLOSURES |
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At the year end, the company was owed £441 (2017 - 430) from an LLP in which C B P Jones is a designated |
member. |
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At the year end, the company was owed £146,023 (2017 - 125,563) from participating interests in which C B P |
Jones is a director and shareholder. |
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None of the above loans were made under normal market conditions. |