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Abbreviated Unaudited Accounts for the Year Ended 28 February 2015 |
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Bryce Oils Limited |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 28 February 2015 |
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for |
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Bryce Oils Limited |
Bryce Oils Limited (Registered number: SC239478) |
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Contents of the Abbreviated Accounts |
for the Year Ended 28 February 2015 |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
Bryce Oils Limited |
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Company Information |
for the Year Ended 28 February 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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BANKERS: |
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Bryce Oils Limited (Registered number: SC239478) |
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Abbreviated Balance Sheet |
28 February 2015 |
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2015 | 2014 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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276,266 |
Investment property | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
5 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Profit and loss account |
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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. |
Bryce Oils Limited (Registered number: SC239478) |
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Abbreviated Balance Sheet - continued |
28 February 2015 |
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The financial statements were approved by the Board of Directors on
by: |
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Bryce Oils Limited (Registered number: SC239478) |
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Notes to the Abbreviated Accounts |
for the Year Ended 28 February 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
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However, compliance with the Financial Reporting Standard for Smaller Entities (effective April 2008) requires |
a departure from the requirements of the Companies Act 2006 relating to the depreciation of investment |
property. |
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Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
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Turnover |
Turnover represents net invoiced sales of fuel oil, excluding value added tax. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised |
evenly over its estimated useful life of six years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures & fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
market value is transferred to a revaluation reserve. |
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Investment property is revalued annually at open market value in accordance with the Financial Reporting |
Standard for Smaller Entities (effective April 2008). The surplus or deficit on revaluation is transferred to a |
revaluation reserve except where the deficit reduces the property below its historical cost in which case it is taken |
to the profit and loss account. |
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No depreciation is provided on investment property which is a departure from the requirements of the |
Companies Act 2006. In the opinion of the directors the property is held primarily for its investment potential |
and so its current value is of more significance than any measure of consumption and to depreciate them would |
not give a true and fair view. |
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The provisions of the Financial Reporting Standard for Smaller Entities (effective April 2008) in respect of |
investment property have therefore been adopted in order to give a true and fair view. If this departure from the |
Act had not been made, the profit for the year would have been reduced by depreciation. |
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However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise |
have been shown cannot be separately identified. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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. |
Bryce Oils Limited (Registered number: SC239478) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 28 February 2015 |
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1. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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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 the profit and loss account in the period to which they relate. |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 March 2014 |
and 28 February 2015 |
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AMORTISATION |
At 1 March 2014 |
and 28 February 2015 |
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NET BOOK VALUE |
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At 28 February 2015 |
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At 28 February 2014 |
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3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 March 2014 |
and 28 February 2015 |
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DEPRECIATION |
At 1 March 2014 |
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Charge for year |
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At 28 February 2015 |
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NET BOOK VALUE |
At 28 February 2015 |
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At 28 February 2014 |
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Bryce Oils Limited (Registered number: SC239478) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 28 February 2015 |
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4. | INVESTMENT PROPERTY |
Total |
£ |
COST |
Additions |
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At 28 February 2015 |
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NET BOOK VALUE |
At 28 February 2015 |
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5. | CREDITORS |
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Creditors include an amount of £
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary | £1 |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The rent paid by the company was in respect of premises owned by the directors. The rental amount paid during |
the year to 28 February 2015 was £2,650 (2014: £2,650). |