Pro-Petro Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08169998 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

FOR

PRO-PETRO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M C Stanojevic

J Townsend

REGISTERED OFFICE:

9 Commerce Road

Lynchwood

Peterborough

Cambridgeshire

PE2 6LR

REGISTERED NUMBER:

08169998 (England and Wales)

ACCOUNTANTS:

GreenStones Limited

9 Commerce Road

Lynchwood

Peterborough

Cambridgeshire

PE2 6LR

CURRENT ASSETS

Stocks

3,427,951

-

Debtors

4

682,610

1,208,996

Cash at bank

492,356

47,126

4,602,917

1,256,122

CREDITORS

Amounts falling due within one year

5

3,404,990

426,022

NET CURRENT ASSETS

1,197,927

830,100

TOTAL ASSETS LESS CURRENT LIABILITIES

1,197,927

830,100

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,197,827

830,000

SHAREHOLDERS' FUNDS

1,197,927

830,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 May 2019 and were signed on its behalf by:

J Townsend - Director

1.	STATUTORY INFORMATION

Pro-Petro Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on

the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable,

excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but

not reversed at the balance sheet date.

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.

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.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2017

and 31 August 2018

1,512

DEPRECIATION

At 1 September 2017

and 31 August 2018

1,512

NET BOOK VALUE

At 31 August 2018

-

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

1,200,000

Other debtors

682,610

8,996

682,610

1,208,996

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

3,212,859

-

Taxation and social security

89,256

387,843

Other creditors

102,875

38,179

3,404,990

426,022

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 August 2018 and 31 August 2017:

2018

2017

£

£

J Townsend

Balance outstanding at start of year

(31,104

)

(29,463

)

Amounts advanced

50,382

45,428

Amounts repaid

(30,765

)

(47,069

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(11,487

)

(31,104

)

7.	RELATED PARTY DISCLOSURES

The company was under the control of J R Townsend and M C Stanojevic throughout the

current and previous year. J R Townsend and M C Stanojevic are the only directors and

shareholders.

During the year the company raised invoices regarding services rendered to Truckin

World Limited totalling £654,644 (2017: £1,000,000). M C Stanojevic is a director and

has control of Truckin World Limited. At 31 August 2018, Truckin World Limited owed the

company £nil (2017: £1,194,375).