FREQUENT OIL LIMITED - Filleted accounts

FREQUENT OIL LIMITED - Filleted accounts

FREQUENT OIL LIMITED - Company Information

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Registered number
08034322
FREQUENT OIL LIMITED
Filleted Accounts
30 April 2020
FREQUENT OIL LIMITED
Registered number: 08034322
Balance Sheet
as at 30 April 2020
Notes 2020 2019
£ £
Current assets
Cash at bank and in hand 993 993
Creditors: amounts falling due within one year 4 (1,493) (1,493)
Net current liabilities (500) (500)
Net liabilities (500) (500)
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account (2,500) (2,500)
Shareholder's funds (500) (500)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P H Rocholl
Director
Approved by the board on 10 February 2021
FREQUENT OIL LIMITED
Notes to the Accounts
for the year ended 30 April 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The financial statements have been prepared on a going concern basis. The company has the support of the parent company Boreas Resources Ltd.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts
Intangible fixed assets
Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Patent:
Cost
At 1 May 2019 1,451
At 30 April 2020 1,451
Amortisation
At 1 May 2019 1,451
At 30 April 2020 1,451
Net book value
At 30 April 2020 -
Patent is fully depreciated.
4 Creditors: amounts falling due within one year 2020 2019
£ £
Other creditors 1,493 1,493
5 Other information
FREQUENT OIL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
112 Jermyn Street
London
SW1Y 6LS
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