Oil Inspections Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01593921 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2021

for

OIL INSPECTIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S A Taylor

SECRETARY:

Mrs J Mackey

REGISTERED OFFICE:

The Old Barn

Off Wood Street

Swanley Village

Kent

BR8 7PA

REGISTERED NUMBER:

01593921 (England and Wales)

ACCOUNTANTS:

Riddingtons Ltd

The Old Barn

Off Wood Street

Swanley Village

Kent

BR8 7PA

FIXED ASSETS

Tangible assets

4

703

839

CURRENT ASSETS

Debtors

5

292,360

292,360

Cash at bank

849

1,800

293,209

294,160

CREDITORS

Amounts falling due within one year

6

3,815

4,067

NET CURRENT ASSETS

289,394

290,093

TOTAL ASSETS LESS CURRENT LIABILITIES

290,097

290,932

PROVISIONS FOR LIABILITIES

60

70

NET ASSETS

290,037

290,862

CAPITAL AND RESERVES

Called up share capital

16,000

16,000

Retained earnings

274,037

274,862

SHAREHOLDERS' FUNDS

290,037

290,862

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 21 December 2021 and were signed by:

S A Taylor - Director

1.	STATUTORY INFORMATION

Oil Inspections Ltd 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.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2020

and 31 October 2021

72,272

DEPRECIATION

At 1 November 2020

71,433

Charge for year

136

At 31 October 2021

71,569

NET BOOK VALUE

At 31 October 2021

703

At 31 October 2020

839

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

292,360

292,360

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

959

1,211

Other creditors

2,856

2,856

3,815

4,067