Oilfield Consultants International Ltd - Accounts

OILFIELD CONSULTANTS INTERNATIONAL LTD - Company Information

Oilfield Consultants International Ltd 02516794 Engineering and corporate services false 1 July 2020 02516794 2020-07-01 2021-06-30 02516794 2020-06-30 02516794 2021-06-30 02516794 2019-07-01 2020-06-30 02516794 2019-06-30 02516794 2020-06-30 02516794 frs102-bus:FRS102 2020-07-01 2021-06-30 02516794 frs102-bus:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 02516794 frs102-bus:FullAccounts 2020-07-01 2021-06-30 02516794 frs102-bus:AuditExempt-NoAccountantsReport 2020-07-01 2021-06-30 02516794 frs102-core:CurrentFinancialInstruments 2021-06-30 02516794 frs102-core:CurrentFinancialInstruments 2020-06-30 02516794 frs102-core:Non-currentFinancialInstruments 2021-06-30 02516794 frs102-core:Non-currentFinancialInstruments 2020-06-30 02516794 frs102-core:ShareCapital 2021-06-30 02516794 frs102-core:ShareCapital 2020-06-30 02516794 frs102-core:RetainedEarningsAccumulatedLosses 2021-06-30 02516794 frs102-core:RetainedEarningsAccumulatedLosses 2020-06-30 02516794 frs102-bus:Director1 2020-07-01 2021-06-30 02516794 frs102-core:ComputerEquipment 2020-07-01 2021-06-30 02516794 frs102-core:OwnedAssets 2020-07-01 2021-06-30 02516794 frs102-core:OwnedAssets 2019-07-01 2020-06-30 02516794 frs102-core:ComputerEquipment 2020-06-30 02516794 frs102-core:ComputerEquipment 2021-06-30 02516794 frs102-core:ComputerEquipment 2020-06-30 02516794 frs102-core:Non-currentFinancialInstruments 2020-06-30 02516794 frs102-core:CurrentFinancialInstruments 2020-07-01 2021-06-30 02516794 frs102-core:Non-currentFinancialInstruments 2020-07-01 2021-06-30 02516794 frs102-bus:OrdinaryShareClass1 2021-06-30 02516794 frs102-bus:OrdinaryShareClass1 2020-06-30 02516794 frs102-bus:OrdinaryShareClass1 2020-07-01 2021-06-30 xbrli:pure iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares

	Registered number
	02516794

	Oilfield Consultants International Ltd
	Unaudited Accounts
	for the year ended
	30 June 2021

	Retained Earnings	Share Capital	Total
For the year ending 30 June 2020:
Balance brought forward	31,166	78	31,244
Profit for the period	40,044		40,044
Dividends	(16,130)		(16,130)
Balance carried forward	55,080	78	55,158
For the year ending 30 June 2021:
Balance brought forward	55,080	78	55,158
Profit for the period	4,458		4,458
Transfers	(1,121)		(1,121)
Dividends	(27,500)		(27,500)
Balance carried forward	30,917	78	30,995

Oilfield Consultants International Ltd Balance Sheet as at 30 June 2021
	Notes		2021 £		2020 £
Fixed assets
Tangible assets	6		2,897		3,408
Investments	7		75,000		0
			77,897		3,408

Current assets
Debtors	8	21		10,173
Cash at bank and in hand		49,871		73,379
		49,892		83,552

Creditors: amounts falling due within one year	9	(21,794)		(31,802)

Net current assets / (liabilities)			28,098		51,750

Total assets less current liabilities			105,995		55,158

Creditors: amounts falling due after more than one year	10		(75,000)		(0)

Provisions for liabilities			(0)		(0)

Total net assets (liabilities)			30,995		55,158

Capital and reserves
Called up share capital	11		78		78
Profit and loss account			30,917		55,080
Shareholders' funds			30,995		55,158

These accounts have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The directors have not delivered a copy of the company's Profit and Loss account as permitted by s444(5A) of the Companies Act 2006.

For the year ending 30 June 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Signed on behalf of the board of directors

...............................

E Lines

Director

Approved by the board on 24 January 2022

Company Number: 02516794 (a Private Company Limited by Shares registered in England and Wales)

Registered Office:

5 Warren Close
Hayling Island
PO11 0HP
England

1.	Accounting policies
	Basis of preparation of financial statements These financial statements have been prepared under the historic cost convention in accordance with the accounting policies set out below and with section 1A of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The presentation currency is sterling.

	Revenue recognition
	Revenue is measured at the fair value of the consideration received or receivable exclusive of VAT for the supply of engineering consultancy, and office services to Oilfield Valuation Consultants LLP, a VAT Group company.

Tangible fixed assets depreciation policy

Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided, after taking account of any grants receivable, at rates calculated to write off the cost of fixed assets, less the estimated residual value, over their estimated useful lives.

Computer equipment

15% Reducing Balance

Profit or loss
Profit before tax is stated after charging the following:	2021	2020
	£	£
Depreciation - owned assets	511	601
Directors' remuneration	300	300

Taxation
	2021	2020
	£	£
UK Corporation Tax	0	9,514
Tax on profit/(loss) on ordinary activities	0	9,514
Other taxation information Profit is fully offset by £4898 brought forward losses used against profits.

Directors' remuneration
	2021	2020
	£	£
Directors' salaries	300	300
Total	300	300

Additional director remuneration information £300 salary plus £37 benefit in kind from director's loan, fully repaid.

Employees
	2021	2020
Average number of employees during the period	1	1

Tangible fixed assets
	Computer equipment	Total
Cost or valuation	£	£
At 1 July 2020	25,094	25,094
At 30 June 2021	25,094	25,094
Depreciation
At 1 July 2020	21,686	21,686
Charge for the period	511	511
At 30 June 2021	22,197	22,197
Net book value
At 30 June 2021	2,897	2,897
At 30 June 2020	3,408	3,408

Investments
	Other investments	Total
	£	£
Carrying amount at 1 July 2020	0	0
Additions	75,000	75,000
Carrying amount at 30 June 2021	75,000	75,000

£75000 Overseas loan investments. The Company also earned £112 in interest on UK bank balances.

Debtors
	2021	2020
	£	£
Other debtors	21	10,173
	21	10,173
Other debtors are VAT. A deferred tax asset of £1121 was written off, balanced by a write-off from reserves.

Creditors: amounts falling due within one year
	2021	2020
	£	£
Trade creditors	6	20
Taxation & social security	3	23,674
Other creditors	21,785	8,108
	21,794	31,802
Other creditors are director's loan account and a related party to the director.

Creditors: amounts falling due after one year
	2021	2020
	£	£
Other	75,000	0
	75,000	0
Long term loan to company by director.

Share capital
	2021	2020
	£	£
Allotted, called up and fully paid:
78 (2020: 78) Ordinary shares of £1.00 each	78	78

	78	78

Dividends
	2021	2020
	£	£
Total dividend payment	27,500	16,130

13.	Related party disclosures
	During the period of accounts a transaction occurred between this company and a related party, Oilfield Valuation Consultants LLP. The relationship between the parties is E A Lines is a Member of Oilfield Valuation Consultants. Oilfield Valuation Consultants (OVC) is a member of the Oilfield Consultants International's (OCI) VAT Group. As a "Participator" in OVC (under Section 455 of the Companies Act 2006, SI 2013/1970). On April 6th 2021 E A Lines received back a loan from OVC to her OCI director's account of £15726.98, comprising the value of an invoice paid by EA Lines on behalf of OVC on 22nd May 2019. During the period of accounts a transaction occurred between this company and a related party, Oilfield Valuation Consultants LLP. The relationship between the parties is E A Lines is a Member of Oilfield Valuation Consultants. Oilfield Valuation Consultants (OVC) is a member of the Oilfield Consultants International's (OCI) VAT Group. As a "Participator" in OVC (under Section 455 of the Companies Act 2006, SI 2013/1970) and on behalf of OVC, E A Lines settled office services invoices from OCI, and balancing VAT payments and receipts from OCI, from/to her OCI director's account and OVC Member’s account. The net value of the transactions paid to E Lines Director’s account from E A Lines OVC Members’ account was £260.18.

13.

Related party disclosures

During the period of accounts a transaction occurred between this company and a related party, Oilfield Valuation Consultants LLP. The relationship between the parties is E A Lines is a Member of Oilfield Valuation Consultants. Oilfield Valuation Consultants (OVC) is a member of the Oilfield Consultants International's (OCI) VAT Group. As a "Participator" in OVC (under Section 455 of the Companies Act 2006, SI 2013/1970). On April 6th 2021 E A Lines received back a loan from OVC to her OCI director's account of £15726.98, comprising the value of an invoice paid by EA Lines on behalf of OVC on 22nd May 2019.

During the period of accounts a transaction occurred between this company and a related party, Oilfield Valuation Consultants LLP. The relationship between the parties is E A Lines is a Member of Oilfield Valuation Consultants. Oilfield Valuation Consultants (OVC) is a member of the Oilfield Consultants International's (OCI) VAT Group. As a "Participator" in OVC (under Section 455 of the Companies Act 2006, SI 2013/1970) and on behalf of OVC, E A Lines settled office services invoices from OCI, and balancing VAT payments and receipts from OCI, from/to her OCI director's account and OVC Member’s account. The net value of the transactions paid to E Lines Director’s account from E A Lines OVC Members’ account was £260.18.

14.	Transactions with directors
	(i) EA Lines advanced a long term loan to the Company of £75,000. (ii) EA Lines borrowed, in stages from 10th March 2021, a maximum £19377 from her director's account which was repaid by EA Lines on 7th April 2021. (iii) EA Lines borrowed on 7th June 2021 £13429 from her director's account which was repaid by EA Lines on 23rd June 2021. Total borrowings from director's account £32806 and total repayments £32806.

14.

Transactions with directors

(i) EA Lines advanced a long term loan to the Company of £75,000.

(ii) EA Lines borrowed, in stages from 10th March 2021, a maximum £19377 from her director's account which was repaid by EA Lines on 7th April 2021.
(iii) EA Lines borrowed on 7th June 2021 £13429 from her director's account which was repaid by EA Lines on 23rd June 2021. Total borrowings from director's account £32806 and total repayments £32806.