Oilfield Consultants International Ltd - Accounts

OILFIELD CONSULTANTS INTERNATIONAL LTD - Company Information

Oilfield Consultants International Ltd 02516794 Engineering and corporate services false 1 July 2021 02516794 2021-07-01 2022-06-30 02516794 2021-06-30 02516794 2022-06-30 02516794 2020-07-01 2021-06-30 02516794 2020-06-30 02516794 2021-06-30 02516794 frs102-bus:FRS102 2021-07-01 2022-06-30 02516794 frs102-bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 02516794 frs102-bus:FullAccounts 2021-07-01 2022-06-30 02516794 frs102-bus:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 02516794 frs102-core:RetainedEarningsAccumulatedLosses 2020-07-01 2021-06-30 02516794 frs102-core:RetainedEarningsAccumulatedLosses 2021-06-30 02516794 frs102-core:ShareCapital 2021-06-30 02516794 frs102-core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 02516794 frs102-core:RetainedEarningsAccumulatedLosses 2022-06-30 02516794 frs102-core:ShareCapital 2022-06-30 02516794 frs102-core:CurrentFinancialInstruments 2022-06-30 02516794 frs102-core:CurrentFinancialInstruments 2021-06-30 02516794 frs102-core:Non-currentFinancialInstruments 2022-06-30 02516794 frs102-core:Non-currentFinancialInstruments 2021-06-30 02516794 frs102-bus:Director1 2021-07-01 2022-06-30 02516794 frs102-core:ComputerEquipment 2021-07-01 2022-06-30 02516794 frs102-core:OwnedAssets 2021-07-01 2022-06-30 02516794 frs102-core:OwnedAssets 2020-07-01 2021-06-30 02516794 frs102-core:ComputerEquipment 2021-06-30 02516794 frs102-core:ComputerEquipment 2022-06-30 02516794 frs102-core:ComputerEquipment 2021-06-30 02516794 frs102-bus:OrdinaryShareClass1 2022-06-30 02516794 frs102-bus:OrdinaryShareClass1 2021-06-30 02516794 frs102-bus:OrdinaryShareClass1 2021-07-01 2022-06-30 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 2022

	Retained Earnings	Share Capital	Total
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
For the year ending 30 June 2022:
Balance brought forward	30,917	78	30,995
Profit for the period	7,411		7,411
Dividends	(22,113)		(22,113)
Balance carried forward	16,215	78	16,293

Oilfield Consultants International Ltd Balance Sheet as at 30 June 2022
	Notes		2022 £		2021 £
Fixed assets
Tangible assets	4		2,462		2,897
Investments			140,489		75,000
			142,951		77,897

Current assets
Debtors	5	212		21
Cash at bank and in hand		24,652		49,871
		24,864		49,892

Creditors: amounts falling due within one year	6	(23,022)		(21,794)

Net current assets / (liabilities)			1,842		28,098

Total assets less current liabilities			144,793		105,995

Creditors: amounts falling due after more than one year			(128,500)		(75,000)

Provisions for liabilities			(0)		(0)

Total net assets (liabilities)			16,293		30,995

Capital and reserves
Called up share capital	7		78		78
Profit and loss account			16,215		30,917
Shareholders' funds			16,293		30,995

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 2022 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 2023

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.

	Going concern basis
	The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.

	Revenue recognition
	Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

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:	2022	2021
	£	£
Depreciation - owned assets	435	511
Directors' remuneration	300	300

Employees
	2022	2021
Average number of employees during the period	1	1

Tangible fixed assets
	Computer equipment	Total
Cost or valuation	£	£
At 1 July 2021	25,094	25,094
At 30 June 2022	25,094	25,094
Depreciation
At 1 July 2021	22,197	22,197
Charge for the period	435	435
At 30 June 2022	22,632	22,632
Net book value
At 30 June 2022	2,462	2,462
At 30 June 2021	2,897	2,897

Debtors
	2022	2021
	£	£
Other debtors	212	21
	212	21

Creditors: amounts falling due within one year
	2022	2021
	£	£
Trade creditors	21	6
Taxation & social security	1,797	3
Other creditors	21,204	21,785
	23,022	21,794

Share capital
	2022	2021
	£	£
Allotted, called up and fully paid:
78 (2021: 78) Ordinary shares of £1.00 each	78	78

	78	78

Dividends
	2022	2021
	£	£
Total dividend payment	22,113	27,500

9.	Related party disclosures
	Controlling party 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 who 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 from E Lines Director’s account to E A Lines OVC Members’ account was £2234.08.