OIL WELL 2000 (HOLDINGS) LIMITED

OIL WELL 2000 (HOLDINGS) LIMITED - Company Information

2022-05-012023-04-302023-04-30false08894567OIL WELL 2000 (HOLDINGS) 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Registered Number
08894567
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2023

OIL WELL 2000 (HOLDINGS) LIMITED

Company Information
for the year from 1 May 2022 to 30 April 2023


Director	PALMER, John Nicholas


Registered Address	77 Fosse Road
	Farndon
	Newark
	NG24 3TL


Registered Number	08894567 (England and Wales)

OIL WELL 2000 (HOLDINGS) LIMITED

Balance Sheet as at
30 April 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Intangible assets	5		1		1
Tangible assets	6		14,705		19,608
Investment property	7		313,430		328,355
			328,136		347,964
Current assets
Debtors	9	621,240		320,034
Cash at bank and on hand		648,760		739,074
		1,270,000		1,059,108
Creditors amounts falling due within one year	10	(96,303)		(39,439)
Net current assets (liabilities)			1,173,697		1,019,669
Total assets less current liabilities			1,501,833		1,367,633
Provisions for liabilities	11		(1,179)		(1,720)
Net assets			1,500,654		1,365,913
Capital and reserves
Called up share capital			100		100
Profit and loss account			1,500,554		1,365,813
Shareholders' funds			1,500,654		1,365,913

The company was entitled to exemption from audit for this reporting period 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 Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Director on 27 November 2023, and are signed on its behalf by:

PALMER, John Nicholas
Director
Registered Company No. 08894567

OIL WELL 2000 (HOLDINGS) LIMITED

Notes to the Financial Statements
for the year ended 30 April 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	25

	Intangible assets policy
	Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Intangible assets policy

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. 

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

	Investment property policy
	Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	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.

Foreign currency translation and operations policy

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.

4.	Employee information


		2023		2022
	Average number of employees during the year	0		0

5.	Intangible assets
	Investments in group undertakings and participating interests

	Other	Total
	£	£
Cost or valuation
At 01 May 22	1	1
At 30 April 23	1	1
Net book value
At 30 April 23	1	1
At 30 April 22	1	1

6.	Property, plant and equipment

	Plant & machinery	Total
	£	£
Cost or valuation
At 01 May 22	89,422	89,422
At 30 April 23	89,422	89,422
Depreciation and impairment
At 01 May 22	69,814	69,814
Charge for year	4,903	4,903
At 30 April 23	74,717	74,717
Net book value
At 30 April 23	14,705	14,705
At 30 April 22	19,608	19,608

7.	Investment property
	There has been no valuation of the investment property by an independent valuer, however the directors have reviewed the valuation of the property and feel the value in the accounts reflects the current fair value.


		£
	Fair value at 01 May 22	328,355
	Disposals	(14,925)
	At 30 April 23	313,430

8.	Description of nature of transactions and balances with related parties
	Summary of transactions with all subsidiaries A loan account exists with Oil Well Services 2000 Limited, the subsidiary company. At the balance sheet date the amount owed by Oil Well Services 2000 Limited was £301,087 (2022 £7,913 credit). A loan account also exists between the company and the director, J Palmer. At the year end, the balance owed by J Palmer was £319,303 (2022 - £nil).

9.	Debtors

	2023	2022
	£	£
Amounts owed by group undertakings	301,087	-
Other debtors	320,153	300,034
Prepayments and accrued income	-	20,000
Total	621,240	320,034


	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.

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.

10.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	2,000	-
Amounts owed to related parties	-	7,913
Taxation and social security	89,303	2,790
Other creditors	5,000	28,736
Total	96,303	39,439


	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.

11.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	1,179	1,720
Total	1,179	1,720