Oil Facilities Limited Filleted accounts for Companies House (small and micro)
Oil Facilities Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
06360712
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For the year ended |
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Financial Statements |
Year ended 31 March 2023
Contents |
Page |
Officers and professional advisers |
1 |
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
Statement of financial position |
3 |
Notes to the financial statements |
5 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Accountants |
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Chartered accountants |
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2 Oldfield Road |
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Bocam Park |
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Bridgend |
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CF35 5LJ |
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Bankers |
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56 Queen Street |
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Cardiff |
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CF10 2PX |
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Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 31 March 2023
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
8 |
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Provisions
Taxation including deferred tax |
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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-------- |
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Shareholders funds |
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-------- |
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Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2023
, and are signed on behalf of the board by:
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Director |
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Company registration number:
06360712
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Notes to the Financial Statements |
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 34, Vale Business Park, Llandow, Cowbridge, Vale of Glam, CF71 7PF.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Revenue recognition
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery |
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Motor vehicles |
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Equipment |
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25% straight line |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Finance leases and hire purchase contracts
Government grants
Provisions
Financial instruments
Financial liabilities and equitt instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2022:
34
).
5.
Tangible assets
Plant and machinery |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
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£ |
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Cost |
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At 1 April 2022 |
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21,160 |
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Additions |
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– |
357 |
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Disposals |
– |
(
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– |
(
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At 31 March 2023 |
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21,517 |
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Depreciation |
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At 1 April 2022 |
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19,298 |
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Charge for the year |
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710 |
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Disposals |
– |
(
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– |
(
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At 31 March 2023 |
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20,008 |
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Carrying amount |
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At 31 March 2023 |
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1,509 |
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At 31 March 2022 |
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1,862 |
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Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery |
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£ |
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At 31 March 2023 |
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At 31 March 2022 |
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6.
Debtors
2023 |
2022 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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7.
Creditors:
amounts falling due within one year
2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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The bank loan is secured by a fixed and floating charge dated 9 May 2022 over the company's assets.
8.
Creditors:
amounts falling due after more than one year
2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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Other creditors |
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The bank loan is secured by a fixed and floating charge dated 9 May 2022 over the company's assets.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023 |
2022 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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10.
Directors' advances, credits and guarantees
Included in debtors is an amount of £34,032 (2022: £72,197) due from
Mr T Griffin
and £138,755 (2022: £161,868) due from M Griffin. The following is a summary of the directors' transactions with the company during the year.
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Mr M Griffin | ||
£ | £ | ||
Balance owed from director at 1 April 2022 | (72,197) | (161,868) | |
Repaid | 149,152 | 181,847 | |
Withdrawals | (110,987) | (158,735) | |
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Total | (34,032) | (138,755) | |
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There is no interest charged or fixed terms of repayment.
11.
Related party transactions
Lombard C&D Partnership is owned by Mr M Griffin and Mrs J Griffin ,members of the partnership. At the year end,
Oil Facilities Limited
owed £15,085 (2022:£15,863) to Lombard C&D Partnership. Rent of £24,000 (2022: £24,000) was paid by Oil Facilities Limited
to the pension scheme for a property at Vale Business Park, Llandow, Cowbridge, Vale Of Glam, CF71 7PF.
12.
Ultimate control
In the opinion of the directors, the ultimate controlling party is Mr M Griffin and Mrs J Griffin who own 51% of the company's issued share capital.