Global Oil Industry Supplies Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 06490682 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2023

for

Global Oil Industry Supplies Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTOR:

A Ashraf

REGISTERED OFFICE:

20 Tadworth Parade

Hornchurch

Essex

RM12 5AS

REGISTERED NUMBER:

06490682 (England and Wales)

ACCOUNTANTS:

HSY Accountants Ltd

20 Tadworth Parade

Elm Park

RM12 5AS

FIXED ASSETS

Tangible assets

4

3,777

885

CURRENT ASSETS

Stocks

31,233

28,640

Debtors

5

240,398

132,390

Cash at bank

8,980

-

280,611

161,030

CREDITORS

Amounts falling due within one year

6

311,305

280,312

NET CURRENT LIABILITIES

(30,694

)

(119,282

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(26,917

)

(118,397

)

CREDITORS

Amounts falling due after more than one year

7

30,478

41,126

NET LIABILITIES

(57,395

)

(159,523

)

CAPITAL AND RESERVES

Called up share capital

8

4

4

Share premium

9

49,999

49,999

Retained earnings

9

(107,398

)

(209,526

)

SHAREHOLDERS' FUNDS

(57,395

)

(159,523

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 8 December 2023 and were signed by:

A Ashraf - Director

1.	STATUTORY INFORMATION

Global Oil Industry Supplies 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

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 6 (2022 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 May 2022

11,250

-

4,997

16,247

Additions

192

2,390

1,570

4,152

At 30 April 2023

11,442

2,390

6,567

20,399

DEPRECIATION

At 1 May 2022

10,815

-

4,547

15,362

Charge for year

157

598

505

1,260

At 30 April 2023

10,972

598

5,052

16,622

NET BOOK VALUE

At 30 April 2023

470

1,792

1,515

3,777

At 30 April 2022

435

-

450

885

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade debtors

177,060

88,037

Other debtors

50,000

40,000

VAT

13,338

4,353

240,398

132,390

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans and overdrafts

-

8,295

Trade creditors

133,334

51,876

Social security and other taxes

-

187

Other creditors

12,979

8,399

Wages control account

1,633

5,485

Directors' current accounts

163,359

206,070

311,305

280,312

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans - 2-5 years

30,478

41,126

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.23

30.4.22

value:

£

£

4

Ordinary

4

4

4

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 May 2022

(209,526

)

49,999

(159,527

)

Profit for the year

102,128

102,128

At 30 April 2023

(107,398

)

49,999

(57,399

)

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

30.4.23

30.4.22

£

£

A Ashraf

Balance outstanding at start of year

206,070

131,007

Amounts advanced

-

75,063

Amounts repaid

(42,711

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

163,359

206,070

During the year, director's made investment in the form of a director's loan, the loan

is interest free, unsecured and subordinated in favour of third party creditors.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Ashraf.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Global Oil Industry Supplies Ltd for the year ended 30 April 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Global Oil Industry Supplies Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Global Oil Industry Supplies Ltd and state those matters that we have agreed to state to the director of Global Oil Industry Supplies Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Global Oil Industry Supplies Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Global Oil Industry Supplies Ltd. You consider that Global Oil Industry Supplies Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Global Oil Industry Supplies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HSY Accountants Ltd

20 Tadworth Parade

Elm Park

RM12 5AS

8 December 2023