Oil Technics Limited - Limited company accounts 11.9

REGISTERED NUMBER: 02119389 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2015

FOR

OIL TECHNICS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Profit and Loss Account

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

TD Evans

Mrs G Evans

SECRETARY:

T Humphries

REGISTERED OFFICE:

Number 19

Old Hall Street

Liverpool

Merseyside

L3 9JQ

REGISTERED NUMBER:

02119389 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Morrissy

AUDITORS:

Guild Appleton Ltd

Registered Auditors

Number 19

Old Hall Street

Liverpool

Merseyside

L3 9JQ

BANKERS:

HSBC

2 Queens Road

Aberdeen

Grampian

AB15 4ZT

SOLICITORS:

FRASER & MULLIGAN

Advocates and Notaries Public

1 Carden Place

Aberdeen

Aberdeenshire

AB10 1UT

The directors present their report with the financial statements of the company for the year ended 30 April 2015.

RESEARCH AND DEVELOPMENT

The Trading Group continues to Invest profits in the on-going development of new ranges of products to provide both brand new

products and next generation products.

Oil Technics staff continue with the development and improvement of all products across the range to keep ahead of all changing

legislation and environmental improvements.

The directors are confident that this development will see significant growth in future sales as customers accept the added value of

cleaner more environmental friendly products.

DIRECTORS

Interests of the directors who held office at the end of the financial year in the ordinary share capital of the parent company, Oil

Technics Holdings Limited, are disclosed in the financial statements of that company.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable

law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have

elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United

Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements

unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the

company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's

transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that

the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the

company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of

which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director

in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of

that information.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs G Evans - Director

16 December 2015

We have audited the financial statements of Oil Technics Limited for the year ended 30 April 2015 on pages five to eleven. The

financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for

Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act

2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state

to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for

the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors, including "APB Ethical Standard - Provisions Available for Small Entities (Revised)", in the circumstances set out in note fourteen to the financial statements.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable

assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an

assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied

and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation

of the financial statements. In addition, we read all the financial and non-financial information in the Report of the Directors to

identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially

incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we

become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2015 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Directors for the financial year for which the financial statements are

prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our

opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Paul Morrissy (Senior Statutory Auditor)

for and on behalf of Guild Appleton Ltd

Registered Auditors

Number 19

Old Hall Street

Liverpool

Merseyside

L3 9JQ

16 December 2015

Guild Appleton Limited

TURNOVER

1,534,709

1,848,611

Cost of sales

925,800

1,152,133

GROSS PROFIT

608,909

696,478

Distribution costs

170,639

154,825

Administrative expenses

401,443

508,865

572,082

663,690

OPERATING PROFIT

2

36,827

32,788

Interest payable and similar charges

27,487

32,456

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

9,340

332

Tax on profit on ordinary activities

3

-

(2,054

)

PROFIT FOR THE FINANCIAL YEAR

9,340

2,386

Retained profit brought forward

207,668

205,282

RETAINED PROFIT CARRIED FORWARD

217,008

207,668

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

581,907

631,907

581,907

631,907

CURRENT ASSETS

Stocks

198,958

180,074

Debtors

6

305,441

566,442

Cash at bank and in hand

50,595

104,417

554,994

850,933

CREDITORS

Amounts falling due within one year

7

501,489

871,870

NET CURRENT ASSETS/(LIABILITIES)

53,505

(20,937

)

TOTAL ASSETS LESS CURRENT LIABILITIES

635,412

610,970

CREDITORS

Amounts falling due after more than one year

8

(227,285

)

(212,183

)

PROVISIONS FOR LIABILITIES

10

(6,119

)

(6,119

)

NET ASSETS

402,008

392,668

CAPITAL AND RESERVES

Called up share capital

11

185,000

185,000

Profit and loss account

217,008

207,668

SHAREHOLDERS' FUNDS

402,008

392,668

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 16 December 2015 and were signed on its behalf by:

TD Evans - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where

turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and Buildings - 2% on cost

Plant and Machinery etc - 25% on reducing balance no depreciation in year of acquisition

Computer Equipment - 20% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

Pensions

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit

and loss account.

2.	OPERATING PROFIT

The operating profit is stated after charging:

2015

2014

£

£

Depreciation - owned assets

50,000

41,775

Development costs amortisation

-

394

Auditors' remuneration

20,523

25,684

Pension costs

14,952

16,568

Directors' remuneration and other benefits etc

41,450

20,183

3.

TAXATION

Analysis of the tax credit

The tax credit on the profit on ordinary activities for the year was as follows:

2015

2014

£

£

Current tax:

UK corporation tax

-

(2,054

)

Tax on profit on ordinary activities

-

(2,054

)

Included within the accounts to 30th April 2014 is a reversal of tax shown in the accounts to 30th April 2013 that was no

longer payable after losses from Bio Technics were surrendered against the profit for the year.

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2014

and 30 April 2015

7,842

AMORTISATION

At 1 May 2014

and 30 April 2015

7,842

NET BOOK VALUE

At 30 April 2015

-

At 30 April 2014

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2014

and 30 April 2015

622,368

425,491

1,047,859

DEPRECIATION

At 1 May 2014

98,370

317,582

415,952

Charge for year

12,000

38,000

50,000

At 30 April 2015

110,370

355,582

465,952

NET BOOK VALUE

At 30 April 2015

511,998

69,909

581,907

At 30 April 2014

523,998

107,909

631,907

The HSBC Bank Plc has a debenture including fixed charge over all present freehold and leasehold property: First fixed

charge over book and other debts, chattels , goodwill and uncalled capital , both present and future: and first floating

charge over all assets and undertaking both present and future dated 17 December 2002.

HSBC has a First Legal scottish Charge dated 19 December 2007 over property known as Linton Business Park, Gourdon,

DD10 0NH

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

£

Trade debtors

244,670

355,304

Amounts owed by group undertakings

-

118,861

Other debtors

60,771

92,277

305,441

566,442

HSBC Invoice Finance (UK) Ltd has a fixed equitable charge on all purchased debts shown in Trade debtors, this charge

was given on 14th April 2003.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

£

Bank loans and overdrafts

30,317

307,214

Trade creditors

258,788

405,389

Amounts owed to group undertakings

39,597

-

Taxation and social security

26,730

23,537

Other creditors

146,057

135,730

501,489

871,870

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2015

2014

£

£

Bank loans

227,285

212,183

9.	SECURED DEBTS

The following secured debts are included within creditors:

2015

2014

£

£

Bank overdraft

-

276,897

Bank loans

257,602

242,500

Factoring Account

144,906

123,383

402,508

642,780

HSBC have a charge over contract monies dated 9 April 2012.

HSBC Invoice Finance (UK) Ltd has a fixed equitable charge on all purchased debts shown in Trade debtors, this charge

was given on 22nd December 2004.

The HSBC Bank Plc has a debenture including fixed charge over all present freehold and leasehold property: First fixed

charge over book and other debts, chattels , goodwill and uncalled capital , both present and future: and first floating

charge over all assets and undertaking both present and future dated 17 December 2002.

General letter of pledge dated 21 February 2013 is held by HSBC.

Composite Company unlimited multilateral guarantee dated 2nd March 2009 is held by HSBC.

HSBC has First Mortgage dated 1 October 2004 over HSBC life policy number 9J9W26J-01

HSBC has a First Legal scottish Charge dated 19 December 2007 over property known as Linton Business Park, Gourdon,

DD10 0NH

Group set off is held by HSBC.

10.	PROVISIONS FOR LIABILITIES

2015

2014

£

£

Deferred tax

6,119

6,119

Deferred

tax

£

Balance at 1 May 2014

6,119

Balance at 30 April 2015

6,119

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

185,000

ORDINARY

£1

185,000

185,000

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Company continues to pay rates and other costs for the use of the old factory at "Upper Mil" which is still being used

as a storage factory the site is owned by the Director Mr D Evans and Mrs G Evans in the year to 30.04.15 these costs

came to £6108 in the year to 30.04.14 these costs amounted to just over £5,000.

13.	RELATED PARTY DISCLOSURES

14.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax

authorities and assist with the preparation of the financial statements.

15.	AUDITOR LIABILITY LIMITATION AGREEMENT

As set out in latest letter of Engagement dated 9th July 2013.

16.	ULTIMATE CONTROLLING PARTY

The controlling party is TD Evans.

17.	ULTIMATE PARENT COMPANY

The company is a 100% subsidiary undertaking of Oil Technics Holdings Limited registered in England and Wales.