Oil Technics Limited - Limited company accounts 17.3

REGISTERED NUMBER: 02119389 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2017

FOR

OIL TECHNICS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

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 30th April 2017.

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;

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 provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mrs G Evans - Director

30th January 2018

We have audited the financial statements of Oil Technics Limited for the year ended 30th April 2017 on pages five to

eleven. The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 thirteen 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 30th April 2017 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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, based on the work undertaken in the course of our audit, 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,

and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding

of the company and its environment, we have not identified any material misstatements in the Report of the Directors.

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

30th January 2018

Guild Appleton Limited

TURNOVER

1,165,712

1,521,878

Cost of sales

(720,931

)

(929,126

)

GROSS PROFIT

444,781

592,752

Distribution costs

(149,682

)

(125,053

)

Administrative expenses

(387,641

)

(467,763

)

OPERATING LOSS

4

(92,542

)

(64

)

Interest payable and similar expenses

(22,116

)

(25,397

)

LOSS BEFORE TAXATION

(114,658

)

(25,461

)

Tax on loss

-

(3,549

)

LOSS FOR THE FINANCIAL YEAR

(114,658

)

(29,010

)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

513,072

533,137

513,072

533,137

CURRENT ASSETS

Stocks

194,318

181,165

Debtors

7

289,757

458,018

Cash at bank and in hand

206,566

111,020

690,641

750,203

CREDITORS

Amounts falling due within one year

8

(792,026

)

(710,353

)

NET CURRENT (LIABILITIES)/ASSETS

(101,385

)

39,850

TOTAL ASSETS LESS CURRENT LIABILITIES

411,687

572,987

CREDITORS

Amounts falling due after more than one year

9

(143,679

)

(190,321

)

PROVISIONS FOR LIABILITIES

(9,668

)

(9,668

)

NET ASSETS

258,340

372,998

CAPITAL AND RESERVES

Called up share capital

185,000

185,000

Retained earnings

73,340

187,998

SHAREHOLDERS' FUNDS

258,340

372,998

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30th January 2018 and were signed on its behalf by:

TD Evans - Director

1.	STATUTORY INFORMATION

Oil Technics Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

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.

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 balance sheet date.

Deferred tax

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

sheet 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 monthly number of employees during the year was 33 .

4.	OPERATING LOSS

The operating loss is stated after charging:

30.4.17

30.4.16

£

£

Depreciation - owned assets

20,360

50,000

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st May 2016

and 30th April 2017

7,842

AMORTISATION

At 1st May 2016

and 30th April 2017

7,842

NET BOOK VALUE

At 30th April 2017

-

At 30th April 2016

-

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st May 2016

622,368

426,721

1,049,089

Additions

-

295

295

At 30th April 2017

622,368

427,016

1,049,384

DEPRECIATION

At 1st May 2016

122,370

393,582

515,952

Charge for year

12,000

8,360

20,360

At 30th April 2017

134,370

401,942

536,312

NET BOOK VALUE

At 30th April 2017

487,998

25,074

513,072

At 30th April 2016

499,998

33,139

533,137

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

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

231,163

389,661

Other debtors

58,594

68,357

289,757

458,018

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.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans and overdrafts

37,162

72,762

Trade creditors

189,309

221,978

Amounts owed to group undertakings

332,335

189,261

Taxation and social security

35,684

27,322

Other creditors

197,536

199,030

792,026

710,353

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans

143,679

190,321

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.17

30.4.16

£

£

Bank overdrafts

6,845

42,445

Bank loans

173,996

220,638

Factoring Account

-

199,029

180,841

462,112

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.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Company continues to pay rates and other costs for the use of the old factory at "Upper Mill" 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

30.04.17 these costs came to £2,640 and in the year to 30.04.16 these costs amounted to just over £1,680.

During the year, the company was charged £420 rentals in respect of maintaining an office overseas, and £18,000

in respect of marketing costs overseas by Ms S Evans - who is a relative of the Directors named above.

12.	RELATED PARTY DISCLOSURES

13.	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.

14.	AUDITOR LIABILITY LIMITATION AGREEMENT

As set out in latest letter of Engagement dated 14th July 2016.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is TD Evans.

16.	ULTIMATE PARENT COMPANY

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

Wales.