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REGISTERED NUMBER: 03908479 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

SOLO PETROLEUM LIMITED

SOLO PETROLEUM LIMITED (REGISTERED NUMBER: 03908479)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2018




Page

Balance Sheet 1

Notes to the Financial Statements 3


SOLO PETROLEUM LIMITED (REGISTERED NUMBER: 03908479)

BALANCE SHEET
31 May 2018

31.5.18 31.5.17
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 395,043 400,867
Investment property 5 95,000 95,000
490,043 495,867

CURRENT ASSETS
Stocks 49,827 48,878
Debtors 6 175,638 152,468
Cash at bank and in hand 67,442 15,981
292,907 217,327
CREDITORS
Amounts falling due within one year 7 252,663 223,799
NET CURRENT ASSETS/(LIABILITIES) 40,244 (6,472 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

530,287

489,395

CREDITORS
Amounts falling due after more than one
year

8

(4,168

)

(14,167

)

PROVISIONS FOR LIABILITIES (19,997 ) (20,158 )
NET ASSETS 506,122 455,070

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Revaluation reserve 164,712 163,762
Fair value reserve 14,972 14,972
Retained earnings 226,438 176,336
SHAREHOLDERS' FUNDS 506,122 455,070

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SOLO PETROLEUM LIMITED (REGISTERED NUMBER: 03908479)

BALANCE SHEET - continued
31 May 2018


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 November 2018 and were signed on its
behalf by:





A D Hayle - Director


SOLO PETROLEUM LIMITED (REGISTERED NUMBER: 03908479)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2018

1. STATUTORY INFORMATION

Solo Petroleum Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address are as below:

Registered number: 03908479

Registered office: 8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ

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 as modified by the revaluation of investment property.

Turnover
Turnover represents net invoiced sales of domestic and commercial heating oils and associated repairs and
repairs of motor vehicles, excluding value added tax, and are recognised when the company receives the
right to receive the consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from
changes in fair value is recognised in profit or loss.

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.


SOLO PETROLEUM LIMITED (REGISTERED NUMBER: 03908479)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2018

2. ACCOUNTING POLICIES - continued
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.

Leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under
finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.
The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account in the period to which they
relate.

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 8 (2017 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2017 339,976 105,695 32,281 144,872 622,824
Additions - 460 938 25,778 27,176
Disposals - (856 ) - (17,500 ) (18,356 )
At 31 May 2018 339,976 105,299 33,219 153,150 631,644
DEPRECIATION
At 1 June 2017 26,860 70,404 27,451 97,242 221,957
Charge for year 4,336 7,026 1,541 20,097 33,000
Eliminated on disposal - (856 ) - (17,500 ) (18,356 )
At 31 May 2018 31,196 76,574 28,992 99,839 236,601
NET BOOK VALUE
At 31 May 2018 308,780 28,725 4,227 53,311 395,043
At 31 May 2017 313,116 35,291 4,830 47,630 400,867

SOLO PETROLEUM LIMITED (REGISTERED NUMBER: 03908479)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2018

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2017
and 31 May 2018 95,000
NET BOOK VALUE
At 31 May 2018 95,000
At 31 May 2017 95,000

The directors feel that the fair value above accurately reflect the open market value of the property at the
balance sheet date.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.18 31.5.17
£    £   
Trade debtors 126,557 94,519
Other debtors 49,081 57,949
175,638 152,468

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.18 31.5.17
£    £   
Bank loans and overdrafts - 3,771
Hire purchase contracts 10,000 10,000
Trade creditors 203,332 186,226
Taxation and social security 33,093 19,499
Other creditors 6,238 4,303
252,663 223,799

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.18 31.5.17
£    £   
Hire purchase contracts 4,168 14,167

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.18 31.5.17
£    £   
Bank overdraft - 3,771
Trade creditors 147,959 73,812
Hire purchase 14,168 24,167
162,127 101,750