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Registration number: 07829856

Sital Petroleum Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Sital Petroleum Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Sital Petroleum Ltd

(Registration number: 07829856)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

10,873

13,591

Current assets

 

Stocks

5

130,773

164,428

Debtors

6

269,324

719,194

Cash at bank and in hand

 

393,243

364,188

 

793,340

1,247,810

Creditors: Amounts falling due within one year

7

(258,055)

(854,076)

Net current assets

 

535,285

393,734

Total assets less current liabilities

 

546,158

407,325

Creditors: Amounts falling due after more than one year

7

(352,500)

(225,000)

Provisions for liabilities

(2,582)

(2,582)

Net assets

 

191,076

179,743

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

190,976

179,643

Shareholders' funds

 

191,076

179,743

 

Sital Petroleum Ltd

(Registration number: 07829856)
Balance Sheet as at 30 November 2021

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 August 2022
 

.........................................
Mr K Singh
Director

 

Sital Petroleum Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Pavilion Square Cricketers Way
Westhoughton
Bolton
Lancashire
BL5 3AJ
United Kingdom

These financial statements were authorised for issue by the director on 10 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sital Petroleum Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 41 (2020 - 41).

 

Sital Petroleum Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2020

37,768

37,768

At 30 November 2021

37,768

37,768

Depreciation

At 1 December 2020

24,177

24,177

Charge for the year

2,718

2,718

At 30 November 2021

26,895

26,895

Carrying amount

At 30 November 2021

10,873

10,873

At 30 November 2020

13,591

13,591

5

Stocks

2021
£

2020
£

Finished goods and goods for resale

130,773

164,428

6

Debtors

Note

2021
£

2020
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

242,868

334,275

Prepayments

 

23,642

17,476

Other debtors

 

2,814

367,443

 

269,324

719,194

 

Sital Petroleum Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

135,000

204,941

Taxation and social security

56,142

56,739

Accruals and deferred income

61,465

142,915

Other creditors

5,448

449,481

258,055

854,076

Creditors: amounts falling due after more than one year

2021
£

2020
£

Due after one year

Other non-current financial liabilities

352,500

225,000