Registered number
06054073
AUM PETROLEUM LIMITED
Filleted Accounts
31 July 2021
AUM PETROLEUM LIMITED
Registered number: 06054073
Balance Sheet
as at 31 July 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 4 348,348 372,583
Current assets
Stocks 184,928 182,028
Debtors 5 33,511 29,360
Cash at bank and in hand 1,128,726 716,353
1,347,165 927,741
Creditors: amounts falling due within one year 6 (690,232) (635,436)
Net current assets 656,933 292,305
Total assets less current liabilities 1,005,281 664,888
Creditors: amounts falling due after more than one year 7 (60,313) (33,562)
Net assets 944,968 631,326
Capital and reserves
Called up share capital 100 100
Profit and loss account 944,868 631,226
Shareholders' funds 944,968 631,326
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R I Balaranjan
Director
Approved by the board on 31 July 2022
AUM PETROLEUM LIMITED
Notes to the Accounts
for the year ended 31 July 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2020 224,165
At 31 July 2021 224,165
Amortisation
At 1 August 2020 224,165
At 31 July 2021 224,165
Net book value
At 31 July 2021 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2020 311,169 250,697 561,866
At 31 July 2021 311,169 250,697 561,866
Depreciation
At 1 August 2020 28,642 160,641 189,283
Charge for the year 6,224 18,011 24,235
At 31 July 2021 34,866 178,652 213,518
Net book value
At 31 July 2021 276,303 72,045 348,348
At 31 July 2020 282,527 90,056 372,583
5 Debtors 2021 2020
£ £
Trade debtors 20,492 16,341
Other debtors 13,019 13,019
33,511 29,360
6 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 2 19,145
Obligations under finance lease and hire purchase contracts 23,705 16,775
Trade creditors 291,765 317,984
Corporation tax 148,907 93,740
Other taxes and social security costs 42,386 21,957
Other creditors 183,467 165,835
690,232 635,436
7 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 50,180 15,325
Obligations under finance lease and hire purchase contracts 10,133 18,237
60,313 33,562
8 Other information
AUM PETROLEUM LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
31 Knox Road, Guildford, Surrey GU2 9AH
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