REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2021 |
for |
Green Oil International Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2021 |
for |
Green Oil International Limited |
Green Oil International Limited (Registered number: 06555858) |
Contents of the Financial Statements |
for the Year Ended 31 October 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Green Oil International Limited |
Company Information |
for the Year Ended 31 October 2021 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Sterling House |
1 Sheepscar Court |
Meanwood Road |
Leeds |
West Yorkshire |
LS7 2BB |
BANKERS: |
33 Park Row |
Leeds |
LS1 1LD |
Green Oil International Limited (Registered number: 06555858) |
Balance Sheet |
31 October 2021 |
31/10/21 | 31/10/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Green Oil International Limited (Registered number: 06555858) |
Notes to the Financial Statements |
for the Year Ended 31 October 2021 |
1. | STATUTORY INFORMATION |
Green Oil International Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
As disclosed under the notes on 'Provisions' and 'Contingent Assets and Liabilities' claims have been received from suppliers. The claims give rise to a material uncertainty which places significant doubt on the status of the company as a going concern. |
The major claim against the company has been compromised on agreed terms and the director is satisfied that the company can continue to trade in accordance with the terms agreed with the said supplier. |
The director continues to develop trading opportunities utilising his own resources for the benefit of the company. |
Tangible fixed assets |
Office equipment | - |
Fixtures and fittings | - |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Green Oil International Limited (Registered number: 06555858) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the balance sheet. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and |
equipment | fittings | Totals |
£ | £ | £ |
COST |
At 1 November 2020 |
and 31 October 2021 |
DEPRECIATION |
At 1 November 2020 |
Charge for year |
At 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/21 | 31/10/20 |
£ | £ |
Other debtors |
Pensions | 1,590 | 1,590 |
VAT |
Green Oil International Limited (Registered number: 06555858) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/10/21 | 31/10/20 |
£ | £ |
Trade creditors |
Corporation tax |
Other creditors |
Accruals and deferred income |
7. | PROVISIONS FOR LIABILITIES |
31/10/21 | 31/10/20 |
£ | £ |
Other provisions | 220,049 | 153,338 |
Other |
provisions |
£ |
Balance at 1 November 2020 |
Provided during year |
Balance at 31 October 2021 |
A claims had been received at year end from a supplier for a purported breach of contract. A further agreement has been made in respect of this claim since year end and a provision has been made in respect of this amount accordingly. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/10/21 | 31/10/20 |
value: | £ | £ |
Ordinary A | 1 | 50 | 50 |
Ordinary B | 1 | 50 | 50 |
100 | 100 |
9. | CONTINGENT ASSETS AND LIABILITIES |
Claims have been received from suppliers for purported breaches of contract. These claims have not been precisely determined by operation of law or by the terms and conditions of the agreement made by the parties and so no provision has been made in these financial statements for these claims. |
10. | TRANSACTIONS WITH DIRECTORS |
Included in debtors is a balance of £155,995 (2020: £150,000) due from a director. The maximum balance outstanding was £155,995. The balance is interest free and repayable on demand. |
11. | RELATED PARTY TRANSACTIONS |
No transactions with related parties were undertaken such as are required to be disclosed under the Section 1A of FRS 102. |