Registered number
10052816
3A'S PETROLEUM LTD
Filleted Accounts
30 June 2022
3A'S PETROLEUM LTD
Registered number: 10052816
Balance Sheet
as at 30 June 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 154,109 177,742
Tangible assets 4 115,355 110,632
269,464 288,374
Current assets
Stocks 219,100 192,184
Debtors 5 163,218 152,945
Cash at bank and in hand 213,235 166,788
595,553 511,917
Creditors: amounts falling due within one year 6 (303,060) (241,185)
Net current assets 292,493 270,732
Total assets less current liabilities 561,957 559,106
Creditors: amounts falling due after more than one year 7 (472,603) (512,422)
Net assets 89,354 46,684
Capital and reserves
Called up share capital 150 150
Profit and loss account 89,204 46,534
Shareholders' funds 89,354 46,684
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.
Javed Iqbal Chaudhry
Director
Approved by the board on 24 August 2022
3A'S PETROLEUM LTD
Notes to the Accounts
for the year ended 30 June 2022
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.
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:
Plant and machinery 18% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 13 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2021 272,996
At 30 June 2022 272,996
Amortisation
At 1 July 2021 95,254
Provided during the year 23,633
At 30 June 2022 118,887
Net book value
At 30 June 2022 154,109
At 30 June 2021 177,742
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021 181,931
Additions 30,388
Disposals -
At 30 June 2022 212,319
Depreciation
At 1 July 2021 71,299
Charge for the year 25,665
On disposals -
At 30 June 2022 96,964
Net book value
At 30 June 2022 115,355
At 30 June 2021 110,632
5 Debtors 2022 2021
£ £
Trade debtors 48,735 54,082
Other debtors 114,483 98,863
163,218 152,945
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 188,182 172,158
Taxation and social security costs 103,527 61,678
Other creditors 11,351 7,349
303,060 241,185
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 72,727 90,909
Directors current account 358,459 358,459
Other creditors 41,417 63,054
472,603 512,422
8 Other information
3A'S PETROLEUM LTD is a private company limited by shares and incorporated in England. Its registered office is:
123 Whelley Raod
Wigan
WN1 3PX
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