Company registration number 12444204 (England and Wales)
SOUTH WEST OILS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
SOUTH WEST OILS LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
17,008
479
Cash at bank and in hand
799
100
17,807
579
Creditors: amounts falling due within one year
4
(7,172)
(3,546)
Net current assets/(liabilities)
10,635
(2,967)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
10,535
(3,067)
Total equity
10,635
(2,967)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

SOUTH WEST OILS LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 July 2023 and are signed on its behalf by:
Miss S B Hudson
Mr S Harris
Director
Director
Company Registration No. 12444204
SOUTH WEST OILS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

South West Oils Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Fore Street, Bugle, St Austell, Cornwall, PL26 8PA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of oil is recognised when the significant risks and rewards of ownership of the oil have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash, bank balances, and amounts due from connected companies are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

SOUTH WEST OILS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow associated companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.5
Equity instruments

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
SOUTH WEST OILS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,620
-
0
Other debtors
7,388
479
17,008
479

During the year there was a balance due from Oxford Oils Limited, which is controlled by Mr C P Gentles (director). At the reporting date, the amounts still outstanding are £6,623 (2022 - £479) included in other debtors. There is no formal loan agreement between the companies and therefore the loans are treated as repayable on demand and are classified as due within one year. No interest is being charged son these loans.

4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
95
Amounts owed to group undertakings
41
51
Taxation and social security
2,731
-
0
Other creditors
4,400
3,400
7,172
3,546
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
6
Directors' transactions

At the year end, £765 (2022 - £nil) was due from Mr C P Gentles.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan
-
(180)
945
765
(180)
945
765
2023-02-28 2022-03-01 false 25 July 2023 CCH Software CCH Accounts Production 2023.200 No description of principal activity Mr C P Gentles Miss S B Hudson Mr S Harris 2023-07-19 12444204 2022-03-01 2023-02-28 12444204 2023-02-28 12444204 2022-02-28 12444204 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12444204 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 12444204 core:CurrentFinancialInstruments 2023-02-28 12444204 core:CurrentFinancialInstruments 2022-02-28 12444204 core:ShareCapital 2023-02-28 12444204 core:ShareCapital 2022-02-28 12444204 core:RetainedEarningsAccumulatedLosses 2023-02-28 12444204 core:RetainedEarningsAccumulatedLosses 2022-02-28 12444204 bus:Director2 2022-03-01 2023-02-28 12444204 bus:Director3 2022-03-01 2023-02-28 12444204 2021-03-01 2022-02-28 12444204 core:WithinOneYear 2023-02-28 12444204 core:WithinOneYear 2022-02-28 12444204 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12444204 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 12444204 bus:FRS102 2022-03-01 2023-02-28 12444204 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 12444204 bus:Director1 2022-03-01 2023-02-28 12444204 bus:FullAccounts 2022-03-01 2023-02-28 xbrli:pure xbrli:shares iso4217:GBP