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COMPANY REGISTRATION NUMBER: SC130396
Petromaine Consultants Limited
Filleted Unaudited Financial Statements
31 March 2023
Petromaine Consultants Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Petromaine Consultants Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
3
294
Investments
6
147,020
146,827
---------
---------
147,023
147,121
Current assets
Debtors
7
7,741
3,531
Cash at bank and in hand
242,017
263,164
---------
---------
249,758
266,695
Creditors: amounts falling due within one year
8
96,026
74,867
---------
---------
Net current assets
153,732
191,828
---------
---------
Total assets less current liabilities
300,755
338,949
Provisions
Deferred tax
6,813
6,572
---------
---------
Net assets
293,942
332,377
---------
---------
Capital and reserves
Called up share capital
10
2
2
Fair value reserve (undistributable)
11
41,561
41,608
Profit and loss account
11
252,379
290,767
---------
---------
Shareholders funds
293,942
332,377
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Petromaine Consultants Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Mr G Botterill
Director
Company registration number: SC130396
Petromaine Consultants Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Gamekeepers Cottage, Mains of Kirktonhill, Marykirk, Laurencekirk, AB30 1XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
2,271
5,507
Deferred tax:
Origination and reversal of timing differences
240
986
-------
-------
Tax on profit
2,511
6,493
-------
-------
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
6,123
6,123
-------
-------
Depreciation
At 1 April 2022
5,829
5,829
Charge for the year
291
291
-------
-------
At 31 March 2023
6,120
6,120
-------
-------
Carrying amount
At 31 March 2023
3
3
-------
-------
At 31 March 2022
294
294
-------
-------
6. Investments
Other investments other than loans
£
Cost or valuation
At 1 April 2022
146,827
Revaluations
193
---------
At 31 March 2023
147,020
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
147,020
---------
At 31 March 2022
146,827
---------
Investments held at valuation
Listed investments having a net book value of £147,020 (2022 - £146,827) are held by the company and had a market value of £131,888 at the year end.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other investments other than loans
£
At 31 March 2023
Aggregate cost
98,646
Aggregate depreciation
--------
Carrying value
98,646
--------
At 31 March 2022
Aggregate cost
98,646
Aggregate depreciation
--------
Carrying value
98,646
--------
7. Debtors
2023
2022
£
£
Trade debtors
2,850
Other debtors
7,741
681
-------
-------
7,741
3,531
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
136
1,921
Corporation tax
2,271
5,507
Social security and other taxes
412
Other creditors
93,619
67,027
--------
--------
96,026
74,867
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
6,813
6,572
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Other revaluations
6,813
6,572
-------
-------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
200
2
200
2
----
----
----
----
11. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Fair value reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The Fair value reserve is undistributable.
12. Transactions with directors
The company was under the control of Mr and Mrs Botterill throughout the current and previous year. At the year end the company was due to repay the directors £91,507 (2022 - £67,027). The loan is interest free and will be repayable on demand.