Registered number
10578354
Euro Petroleum International Limited
Report and Accounts
31 January 2023
www.europetroleum.co.uk
Euro Petroleum International Limited
Registered number: 10578354
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 56,619 62,910
Current assets
Debtors 4 50,000 50,000
Cash at bank and in hand 87 156
50,087 50,156
Creditors: amounts falling due within one year 5 (16,361) (5,560)
Net current assets 33,726 44,596
Total assets less current liabilities 90,345 107,506
Creditors: amounts falling due after more than one year 6 (54,000) (64,701)
Net assets 36,345 42,805
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account (13,655) (7,195)
Shareholders' funds 36,345 42,805
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.
James Malcolm Swallow
Director
Approved by the board on 15 October 2023
Euro Petroleum International Limited
Notes to the Accounts
for the year ended 31 January 2023
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:
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.
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 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets
Intellectual/Brand Properties
£
Cost
At 1 February 2022 69,900
At 31 January 2023 69,900
Depreciation
At 1 February 2022 6,990
Charge for the year 6,291
At 31 January 2023 13,281
Net book value
At 31 January 2023 56,619
At 31 January 2022 62,910
4 Debtors 2023 2022
£ £
Other debtors 50,000 50,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,701 -
Trade creditors 50 50
Amounts owed to group undertakings and undertakings in which the company has a participating interest 440 440
Other creditors 5,170 5,070
16,361 5,560
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 39,000 49,701
Other creditors 15,000 15,000
54,000 64,701
7 Other information
Euro Petroleum International Limited is a private company limited by shares and incorporated in England. Its registered office is:
128 Cannon Workshops
Cannon Drive
Canary Wharf
London E14 4AS
Euro Petroleum International Limited 10578354 false 2022-02-01 2023-01-31 2023-01-31 VT Final Accounts October 2023 James Malcolm Swallow No description of principal activity 10578354 2021-02-01 2022-01-31 10578354 core:WithinOneYear 2022-01-31 10578354 core:AfterOneYear 2022-01-31 10578354 core:ShareCapital 2022-01-31 10578354 core:RetainedEarningsAccumulatedLosses 2022-01-31 10578354 2022-02-01 2023-01-31 10578354 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 10578354 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 10578354 bus:Director40 2022-02-01 2023-01-31 10578354 1 2022-02-01 2023-01-31 10578354 2 2022-02-01 2023-01-31 10578354 core:PlantMachinery 2022-02-01 2023-01-31 10578354 countries:England 2022-02-01 2023-01-31 10578354 bus:FRS102 2022-02-01 2023-01-31 10578354 bus:FullAccounts 2022-02-01 2023-01-31 10578354 2023-01-31 10578354 core:WithinOneYear 2023-01-31 10578354 core:AfterOneYear 2023-01-31 10578354 core:ShareCapital 2023-01-31 10578354 core:RetainedEarningsAccumulatedLosses 2023-01-31 10578354 core:PlantMachinery 2023-01-31 10578354 2022-01-31 10578354 core:PlantMachinery 2022-01-31 iso4217:GBP xbrli:pure