2022-02-012023-01-312023-01-31falseSC524634GLOBAL PETRO TOOLS COMPANY (GPTC) 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GLOBAL PETRO TOOLS COMPANY (GPTC) LTD

Registered Number
SC524634
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2023

GLOBAL PETRO TOOLS COMPANY (GPTC) LTD
Company Information
for the year from 1 February 2022 to 31 January 2023

Director

HEIDARI, Hojat

Registered Address

8 Migvie Gardens Kingswells
Aberdeen
AB15 8GB

Registered Number

SC524634 (Scotland)
GLOBAL PETRO TOOLS COMPANY (GPTC) LTD
Balance Sheet as at
31 January 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors530,11732,251
Cash at bank and on hand31186
30,42832,337
Creditors amounts falling due within one year6(26,341)(27,930)
Net current assets (liabilities)4,0874,407
Total assets less current liabilities4,0874,407
Net assets4,0874,407
Capital and reserves
Called up share capital100100
Profit and loss account3,9874,307
Shareholders' funds4,0874,407
The financial statements were approved and authorised for issue by the Director on 17 October 2023, and are signed on its behalf by:
HEIDARI, Hojat
Director
Registered Company No. SC524634
GLOBAL PETRO TOOLS COMPANY (GPTC) LTD
Notes to the Financial Statements
for the year ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Revenue recognition policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
4.Employee information

20232022
Average number of employees during the year11
5.Debtors

2023

2022

££
Trade debtors / trade receivables30,00729,911
Other debtors1102,340
Total30,11732,251
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.
6.Creditors within one year

2023

2022

££
Taxation and social security11680
Other creditors25,93327,070
Accrued liabilities and deferred income397180
Total26,34127,930
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.