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Company registration number: NI025271
Euro-Oil (Strabane) Limited
Unaudited filleted financial statements
31 October 2022
Euro-Oil (Strabane) Limited
Contents
Directors and other information
Balance sheet
Statement of changes in equity
Notes to the financial statements
Euro-Oil (Strabane) Limited
Directors and other information
Directors Mr Gabriel Dolan
Mrs Josephine Dolan
Mr Ryan Dolan
Mr Rodney Dolan
Secretary Mr Gabriel Dolan
Company number NI025271
Registered office Lifford Road
Strabane
Co Tyrone
Accountants Fergus McAteer & Co.
31/33 Clarendon Street
Derry
BT48 7ER
Bankers First Trust Bank
71 Main Street
Strabane
Co Tyrone
Solicitors Mark Quigley Solicitor
Unit 8
3-5 Upper Main Street
Strabane
Co Tyrone
BT82 8AS
Euro-Oil (Strabane) Limited
Balance sheet
31 October 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 1,949,805 1,963,596
_______ _______
1,949,805 1,963,596
Current assets
Debtors 6 156,664 173,986
Cash at bank and in hand 247,283 199,426
_______ _______
403,947 373,412
Creditors: amounts falling due
within one year 7 ( 116,397) ( 166,999)
_______ _______
Net current assets 287,550 206,413
_______ _______
Total assets less current liabilities 2,237,355 2,170,009
Creditors: amounts falling due
after more than one year 8 ( 106,627) ( 136,883)
Provisions for liabilities ( 90,966) ( 92,899)
_______ _______
Net assets 2,039,762 1,940,227
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 974,032 974,032
Profit and loss account 1,065,630 966,095
_______ _______
Shareholders funds 2,039,762 1,940,227
_______ _______
For the year ending 31 October 2022 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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr Gabriel Dolan
Director
Company registration number: NI025271
Euro-Oil (Strabane) Limited
Statement of changes in equity
Year ended 31 October 2022
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 November 2020 100 974,032 927,890 1,902,022
Profit for the year 38,205 38,205
_______ _______ _______ _______
Total comprehensive income for the year - - 38,205 38,205
_______ _______ _______ _______
At 31 October 2021 and 1 November 2021 100 974,032 966,094 1,940,226
Profit for the year 99,536 99,536
_______ _______ _______ _______
Total comprehensive income for the year - - 99,536 99,536
_______ _______ _______ _______
At 31 October 2022 100 974,032 1,065,630 2,039,762
_______ _______ _______ _______
Euro-Oil (Strabane) Limited
Notes to the financial statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Lifford Road, Strabane, Co Tyrone.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
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.
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 Balance Sheet and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2021: 6 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2021 1,889,978 375,458 34,804 2,300,240
Additions - 1,000 - 1,000
_______ _______ _______ _______
At 31 October 2022 1,889,978 376,458 34,804 2,301,240
_______ _______ _______ _______
Depreciation
At 1 November 2021 - 327,389 9,256 336,645
Charge for the year - 9,680 5,110 14,790
_______ _______ _______ _______
At 31 October 2022 - 337,069 14,366 351,435
_______ _______ _______ _______
Carrying amount
At 31 October 2022 1,889,978 39,389 20,438 1,949,805
_______ _______ _______ _______
At 31 October 2021 1,889,978 48,069 25,548 1,963,595
_______ _______ _______ _______
Tangible assets held at valuation
Property at 19 Lifford Road, Strabane was valued at 01/11/2015. The valuation was carried out by Eoin Doherty RICS of James O'Doherty & Co valuers.
6. Debtors
2022 2021
£ £
Trade debtors 6,624 4,872
Other debtors 150,040 169,114
_______ _______
156,664 173,986
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 61,420 92,612
Trade creditors 1,989 18,265
Corporation tax 25,305 16,198
Social security and other taxes 9,563 14,606
Other creditors 18,120 25,318
_______ _______
116,397 166,999
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 50,167 69,142
Other creditors 56,460 67,741
_______ _______
106,627 136,883
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2022 2021 2022 2021
£ £ £ £
Associated company ( 4,087) ( 1,521) 92,145 96,232
_______ _______ _______ _______