1 April 2022 false No description of principal activity Taxfiler 2023.10 11274883business:PrivateLimitedCompanyLtd2022-04-012022-12-31 112748832022-03-31 112748832022-04-012022-12-31 11274883business:AuditExemptWithAccountantsReport2022-04-012022-12-31 11274883business:FilletedAccounts2022-04-012022-12-31 112748832022-12-31 112748832022-03-31 11274883core:WithinOneYear2022-12-31 11274883core:WithinOneYear2022-03-31 11274883core:ShareCapitalcore:PreviouslyStatedAmount2022-12-31 11274883core:ShareCapitalcore:PreviouslyStatedAmount2022-03-31 11274883core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-12-31 11274883core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-03-31 11274883core:PreviouslyStatedAmount2022-12-31 11274883core:PreviouslyStatedAmount2022-03-31 11274883business:SmallEntities2022-04-012022-12-31 11274883business:Director12022-04-012022-12-31 11274883countries:EnglandWales2022-04-012022-12-31 11274883business:RegisteredOffice2022-04-012022-12-31 11274883core:MotorVehicles2022-04-012022-12-31 11274883core:MotorVehicles2022-03-31 11274883core:MotorVehicles2022-12-31 112748832021-04-012022-03-31 iso4217:GBP xbrli:pure
Company Registration No. 11274883 (England and Wales)
Makoil Group Ltd Unaudited accounts for the period from 1 April 2022 to 31 December 2022
Makoil Group Ltd Statement of financial position as at 31 December 2022
31/12/2022 
31/03/2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
70,500 
- 
Current assets
Debtors
4,067,097 
3,425,702 
Cash at bank and in hand
1,451,951 
96,804 
5,519,048 
3,522,506 
Creditors: amounts falling due within one year
(5,504,117)
(3,531,089)
Net current assets/(liabilities)
14,931 
(8,583)
Net assets/(liabilities)
85,431 
(8,583)
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
84,431 
(9,583)
Shareholders' funds
85,431 
(8,583)
For the period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 November 2023 and were signed on its behalf by
Maryna Kuzmenko Director Company Registration No. 11274883
- 2 -
Makoil Group Ltd Notes to the Accounts for the period from 1 April 2022 to 31 December 2022
1
Statutory information
Makoil Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 11274883. The registered office is Flat 3 , 23 Bishops Bridge Road, London, W2 6BA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the period from 1 April 2022 to 31 December 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2021. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Presentation currency
The accounts are presented in £ sterling.
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. Basic financial assets, which includes debtors, cash and bank balances, are initially measured a transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement consists a financing transaction, where the transaction is measured at the present valve of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 3 -
Makoil Group Ltd Notes to the Accounts for the period from 1 April 2022 to 31 December 2022
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Straight line method
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Taxation
The tax expenses represents the sum of the tax currently payable. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further includes 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.
4
Tangible fixed assets
Motor vehicles 
£ 
Cost or valuation
At cost 
At 1 April 2022
- 
Additions
94,000 
At 31 December 2022
94,000 
Depreciation
Charge for the period
23,500 
At 31 December 2022
23,500 
Net book value
At 31 December 2022
70,500 
5
Debtors
31/12/2022 
31/03/2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
4,030,283 
3,418,696 
Accrued income and prepayments
30,435 
6,006 
Other debtors
6,379 
1,000 
4,067,097 
3,425,702 
- 4 -
Makoil Group Ltd Notes to the Accounts for the period from 1 April 2022 to 31 December 2022
6
Creditors: amounts falling due within one year
31/12/2022 
31/03/2022 
£ 
£ 
Trade creditors
4,686,595 
3,528,089 
Taxes and social security
26,568 
- 
Other creditors
785,554 
- 
Accruals
5,400 
3,000 
5,504,117 
3,531,089 
7
Average number of employees
During the period the average number of employees was 3 (31/03/2022: 1).
- 5 -