Company registration number 08877695 (England and Wales)
SOUTHERN LUBRICANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SOUTHERN LUBRICANTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SOUTHERN LUBRICANTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
185,170
106,379
Current assets
Stocks
446,248
393,441
Debtors
4
718,176
674,348
Cash at bank and in hand
72,113
19,425
1,236,537
1,087,214
Creditors: amounts falling due within one year
5
(819,622)
(754,029)
Net current assets
416,915
333,185
Total assets less current liabilities
602,085
439,564
Creditors: amounts falling due after more than one year
6
(162,738)
(131,490)
Provisions for liabilities
(38,722)
(18,887)
Net assets
400,625
289,187
Capital and reserves
Called up share capital
75,100
75,100
Profit and loss reserves
325,525
214,087
Total equity
400,625
289,187

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SOUTHERN LUBRICANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
Mr S D Olford
Mrs H A Olford
Director
Director
Company Registration No. 08877695
SOUTHERN LUBRICANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Southern Lubricants Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moorlands House, North Road Industrial Estate, Okehampton, Devon, EX20 1BQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% per annum on net book value
Fixtures, fittings & equipment
25% per annum on net book value
Vans and commercial vehicles
25% per annum on net book value
Motor vehicles
25% per annum on net book value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.5
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SOUTHERN LUBRICANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SOUTHERN LUBRICANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
14
14
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
186,690
Additions
109,517
Disposals
(12,420)
At 31 March 2023
283,787
Depreciation and impairment
At 1 April 2022
80,311
Depreciation charged in the year
24,659
Eliminated in respect of disposals
(6,353)
At 31 March 2023
98,617
Carrying amount
At 31 March 2023
185,170
At 31 March 2022
106,379
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
705,351
655,697
Other debtors
12,825
18,651
718,176
674,348
SOUTHERN LUBRICANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
33,582
33,582
Trade creditors
614,925
586,140
Taxation and social security
132,194
110,585
Other creditors
38,921
23,722
819,622
754,029

Included in other creditors is £28,273 (2022: £6,157) due under hire purchase agreements. The liabilities are secured upon the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
86,877
119,176
Other creditors
75,861
12,314
162,738
131,490

Included in other creditors is £75,861 (2022: £12,314) due under hire purchase agreements. The liabilities are secured upon the assets to which they relate.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
173,733
79,802
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two directors
2.00
10,857
55,714
353
(66,924)
-
10,857
55,714
353
(66,924)
-
SOUTHERN LUBRICANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Directors' transactions
(Continued)
- 7 -

The aforementioned advances are unsecured and repayable on demand.

2023-03-312022-04-01false03 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr S D O OlfordMrs H A OlfordMr R B Morefalse088776952022-04-012023-03-31088776952023-03-31088776952022-03-3108877695core:OtherPropertyPlantEquipment2023-03-3108877695core:OtherPropertyPlantEquipment2022-03-3108877695core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108877695core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3108877695core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3108877695core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3108877695core:CurrentFinancialInstruments2023-03-3108877695core:CurrentFinancialInstruments2022-03-3108877695core:Non-currentFinancialInstruments2023-03-3108877695core:Non-currentFinancialInstruments2022-03-3108877695core:ShareCapital2023-03-3108877695core:ShareCapital2022-03-3108877695core:RetainedEarningsAccumulatedLosses2023-03-3108877695core:RetainedEarningsAccumulatedLosses2022-03-3108877695bus:Director12022-04-012023-03-3108877695bus:Director22022-04-012023-03-3108877695core:PlantMachinery2022-04-012023-03-3108877695core:FurnitureFittings2022-04-012023-03-3108877695core:ComputerEquipment2022-04-012023-03-3108877695core:MotorVehicles2022-04-012023-03-31088776952021-04-012022-03-3108877695core:OtherPropertyPlantEquipment2022-03-3108877695core:OtherPropertyPlantEquipment2022-04-012023-03-3108877695core:WithinOneYear2023-03-3108877695core:WithinOneYear2022-03-3108877695bus:PrivateLimitedCompanyLtd2022-04-012023-03-3108877695bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3108877695bus:FRS1022022-04-012023-03-3108877695bus:AuditExemptWithAccountantsReport2022-04-012023-03-3108877695bus:Director32022-04-012023-03-3108877695bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP