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Registration number: 05592078

Preston Oils Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2021 to 10 February 2023

 

Preston Oils Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Preston Oils Limited

Company Information

Directors

Mr P J Kehoe

Mr P B Kehoe

Company secretary

Mrs J M K Kehoe

Registered office

34 Thornton Avenue
Fulwood
Preston
PR2 3TP

 

Preston Oils Limited

(Registration number: 05592078)
Balance Sheet as at 10 February 2023

Note

2023
£

2021
£

Fixed assets

 

Tangible assets

5

-

26,726

Current assets

 

Stocks

6

-

75,010

Debtors

7

359,019

109,899

Cash at bank and in hand

 

222,560

27,603

 

581,579

212,512

Creditors: Amounts falling due within one year

8

(287,171)

(207,784)

Net current assets

 

294,408

4,728

Total assets less current liabilities

 

294,408

31,454

Creditors: Amounts falling due after more than one year

8

-

(25,083)

Provisions for liabilities

-

(4,806)

Net assets

 

294,408

1,565

Capital and reserves

 

Called up share capital

100

100

Retained earnings

294,308

1,465

Shareholders' funds

 

294,408

1,565

For the financial period ending 10 February 2023 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Preston Oils Limited

(Registration number: 05592078)
Balance Sheet as at 10 February 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 November 2023 and signed on its behalf by:
 

.........................................
Mr P J Kehoe
Director

.........................................
Mr P B Kehoe
Director

 
     
 

Preston Oils Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 10 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Thornton Avenue
Fulwood
Preston
PR2 3TP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a basis other than that of the going concern basis, the company ceased trading on 10th February 2023, selling its trade and some company assets This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Preston Oils Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 10 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Preston Oils Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 10 February 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Preston Oils Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 10 February 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5 (2021 - 5).

 

Preston Oils Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 10 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2021

10,000

10,000

At 10 February 2023

10,000

10,000

Amortisation

At 1 November 2021

10,000

10,000

At 10 February 2023

10,000

10,000

Carrying amount

At 10 February 2023

-

-

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2021

7,573

39,682

47,255

Additions

-

34,872

34,872

Disposals

(7,573)

(74,554)

(82,127)

At 10 February 2023

-

-

-

Depreciation

At 1 November 2021

6,507

14,022

20,529

Charge for the period

267

15,133

15,400

Eliminated on disposal

(6,774)

(29,155)

(35,929)

At 10 February 2023

-

-

-

Carrying amount

At 10 February 2023

-

-

-

At 31 October 2021

1,066

25,660

26,726

6

Stocks

2023
£

2021
£

Stock

-

75,010

 

Preston Oils Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 10 February 2023

7

Debtors

2023
£

2021
£

Trade debtors

113,474

89,012

Prepayments

-

7,846

Other debtors

245,545

13,041

359,019

109,899

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2021
£

Due within one year

 

Loans and borrowings

9

84,915

128,808

Trade creditors

 

113,571

77,476

Taxation and social security

 

84,293

-

Accruals and deferred income

 

4,392

1,500

 

287,171

207,784

Creditors: amounts falling due after more than one year

Note

2023
£

2021
£

Due after one year

 

Loans and borrowings

9

-

25,083

 

Preston Oils Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 10 February 2023

9

Loans and borrowings

2023
£

2021
£

Non-current loans and borrowings

Bank borrowings

-

25,083

2023
£

2021
£

Current loans and borrowings

Bank borrowings

-

7,000

Other borrowings

84,915

121,808

84,915

128,808

The directors' loan accounts are non-interest bearing and have no formal repayment terms.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £39,960 (2021 - £61,272).