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REGISTERED NUMBER: 03033023 (England and Wales)










Unaudited Financial Statements

For The Year Ended 15 February 2023

for

M. N. Petroleum Supplies Limited

M. N. Petroleum Supplies Limited (Registered number: 03033023)






Contents of the Financial Statements
For The Year Ended 15 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M. N. Petroleum Supplies Limited

Company Information
For The Year Ended 15 February 2023







DIRECTOR: A B W Rugg





SECRETARY: Mrs N Hemingway





REGISTERED OFFICE: Abbey Lodge
33 Tunnel Hill
Worcester
Worcestershire
WR4 9RP





REGISTERED NUMBER: 03033023 (England and Wales)





ACCOUNTANTS: Kingscott Dix Limited
Chartered Accountants
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

M. N. Petroleum Supplies Limited (Registered number: 03033023)

Balance Sheet
15 February 2023

15.2.23 15.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,875 26,142
Investments 5 81,571 106,216
83,446 132,358

CURRENT ASSETS
Debtors 6 244,016 222,461
Cash at bank 2,937 2,808
246,953 225,269
CREDITORS
Amounts falling due within one year 7 1,326 1,379
NET CURRENT ASSETS 245,627 223,890
TOTAL ASSETS LESS CURRENT
LIABILITIES

329,073

356,248

PROVISIONS FOR LIABILITIES 2,867 6,860
NET ASSETS 326,206 349,388

CAPITAL AND RESERVES
Called up share capital 2,207 2,207
Revaluation reserve 8 15,091 29,244
Retained earnings 308,908 317,937
326,206 349,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 15 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 15 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M. N. Petroleum Supplies Limited (Registered number: 03033023)

Balance Sheet - continued
15 February 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 November 2023 and were signed by:





A B W Rugg - Director


M. N. Petroleum Supplies Limited (Registered number: 03033023)

Notes to the Financial Statements
For The Year Ended 15 February 2023

1. STATUTORY INFORMATION

M. N. Petroleum Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain 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.

Intangible assets
Intangible assets comprise a website and magazine. These are stated at cost or valuation, with no annual charge for amortisation.

An amortisation charge of £24,267 has been recognised this year (2022: £Nil) to write down the intangible assets to their market value at 15 February 2023.

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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

M. N. Petroleum Supplies Limited (Registered number: 03033023)

Notes to the Financial Statements - continued
For The Year Ended 15 February 2023

2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 16 February 2022
and 15 February 2023 26,142
AMORTISATION
Charge for year 24,267
At 15 February 2023 24,267
NET BOOK VALUE
At 15 February 2023 1,875
At 15 February 2022 26,142

M. N. Petroleum Supplies Limited (Registered number: 03033023)

Notes to the Financial Statements - continued
For The Year Ended 15 February 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 16 February 2022 106,216
Additions 12,113
Disposals (32,899 )
Revaluations (3,859 )
At 15 February 2023 81,571
NET BOOK VALUE
At 15 February 2023 81,571
At 15 February 2022 106,216

Cost or valuation at 15 February 2023 is represented by:

Other
investments
£   
Valuation in 2023 15,091
Cost 66,480
81,571



6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
15.2.23 15.2.22
£    £   
Other debtors 244,016 222,461

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
15.2.23 15.2.22
£    £   
Taxation and social security 420 575
Other creditors 906 804
1,326 1,379

8. RESERVES
Revaluation
reserve
£   
At 16 February 2022 29,244
Revaluation transfer (14,153 )

At 15 February 2023 15,091