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REGISTERED NUMBER: 02936230 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

ONLINE LUBRICANTS LIMITED

ONLINE LUBRICANTS LIMITED (REGISTERED NUMBER: 02936230)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ONLINE LUBRICANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: J C Collings
A S Bansal
D G Collings
B M Collings
L Farrow





SECRETARY: C Collings





REGISTERED OFFICE: Unit 20
The IO Centre
69 River Road
Barking
Essex
IG11 0DR





REGISTERED NUMBER: 02936230 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

ONLINE LUBRICANTS LIMITED (REGISTERED NUMBER: 02936230)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 150,845 96,595

CURRENT ASSETS
Stocks 985,148 829,450
Debtors 5 1,346,530 1,310,944
Cash at bank and in hand 455,252 393,527
2,786,930 2,533,921
CREDITORS
Amounts falling due within one year 6 928,057 930,489
NET CURRENT ASSETS 1,858,873 1,603,432
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,009,718

1,700,027

CREDITORS
Amounts falling due after more than one
year

7

(9,599

)

(18,333

)

PROVISIONS FOR LIABILITIES 9 (6,218 ) (4,792 )
NET ASSETS 1,993,901 1,676,902

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 10 1,943,901 1,626,902
SHAREHOLDERS' FUNDS 1,993,901 1,676,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





D G Collings - Director


ONLINE LUBRICANTS LIMITED (REGISTERED NUMBER: 02936230)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Online Lubricants 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes. Sales of goods are recognised on sale to the customer, which is considered to be the point of delivery and when the significant risks and rewards of the goods have been passed to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life from the date of use:

Plant and machinery25% on cost
Fixtures and fittings25% on cost
Motor vehicles25% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Software costs
Software costs are written off in the accounting period that the expenditure is incurred.

Research and development tax credit
Research and development tax credits are recognised on a receivable basis.

ONLINE LUBRICANTS LIMITED (REGISTERED NUMBER: 02936230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised on a receivable basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 45 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2022 49,476 139,322 336,575 525,373
Additions 24,939 7,127 67,899 99,965
Disposals - - (5,722 ) (5,722 )
At 31 July 2023 74,415 146,449 398,752 619,616
DEPRECIATION
At 1 August 2022 46,680 137,387 244,711 428,778
Charge for year 3,742 1,221 40,752 45,715
Eliminated on disposal - - (5,722 ) (5,722 )
At 31 July 2023 50,422 138,608 279,741 468,771
NET BOOK VALUE
At 31 July 2023 23,993 7,841 119,011 150,845
At 31 July 2022 2,796 1,935 91,864 96,595

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,178,025 1,170,585
Other debtors 168,505 140,359
1,346,530 1,310,944

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank overdraft 9,819 10,000
Trade creditors 693,206 594,341
Taxation and social security 172,976 95,818
Other creditors 52,056 230,330
928,057 930,489

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 9,599 18,333

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 200,900 160,000
Between one and five years 803,600 482,000
1,004,500 642,000

ONLINE LUBRICANTS LIMITED (REGISTERED NUMBER: 02936230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 6,218 4,792

Deferred
tax
£   
Balance at 1 August 2022 4,792
Provided during year 1,426
Balance at 31 July 2023 6,218

10. RESERVES
Retained
earnings
£   

At 1 August 2022 1,626,902
Profit for the year 403,999
Dividends (87,000 )
At 31 July 2023 1,943,901

11. ULTIMATE CONTROLLING PARTY

The company is controlled by J C Collings.