Company registration number 04768142 (England and Wales)
PETROSPOT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PETROSPOT LIMITED
COMPANY INFORMATION
Directors
Mrs L J Bankes Hughes
Mr D L Bankes-Hughes
Company number
04768142
Registered office
Petrospot House, Somerville
Court, Trinity Way
Adderbury
Oxfordshire
England
OX17 3SN
Accountants
Crouchers Ltd
2 Copperhouse Court
Caldecotte Business Park
Milton Keynes
Buckinghamshire
England
MK7 8NL
PETROSPOT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PETROSPOT LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
202,277
196,863
Investment property
5
210,000
210,000
412,277
406,863
Current assets
Debtors
6
530,865
370,642
Investments
7
4,352
45,057
Cash at bank and in hand
494,351
420,263
1,029,568
835,962
Creditors: amounts falling due within one year
8
(565,860)
(433,843)
Net current assets
463,708
402,119
Total assets less current liabilities
875,985
808,982
Creditors: amounts falling due after more than one year
9
(223,638)
(269,675)
Provisions for liabilities
(2,320)
(380)
Net assets
650,027
538,927
Capital and reserves
Called up share capital
100
100
Revaluation reserve
9,800
9,800
Profit and loss reserves
640,127
529,027
Total equity
650,027
538,927

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 May 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.

PETROSPOT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
Mr D L Bankes-Hughes
Director
Company Registration No. 04768142
PETROSPOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Petrospot Limited is a private company limited by shares incorporated in England and Wales. The registered office is Petrospot House, Somerville, Court, Trinity Way, Adderbury, Oxfordshire, England, OX17 3SN.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover is recognised when events have taken place. To the extent that events and exhibition costs are expected to be recoverable, event and exhibition income and direct costs arising in the year, relating to future events , are deferred until those events have taken place.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Long leasehold
- 2% on cost
Plant and equipment
- 33% on cost
Fixtures and fittings
- 25% on cost
Computers
- 33% on cost

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments
PETROSPOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

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

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
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.

2
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation
6,838
10,258
3
Employees
2023
2022
Number
Number
Total
18
17
PETROSPOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Tangible fixed assets
Long leasehold
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 June 2022
236,577
137,490
15,484
13,033
402,584
Additions
-
0
-
0
-
0
12,253
12,253
At 31 May 2023
236,577
137,490
15,484
25,286
414,837
Depreciation and impairment
At 1 June 2022
42,075
135,129
15,484
13,033
205,721
Depreciation charged in the year
4,732
1,181
-
0
926
6,839
At 31 May 2023
46,807
136,310
15,484
13,959
212,560
Carrying amount
At 31 May 2023
189,770
1,180
-
0
11,327
202,277
At 31 May 2022
194,502
2,361
-
0
-
0
196,863
5
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
210,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
326,929
180,290
Other debtors
203,936
190,352
530,865
370,642
7
Amounts owed by joint ventures
2023
2022
£
£
Other investments
4,352
45,057
PETROSPOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10
78,505
71,396
Trade creditors
58,267
38,570
Corporation tax
51,453
89,281
Other taxation and social security
19,891
13,898
Other creditors
27,041
36,170
Accruals and deferred income
330,703
184,528
565,860
433,843
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
10
223,638
269,675
10
Loans and overdrafts
2023
2022
£
£
Bank loans
302,143
341,071
Payable within one year
78,505
71,396
Payable after one year
223,638
269,675

The bank loans and overdrafts are secured by debentures in favour of the National Westminster Bank Plc including fixed and floating charge over all assets owned by the company, or to be owned by the company, at anytime in the future.

11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
2,320
380
PETROSPOT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
11
Deferred taxation
(Continued)
- 7 -
2023
Movements in the year:
£
Liability at 1 June 2022
380
Charge to profit or loss
1,940
Liability at 31 May 2023
2,320

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

12
Reserves
Revaluation
reserve
£
At 1 June 2021
and 31 May 2022
9,800
13
Related party disclosures
As at 31 May 2023 the compay owed £15,647 (2022 £45,057 due from) to Bunker Events Limited, a company under the joint control of Mr D L Bankes-Hughes.
14
Ultimate controlling party
The controlling party is Mr D L Bankes-Hughes.
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