Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr D J Emery Mrs S Emery 17 November 2023 The principal activity of the company is that of oil distributors. 00674622 2023-05-31 00674622 2022-05-31 00674622 core:CurrentFinancialInstruments 2023-05-31 00674622 core:CurrentFinancialInstruments 2022-05-31 00674622 core:Non-currentFinancialInstruments 2023-05-31 00674622 core:Non-currentFinancialInstruments 2022-05-31 00674622 core:ShareCapital 2023-05-31 00674622 core:ShareCapital 2022-05-31 00674622 core:CapitalRedemptionReserve 2023-05-31 00674622 core:CapitalRedemptionReserve 2022-05-31 00674622 core:RetainedEarningsAccumulatedLosses 2023-05-31 00674622 core:RetainedEarningsAccumulatedLosses 2022-05-31 00674622 core:LandBuildings 2022-05-31 00674622 core:PlantMachinery 2022-05-31 00674622 core:Vehicles 2022-05-31 00674622 core:LandBuildings 2023-05-31 00674622 core:PlantMachinery 2023-05-31 00674622 core:Vehicles 2023-05-31 00674622 bus:OrdinaryShareClass1 2023-05-31 00674622 2022-06-01 2023-05-31 00674622 bus:FullAccounts 2022-06-01 2023-05-31 00674622 bus:SmallEntities 2022-06-01 2023-05-31 00674622 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 00674622 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 00674622 bus:Director1 2022-06-01 2023-05-31 00674622 bus:Director2 2022-06-01 2023-05-31 00674622 core:LandBuildings core:TopRangeValue 2022-06-01 2023-05-31 00674622 core:PlantMachinery 2022-06-01 2023-05-31 00674622 core:PlantMachinery core:TopRangeValue 2022-06-01 2023-05-31 00674622 core:Vehicles 2022-06-01 2023-05-31 00674622 2021-06-01 2022-05-31 00674622 core:LandBuildings 2022-06-01 2023-05-31 00674622 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 00674622 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 00674622 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00674622 (England and Wales)

F.J.EMERY (OILS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

F.J.EMERY (OILS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

F.J.EMERY (OILS) LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2023
F.J.EMERY (OILS) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTORS Mr D J Emery
Mrs S Emery
SECRETARY Mr D J Emery
REGISTERED OFFICE Ilbert Rd.
Kingsbridge
Devon
TQ7 1EB
United Kingdom
COMPANY NUMBER 00674622 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
F.J.EMERY (OILS) LIMITED

BALANCE SHEET

As at 31 May 2023
F.J.EMERY (OILS) LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 192,408 210,438
192,408 210,438
Current assets
Stocks 37,358 69,105
Debtors 4 259,859 303,217
Cash at bank and in hand 457,525 425,625
754,742 797,947
Creditors: amounts falling due within one year 5 ( 318,410) ( 384,195)
Net current assets 436,332 413,752
Total assets less current liabilities 628,740 624,190
Creditors: amounts falling due after more than one year 6 ( 24,167) ( 34,167)
Provision for liabilities ( 30,000) ( 45,000)
Net assets 574,573 545,023
Capital and reserves
Called-up share capital 7 6,837 6,837
Capital redemption reserve 6,613 6,613
Profit and loss account 561,123 531,573
Total shareholders' funds 574,573 545,023

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of F.J.Emery (Oils) Limited (registered number: 00674622) were approved and authorised for issue by the Board of Directors on 17 November 2023. They were signed on its behalf by:

Mrs S Emery
Director
F.J.EMERY (OILS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
F.J.EMERY (OILS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

F.J.Emery (Oils) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ilbert Rd., Kingsbridge, Devon, TQ7 1EB, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 Value Added Tax, returns, rebates and discounts.

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
5 years straight line
Vehicles 25 % reducing balance
Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 June 2022 65,242 252,915 369,859 688,016
Additions 0 379 39,874 40,253
Disposals 0 0 ( 29,300) ( 29,300)
At 31 May 2023 65,242 253,294 380,433 698,969
Accumulated depreciation
At 01 June 2022 32,755 233,484 211,339 477,578
Charge for the financial year 1,035 5,257 35,510 41,802
Disposals 0 0 ( 12,819) ( 12,819)
At 31 May 2023 33,790 238,741 234,030 506,561
Net book value
At 31 May 2023 31,452 14,553 146,403 192,408
At 31 May 2022 32,487 19,431 158,520 210,438

Included within the net book value of land and buildings above is £31,452 (2022: £32,487) in respect of freehold land and buildings.

4. Debtors

2023 2022
£ £
Trade debtors 207,062 237,327
Prepayments 21,708 20,147
VAT recoverable 28,781 0
Other debtors 2,308 45,743
259,859 303,217

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 253,133 323,733
Taxation and social security 5,083 904
Other creditors 50,194 49,558
318,410 384,195

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 24,167 34,167

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6,837 Ordinary £1 shares of £ 1.00 each 6,837 6,837

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Interest free advances to the directors 2,030 1,879

The directors have given a personal guarantee of £250,000 to the company's oil supplier.