Company Registration No. 02640577 (England and Wales)
Petrobridge Limited
Unaudited accounts
for the period from 1 December 2021 to 30 May 2023
Petrobridge Limited
Unaudited accounts
Contents
Petrobridge Limited
Company Information
for the period from 1 December 2021 to 30 May 2023
Directors
Ms G E Hamer
Mrs M A Hamer
Company Number
02640577 (England and Wales)
Registered Office
Red Rose Garage 504-508 College Road
Erdington
Birmingham
B44 0HL
Accountants
Zoe Walsh FCCA
9 Cockspur Street
Birchmoor
Tamworth
Staffordshire
B78 1AJ
Petrobridge Limited
Statement of financial position
as at 30 May 2023
Inventories
37,858
331,566
Cash at bank and in hand
11,543
224,148
Creditors: amounts falling due within one year
(3,151)
(369,361)
Net current assets
46,562
210,591
Total assets less current liabilities
46,562
216,003
Creditors: amounts falling due after more than one year
(55,555)
(69,060)
Provisions for liabilities
Net (liabilities)/assets
(8,993)
145,915
Called up share capital
100
100
Profit and loss account
(9,093)
145,815
Shareholders' funds
(8,993)
145,915
For the period ending 30 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by
Ms G E Hamer
Director
Company Registration No. 02640577
Petrobridge Limited
Notes to the Accounts
for the period from 1 December 2021 to 30 May 2023
Petrobridge Limited is a private company, limited by shares, registered in England and Wales, registration number 02640577. The registered office is Red Rose Garage 504-508 College Road, Erdington, Birmingham, B44 0HL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% on cost
Fixtures & fittings
15% reducing balance
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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 accounts. 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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Petrobridge Limited
Notes to the Accounts
for the period from 1 December 2021 to 30 May 2023
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 December 2021
21,661
16,070
37,731
Disposals
(21,661)
(16,070)
(37,731)
At 1 December 2021
18,061
14,258
32,319
Charge for the period
540
270
810
On disposals
(18,601)
(14,528)
(33,129)
At 30 November 2021
3,600
1,812
5,412
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2021
Bank loans and overdrafts
-
25,123
Loans from directors
2,151
2,150
7
Creditors: amounts falling due after more than one year
2023
2021
The bank loan is a Coronovirus Interruption Loan Scheme (CIBILS) and is secured on the assets of the business upto a maximum of 20% of the outstanding balance.
Petrobridge Limited
Notes to the Accounts
for the period from 1 December 2021 to 30 May 2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the period the average number of employees was 7 (2021: 7).