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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
Page
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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
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Petrobridge Limited Statement of financial position as at 30 May 2023
2023 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
5,412 
Current assets
Inventories
37,858 
331,566 
Debtors
312 
24,238 
Cash at bank and in hand
11,543 
224,148 
49,713 
579,952 
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
Deferred tax
- 
(1,028)
Net (liabilities)/assets
(8,993)
145,915 
Capital and reserves
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
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Petrobridge Limited Notes to the Accounts for the period from 1 December 2021 to 30 May 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
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.
Pension costs
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.
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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 30 May 2023
- 
- 
- 
Depreciation
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 May 2023
- 
- 
- 
Net book value
At 30 May 2023
- 
- 
- 
At 30 November 2021
3,600 
1,812 
5,412 
5
Debtors
2023 
2021 
£ 
£ 
Amounts falling due within one year
VAT
312 
- 
Trade debtors
- 
15,406 
Other debtors
- 
8,832 
312 
24,238 
6
Creditors: amounts falling due within one year
2023 
2021 
£ 
£ 
Bank loans and overdrafts
- 
25,123 
VAT
- 
36,135 
Trade creditors
- 
288,070 
Other creditors
- 
468 
Loans from directors
2,151 
2,150 
Accruals
1,000 
17,415 
3,151 
369,361 
7
Creditors: amounts falling due after more than one year
2023 
2021 
£ 
£ 
Bank loans
55,555 
69,060 
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.
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Petrobridge Limited Notes to the Accounts for the period from 1 December 2021 to 30 May 2023
8
Share capital
2023 
2021 
£ 
£ 
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).
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