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REGISTERED NUMBER: NI058272 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Global Lubricants NI Limited

Global Lubricants NI Limited (Registered number: NI058272)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Global Lubricants NI Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S Watson
W J Cathcart





SECRETARY: Ms P S Lewis





REGISTERED OFFICE: 7 Lisburn Street
Hillsborough
Down
BT26 6AB





REGISTERED NUMBER: NI058272 (Northern Ireland)





ACCOUNTANTS: ASC Wylie UBU Ltd
Qualified Accountants, Tax & Business Advisors
7 Lisburn Street
Royal Hillsborough
Co. Down
BT26 6AB

Global Lubricants NI Limited (Registered number: NI058272)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 56,322 60,902

CURRENT ASSETS
Stocks 75,995 75,191
Debtors 5 533,651 450,957
Cash at bank and in hand 55,247 2,895
664,893 529,043
CREDITORS
Amounts falling due within one year 6 502,264 452,571
NET CURRENT ASSETS 162,629 76,472
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,951

137,374

CREDITORS
Amounts falling due after more than one
year

7

(25,515

)

(38,522

)

PROVISIONS FOR LIABILITIES (9,916 ) (10,382 )
NET ASSETS 183,520 88,470

CAPITAL AND RESERVES
Called up share capital 120 120
Retained earnings 183,400 88,350
183,520 88,470

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Global Lubricants NI Limited (Registered number: NI058272)

Balance Sheet - continued
31 March 2023


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 23 November 2023 and were signed on its behalf by:





S Watson - Director


Global Lubricants NI Limited (Registered number: NI058272)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Global Lubricants NI Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on reducing balance
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, 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.

Global Lubricants NI Limited (Registered number: NI058272)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 53,433 142,279 18,277 14,216 228,205
Additions - 13,750 - - 13,750
At 31 March 2023 53,433 156,029 18,277 14,216 241,955
DEPRECIATION
At 1 April 2022 48,260 97,097 9,478 12,468 167,303
Charge for year 1,041 14,739 2,200 350 18,330
At 31 March 2023 49,301 111,836 11,678 12,818 185,633
NET BOOK VALUE
At 31 March 2023 4,132 44,193 6,599 1,398 56,322
At 31 March 2022 5,173 45,182 8,799 1,748 60,902

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 433,785 369,694
Other debtors 99,866 81,263
533,651 450,957

Global Lubricants NI Limited (Registered number: NI058272)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 307,928 229,365
Finance leases 3,267 3,267
Trade creditors 112,365 166,594
Taxation and social security 49,186 30,001
Other creditors 29,518 23,344
502,264 452,571

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 22,248 31,989
Finance leases 3,267 6,533
25,515 38,522

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 1,989