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REGISTERED NUMBER: 03908479 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Solo Petroleum Limited

Solo Petroleum Limited (Registered number: 03908479)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Accountants' Report 5

Solo Petroleum Limited

Company Information
for the year ended 31 May 2023







DIRECTORS: A D Hayle
M R Brook
C D Hayle
Mrs D Hayle





SECRETARY: Mrs D Hayle





REGISTERED OFFICE: 8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ





REGISTERED NUMBER: 03908479 (England and Wales)





ACCOUNTANTS: Beaumonts
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ

Solo Petroleum Limited (Registered number: 03908479)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 427,414 456,236
Investment property 5 135,000 135,000
562,414 591,236

CURRENT ASSETS
Stocks 69,009 90,238
Debtors 6 158,708 197,659
Cash at bank and in hand 316,514 266,486
544,231 554,383
CREDITORS
Amounts falling due within one year 7 241,600 288,570
NET CURRENT ASSETS 302,631 265,813
TOTAL ASSETS LESS CURRENT
LIABILITIES

865,045

857,049

PROVISIONS FOR LIABILITIES 40,011 42,089
NET ASSETS 825,034 814,960

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Revaluation reserve 157,116 157,116
Fair value reserve 53,664 53,664
Retained earnings 514,254 504,180
SHAREHOLDERS' FUNDS 825,034 814,960

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

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

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 28 November 2023 and were signed on its behalf by:





A D Hayle - Director


Solo Petroleum Limited (Registered number: 03908479)

Notes to the Financial Statements
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Solo Petroleum Limited is a private company, limited by shares , registered in England and Wales. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment property.

Turnover
Turnover represents net invoiced sales of domestic and commercial heating oils and associated repairs and repairs of motor vehicles, excluding value added tax, and are recognised when the company receives the right to receive the consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost and 2% on cost
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

There is no depreciation charged on freehold land.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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 7 (2022 - 8 ) .

Solo Petroleum Limited (Registered number: 03908479)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 400,913 152,832 36,977 153,436 744,158
Additions - 1,895 775 24,411 27,081
Disposals - (8,689 ) (7,762 ) (17,025 ) (33,476 )
At 31 May 2023 400,913 146,038 29,990 160,822 737,763
DEPRECIATION
At 1 June 2022 51,334 103,933 33,460 99,195 287,922
Charge for year 10,430 14,309 1,104 30,060 55,903
Eliminated on disposal - (8,689 ) (7,762 ) (17,025 ) (33,476 )
At 31 May 2023 61,764 109,553 26,802 112,230 310,349
NET BOOK VALUE
At 31 May 2023 339,149 36,485 3,188 48,592 427,414
At 31 May 2022 349,579 48,899 3,517 54,241 456,236

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 135,000
NET BOOK VALUE
At 31 May 2023 135,000
At 31 May 2022 135,000

The directors feel that the fair value above accurately reflects the open market value of the property at the balance sheet date.


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 106,453 141,451
Other debtors 52,255 56,208
158,708 197,659

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 201,830 232,142
Taxation and social security 36,102 51,402
Other creditors 3,668 5,026
241,600 288,570

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Solo Petroleum Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Solo Petroleum Limited for the year ended 31 May 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Solo Petroleum Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Solo Petroleum Limited and state those matters that we have agreed to state to the Board of Directors of Solo Petroleum Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Solo Petroleum Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Solo Petroleum Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Solo Petroleum Limited. You consider that Solo Petroleum Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Solo Petroleum Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Beaumonts
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ


28 November 2023