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REGISTERED NUMBER: 08971686 (England and Wales)









REGENCY OILS (WALES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


REGENCY OILS (WALES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mrs W A Neal
D Gillespie
Miss A Gillespie





SECRETARY: Mrs W A Neal





REGISTERED OFFICE: Churchgate House
3 Church Road
Whitchurch
Cardiff
SOUTH GLAMORGAN
CF14 2DX





REGISTERED NUMBER: 08971686 (England and Wales)






REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 236,627 251,665

CURRENT ASSETS
Stocks 5 18,250 7,500
Debtors 6 414,202 376,872
Cash at bank and in hand 220,080 267,682
652,532 652,054
CREDITORS
Amounts falling due within one year 7 284,187 310,133
NET CURRENT ASSETS 368,345 341,921
TOTAL ASSETS LESS CURRENT
LIABILITIES

604,972

593,586

CREDITORS
Amounts falling due after more than one
year

8

(104,465

)

(148,051

)

PROVISIONS FOR LIABILITIES 9 (29,137 ) (22,637 )
NET ASSETS 471,370 422,898

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 471,270 422,798
SHAREHOLDERS' FUNDS 471,370 422,898

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.

REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

BALANCE SHEET - continued
31 MAY 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 20 December 2023 and were signed on its behalf by:





Mrs W A Neal - Director


REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Regency Oils (Wales) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Turnover relates to the recycling and sale of waste oil. Turnover is recognised when the goods have been transferred to the customer.

REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and selling price less costs to sell, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The cost of any unused holiday entitlement is recognised in the period in which the employee's
services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Classification of financial liabilities
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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired. at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2022 38,090 22,377 12,532
Additions - 34,845 15,378
Disposals - (4,500 ) -
At 31 May 2023 38,090 52,722 27,910
DEPRECIATION
At 1 June 2022 - 6,130 2,697
Charge for year - 11,737 5,042
Eliminated on disposal - (3,076 ) -
At 31 May 2023 - 14,791 7,739
NET BOOK VALUE
At 31 May 2023 38,090 37,931 20,171
At 31 May 2022 38,090 16,247 9,835

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 328,206 9,203 410,408
Additions - - 50,223
Disposals - - (4,500 )
At 31 May 2023 328,206 9,203 456,131
DEPRECIATION
At 1 June 2022 143,031 6,885 158,743
Charge for year 46,293 765 63,837
Eliminated on disposal - - (3,076 )
At 31 May 2023 189,324 7,650 219,504
NET BOOK VALUE
At 31 May 2023 138,882 1,553 236,627
At 31 May 2022 185,175 2,318 251,665

REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2022
and 31 May 2023 235,975
DEPRECIATION
At 1 June 2022 83,696
Charge for year 38,069
At 31 May 2023 121,765
NET BOOK VALUE
At 31 May 2023 114,210
At 31 May 2022 152,279

5. STOCKS
2023 2022
£    £   
Stocks 18,250 7,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 44,904 154,134
Other debtors 369,298 222,738
414,202 376,872

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts 40,177 41,742
Trade creditors 53,609 25,199
Taxation and social security 137,873 182,338
Other creditors 41,880 50,206
284,187 310,133

REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 84,366 118,205
Other creditors 20,099 29,846
104,465 148,051

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 29,137 22,637

Deferred
tax
£   
Balance at 1 June 2022 22,637
Accelerated capital allowances 6,500
Balance at 31 May 2023 29,137

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30 Ordinary A £1 30 30
70 Ordinary B £1 70 70
100 100

On the 2nd August 2021 the company reclassified its share capital to Ordinary A and Ordinary B shares.

11. OTHER FINANCIAL COMMITMENTS

At the reporting date the company had outstanding commitments for future lease payments under non-cancellable operating leases of £14,400 (2022- £14,400) which fall due within 12 months.

REGENCY OILS (WALES) LIMITED (REGISTERED NUMBER: 08971686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year ended 31 May 2023 one of the directors maintained an interest free loan account with the company. The movements in the loan account were as follows:

20232022
££

Balance brought forward30,19631,200
Amounts introduced into the company--
Dividends88,00046,000
Advances to the director(140,706)(47,004)

Balance carried forward(22,510)30,196

The maximum balance owed to the company during the year was (£22,510) - (2022 - in credit £30,196). This amount is included in other debtors falling due within one year.

13. TRANSACTIONS WITH DIRECTORS

As at 31 May 2023 an amount of £26,875 (2022 - £nil) was owed by the company to one of the directors.The amount is interest free and repayable on demand.