Acorah Software Products - Accounts Production 14.5.601 false true true 31 July 2022 1 August 2021 false 1 August 2022 31 July 2023 31 July 2023 03401026 Mr P I Furness Mr A Rennie Mr T S McGrann iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03401026 2022-07-31 03401026 2023-07-31 03401026 2022-08-01 2023-07-31 03401026 frs-core:CurrentFinancialInstruments 2023-07-31 03401026 frs-core:Non-currentFinancialInstruments 2023-07-31 03401026 frs-core:ShareCapital 2023-07-31 03401026 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 03401026 frs-bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03401026 frs-bus:FilletedAccounts 2022-08-01 2023-07-31 03401026 frs-bus:SmallEntities 2022-08-01 2023-07-31 03401026 frs-bus:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03401026 frs-bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03401026 frs-bus:Director1 2022-08-01 2023-07-31 03401026 frs-bus:Director2 2022-08-01 2023-07-31 03401026 frs-bus:CompanySecretary1 2022-08-01 2023-07-31 03401026 frs-countries:EnglandWales 2022-08-01 2023-07-31 03401026 2021-07-31 03401026 2022-07-31 03401026 2021-08-01 2022-07-31 03401026 frs-core:CurrentFinancialInstruments 2022-07-31 03401026 frs-core:Non-currentFinancialInstruments 2022-07-31 03401026 frs-core:ShareCapital 2022-07-31 03401026 frs-core:RetainedEarningsAccumulatedLosses 2022-07-31
Registered number: 03401026
Oil Resources Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 03401026
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 139,047 244,874
Investments 5 370,000 370,000
Cash at bank and in hand 72,893 23,176
581,940 638,050
Creditors: Amounts Falling Due Within One Year 6 (18,844 ) (58,551 )
NET CURRENT ASSETS (LIABILITIES) 563,096 579,499
TOTAL ASSETS LESS CURRENT LIABILITIES 563,096 579,499
NET ASSETS 563,096 579,499
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 562,996 579,399
SHAREHOLDERS' FUNDS 563,096 579,499
For the year ending 31 July 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A Rennie
Director
26/09/2023
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Oil Resources Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03401026 . The registered office is 88 Station Road, Cradley Heath, West Midlands, B64 6PL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors are satisfied that despite the Coronavirus pandemic, it is appropriate for the company's financial
statements to be prepared on a going concern basis. The pandemic has resulted in a number of uncertainties
arising and the directors have taken steps to minimise the effect on the company and will continue to do so. In
the circumstances they have concluded that no adjustments or additional disclosures are required to the
financial statements at this time.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Preparation of consolidated financial statements
The financial statements contain information about Oil Resources Limited as an individual company and do not
contain consolidated financial information as the parent of a group. The company is exempt under Section
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Page 2
Page 3
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Debtors
2023 2022
£ £
Due within one year
Trade debtors 11,520 86,539
Other debtors - 906
VAT 595 -
12,115 87,445
Due after more than one year
Other debtors 126,763 157,273
Deferred tax current asset 169 156
126,932 157,429
139,047 244,874
5. Current Asset Investments
2023 2022
£ £
Shares in subsidiaries 370,000 370,000
370,000 370,000
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 4,493 49,409
Corporation tax 13,428 7,480
VAT - 739
Other creditors 25 25
Accruals and deferred income 898 898
18,844 58,551
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 3