Registered number
NI072907
Lagan Oils Ltd
Filleted Accounts
30 June 2023
Lagan Oils Ltd
Registered number: NI072907
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 346,356 254,962
Investments 4 320,000 320,000
666,356 574,962
Current assets
Stocks 22,515 19,105
Debtors 5 48,589 17,187
Cash at bank and in hand 919,245 852,635
990,349 888,927
Creditors: amounts falling due within one year 6 (418,040) (563,312)
Net current assets 572,309 325,615
Total assets less current liabilities 1,238,665 900,577
Provisions for liabilities (65,807) (48,443)
Net assets 1,172,858 852,134
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,172,856 852,132
Shareholders' funds 1,172,858 852,134
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Martin Hughes
Director
Approved by the board on 31 August 2023
Lagan Oils Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit and loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants are included in creditors as deferred income. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 13
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 99,182 352,102 451,284
Additions 27,500 90,222 117,722
At 30 June 2023 126,682 442,324 569,006
Depreciation
At 1 July 2022 50,557 145,765 196,322
Charge for the year 9,725 16,603 26,328
At 30 June 2023 60,282 162,368 222,650
Net book value
At 30 June 2023 66,400 279,956 346,356
At 30 June 2022 48,625 206,337 254,962
4 Investments
Other
investments
£
Cost
At 1 July 2022 320,000
At 30 June 2023 320,000
5 Debtors 2023 2022
£ £
Trade debtors 15,353 2,168
Other debtors 33,236 15,019
48,589 17,187
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 75,143 95,143
Trade creditors 123,014 330,299
Taxation and social security costs 82,832 37,929
Other creditors 137,051 99,941
418,040 563,312
7 Other information
Lagan Oils Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
23 Hillhall Road
Lisburn
Co Antrim
BT27 5BU
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