IRIS Accounts Production v23.4.0.336 03510091 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035100912022-12-31035100912023-12-31035100912023-01-012023-12-31035100912021-12-31035100912022-01-012022-12-31035100912022-12-3103510091ns15:EnglandWales2023-01-012023-12-3103510091ns14:PoundSterling2023-01-012023-12-3103510091ns10:Director12023-01-012023-12-3103510091ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103510091ns10:SmallEntities2023-01-012023-12-3103510091ns10:AuditExemptWithAccountantsReport2023-01-012023-12-3103510091ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103510091ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103510091ns10:FullAccounts2023-01-012023-12-310351009112023-01-012023-12-3103510091ns10:Director22023-01-012023-12-3103510091ns10:RegisteredOffice2023-01-012023-12-3103510091ns5:CurrentFinancialInstruments2023-12-3103510091ns5:CurrentFinancialInstruments2022-12-3103510091ns5:ShareCapital2023-12-3103510091ns5:ShareCapital2022-12-3103510091ns5:RetainedEarningsAccumulatedLosses2023-12-3103510091ns5:RetainedEarningsAccumulatedLosses2022-12-3103510091ns5:NetGoodwill2023-01-012023-12-3103510091ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3103510091ns5:PlantMachinery2023-01-012023-12-3103510091ns5:FurnitureFittings2023-01-012023-12-3103510091ns5:MotorVehicles2023-01-012023-12-3103510091ns5:NetGoodwill2022-12-3103510091ns5:NetGoodwill2023-12-3103510091ns5:NetGoodwill2022-12-3103510091ns5:LandBuildings2022-12-3103510091ns5:PlantMachinery2022-12-3103510091ns5:FurnitureFittings2022-12-3103510091ns5:MotorVehicles2022-12-3103510091ns5:LandBuildings2023-01-012023-12-3103510091ns5:LandBuildings2023-12-3103510091ns5:PlantMachinery2023-12-3103510091ns5:FurnitureFittings2023-12-3103510091ns5:MotorVehicles2023-12-3103510091ns5:LandBuildings2022-12-3103510091ns5:PlantMachinery2022-12-3103510091ns5:FurnitureFittings2022-12-3103510091ns5:MotorVehicles2022-12-3103510091ns5:CostValuation2022-12-3103510091ns5:AdditionsToInvestments2023-12-3103510091ns5:CostValuation2023-12-3103510091ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103510091ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 03510091 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Pennine Lubricants Limited

Pennine Lubricants Limited (Registered number: 03510091)

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










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Pennine Lubricants Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr A Mcclean
Mr J R M Grierson



REGISTERED OFFICE: Unit 32 Millstone Works
Atlas Way
Sheffield
South Yorkshire
S4 7QQ



REGISTERED NUMBER: 03510091 (England and Wales)



ACCOUNTANTS: Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Handelsbanken
7th Floor
3 St Pauls Place
129 Norfolk Street
Sheffield
South Yorkshire
S1 2JE



SOLICITORS: Lupton Fawcett LLP
Belgrave House
47 Bank Street
Sheffield
South Yorkshire
S1 2DR

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Pennine Lubricants 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 Directors' Report 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 Pennine Lubricants Limited for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, 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 Pennine Lubricants 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 Pennine Lubricants Limited and state those matters that we have agreed to state to the Board of Directors of Pennine Lubricants 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 Pennine Lubricants Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pennine Lubricants 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 Pennine Lubricants Limited. You consider that Pennine Lubricants 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 Pennine Lubricants 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.






Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR


15 April 2024

Pennine Lubricants Limited (Registered number: 03510091)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,028,605 1,968,892
Investments 6 175,909 130,780
2,204,514 2,099,672

CURRENT ASSETS
Stocks 7 948,217 1,029,707
Debtors 8 1,370,394 1,424,305
Cash at bank and in hand 1,832,935 1,308,777
4,151,546 3,762,789
CREDITORS
Amounts falling due within one year 9 (1,096,356 ) (1,366,764 )
NET CURRENT ASSETS 3,055,190 2,396,025
TOTAL ASSETS LESS CURRENT LIABILITIES 5,259,704 4,495,697

PROVISIONS FOR LIABILITIES (139,791 ) (117,379 )
NET ASSETS 5,119,913 4,378,318

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 5,109,913 4,368,318
5,119,913 4,378,318

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

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

Pennine Lubricants Limited (Registered number: 03510091)

Balance Sheet - continued
31 December 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 12 April 2024 and were signed on its behalf by:





Mr A Mcclean - Director


Pennine Lubricants Limited (Registered number: 03510091)

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


1. STATUTORY INFORMATION

Pennine Lubricants 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1998, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 33% on cost and 20% on cost

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Government grants
Government grants relating to revenue expenditure are recognised in income on a systematic basis
over the period in which the company recognises the related costs to which the grant is intended to
compensate.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.


Pennine Lubricants Limited (Registered number: 03510091)

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


2. ACCOUNTING POLICIES - continued
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 27 (2022 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 253,750
AMORTISATION
At 1 January 2023
and 31 December 2023 253,750
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Pennine Lubricants Limited (Registered number: 03510091)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 1,505,096 485,709 159,766 271,920 2,422,491
Additions - 84,293 5,139 111,440 200,872
Disposals - - (581 ) (42,438 ) (43,019 )
At 31 December 2023 1,505,096 570,002 164,324 340,922 2,580,344
DEPRECIATION
At 1 January 2023 80,001 158,119 76,692 138,787 453,599
Charge for year 20,000 50,776 12,612 57,771 141,159
Eliminated on disposal - - (581 ) (42,438 ) (43,019 )
At 31 December 2023 100,001 208,895 88,723 154,120 551,739
NET BOOK VALUE
At 31 December 2023 1,405,095 361,107 75,601 186,802 2,028,605
At 31 December 2022 1,425,095 327,590 83,074 133,133 1,968,892

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 130,780
Additions 45,129
At 31 December 2023 175,909
NET BOOK VALUE
At 31 December 2023 175,909
At 31 December 2022 130,780

7. STOCKS
31/12/23 31/12/22
£    £   
Stocks 948,217 1,029,707

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 1,200,306 1,206,900
Amounts owed by group undertakings 88,086 128,818
Prepayments and accrued income 82,002 88,587
1,370,394 1,424,305

Pennine Lubricants Limited (Registered number: 03510091)

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


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 425,093 854,963
Tax 268,462 131,663
Social security and other taxes 23,786 62,326
VAT 96,112 101,695
Pensions - 3,131
Accruals 282,903 212,986
1,096,356 1,366,764

10. CAPITAL COMMITMENTS
31/12/23 31/12/22
£    £   
Contracted but not provided for in the
financial statements 73,473 10,000

11. OTHER FINANCIAL COMMITMENTS

The total amount of operating lease commitments not included in the balance sheet is £17,557 (2022 - £37,123)