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REGISTERED NUMBER: 08857321 (England and Wales)














KIDDERMINSTER PETROLEUM SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023






KIDDERMINSTER PETROLEUM SERVICES LTD (REGISTERED NUMBER: 08857321)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KIDDERMINSTER PETROLEUM SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTORS: S J Bayliss
S P Bayliss
A J Bayliss
M Daglish
S Harrington





REGISTERED OFFICE: Unit 31
Rowland Way
Hoo Farm Industrial Estate
Kidderminster
Worcestershire
DY11 7RA





REGISTERED NUMBER: 08857321 (England and Wales)

KIDDERMINSTER PETROLEUM SERVICES LTD (REGISTERED NUMBER: 08857321)

BALANCE SHEET
31ST OCTOBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 88,167 84,728

CURRENT ASSETS
Stocks 52,525 117,204
Debtors 5 835,188 736,146
Cash at bank 54,816 14,676
942,529 868,026
CREDITORS
Amounts falling due within one year 6 742,178 568,407
NET CURRENT ASSETS 200,351 299,619
TOTAL ASSETS LESS CURRENT
LIABILITIES

288,518

384,347

CREDITORS
Amounts falling due after more than one
year

7

(17,500

)

(27,500

)

PROVISIONS FOR LIABILITIES 11 (16,222 ) (15,305 )
NET ASSETS 254,796 341,542

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 254,696 341,442
SHAREHOLDERS' FUNDS 254,796 341,542

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

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

KIDDERMINSTER PETROLEUM SERVICES LTD (REGISTERED NUMBER: 08857321)

BALANCE SHEET - continued
31ST OCTOBER 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 10th July 2024 and were signed on its behalf by:





S Harrington - Director


KIDDERMINSTER PETROLEUM SERVICES LTD (REGISTERED NUMBER: 08857321)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

1. STATUTORY INFORMATION

Kidderminster Petroleum Services Ltd 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

KIDDERMINSTER PETROLEUM SERVICES LTD (REGISTERED NUMBER: 08857321)

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

2. ACCOUNTING POLICIES - continued

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.

Government grants
Government grants are recognised at the point that they are receivable and there is reasonable assurance that the company will comply with the conditions attached to them. They are valued at the consideration received or to be received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 37 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and
to property machinery fittings
£ £ £
COST
At 1st November 2022 6,956 139,601 19,541
Additions - 25,501 -
At 31st October 2023 6,956 165,102 19,541
DEPRECIATION
At 1st November 2022 2,779 74,832 9,589
Charge for year 1,391 21,086 1,494
At 31st October 2023 4,170 95,918 11,083
NET BOOK VALUE
At 31st October 2023 2,786 69,184 8,458
At 31st October 2022 4,177 64,769 9,952

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1st November 2022 15,931 41,918 223,947
Additions - 4,545 30,046
At 31st October 2023 15,931 46,463 253,993
DEPRECIATION
At 1st November 2022 10,893 41,126 139,219
Charge for year 1,260 1,376 26,607
At 31st October 2023 12,153 42,502 165,826
NET BOOK VALUE
At 31st October 2023 3,778 3,961 88,167
At 31st October 2022 5,038 792 84,728

KIDDERMINSTER PETROLEUM SERVICES LTD (REGISTERED NUMBER: 08857321)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 467,133 385,935
Amounts recoverable on contract 302,416 282,801
Other debtors 27,923 1,390
Directors' current accounts - 15,355
VAT - 6,474
Prepayments 37,716 44,191
835,188 736,146

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 8) 10,000 10,000
Trade creditors 452,777 304,528
Tax - 31,833
Social security and other taxes 50,793 33,273
VAT 40,616 -
Other creditors 32,625 22,303
Invoice financing 132,704 143,857
Accruals and deferred income 22,663 22,613
742,178 568,407

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans (see note 8) 17,500 27,500

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 17,500 27,500

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 56,984 102,712
Between one and five years 51,342 65,267
108,326 167,979

KIDDERMINSTER PETROLEUM SERVICES LTD (REGISTERED NUMBER: 08857321)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 27,500 37,500
Invoice financing 132,704 143,857
160,204 181,357

The other loan borrowings are secured by a fixed and floating charge over the assets of the company.

Finance lease agreements are secured on the asset to which they relate.

The invoice factoring agreement is secured on certain trade debtors.

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax
Accelerated capital allowances 16,222 15,305

Deferred tax
£
Balance at 1st November 2022 15,305
Provided during year 917
Balance at 31st October 2023 16,222

12. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary shares £1 100 100

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st October 2023 and 31st October 2022:

2023 2022
£ £
S J Bayliss
Balance outstanding at start of year 5,002 4,959
Amounts advanced - 43
Amounts repaid (5,002 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,002

KIDDERMINSTER PETROLEUM SERVICES LTD (REGISTERED NUMBER: 08857321)

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

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S P Bayliss
Balance outstanding at start of year 5,309 5,344
Amounts repaid (5,309 ) (35 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,309

A J Bayliss
Balance outstanding at start of year 2,549 2,425
Amounts advanced - 124
Amounts repaid (2,549 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 2,549

M Daglish
Balance outstanding at start of year 2,400 2,400
Amounts repaid (2,400 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 2,400

S Harrington
Balance outstanding at start of year 95 95
Amounts advanced 2,500 -
Amounts repaid (2,595 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 95