Superior Oils Limited 07885324 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of supplying lubricant products. Digita Accounts Production Advanced 6.30.9574.0 true true 07885324 2023-01-01 2023-12-31 07885324 2023-12-31 07885324 core:RetainedEarningsAccumulatedLosses 2023-12-31 07885324 core:ShareCapital 2023-12-31 07885324 core:CurrentFinancialInstruments 2023-12-31 07885324 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07885324 bus:SmallEntities 2023-01-01 2023-12-31 07885324 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07885324 bus:FullAccounts 2023-01-01 2023-12-31 07885324 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07885324 bus:RegisteredOffice 2023-01-01 2023-12-31 07885324 bus:Director1 2023-01-01 2023-12-31 07885324 bus:Director3 2023-01-01 2023-12-31 07885324 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07885324 countries:EnglandWales 2023-01-01 2023-12-31 07885324 2022-01-01 2022-12-31 07885324 2022-12-31 07885324 core:RetainedEarningsAccumulatedLosses 2022-12-31 07885324 core:ShareCapital 2022-12-31 07885324 core:CurrentFinancialInstruments 2022-12-31 07885324 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07885324

Superior Oils Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Superior Oils Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Superior Oils Limited

Company Information

Directors

Mr S L Dunn

Mr SD Everitt

Registered office

45 Linthurst Road
Barnt Green
Birmingham
B45 8JL

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Superior Oils Limited

(Registration number: 07885324)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

-

4,758,859

Cash at bank and in hand

 

2,146

95,485

 

2,146

4,854,344

Creditors: Amounts falling due within one year

5

(3,000)

(4,819,660)

Net (liabilities)/assets

 

(854)

34,684

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(954)

34,584

Shareholders' (deficit)/funds

 

(854)

34,684

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr S L Dunn
Director

.........................................
Mr SD Everitt
Director

 
 

Superior Oils Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
45 Linthurst Road
Barnt Green
Birmingham
B45 8JL

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Superior Oils Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Debtors

Current

2023
£

2022
£

Trade debtors

-

4,664,433

Other debtors

-

94,426

 

-

4,758,859

 

Superior Oils Limited

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

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

4,713,900

Other creditors

3,000

105,760

3,000

4,819,660