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Company registration number: 10250833
Northern Oils Scotland Ltd
Unaudited filleted financial statements
31 March 2024
Northern Oils Scotland Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Northern Oils Scotland Ltd
Directors and other information
Directors Mr Mark Lord
Mr Graeme Carney
Ms Yvonne Donaldson
Ms Janis Hartshorne
Secretary Mrs J Hartshorne
Company number 10250833
Registered office 31-33 Intake Road
Bolsover Business Park
Bolsover
D44 6BB
Business address 6 March Lane
Buckie
AB56 4BB
Accountants Williamsons Accountants
THE Old School House
Matlock Road
Chesterfield
S42 7LF
Northern Oils Scotland Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Northern Oils Scotland Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northern Oils Scotland Ltd for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf.
Williamsons Accountants
FCCA
THE Old School House
Matlock Road
Chesterfield
S42 7LF
15 August 2024
Northern Oils Scotland Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 587,813 584,120
_______ _______
587,813 584,120
Current assets
Stocks 634,843 522,797
Debtors 7 589,026 787,510
Cash at bank and in hand 22,885 15,869
_______ _______
1,246,754 1,326,176
Creditors: amounts falling due
within one year 8 ( 926,386) ( 1,085,560)
_______ _______
Net current assets 320,368 240,616
_______ _______
Total assets less current liabilities 908,181 824,736
Creditors: amounts falling due
after more than one year 9 - ( 190,963)
Provisions for liabilities ( 54,380) ( 56,700)
_______ _______
Net assets 853,801 577,073
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 853,701 576,973
_______ _______
Shareholders funds 853,801 577,073
_______ _______
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr Mark Lord
Director
Company registration number: 10250833
Northern Oils Scotland Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 31-33 Intake Road, Bolsover Business Park, Bolsover, D44 6BB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % reducing balance
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 264,830 268,659
Social security costs 27,341 29,850
Other pension costs 52,766 38,580
_______ _______
344,937 337,089
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 28,940 28,940
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 28,940 28,940
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 370,291 107,495 23,541 324,073 825,400
Additions - - - 86,952 86,952
Disposals - - - ( 65,932) ( 65,932)
_______ _______ _______ _______ _______
At 31 March 2024 370,291 107,495 23,541 345,093 846,420
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 11,769 52,739 16,942 159,829 241,279
Charge for the year 8,174 16,869 1,308 39,819 66,170
Disposals - - - ( 48,842) ( 48,842)
_______ _______ _______ _______ _______
At 31 March 2024 19,943 69,608 18,250 150,806 258,607
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 350,348 37,887 5,291 194,287 587,813
_______ _______ _______ _______ _______
At 31 March 2023 358,522 54,756 6,599 164,244 584,121
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 585,915 784,770
Other debtors 3,111 2,740
_______ _______
589,026 787,510
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 23,970
Trade creditors 318,647 444,097
Corporation tax 147,095 110,421
Social security and other taxes 9,406 32,303
Other creditors 451,238 474,769
_______ _______
926,386 1,085,560
_______ _______
Included in Other Creditors is a balance due to Barclays of £387553 (2023 £432712) for invoice discounting. Barclays hold a fixed and floating chargeover the company assets in realtion to this debt.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts - 149,391
Other creditors - 41,572
_______ _______
- 190,963
_______ _______
10. Related party transactions
Aztec Oils Ltd and Lubricant Holdings (Midlands) Ltd are connected companies by virtue of Mark Lord's significant influence. Included within Creditors is an amount of £179025 (2023 £336929) due to Aztec Oils Ltd. Included in Other Debtors is an amount of £51 (2023 £51) owed by Lubricant Holdings (Midlands) Ltd.
11. Controlling party
The parent company of Northern Oils Scotland Ltd is Lubricant Group Holdings Ltd and its registered office is 31-33 Intake Road Bolsover Business Park Chesterfield S44 6BB.