Registered number
11063741
AIMS PETROLEUM LIMITED
Filleted Accounts
30 November 2023
AIMS PETROLEUM LIMITED
Registered number: 11063741
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 95,000 95,000
Tangible assets 4 572,485 447,600
667,485 542,600
Current assets
Stocks 69,714 75,605
Debtors 5 34,922 22,208
Cash at bank and in hand 241,350 126,650
345,986 224,463
Creditors: amounts falling due within one year 6 (469,421) (331,874)
Net current liabilities (123,435) (107,411)
Total assets less current liabilities 544,050 435,189
Creditors: amounts falling due after more than one year 7 (300,298) (311,120)
Net assets 243,752 124,069
Capital and reserves
Called up share capital 100 100
Profit and loss account 243,652 123,969
Shareholders' funds 243,752 124,069
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.
Asif Zubair Bhatti
Director
Approved by the board on 20 August 2024
AIMS PETROLEUM LIMITED
Notes to the Accounts
for the year ended 30 November 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 95,000
At 30 November 2023 95,000
Amortisation
At 30 November 2023 -
Net book value
At 30 November 2023 95,000
At 30 November 2022 95,000
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 250,000 212,505 - 462,505
Additions - 67,306 89,930 157,236
At 30 November 2023 250,000 279,811 89,930 619,741
Depreciation
At 1 December 2022 - 14,905 - 14,905
Charge for the year - 16,164 16,187 32,351
At 30 November 2023 - 31,069 16,187 47,256
Net book value
At 30 November 2023 250,000 248,742 73,743 572,485
At 30 November 2022 250,000 197,600 - 447,600
5 Debtors 2023 2022
£ £
Trade debtors 34,922 20,104
Other debtors - 2,104
34,922 22,208
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 304,828 186,972
Directors current account 93,549 90,246
Taxation and social security costs 57,204 37,317
Other creditors 13,840 17,339
469,421 331,874
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,298 36,120
Director loan account 275,000 275,000
300,298 311,120
Director loan account include interest free and unsecured loan of £275,000 (2022) £275,000 (2021) from director Mr. Irafn Ashraf.
8 Controlling party
The ultimate control lies with Mr Irfan Ashraf, Mrs Madiha Saman and Mrs Sara Kiran, who holds 100% of the issued share capital.
9 Other information
AIMS PETROLEUM LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
63 Kingsway
Manchester
England
M19 2LL
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