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Registration number: 02558895

Shevron Limited

Unaudited Filleted Financial Statements

for the Period from 1 October 2022 to 31 December 2023

 

Shevron Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Shevron Limited

(Registration number: 02558895)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,404

3,004

Current assets

 

Stocks

1,800

2,400

Debtors

5

2,375

2,280

Cash at bank and in hand

 

2,694

4,278

 

6,869

8,958

Creditors: Amounts falling due within one year

6

(34,339)

(32,325)

Net current liabilities

 

(27,470)

(23,367)

Total assets less current liabilities

 

(25,066)

(20,363)

Creditors: Amounts falling due after more than one year

6

(3,896)

(6,055)

Net liabilities

 

(28,962)

(26,418)

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

(29,962)

(27,418)

Shareholders' deficit

 

(28,962)

(26,418)

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

Director's responsibilities:

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

The director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 30 August 2024
 

 

Shevron Limited

(Registration number: 02558895)
Statement of Financial Position as at 31 December 2023 (continued)


J C Skraba
Company secretary and director

 

Shevron Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 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:
25 Quantock Road
Weston-super-Mare
North Somerset
BS23 4DD

Principal activity

The principal activity of the company is sales of second hand mobility equipment.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company made a loss of £2,544 in the 15 month period to 31 December 2023 (2022: Loss £2,249) and has net current liabilities of £27,470 (2022: £23,367). It therefore relies on the continued financial support of the Director.

The Director believes that the company will be able to continue trading and he will be supporting the company until it returns to profitability, and for this reason, the accounts have been prepared on a going concern basis.

 

Shevron Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

The are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Depreciation is based on the estimated useful life of the relevant assets.

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 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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Shevron Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Shevron Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

 

Shevron Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023 (continued)

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

4,000

383

4,383

At 31 December 2023

4,000

383

4,383

Depreciation

At 1 October 2022

1,207

172

1,379

Charge for the period

558

42

600

At 31 December 2023

1,765

214

1,979

Carrying amount

At 31 December 2023

2,235

169

2,404

At 30 September 2022

2,793

211

3,004

5

Debtors

2023
£

2022
£

Other debtors

2,063

2,063

Prepayments

312

217

2,375

2,280

 

Shevron Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2022 to 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

2,024

2,258

Taxation and social security

1,000

-

Accruals and deferred income

1,698

1,614

Other creditors

29,617

28,453

34,339

32,325

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

3,896

6,055

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

9,900

Later than one year and not later than five years

-

9,900

-

19,800