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Company Registration No. 11274883 (England and Wales)
Makoil Group Ltd Unaudited accounts for the year ended 31 December 2023
Makoil Group Ltd Unaudited accounts Contents
Page
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Makoil Group Ltd Company Information for the year ended 31 December 2023
Director
Maryna Kuzmenko
Company Number
11274883 (England and Wales)
Registered Office
Flat 3 23 Bishops Bridge Road London W2 6BA United Kingdom
Accountants
BNA Consulting Services Ltd One Kingdom Street Paddington Central London W2 6BD
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Makoil Group Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
57,810 
70,500 
Current assets
Debtors
4,494,587 
4,067,097 
Cash at bank and in hand
427,814 
1,451,951 
4,922,401 
5,519,048 
Creditors: amounts falling due within one year
(4,854,040)
(5,504,117)
Net current assets
68,361 
14,931 
Net assets
126,171 
85,431 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
125,171 
84,431 
Shareholders' funds
126,171 
85,431 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 September 2024 and were signed on its behalf by
Maryna Kuzmenko Director Company Registration No. 11274883
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Makoil Group Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Makoil Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 11274883. The registered office is Flat 3 , 23 Bishops Bridge Road, London, W2 6BA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Presentation currency
The accounts are presented in £ sterling.
Financial instruments
The company has elected to apply the provisions of section 11 ' Basic Financial Instruments' and section 12 'Other Financial Instruments issues' of FRS 102 to all of its financial instruments. Basic financial assets, which includes debtors, cash and bank balances, are initially measured a transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement consists a financing transaction, where the transaction is measured at the present valve of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Straight line method
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Makoil Group Ltd Notes to the Accounts for the year ended 31 December 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Taxation
The tax expenses represents the sum of the tax currently payable. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further includes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
4
Tangible fixed assets
Motor vehicles 
£ 
Cost or valuation
At cost 
At 1 January 2023
94,000 
At 31 December 2023
94,000 
Depreciation
At 1 January 2023
23,500 
Charge for the year
12,690 
At 31 December 2023
36,190 
Net book value
At 31 December 2023
57,810 
At 31 December 2022
70,500 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
4,396,318 
4,030,283 
Accrued income and prepayments
30,435 
30,435 
Other debtors
67,834 
6,379 
4,494,587 
4,067,097 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
2,516,014 
4,686,595 
Taxes and social security
13,612 
26,568 
Other creditors
2,321,414 
785,554 
Accruals
3,000 
5,400 
4,854,040 
5,504,117 
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Makoil Group Ltd Notes to the Accounts for the year ended 31 December 2023
7
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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