Warwickshire Oil Storage Limited 00691923 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of the operation of joint venture petroleum product storage facilities at Kingsbury, Warwickshire. At the date on which these accounts were signed the participating companies in this venture are Prax Lindsey Oil Refinery Limited and Phillips 66 Limited. Net expenditure incurred by the company in respect of the terminal is recharged in accordance with the terms of the operating agreement. The directors anticipate that the company will continue to provide this service for the foreseeable future Digita Accounts Production Advanced 6.30.9574.0 true 00691923 2023-01-01 2023-12-31 00691923 2023-12-31 00691923 bus:OrdinaryShareClass1 2023-12-31 00691923 core:RetainedEarningsAccumulatedLosses 2023-12-31 00691923 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00691923 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00691923 core:FurnitureFittingsToolsEquipment 2023-12-31 00691923 core:LandBuildings 2023-12-31 00691923 core:OtherPropertyPlantEquipment 2023-12-31 00691923 bus:SmallEntities 2023-01-01 2023-12-31 00691923 bus:Audited 2023-01-01 2023-12-31 00691923 bus:AbridgedAccounts 2023-01-01 2023-12-31 00691923 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00691923 bus:RegisteredOffice 2023-01-01 2023-12-31 00691923 bus:Director3 2023-01-01 2023-12-31 00691923 bus:OrdinaryShareClass1 bus:Consolidated 2023-01-01 2023-12-31 00691923 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00691923 core:Buildings 2023-01-01 2023-12-31 00691923 core:Land 2023-01-01 2023-12-31 00691923 core:PlantMachinery 2023-01-01 2023-12-31 00691923 countries:EnglandWales 2023-01-01 2023-12-31 00691923 2022-12-31 00691923 core:FurnitureFittingsToolsEquipment 2022-12-31 00691923 core:LandBuildings 2022-12-31 00691923 core:OtherPropertyPlantEquipment 2022-12-31 00691923 2022-01-01 2022-12-31 00691923 2022-12-31 00691923 bus:OrdinaryShareClass1 2022-12-31 00691923 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2022-12-31 00691923 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 00691923 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2022-12-31 00691923 core:FurnitureFittingsToolsEquipment 2022-12-31 00691923 core:LandBuildings 2022-12-31 00691923 core:OtherPropertyPlantEquipment 2022-12-31 00691923 core:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00691923

Warwickshire Oil Storage Limited

Abridged Financial Statements

(Companies House version)

for the Year Ended 31 December 2023

 

Warwickshire Oil Storage Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 7

 

Warwickshire Oil Storage Limited

(Registration number: 00691923)
Abridged Balance Sheet as at 31 December 2023

Note

2023

2022

   

£ 000

£ 000

£ 000

£ 000

Fixed assets

   

 

Tangible assets

4

 

32

 

32

Current assets

   

 

Stocks

138

 

140

 

Debtors due within one year

634

 

1,035

 

Cash at bank and in hand

 

446

 

108

 

 

1,218

 

1,283

 

Creditors: Amounts falling due within one year

(1,114)

 

(1,185)

 

Net current assets

   

104

 

98

Total assets less current liabilities

   

136

 

130

Creditors: Amounts falling due after more than one year

 

(475)

 

(469)

Net liabilities excluding pension asset

   

(339)

 

(339)

Net pension asset

 

766

 

765

Net assets

   

427

 

426

Capital and reserves

   

 

Profit and loss account

427

 

426

 

Total equity

   

427

 

426

 

Warwickshire Oil Storage Limited

(Registration number: 00691923)
Abridged Balance Sheet as at 31 December 2023

The company's annual accounts and reports have been prepared and delivered to the registrar in accordance with the provisions applicable to companies subject to the small companies regime.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 18 July 2024 and signed on its behalf by:
 

.........................................
Mr C J Betts
Director

   
     
 

Warwickshire Oil Storage Limited

Notes to the Abridged 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:
C/O Wilkin Chapman LLP
Cartergate House
Chantry Lane
Grimsby
North East Lincolnshire
DN31 2LJ

These financial statements were authorised for issue by the Board on 18 July 2024.

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.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 18 July 2024 was Steve Butler FCA, who signed for and on behalf of Haines Watts Tamworth Limited.

Revenue recognition

Net expenditure incurred by the company in respect of the terminal is recharged on an agreed basis.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Land and buildings

Not provided

Common use facilities

25 years straight line

Plant and machinery

3 to 10 years straight line

 

Warwickshire Oil Storage Limited

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

Tax

The tax expense for the period comprises deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Foreign currency transactions and balances

Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. All exchange differences are dealt with through the profit and loss account.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

Warwickshire Oil Storage Limited

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

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.

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 Profit and Loss Account 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

Rentals payable under operating leases are charged to income on a straight line basis over the lease.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Warwickshire Oil Storage Limited

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

Defined benefit pension obligation

The company contributes to a defined benefit scheme at rates set by the scheme actuary and advised to the company by the scheme administrator. The assets of the scheme are held separately from those of the company. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. The pension scheme surplus (to the extent that it is recoverable) or deficit is recognised in full. The movement in the scheme/deficit is split between operating charges, finance items and, in the statement of other comprehensive income.

3

Staff numbers

During the year, the average number of employees of the company was 23 (2022 - 23).

4

Tangible assets

Land and buildings
£ 000

Common use facilities
 £ 000

Plant and machinery
 £ 000

Total
£ 000

Cost or valuation

At 1 January 2023

32

292

50

374

At 31 December 2023

32

292

50

374

Depreciation

At 1 January 2023

-

292

50

342

At 31 December 2023

-

292

50

342

Carrying amount

At 31 December 2023

32

-

-

32

At 31 December 2022

32

-

-

32

5

Commitments

Other financial commitments

During the course of the company's standard operations the company was committed to expenditure in respect of ongoing projects at the year end. When incurred these costs will be fully recharged to the company's clients. The total amount of other financial commitments not provided in the financial statements was £150,113 (2022 - £8,663).

 

Warwickshire Oil Storage Limited

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

6

Obligations under leases and hire purchase contracts

Operating leases

At 31 December 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £28,646 (2022 - £18,512).
 

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

102

102

102

102