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REGISTERED NUMBER: SC292147 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Imperial Heating Oils Limited

Imperial Heating Oils Limited (Registered number: SC292147)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Imperial Heating Oils Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: JS Black





SECRETARY: Mrs S Black





REGISTERED OFFICE: Dellingburn Street
Greenock
PA15 4TW





REGISTERED NUMBER: SC292147 (Scotland)





ACCOUNTANTS: Henderson & Company
73 Union Street
Greenock
Renfrewshire
PA16 8BG

Imperial Heating Oils Limited (Registered number: SC292147)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 67,917 23,656

CURRENT ASSETS
Stocks 37,968 35,590
Debtors 5 1,580,974 1,810,079
Cash at bank and in hand 194,666 50,975
1,813,608 1,896,644
CREDITORS
Amounts falling due within one year 6 939,265 1,027,186
NET CURRENT ASSETS 874,343 869,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

942,260

893,114

PROVISIONS FOR LIABILITIES 12,484 4,495
NET ASSETS 929,776 888,619

CAPITAL AND RESERVES
Called up share capital 300,000 300,000
Retained earnings 629,776 588,619
929,776 888,619

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Imperial Heating Oils Limited (Registered number: SC292147)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





JS Black - Director


Imperial Heating Oils Limited (Registered number: SC292147)

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

1. STATUTORY INFORMATION

Imperial Heating Oils Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and expected selling price less costs to complete and sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Imperial Heating Oils Limited (Registered number: SC292147)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction cost, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 6,217 283,648 289,865
Additions - 65,617 65,617
At 31 December 2023 6,217 349,265 355,482
DEPRECIATION
At 1 January 2023 2,009 264,200 266,209
Charge for year 124 21,232 21,356
At 31 December 2023 2,133 285,432 287,565
NET BOOK VALUE
At 31 December 2023 4,084 63,833 67,917
At 31 December 2022 4,208 19,448 23,656

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,330,855 1,539,241
Other debtors 250,119 270,838
1,580,974 1,810,079

Imperial Heating Oils Limited (Registered number: SC292147)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 838,019 912,049
Taxation and social security 9,357 26,400
Other creditors 91,889 88,737
939,265 1,027,186

7. ULTIMATE CONTROLLING PARTY

The controlling party is JS Black.