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REGISTERED NUMBER: 03536139 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 SEPTEMBER 2023

FOR

GANNON OILS LTD

GANNON OILS LTD (REGISTERED NUMBER: 03536139)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GANNON OILS LTD

COMPANY INFORMATION
for the Year Ended 28 September 2023







DIRECTOR: Mr M J Gannon





SECRETARY: Mrs J S Gannon





REGISTERED OFFICE: Sovereign Court, Unit 6
Wyrefields
Poulton Industrial Estate
Poulton - le - Fylde
Lancashire
FY6 8JX





REGISTERED NUMBER: 03536139 (England and Wales)





ACCOUNTANTS: ma2 Limited
Chartered Accountants
5 Crescent East
Thornton Cleveleys
Lancashire
FY5 3LJ

GANNON OILS LTD (REGISTERED NUMBER: 03536139)

BALANCE SHEET
28 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,569 28,236

CURRENT ASSETS
Stocks 248,775 248,950
Debtors 5 253,233 341,260
Cash at bank - 45,603
502,008 635,813
CREDITORS
Amounts falling due within one year 6 342,729 428,464
NET CURRENT ASSETS 159,279 207,349
TOTAL ASSETS LESS CURRENT
LIABILITIES

191,848

235,585

CREDITORS
Amounts falling due after more than one
year

7

(8,243

)

(63,745

)

PROVISIONS FOR LIABILITIES (2,613 ) (2,615 )
NET ASSETS 180,992 169,225

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 180,990 169,223
SHAREHOLDERS' FUNDS 180,992 169,225

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 September 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.

GANNON OILS LTD (REGISTERED NUMBER: 03536139)

BALANCE SHEET - continued
28 September 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:





Mr M J Gannon - Director


GANNON OILS LTD (REGISTERED NUMBER: 03536139)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 September 2023


1. STATUTORY INFORMATION

Gannon Oils Ltd is a private company, limited by shares , registered in England and Wales. 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.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GANNON OILS LTD (REGISTERED NUMBER: 03536139)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 September 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 29 September 2022 33,399 32,420 129,095 194,914
Additions - - 12,115 12,115
At 28 September 2023 33,399 32,420 141,210 207,029
DEPRECIATION
At 29 September 2022 24,336 30,649 111,693 166,678
Charge for year 1,100 312 6,370 7,782
At 28 September 2023 25,436 30,961 118,063 174,460
NET BOOK VALUE
At 28 September 2023 7,963 1,459 23,147 32,569
At 28 September 2022 9,063 1,771 17,402 28,236

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 147,297 238,162
Other debtors 8,010 8,010
Inter-company loan accounts 97,926 95,088
253,233 341,260

GANNON OILS LTD (REGISTERED NUMBER: 03536139)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 September 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 24,185 40,506
Trade creditors 263,074 320,306
Tax 14,974 13,778
Social security and other taxes (5,253 ) (9,793 )
Pensions payable 318 315
VAT 30,274 41,344
Other creditors - 1,243
Net wages control 10,742 8,411
Directors' current accounts 1,915 8,491
Sundry creditors and accruals 2,500 3,863
342,729 428,464

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years - 51,259
Hire purchase contracts 8,243 12,486
8,243 63,745

8. RELATED PARTY DISCLOSURES

The company was under the control of Mr Mark Gannon and Mrs Julie Gannon for the current and previous years and they each hold 50% of the shares in the company.