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Company Registration No. 12340954 (England and Wales)
Nuspec Oil Limited Unaudited accounts for the year ended 31 March 2024
Nuspec Oil Limited Unaudited accounts Contents
Page
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Nuspec Oil Limited Company Information for the year ended 31 March 2024
Directors
Dr Natalia Stawniak Professor Ian Bancroft
Company Number
12340954 (England and Wales)
Registered Office
57 Tuke Avenue York YO10 3RN
Accountants
Kodex Accounting Ltd Colchester Business Centre 1 George Williams Way Colchester Essex CO1 2JS
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Nuspec Oil Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,200 
10,637 
Current assets
Debtors
- 
510 
Cash at bank and in hand
19,852 
48,684 
19,852 
49,194 
Creditors: amounts falling due within one year
616 
(5,438)
Net current assets
20,468 
43,756 
Net assets
22,668 
54,393 
Capital and reserves
Called up share capital
3 
3 
Share premium
156,249 
156,249 
Capital contribution reserve
1,900 
5,091 
Profit and loss account
(135,484)
(106,950)
Shareholders' funds
22,668 
54,393 
For the year ending 31 March 2024 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 directors acknowledge their 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 of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by
Dr Natalia Stawniak Director Company Registration No. 12340954
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Nuspec Oil Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Nuspec Oil Limited is a private company, limited by shares, registered in England and Wales, registration number 12340954. The registered office is 57 Tuke Avenue, York, YO10 3RN.
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.
Presentation currency
The accounts are presented in £ sterling.
Research and development
The company is developing biodegradable high performance base oils using patented processes and novel rapeseed varieties. Research and development expenditure of £39,927.46 was incurred during the period relating to production and testing of prototype products.
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:
Plant & machinery
20% Straight Line
Computer equipment
25% Straight Line
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account. Foreign exchange gains and losses that relate to borrowings and cash in bank and in hand are presented in the Statement of comprehensive income within ‘finance income or costs’. All other foreign exchange gains and losses are presented in the Profit and loss account within ‘administrative expenses’.
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Nuspec Oil Limited Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
12,269 
- 
12,269 
Additions
- 
2,354 
2,354 
Disposals
(8,393)
- 
(8,393)
At 31 March 2024
3,876 
2,354 
6,230 
Depreciation
At 1 April 2023
1,632 
- 
1,632 
Charge for the year
2,244 
154 
2,398 
At 31 March 2024
3,876 
154 
4,030 
Net book value
At 31 March 2024
- 
2,200 
2,200 
At 31 March 2023
10,637 
- 
10,637 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
233 
Accrued income and prepayments
- 
274 
Other debtors
- 
3 
- 
510 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
- 
1,701 
Taxes and social security
(616)
148 
Other creditors
- 
(67)
Accruals
- 
1,323 
Deferred income
- 
2,333 
(616)
5,438 
7
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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