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
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
Nuspec Oil Limited
Statement of financial position
as at 31 March 2024
Tangible assets
2,200
10,637
Cash at bank and in hand
19,852
48,684
Creditors: amounts falling due within one year
616
(5,438)
Net current assets
20,468
43,756
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
Nuspec Oil Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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’.
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
Disposals
(8,393)
-
(8,393)
At 31 March 2024
3,876
2,354
6,230
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
At 31 March 2024
-
2,200
2,200
At 31 March 2023
10,637
-
10,637
Amounts falling due within one year
Accrued income and prepayments
-
274
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
(616)
148
7
Average number of employees
During the year the average number of employees was 1 (2023: 1).