Relate AccountsProduction v2.7.3 v2.7.3 2022-11-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Retail sale of automotive & household fuel. 23 October 2024 1 1 NI624901 2023-10-31 NI624901 2022-10-31 NI624901 2021-10-31 NI624901 2022-11-01 2023-10-31 NI624901 2021-11-01 2022-10-31 NI624901 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI624901 uk-curr:PoundSterling 2022-11-01 2023-10-31 NI624901 uk-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI624901 uk-bus:FullAccounts 2022-11-01 2023-10-31 NI624901 uk-core:ShareCapital 2023-10-31 NI624901 uk-core:ShareCapital 2022-10-31 NI624901 uk-core:RetainedEarningsAccumulatedLosses 2023-10-31 NI624901 uk-core:RetainedEarningsAccumulatedLosses 2022-10-31 NI624901 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-10-31 NI624901 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-10-31 NI624901 uk-bus:FRS102 2022-11-01 2023-10-31 NI624901 uk-core:LandBuildings 2022-11-01 2023-10-31 NI624901 uk-core:PlantMachinery 2022-11-01 2023-10-31 NI624901 uk-core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 NI624901 uk-core:CurrentFinancialInstruments 2023-10-31 NI624901 uk-core:CurrentFinancialInstruments 2022-10-31 NI624901 uk-core:WithinOneYear 2023-10-31 NI624901 uk-core:WithinOneYear 2022-10-31 NI624901 uk-core:WithinOneYear 2023-10-31 NI624901 uk-core:WithinOneYear 2022-10-31 NI624901 uk-core:WithinOneYear 2023-10-31 NI624901 uk-core:WithinOneYear 2022-10-31 NI624901 uk-core:AfterOneYear 2023-10-31 NI624901 uk-core:AfterOneYear 2022-10-31 NI624901 uk-core:AfterOneYear 2023-10-31 NI624901 uk-core:AfterOneYear 2022-10-31 NI624901 uk-core:BetweenOneTwoYears 2023-10-31 NI624901 uk-core:BetweenOneTwoYears 2022-10-31 NI624901 uk-core:BetweenTwoFiveYears 2023-10-31 NI624901 uk-core:BetweenTwoFiveYears 2022-10-31 NI624901 uk-core:BetweenOneFiveYears 2023-10-31 NI624901 uk-core:BetweenOneFiveYears 2022-10-31 NI624901 uk-core:EmployeeBenefits 2022-10-31 NI624901 uk-core:EmployeeBenefits 2022-11-01 2023-10-31 NI624901 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 NI624901 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-10-31 NI624901 uk-core:OtherDeferredTax 2023-10-31 NI624901 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-10-31 NI624901 uk-core:EmployeeBenefits 2023-10-31 NI624901 2022-11-01 2023-10-31 NI624901 uk-bus:Director1 2022-11-01 2023-10-31 NI624901 uk-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI624901
 
 
Ace Oils Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 October 2023



Ace Oils Limited
Company Registration Number: NI624901
BALANCE SHEET
as at 31 October 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 4 37,336 43,851
───────── ─────────
 
Current Assets
Stocks 5 30,685 35,859
Debtors 6 27,480 17,873
Cash and cash equivalents 221 221
───────── ─────────
58,386 53,953
───────── ─────────
Creditors: amounts falling due within one year 7 (50,696) (48,524)
───────── ─────────
Net Current Assets 7,690 5,429
───────── ─────────
Total Assets less Current Liabilities 45,026 49,280
 
Creditors:
amounts falling due after more than one year 8 (31,571) (34,359)
 
Provisions for liabilities 9 (4,867) (5,988)
───────── ─────────
Net Assets 8,588 8,933
═════════ ═════════
 
Capital and Reserves
Called up share capital 1 1
Retained earnings 8,587 8,932
───────── ─────────
Equity attributable to owners of the company 8,588 8,933
═════════ ═════════
 
The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 23 October 2024
           
________________________________          
Mr Joseph Wilson          
Director          
           



Ace Oils Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 October 2023

   
1. General Information
 
Ace Oils Limited is a company limited by shares incorporated in Northern Ireland. 8 Cherry Hill, Maghera, Co Londonderry, BT46 5LS, Northern Ireland is the registered office, the principal place of business of the company is 104 Loup Road, Moneymore, BT45 7ST. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 October 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Plant and machinery - 10% Straight line
  Fixtures, fittings and equipment - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2022 - 1).
 
  2023 2022
  Number Number
 
Director 1 1
  ═════════ ═════════
           
4. Tangible assets
  Land and Plant and Fixtures, Total
  buildings machinery fittings and  
  freehold   equipment  
  £ £ £ £
Cost
At 1 November 2022 15,330 56,473 2,551 74,354
  ───────── ───────── ───────── ─────────
 
At 31 October 2023 15,330 56,473 2,551 74,354
  ───────── ───────── ───────── ─────────
Depreciation
At 1 November 2022 2,857 26,317 1,329 30,503
Charge for the financial year 613 5,647 255 6,515
  ───────── ───────── ───────── ─────────
At 31 October 2023 3,470 31,964 1,584 37,018
  ───────── ───────── ───────── ─────────
Net book value
At 31 October 2023 11,860 24,509 967 37,336
  ═════════ ═════════ ═════════ ═════════
At 31 October 2022 12,473 30,156 1,222 43,851
  ═════════ ═════════ ═════════ ═════════
           
4.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Plant and machinery 17,028 3,123 17,775 2,595
  ═════════ ═════════ ═════════ ═════════
       
5. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 30,685 35,859
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2023 2022
  £ £
 
Trade debtors 23,797 12,584
Taxation 3,683 5,289
  ───────── ─────────
  27,480 17,873
  ═════════ ═════════
       
7. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 26,876 13,066
Bank loan 5,628 11,538
Net obligations under finance leases
and hire purchase contracts 2,668 5,917
Trade creditors 5,883 9,286
Taxation 5,192 3,497
Director's current account 920 1,670
Accruals 3,529 3,550
  ───────── ─────────
  50,696 48,524
  ═════════ ═════════
 
Bank Loan
Letter of guarantee for £20,000 plus interest, supported byJoseph Wilson.
       
8. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 27,813 30,601
Finance leases and hire purchase contracts 3,758 3,758
  ───────── ─────────
  31,571 34,359
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 32,504 24,604
Repayable between one and two years 5,628 7,524
Repayable between two and five years 22,185 23,077
  ───────── ─────────
  60,317 55,205
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 2,668 5,917
Repayable between one and five years 3,758 3,758
  ───────── ─────────
  6,426 9,675
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 5,988 5,988 7,109
Charged to profit and loss (1,121) (1,121) (1,121)
  ───────── ───────── ─────────
At financial year end 4,867 4,867 5,988
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 October 2023.
   
11. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.