Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
COMPANY INFORMATION
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PRINCE PETROLEUM LIMITED
CONTENTS
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PRINCE PETROLEUM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their Strategic Report for the year ended 30 June 2024.
The principal activity of the Company is that of supplying bulk liquid fuels to commercial and domestic customers.
During the year under review the marketplace in which the Company operates began a return to more normalised trading conditions, following a long period of customer concern around security of supply during the effects of Covid and the war in the Ukraine, which had affected prior year’s performance, but has now lessened or ceased to be as significant a factor. As a consequence of this prices likewise returned to more typical levels, albeit demand remained strong and therefore relationships with suppliers continued to be critical, meaning that the board and senior management team continue to remain alert to changing market conditions and to maintain a clear focus on the close management of supply lines and supplier relationships, as well as maintaining high levels of customer service. The business also experienced the impact of rising costs, particularly in wages and motor running costs and the control of these (along with all costs) remains a challenge going forward. As a consequence of all these factors the reported results are more modest than previous years, notwithstanding the Company remains profitable. Accordingly, the board are pleased to report that the Company delivered a turnover in excess of £88m in the year (an increase of nearly £16m on the previous year) and generated an operating profit of £1m and a profit before tax of £747.7k during the year. As noted above, this result was impacted by both a fall in gross profit margin (of 1% versus the 2023) and the impact of increased direct costs. The board once again took the prudent decision to retain an element of this profit within the business, with the result that net assets increased to £2.8m, meaning the business continues to strengthen its underlying asset base and associated liquidity.
As referred to above, the business has historically been affected by the impacts of the conflict in the Ukraine and generally volatile market and economic conditions. Whilst there is currently more stability in the marketplace, global factors such as these still present a risk to the business. The board and senior management team remain acutely aware of the challenges and risks that face them and continue to manage the business in a prudent and hands on manner. As a consequence of this approach , they have been able to successfully manage these impacts and to maintain a robust position financially, which reflects the overall resilience of the business and the strength of its management.
Because of these factors, the board will continue to be prudent in its management policies and strategies, particularly around key supply lines and cost control as well as the evolution towards new products, which are more environmentally acceptable. Focus will also continue to be made on asset and working capital retention such that risk and uncertainty is mitigated as far as practically possible.
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PRINCE PETROLEUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The Company is currently continuing to experience strong demand for its products, which the senior management team are working hard to ensure it can fulfil on a profitable and sustainable basis. The business is well placed to react to this ongoing strong level of demand and will continue to invest in its people, asset base, systems, and infrastructure to ensure that it remains focused on customer service and delivery. In this regard the board have plans to continue to expand and modernise the vehicle delivery fleet as well as to extend the site from which the business operates, to provide improved facilities for its employee base and greater operational capacity.
The long history of the business, together with the wide experience of its senior management team, means that it is well placed to build on the longevity of its key customer, supplier and other stakeholder relationships, to further develop and strengthen the offering. Accordingly, the board are cautiously optimistic about the future prospects of the Company and are committed to continuing to strategically invest and commit resource to generate sustainable and profitable growth in its core markets.
Management focus on several key performance indicators to assist them in assessing the performance of the business and its growth and development, against agreed strategic objectives and goals. From a trading perspective, the volume of product sold and product mix are regularly monitored and compared to previous periods data to assess underlying growth and market trends by sector and industry type.
This allied with similarly regular reviews of gross profit margin, again by product, provide the information needed by management to enable it to make strategic decisions around capital expenditure, headcount and other investments in systems and technology, thus ensuring that profitable and sustainable growth is maintained and controlled. Working capital is also measured and monitored on a regular basis with debtor days being the principal controllable variable where focus is applied, along with the utilisation of the business' invoice finance facility, which consistently displays significant headroom.
This report was approved by the board and signed on its behalf.
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PRINCE PETROLEUM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The profit for the year, after taxation, amounted to £553,474 (2023 - £927,423).
The directors have paid a dividend of £500,000 (2023 - £510,000) during the year. No further dividends have been recommended.
The directors who served during the year were:
Price risk
The Company sources its products from a number of suppliers and is exposed to changes in market prices. To mitigate increases in prices, the Company continues to source its products from a number of different suppliers. Liquidity risk The Company aims to mitigate liquidity risk by managing cash generation from operations and is financed by both long and short term finance to meet the needs of the business. Credit risk The risk of financial loss due to customers failing to honour their obligations when supplied on credit terms presents the Company’s major source of credit risk. Company policies and procedures are aimed at minimising such potential losses and require that credit terms are granted only to customers who demonstrate an appropriate payment history and satisfy detailed creditworthiness procedures. The Company also makes use of trade credit insurance to minimise its risk of loss should such bad debts arise.
An indication of likely future developments is included within the fair review of the business set out on page 1.
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PRINCE PETROLEUM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Company since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PRINCE PETROLEUM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent; and
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PRINCE PETROLEUM LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE PETROLEUM LIMITED
We have audited the financial statements of Prince Petroleum Limited (the 'Company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PRINCE PETROLEUM LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE PETROLEUM LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PRINCE PETROLEUM LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE PETROLEUM LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;
∙enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing the financial statements disclosures and testing these to supporting documentation to assess compliance with applicable laws and regulations; and
∙discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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PRINCE PETROLEUM LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRINCE PETROLEUM LIMITED (CONTINUED)
for and on behalf of
Leicester
United Kingdom
Date:
MHA is the trading name of Macintyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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PRINCE PETROLEUM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
REGISTERED NUMBER: 00749966
BALANCE SHEET
AS AT 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
REGISTERED NUMBER: 00749966
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 28 form part of these financial statements.
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PRINCE PETROLEUM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.Accounting policies
Prince Petroleum Limited is a private company limited by shares incorporated in England and Wales, registered number 00749966. The registered office is The Broughton Lodge Oil Depot, Station Road, Upper Broughton, Melton Mowbray, Leicestershire, LE14 3BH.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).
These financial statements cover that of the individual entity.
The functional and presentational currency of the entity is British Pound Sterling (£).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of XDR Regent Limited as at 30 June 2024 and these financial statements may be obtained from 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.
After reviewing the Company's forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Based on the continued profitability, working capital and available finance, the directors consider the Company has the ability to continue as a going concern for the next 12 months and have not identified any material uncertainity in relation to going concern. The financial statements are therefore prepared on a going concern basis.
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.Accounting policies (continued)
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at cost and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1.Accounting policies (continued)
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The Company make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the tangible fixed assets, and note 1.11 for the useful economic lives for each class of assets.
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Analysis of turnover by country of destination:
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.Taxation (continued)
From 1 April 2023, the Corporation Tax main rate was to increased to 25% for profits over £250,000. A small profits rate has also been introduced for profits of £50,000 or less, charging Corporation Tax at 19%. Profits between £50,000 and £250,000 will be taxed at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. Deferred tax has been calculated at 25%.
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
13.Tangible fixed assets (continued)
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Company operates a defined contribution pension scheme.
The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £
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PRINCE PETROLEUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Company is a wholly owned subsidiary of
The smallest and largest group in which the Company is consolidated is
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