REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
OIL POLLUTION SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
OIL POLLUTION SERVICES LIMITED |
OIL POLLUTION SERVICES LIMITED (REGISTERED NUMBER: SC309749) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
OIL POLLUTION SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
OIL POLLUTION SERVICES LIMITED (REGISTERED NUMBER: SC309749) |
BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
OIL POLLUTION SERVICES LIMITED (REGISTERED NUMBER: SC309749) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
OIL POLLUTION SERVICES LIMITED (REGISTERED NUMBER: SC309749) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Oil Pollution Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements are prepared on a going concern basis as the parent company, OPS Kuwait Company For Environmental Pollution Control Contracting W.L.L., have confirmed that they will provide financial support to the company for the foreseeable future for working capital purposes. |
As the company retains the full financial commitment of its parent company, the directors are confident that the company has sufficient resources to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
OIL POLLUTION SERVICES LIMITED (REGISTERED NUMBER: SC309749) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful economic lives. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
OIL POLLUTION SERVICES LIMITED (REGISTERED NUMBER: SC309749) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Office |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
Director's loan account | 3,595 | 3,595 |
Tax |
VAT |
Prepayments and accrued income |
Included within 'Other debtors' is an amount of £Nil (2023: £1,375) held as a rent deposit which is due to be repaid in more than one year from the balance sheet date. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
PAYE and NIC |
VAT | 13,804 | - |
Other creditors |
Accruals and deferred income |
Obligations held under hire purchase agreements are secured on the assets concerned. |
OIL POLLUTION SERVICES LIMITED (REGISTERED NUMBER: SC309749) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
8. | SECURED DEBTS |
The company's assets and undertakings are secured by way of two separate floating charges in favour of the bank. |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 January 2024 | ( |
) |
10. | RELATED PARTY DISCLOSURES |
At the year end the company owed the parent company an amount of £420,654 (2023: £420,654). Trade debtors includes a balance of £78,269 (2023 £78,269) owed from the parent company. No interest has been charged on this balance during the year (2023: Nil) and there are no set repayment terms. |
During the year the company made sales to a company under common control, amounting to £102,530 (2023: £325,772).There were purchases from this company of £nil (2023: £2,948) for consulting and equipment. Included within debtors within one year is an amount of £724,510 (2023: £821,510) due from this company in relation to the sale of plant and machinery. There is an additional amount of £12,559 included in Trade Debtors in 2024 (2023: £9,478). No interest has been charged on this balance during the year (2023: £Nil) and there are no set repayment terms. |
At the year end the company owed £856,510 (2023: £866,510) to a company under common control in relation to the items of plant and machinery sold to 2ZLF Ltd and £275,136 in relation to an intercompany balance (2023: £275,136). No interest has been charged on this balance during the year (2023: £Nil) and there are no set repayment terms. |
At the year end the company was owed an amount of £3,595 (2023: £3,595) by M H Owen, director. No interest has been charged on this balance during the year (2023: £Nil) and there are no set repayment terms |
11. | ULTIMATE CONTROLLING PARTY |
Control of the company throughout the year rested with OPS Kuwait Company For Environmental Pollution Control Contracting W.L.L., a private company registered in Kuwait. |
Copies of the consolidated financial statements can be obtained from the registered office at Floor 5, Souk Al Wataniya Building, Abdullah Al Salem Street, 13043, Kuwait City. |