IRIS Accounts Production v24.2.0.383 SC239478 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2394782023-02-28SC2394782024-02-29SC2394782023-03-012024-02-29SC2394782022-02-28SC2394782022-03-012023-02-28SC2394782023-02-28SC239478ns15:Scotland2023-03-012024-02-29SC239478ns14:PoundSterling2023-03-012024-02-29SC239478ns10:Director12023-03-012024-02-29SC239478ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC239478ns10:SmallEntities2023-03-012024-02-29SC239478ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC239478ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC239478ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC239478ns10:FullAccounts2023-03-012024-02-29SC23947812023-03-012024-02-29SC239478ns10:Director22023-03-012024-02-29SC239478ns10:RegisteredOffice2023-03-012024-02-29SC239478ns5:CurrentFinancialInstruments2024-02-29SC239478ns5:CurrentFinancialInstruments2023-02-28SC239478ns5:Non-currentFinancialInstruments2024-02-29SC239478ns5:Non-currentFinancialInstruments2023-02-28SC239478ns5:ShareCapital2024-02-29SC239478ns5:ShareCapital2023-02-28SC239478ns5:RetainedEarningsAccumulatedLosses2024-02-29SC239478ns5:RetainedEarningsAccumulatedLosses2023-02-28SC239478ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-29SC239478ns5:LeaseholdImprovements2023-03-012024-02-29SC239478ns5:PlantMachinery2023-03-012024-02-29SC239478ns5:FurnitureFittings2023-03-012024-02-29SC239478ns5:MotorVehicles2023-03-012024-02-29SC239478ns5:ComputerEquipment2023-03-012024-02-29SC239478ns5:NetGoodwill2023-02-28SC239478ns5:NetGoodwill2024-02-29SC239478ns5:NetGoodwill2023-02-28SC239478ns5:LeaseholdImprovements2023-02-28SC239478ns5:PlantMachinery2023-02-28SC239478ns5:FurnitureFittings2023-02-28SC239478ns5:LeaseholdImprovements2024-02-29SC239478ns5:PlantMachinery2024-02-29SC239478ns5:FurnitureFittings2024-02-29SC239478ns5:LeaseholdImprovements2023-02-28SC239478ns5:PlantMachinery2023-02-28SC239478ns5:FurnitureFittings2023-02-28SC239478ns5:MotorVehicles2023-02-28SC239478ns5:ComputerEquipment2023-02-28SC239478ns5:MotorVehicles2024-02-29SC239478ns5:ComputerEquipment2024-02-29SC239478ns5:MotorVehicles2023-02-28SC239478ns5:ComputerEquipment2023-02-28SC239478ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-28SC239478ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-02-29SC239478ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-012024-02-29SC239478ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-28SC239478ns5:CostValuation2023-02-28SC239478ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC239478ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28
REGISTERED NUMBER: SC239478 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

BRYCE OILS LIMITED

BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


BRYCE OILS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Graeme Bryce
Lorraine Bryce





REGISTERED OFFICE: Ogilface Craigs
Blackridge
Bathgate
EH48 3AE





REGISTERED NUMBER: SC239478 (Scotland)





ACCOUNTANTS: William Duncan (UK) Limited
Chartered Accountants
4d Auchingramont Road
Hamilton
ML3 6JT

BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 431,896 474,652
Investments 6 32,000 32,000
Investment property 7 109,260 109,260
573,156 615,912

CURRENT ASSETS
Stocks 66,031 86,514
Debtors 8 1,532,156 1,580,298
Cash at bank and in hand 1,065,363 1,253,434
2,663,550 2,920,246
CREDITORS
Amounts falling due within one year 9 1,973,782 2,187,004
NET CURRENT ASSETS 689,768 733,242
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,262,924

1,349,154

CREDITORS
Amounts falling due after more than one
year

10

(34,612

)

(93,485

)

PROVISIONS FOR LIABILITIES (105,482 ) (115,777 )
NET ASSETS 1,122,830 1,139,892

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,122,828 1,139,890
1,122,830 1,139,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 April 2024 and were signed on its behalf by:





Graeme Bryce - Director


BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Bryce Oils Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Bryce Oils Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Turnover from the rendering of services, namely the provision of oil and fuel retail services, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are valued at fair value at the statement of financial position date. Any changes in fair value are recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period using the effective interest method. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Provision for liabilities
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 30,800
AMORTISATION
At 1 March 2023
and 29 February 2024 30,800
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2023 55,399 87,970 25,930
Additions - 6,528 -
At 29 February 2024 55,399 94,498 25,930
DEPRECIATION
At 1 March 2023 43,929 72,587 22,985
Charge for year 1,720 3,431 442
At 29 February 2024 45,649 76,018 23,427
NET BOOK VALUE
At 29 February 2024 9,750 18,480 2,503
At 28 February 2023 11,470 15,383 2,945

BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 1,395,158 23,080 1,587,537
Additions 135,507 - 142,035
At 29 February 2024 1,530,665 23,080 1,729,572
DEPRECIATION
At 1 March 2023 952,909 20,475 1,112,885
Charge for year 178,192 1,006 184,791
At 29 February 2024 1,131,101 21,481 1,297,676
NET BOOK VALUE
At 29 February 2024 399,564 1,599 431,896
At 28 February 2023 442,249 2,605 474,652

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023 315,900
Transfer to ownership (24,400 )
At 29 February 2024 291,500
DEPRECIATION
At 1 March 2023 142,817
Charge for year 61,646
Transfer to ownership (16,680 )
At 29 February 2024 187,783
NET BOOK VALUE
At 29 February 2024 103,717
At 28 February 2023 173,083

BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 32,000
NET BOOK VALUE
At 29 February 2024 32,000
At 28 February 2023 32,000

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 109,260
NET BOOK VALUE
At 29 February 2024 109,260
At 28 February 2023 109,260

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,450,388 1,491,225
Other debtors 13,853 11,853
VAT 67,915 77,220
1,532,156 1,580,298

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 58,872 60,379
Trade creditors 1,801,692 1,937,972
Corporation tax 39,103 111,789
PAYE and NIC 8,623 11,321
Other creditors 2,670 3,032
Directors' loan 1,272 961
Accrued charges 61,550 61,550
1,973,782 2,187,004

BRYCE OILS LIMITED (REGISTERED NUMBER: SC239478)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 34,612 93,485

11. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Hire purchase contracts 93,484 153,864

Hire purchase contracts are secured on the assets to which they relate.

12. RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the directors amounting to £1,272 (2023: £961).