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REGISTERED NUMBER: 05690012 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

MSL Oilfield Services Ltd

MSL Oilfield Services Ltd (Registered number: 05690012)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MSL Oilfield Services Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Clark
P Lauretti
P Montenay
D S M Clark





SECRETARY: Mrs S M Clark





REGISTERED OFFICE: 21 Church Road
Parkstone
Poole
Dorset
BH14 8UF





BUSINESS ADDRESS: Unit B8 Millbrook Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4BZ





REGISTERED NUMBER: 05690012 (England and Wales)





ACCOUNTANT: Richard Allen & Associates
21 Church Road
Parkstone
Poole
Dorset
BH14 8UF

MSL Oilfield Services Ltd (Registered number: 05690012)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 255,770 248,890

CURRENT ASSETS
Stocks 405,836 456,815
Debtors 5 2,509,150 2,466,087
Investments 6 475,000 485,000
Cash at bank 147,028 258,641
3,537,014 3,666,543
CREDITORS
Amounts falling due within one year 7 304,383 335,644
NET CURRENT ASSETS 3,232,631 3,330,899
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,488,401

3,579,789

CREDITORS
Amounts falling due after more than one
year

8

87,009

167,599
NET ASSETS 3,401,392 3,412,190

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 139,870 139,870
Retained earnings 3,260,522 3,271,320
SHAREHOLDERS' FUNDS 3,401,392 3,412,190

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

MSL Oilfield Services Ltd (Registered number: 05690012)

Balance Sheet - continued
31 March 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 4 November 2024 and were signed on its behalf by:





M Clark - Director


MSL Oilfield Services Ltd (Registered number: 05690012)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

MSL Oilfield Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

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.
Land and buildings - Not provided
Plant and machinery etc - 33% on cost, 25% on reducing balance, 15% on reducing balance and Not provided

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

MSL Oilfield Services Ltd (Registered number: 05690012)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 5,649 513,663 519,312
Additions - 53,239 53,239
Disposals - (47,492 ) (47,492 )
At 31 March 2024 5,649 519,410 525,059
DEPRECIATION
At 1 April 2023 - 270,422 270,422
Charge for year - 36,118 36,118
Eliminated on disposal - (37,251 ) (37,251 )
At 31 March 2024 - 269,289 269,289
NET BOOK VALUE
At 31 March 2024 5,649 250,121 255,770
At 31 March 2023 5,649 243,241 248,890

MSL Oilfield Services Ltd (Registered number: 05690012)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 68,031
DEPRECIATION
At 1 April 2023 17,008
Charge for year 12,755
At 31 March 2024 29,763
NET BOOK VALUE
At 31 March 2024 38,268
At 31 March 2023 51,023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 248,451 181,543
Amounts owed by group undertakings 222,504 87,254
Other debtors 2,038,195 2,197,290
2,509,150 2,466,087

6. CURRENT ASSET INVESTMENTS

The current asset investment represents shares held in Clearwell Energy Holdings Limited which is 47.5% of the issued share capital amounting to £475,000.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts 5,590 5,590
Trade creditors 209,090 230,295
Taxation and social security 16,345 20,631
Other creditors 33,358 39,128
304,383 335,644

MSL Oilfield Services Ltd (Registered number: 05690012)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 55,000 130,000
Hire purchase contracts 32,009 37,599
87,009 167,599