Registered number
05024559
M & B Oils Limited
Unaudited Filleted Accounts
30 April 2024
M & B Oils Limited
Registered number: 05024559
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,050 2,100
Tangible assets 4 16,410 24,099
17,460 26,199
Current assets
Stocks 25,000 25,000
Debtors 5 890,162 948,050
Cash at bank and in hand 164,592 51,097
1,079,754 1,024,147
Creditors: amounts falling due within one year 6 (872,579) (819,766)
Net current assets 207,175 204,381
Total assets less current liabilities 224,635 230,580
Creditors: amounts falling due after more than one year 7 (10,833) (24,267)
Provisions for liabilities (3,118) (4,579)
Net assets 210,684 201,734
Capital and reserves
Called up share capital 100 100
Profit and loss account 210,584 201,634
Shareholders' funds 210,684 201,734
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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Mr N Laity
Director
Approved by the board on 18 November 2024
M & B Oils Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance basis
Fixtures, fittings, tools and equipment 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 21,000
At 30 April 2024 21,000
Amortisation
At 1 May 2023 18,900
Provided during the year 1,050
At 30 April 2024 19,950
Net book value
At 30 April 2024 1,050
At 30 April 2023 2,100
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 42,762 68,221 110,983
Disposals (105) (5,250) (5,355)
At 30 April 2024 42,657 62,971 105,628
Depreciation
At 1 May 2023 34,879 52,005 86,884
Charge for the year 1,975 3,501 5,476
On disposals (107) (3,035) (3,142)
At 30 April 2024 36,747 52,471 89,218
Net book value
At 30 April 2024 5,910 10,500 16,410
At 30 April 2023 7,883 16,216 24,099
5 Debtors 2024 2023
£ £
Trade debtors 554,848 586,670
Provision for bad debt (50,000) (20,250)
Directors' loan accounts 298,505 286,797
Other debtors 86,809 94,833
890,162 948,050
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 14,864
Obligations under finance lease and hire purchase contracts 1,407 4,355
Trade creditors 363,527 395,557
Amounts owed to group undertakings and undertakings in which the company has a participating interest 45,000 -
Taxation and social security costs 330,414 261,265
Other creditors 122,231 143,725
872,579 819,766
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,833 22,860
Obligations under finance lease and hire purchase contracts - 1,407
10,833 24,267
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans - 6,890
The bank loan is secured on one of the director's home.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr N J Laity
Director loan 89,437 4,444 93,881
Mrs R E Laity
Director loan 581 - (581) -
Mr S J Laity
Director loan 56,350 961 57,311
Mr T J Laity
Director loan 140,428 6,304 581 147,313
286,796 11,709 - 298,505
Interest is charged on loans to directors at the HM Revenue and Customs average official rate. There is no fixed repayment date and the loans are payable on demand.
10 Controlling party
In the opinion of the directors, the company is controlled by the directors listed on page one who own 100% of the issued shares of the company.
11 Other information
M & B Oils Limited is a private company limited by shares and incorporated in England. Its registered office is:
Mardle Way Industrial Estate
Mardle Way
Buckfastleigh
TQ11 0AG
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