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Registration number: SC219969

Petroshops Ltd
Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Petroshops Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 8

 

Petroshops Ltd

(Registration number: SC219969)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

421,066

350,610

Current assets

 

Stocks

584,179

689,866

Debtors

6

530,720

906,254

Cash at bank and in hand

 

113,401

106,320

 

1,228,300

1,702,440

Creditors: Amounts falling due within one year

7

(744,539)

(1,161,620)

Net current assets

 

483,761

540,820

Total assets less current liabilities

 

904,827

891,430

Creditors: Amounts falling due after more than one year

7

(7,362)

(55,746)

Provisions for liabilities

(29,611)

(14,434)

Net assets

 

867,854

821,250

Capital and reserves

 

Called up share capital

25,419

25,002

Share premium reserve

28,480

28,480

Retained earnings

813,955

767,768

Shareholders' funds

 

867,854

821,250

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

 

Petroshops Ltd

(Registration number: SC219969)
Statement of Financial Position as at 30 April 2024

.........................................
Mr B Jones
Director

 

Petroshops Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Petroshops Limited
Units 1 & 2
15 Andersons Lane
DUNDEE
DD2 2RF

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Petroshops Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

 

Petroshops Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 18).
 

 

Petroshops Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

46,000

46,000

At 30 April 2024

46,000

46,000

Amortisation

At 1 May 2023

46,000

46,000

At 30 April 2024

46,000

46,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

229,816

62,197

12,619

2,887

216,841

524,360

Additions

-

16,870

-

387

101,745

119,002

Disposals

-

-

-

-

(55,256)

(55,256)

At 30 April 2024

229,816

79,067

12,619

3,274

263,330

588,106

Depreciation

At 1 May 2023

-

41,245

10,397

2,376

119,732

173,750

Charge for the year

-

4,407

557

345

37,328

42,637

Eliminated on disposal

-

-

-

-

(49,347)

(49,347)

At 30 April 2024

-

45,652

10,954

2,721

107,713

167,040

Carrying amount

At 30 April 2024

229,816

33,415

1,665

553

155,617

421,066

At 30 April 2023

229,816

20,952

2,222

511

97,109

350,610

 

Petroshops Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

498,171

888,390

Prepayments

32,549

17,438

Other debtors

-

426

 

530,720

906,254

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

56,000

59,874

Trade creditors

 

392,148

779,231

Taxation and social security

 

100,184

185,900

Accruals and deferred income

 

6,822

5,831

Other creditors

 

189,385

130,784

 

744,539

1,161,620

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7,362

55,746

 

Petroshops Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend of £7.40 (2023 - £7.49) per each A Ordinary shares

 

87,922

 

89,013

Final dividend of £7.39 per each B Ordinary shares

 

87,747

 

87,747

Final dividend of £10.82 (2023 - £9.77) per each C Ordinary shares

 

13,521

 

12,211

Final dividend of £12,729.50 (2023 - £17,074.00) per each D Ordinary shares

 

25,459

 

34,148

Final dividend of £54.29 (2023 - £Nil) per each E Ordinary shares

 

22,637

 

-

   

237,286

 

223,119