Plant Lubrication (N.I.) Limited NI010234 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is wholesaling of lubricating oil Digita Accounts Production Advanced 6.30.9574.0 true true NI010234 2023-04-01 2024-03-31 NI010234 2024-03-31 NI010234 bus:OrdinaryShareClass1 2024-03-31 NI010234 core:CurrentFinancialInstruments 2024-03-31 NI010234 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI010234 core:LandBuildings 2024-03-31 NI010234 core:MotorVehicles 2024-03-31 NI010234 core:OtherPropertyPlantEquipment 2024-03-31 NI010234 bus:SmallEntities 2023-04-01 2024-03-31 NI010234 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI010234 bus:FilletedAccounts 2023-04-01 2024-03-31 NI010234 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI010234 bus:RegisteredOffice 2023-04-01 2024-03-31 NI010234 bus:Director1 2023-04-01 2024-03-31 NI010234 bus:Director2 2023-04-01 2024-03-31 NI010234 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI010234 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI010234 core:LandBuildings 2023-04-01 2024-03-31 NI010234 core:MotorVehicles 2023-04-01 2024-03-31 NI010234 core:OfficeEquipment 2023-04-01 2024-03-31 NI010234 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI010234 core:Vehicles 2023-04-01 2024-03-31 NI010234 countries:AllCountries 2023-04-01 2024-03-31 NI010234 2023-03-31 NI010234 core:LandBuildings 2023-03-31 NI010234 core:MotorVehicles 2023-03-31 NI010234 core:OtherPropertyPlantEquipment 2023-03-31 NI010234 2022-04-01 2023-03-31 NI010234 2023-03-31 NI010234 bus:OrdinaryShareClass1 2023-03-31 NI010234 core:CurrentFinancialInstruments 2023-03-31 NI010234 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI010234 core:LandBuildings 2023-03-31 NI010234 core:MotorVehicles 2023-03-31 NI010234 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI010234

Plant Lubrication (N.I.) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Plant Lubrication (N.I.) Limited

(Registration number: NI010234)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

32,071

47,520

Current assets

 

Stocks

5

311,794

279,771

Debtors

6

202,540

179,839

Cash at bank and in hand

 

399,737

434,167

 

914,071

893,777

Creditors: Amounts falling due within one year

7

(169,265)

(157,994)

Net current assets

 

744,806

735,783

Total assets less current liabilities

 

776,877

783,303

Provisions for liabilities

(1,252)

(3,309)

Net assets

 

775,625

779,994

Capital and reserves

 

Called up share capital

8

1,500

1,500

Capital redemption reserve

500

500

Retained earnings

773,625

777,994

Shareholders' funds

 

775,625

779,994

For the financial year ending 31 March 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Plant Lubrication (N.I.) Limited

(Registration number: NI010234)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 

.........................................
Mr Alan McCaffrey
Director

.........................................
Robert McCaffrey
Director

 

Plant Lubrication (N.I.) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in N Ireland.

The address of its registered office is: 2A Glenavy Road, Ballinderry Upper, Lisburn, Co.Antrim, BT28 2EU.

These financial statements were authorised for issue by the Board on 15 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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. Revenue from the sale of goods is recognised at the point of delivery and customer acceptance. Revenue from the rendering of services is recognised on the completion of the service provision, at which point the Company has generated a right to consideration.

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.

 

Plant Lubrication (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 balance sheet 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, on a straight line basis as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% per annum

Equipment

20% per annum

Property Improvements

5% per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Plant Lubrication (N.I.) Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Plant Lubrication (N.I.) Limited

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

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

3,210

168,385

17,665

189,260

At 31 March 2024

3,210

168,385

17,665

189,260

Depreciation

At 1 April 2023

819

123,256

17,665

141,740

Charge for the year

160

15,289

-

15,449

At 31 March 2024

979

138,545

17,665

157,189

Carrying amount

At 31 March 2024

2,231

29,840

-

32,071

At 31 March 2023

2,391

45,129

-

47,520

Included within the net book value of land and buildings above is £2,231 (2023 - £2,391) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

311,794

279,771

6

Debtors

2024
£

2023
£

Trade debtors

199,927

177,285

Prepayments

2,613

2,554

202,540

179,839

 

Plant Lubrication (N.I.) Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

150,532

85,134

Taxation and social security

15,308

43,611

Accruals and deferred income

3,046

28,870

Other creditors

379

379

169,265

157,994

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

1,500 ordinary shares of £1 each

1,500

1,500

1,500

1,500