IRIS Accounts Production v24.2.0.383 NI610356 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6103562023-02-28NI6103562024-02-29NI6103562023-03-012024-02-29NI6103562022-02-28NI6103562022-03-012023-02-28NI6103562023-02-28NI610356ns15:NorthernIreland2023-03-012024-02-29NI610356ns14:PoundSterling2023-03-012024-02-29NI610356ns10:Director12023-03-012024-02-29NI610356ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29NI610356ns10:SmallEntities2023-03-012024-02-29NI610356ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29NI610356ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29NI610356ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29NI610356ns10:FullAccounts2023-03-012024-02-29NI61035612023-03-012024-02-29NI610356ns10:OrdinaryShareClass12023-03-012024-02-29NI610356ns10:Director22023-03-012024-02-29NI610356ns10:RegisteredOffice2023-03-012024-02-29NI610356ns5:CurrentFinancialInstruments2024-02-29NI610356ns5:CurrentFinancialInstruments2023-02-28NI610356ns5:Non-currentFinancialInstruments2024-02-29NI610356ns5:Non-currentFinancialInstruments2023-02-28NI610356ns5:ShareCapital2024-02-29NI610356ns5:ShareCapital2023-02-28NI610356ns5:RetainedEarningsAccumulatedLosses2024-02-29NI610356ns5:RetainedEarningsAccumulatedLosses2023-02-28NI610356ns5:NetGoodwill2023-03-012024-02-29NI610356ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-29NI610356ns5:NetGoodwill2023-02-28NI610356ns5:NetGoodwill2024-02-29NI610356ns5:NetGoodwill2023-02-28NI610356ns5:PlantMachinery2023-02-28NI610356ns5:FurnitureFittings2023-02-28NI610356ns5:ComputerEquipment2023-02-28NI610356ns5:PlantMachinery2023-03-012024-02-29NI610356ns5:FurnitureFittings2023-03-012024-02-29NI610356ns5:ComputerEquipment2023-03-012024-02-29NI610356ns5:PlantMachinery2024-02-29NI610356ns5:FurnitureFittings2024-02-29NI610356ns5:ComputerEquipment2024-02-29NI610356ns5:PlantMachinery2023-02-28NI610356ns5:FurnitureFittings2023-02-28NI610356ns5:ComputerEquipment2023-02-28NI610356ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-29NI610356ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-28NI610356ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: NI610356 (Northern Ireland)















OIL DIRECT LIMITED

Unaudited Financial Statements for the Year Ended 29 February 2024






OIL DIRECT LIMITED (REGISTERED NUMBER: NI610356)






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


OIL DIRECT LIMITED

Company Information
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr John Brannigan
Mrs Colleen Brannigan





REGISTERED OFFICE: 10 Circular Road
Dromore
Co. Down
BT25 1AL





REGISTERED NUMBER: NI610356 (Northern Ireland)





ACCOUNTANTS: CavanaghKelly
Chartered Accountants
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

OIL DIRECT LIMITED (REGISTERED NUMBER: NI610356)

Statement of Financial Position
29 FEBRUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 338,522 228,585
338,522 228,585

CURRENT ASSETS
Receivables 7 431,652 683,810
Cash at bank 127,880 523,092
559,532 1,206,902
PAYABLES
Amounts falling due within one year 8 (380,776 ) (820,360 )
NET CURRENT ASSETS 178,756 386,542
TOTAL ASSETS LESS CURRENT
LIABILITIES

517,278

615,127

PAYABLES
Amounts falling due after more than
one year

9

(13,342

)

(209,391

)

PROVISIONS FOR LIABILITIES (43,431 ) (43,431 )
NET ASSETS 460,505 362,305

CAPITAL AND RESERVES
Called up share capital 10 4 4
Retained earnings 460,501 362,301
SHAREHOLDERS' FUNDS 460,505 362,305

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.

OIL DIRECT LIMITED (REGISTERED NUMBER: NI610356)

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 11 November 2024 and were signed on its behalf by:





Mr John Brannigan - Director


OIL DIRECT LIMITED (REGISTERED NUMBER: NI610356)

Notes to the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Oil Direct Limited is a private company, limited by shares , registered in Northern Ireland. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The Financial Statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain non-current assets.

The accounting policies detailed below have been applied consistently throughout the year.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

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.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant & machinery- 15% straight line
Fixtures & fittings- 25% reducing balance
Computer equipment- 25% straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits
for the year and is calculated using the tax rates and laws that have been enacted or substantially
enacted at 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.

OIL DIRECT LIMITED (REGISTERED NUMBER: NI610356)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Property, plant and equipment held under leasing and hire purchase arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

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.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.

Share capital
Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 March 2023
and 29 February 2024 300,000
AMORTISATION
At 1 March 2023
and 29 February 2024 300,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

OIL DIRECT LIMITED (REGISTERED NUMBER: NI610356)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
COST
At 1 March 2023 400,685 15,638 833 417,156
Additions 174,177 - - 174,177
At 29 February 2024 574,862 15,638 833 591,333
DEPRECIATION
At 1 March 2023 179,603 8,506 462 188,571
Charge for year 62,249 1,783 208 64,240
At 29 February 2024 241,852 10,289 670 252,811
NET BOOK VALUE
At 29 February 2024 333,010 5,349 163 338,522
At 28 February 2023 221,082 7,132 371 228,585

7. RECEIVABLES
2024 2023
£ £
Trade receivables 317,444 672,427
Amounts owed by associates 10,160 9,940
Other receivables 104,048 1,443
431,652 683,810

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans & overdrafts 9,991 10,000
Trade payables 231,085 638,234
Taxation & social security 9,600 34,069
Other payables 130,100 138,057
380,776 820,360

9. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR
2024 2023
£ £
Bank loans 13,342 23,333
Other payables - 186,058
13,342 209,391

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
4 Ordinary 1 4 4

OIL DIRECT LIMITED (REGISTERED NUMBER: NI610356)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 28 February 2024 the amount owed by the director to the company was £100,965. (2023: £186,057 was owed from the company to the director).