2023-06-012024-05-312024-05-31false10790838ONSHORE PETROLEUM 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ONSHORE PETROLEUM LIMITED

Registered Number
10790838
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

ONSHORE PETROLEUM LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

J N Palmer

Registered Address

77 Fosse Road
Farndon
Newark
NG24 3TL

Registered Number

10790838 (England and Wales)
ONSHORE PETROLEUM LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3376470
376470
Current assets
Debtors41714
Cash at bank and on hand3461,400
3631,414
Creditors amounts falling due within one year5(207,301)(207,301)
Net current assets (liabilities)(206,938)(205,887)
Total assets less current liabilities(206,562)(205,417)
Net assets(206,562)(205,417)
Capital and reserves
Called up share capital100100
Profit and loss account(206,662)(205,517)
Shareholders' funds(206,562)(205,417)
The financial statements were approved and authorised for issue by the Director on 2 December 2024, and are signed on its behalf by:
J N Palmer
Director
Registered Company No. 10790838
ONSHORE PETROLEUM LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
Although the company's balance sheet shows a net deficit, under current liabilities there are loans from associates. The associated companies have indicated that they will continue to support the company and will not seek repayment of their loans for the foreseeable future therefore the financial statements have been prepared on a going concern basis.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings20
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 June 231,4351,435
At 31 May 241,4351,435
Depreciation and impairment
At 01 June 23965965
Charge for year9494
At 31 May 241,0591,059
Net book value
At 31 May 24376376
At 31 May 23470470
4.Debtors: amounts due within one year

2024

2023

££
Other debtors1714
Total1714
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties206,100206,100
Accrued liabilities and deferred income1,2011,201
Total207,301207,301
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Related party transactions
Summary of transactions with all associates At the balance sheet date the amount owed to Servatec Holdings Limited, a company of which the director, J N Palmer, is also a director, was £155,258 (2023 £155,258). At the balance sheet date the amount owed to P W Well Test Limited, a company of which the director, J N Palmer, is also a director, was £50,842 (2023 £50,842).