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Registered number: 11468968









PETROCELL SS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
PETROCELL SS LIMITED
 
 
COMPANY INFORMATION


Directors
E Dawson 
J B Dowling 
J T Dowling 
P R Dowling 
T A Dowling 
E Read 




Registered number
11468968



Registered office
274-278 Wickham Road

Shirley

Croydon

CR0 8BJ




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
Santander

Carlton Park

Narborough

Leicester

Leicestershire

LE19 0AL





National Westminster Bank Plc

12 High Street

Dartford

Kent

DA1 1DD





 
PETROCELL SS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Notes to the financial statements
 
12 - 23


 
PETROCELL SS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 30 April 2024.

Business review
 
Trading conditions hardened during the year.  Fuel volumes were down 4.5% on the previous year due to a more competitive pricing stance by the supermarkets.  Overall an increased Gross Profit Margin of 15.4% was achieved (2023 – 13.9%). Profit before tax resulted in a margin of 8.3% (2023 – 7.7%). 
The directors are confident that the company will continue to trade profitably in the medium term (10years). However, the Government decision to ban all new internal combustion engines and Hybrids by 2035 represents a major challenge for the Fuels Retailing Industry. Over the coming years there will be an erosion of fuel volumes and the challenge will be to compensate for this by generating more revenue from the other profit centres viz. shops, valeting, services.
In these circumstances, the directors continue to make provisions for environmental remediation costs to protect asset value and to ensure that we will be able to transition our sites towards EV charging and complementary and alternative uses.

Principal risks and uncertainties
 
The key business risks and uncertainties affecting the company are considered to relate to:
- competition from local motor service stations
- the increasing wholesale price of petrol and diesel due to production restrictions by OPEC and the war in Ukraine
- the stability of the UK economy and inflationary pressures on costs
- new technology in the automotive market
- the Government phasing out of petrol and diesel vehicles

Financial key performance indicators
 
Given the straightforward nature of the business the company's directors are of the opinion that analysis using
KPI's is not necessary in the strategic report for an understanding of the development, performance or position of the business. However, various KPI's are used and monitored as part of the company's management accounts and operational procedures.


This report was approved by the board and signed on its behalf.



T A Dowling
Director

Date: 9 December 2024

Page 1

 
PETROCELL SS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,909,212 (2023 - £2,168,473).

Dividends were voted in the year of £Nil (2023: £Nil).

Directors

The directors who served during the year were:

E Dawson 
J B Dowling 
J T Dowling 
P R Dowling 
T A Dowling 
E Read 

Future developments

The company continues to trade profitably post year end and the directors continue to look for new opportunities to grow the company.  The focus for the next financial year is on managing resources and maintaining income levels given the uncertainty in the economy and the current cost of living pressures. 

Page 2

 
PETROCELL SS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





T A Dowling
Director

Date: 9 December 2024

Page 3

 
PETROCELL SS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETROCELL SS LIMITED
 

Opinion


We have audited the financial statements of Petrocell SS Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
PETROCELL SS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETROCELL SS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
PETROCELL SS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETROCELL SS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence,  capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the sector that the company 
          operates in;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows;
  o Companies Act 2006.
  o FRS102.
  o Alcohol and tobacco retailing laws.
  o Health and Safety legislation.
  o Petroleum licensing.
  o Employment legislation.
  o Tax legislation.
• We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, reviewing board minutes,  inspecting legal correspondence and certificates of   compliance; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit; and 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,    including stock and other provisions (in particular the contamination provision), were indicative of 
         management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business. 
 
Page 6

 
PETROCELL SS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETROCELL SS LIMITED (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ben Bradley (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
9 December 2024
Page 7

 
PETROCELL SS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
31,164,101
35,016,133

Cost of sales
  
(26,368,585)
(30,159,952)

Gross profit
  
4,795,516
4,856,181

Administrative expenses
  
(2,287,863)
(2,100,748)

Other operating income
 5 
58,726
87,520

Operating profit
 6 
2,566,379
2,842,953

Interest receivable and similar income
 10 
26,913
-

Interest payable and similar expenses
 11 
-
(94,334)

Profit before tax
  
2,593,292
2,748,619

Tax on profit
 12 
(684,080)
(580,146)

Profit for the financial year
  
1,909,212
2,168,473

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 23 form part of these financial statements.

Page 8

 
PETROCELL SS LIMITED
REGISTERED NUMBER: 11468968

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
878,226
951,411

Tangible assets
 14 
5,158,838
4,827,024

  
6,037,064
5,778,435

Current assets
  

Stocks
 15 
635,800
501,923

Debtors: amounts falling due within one year
 16 
7,445,277
5,120,194

Cash at bank and in hand
 17 
1,699,000
2,812,245

  
9,780,077
8,434,362

Creditors: amounts falling due within one year
 18 
(1,831,755)
(2,244,000)

Net current assets
  
 
 
7,948,322
 
 
6,190,362

Total assets less current liabilities
  
13,985,386
11,968,797

Provisions for liabilities
  

Deferred tax
 19 
(290,576)
(204,399)

Other provisions
 20 
(477,000)
(455,800)

  
 
 
(767,576)
 
 
(660,199)

Net assets
  
13,217,810
11,308,598


Capital and reserves
  

Called up share capital 
 21 
2,190
2,190

Profit and loss account
  
13,215,620
11,306,408

  
13,217,810
11,308,598


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T A Dowling
Director

Date: 9 December 2024

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
PETROCELL SS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
2,190
11,306,408
11,308,598



Profit for the year
-
1,909,212
1,909,212


At 30 April 2024
2,190
13,215,620
13,217,810



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
2,190
9,137,935
9,140,125



Profit for the year
-
2,168,473
2,168,473


At 30 April 2023
2,190
11,306,408
11,308,598


The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
PETROCELL SS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,909,212
2,168,473

Adjustments for:

Amortisation of intangible assets
73,185
73,185

Depreciation of tangible assets
237,920
108,982

Interest paid
-
94,334

Interest received
(26,913)
-

Taxation charge
684,080
580,146

(Increase)/decrease in stocks
(133,877)
217,068

Decrease/(increase) in debtors
63
(68,010)

(Increase) in amounts owed by related parties
(2,325,146)
(4,757,025)

(Decrease) in creditors
(346,148)
(99,113)

Increase in provisions
21,200
21,200

Corporation tax (paid)
(664,000)
(508,236)

Net cash generated from operating activities

(570,424)
(2,168,996)


Cash flows from investing activities

Purchase of tangible fixed assets
(569,734)
(579,366)

Interest received
26,913
-

Net cash from investing activities

(542,821)
(579,366)

Cash flows from financing activities

Interest paid
-
(94,334)

Net cash used in financing activities
-
(94,334)

Net (decrease) in cash and cash equivalents
(1,113,245)
(2,842,696)

Cash and cash equivalents at beginning of year
2,812,245
5,654,941

Cash and cash equivalents at the end of year
1,699,000
2,812,245


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,699,000
2,812,245

1,699,000
2,812,245


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Petrocell SS Limited is a private company limited by shares and incorporated in England and Wales. The registered office address of the company is 274-278 Wickham Road, Shirley, Croydon, England, CR0 8BJ. The principal activity of the company is that of the operation of petrol stations, and therefore the retail sale of automotive fuel and ancillary services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Page 13

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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



Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
5%-20% straight line

The company has not provided for depreciation on land and buildings and has therefore not complied with Companies Act 2006 requirements. It is the company's policy to maintain its properties in a sound state of repair and, accordingly, the directors consider that the economic lives of the properties are so long and the residual value at such a level that depreciation would be inappropriate.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 14

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the group's accounting policies
No significant judgements have had to be made by the company in preparing these financial statements.
b) Key accounting estimates and assumptions
The company has made key assumptions regarding the useful economic life of intangible and tangible fixed assets and this is further described in note 2.7 and 2.8 of the accounting policies.
The company has made key accounting estimates regarding the contamination provision in note 20 with the assistance of a third party environmental specialist.

Page 15

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
35,504
62,143

Net rents receivable
23,222
25,377

58,726
87,520



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
237,920
108,982

Amortisation of intangible assets, including goodwill
73,185
73,185


7.


Auditors' remuneration

2024
2023
£
£

Auditors' remuneration
13,275
11,950

Fees payable to the company's auditor in respect of:

Accountancy and tax services
3,608
1,075
Page 16

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,074,889
1,014,560

Social security costs
79,673
74,237

Cost of defined contribution scheme
18,894
17,460

1,173,456
1,106,257


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average Number of Employees
66
77


9.


Directors' remuneration

No remuneration was paid to directors during the year (2023: £NIL).





10.


Interest receivable

2024
2023
£
£


Other interest receivable
26,913
-

26,913
-


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
-
94,334

-
94,334

Page 17

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
597,903
462,502


Deferred tax


Origination and reversal of timing differences
86,177
117,644


Tax on profit
684,080
580,146

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,593,292
2,748,619


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19/25%)
648,323
522,238

Effects of:


Non-tax deductible amortisation of goodwill
18,296
13,905

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
737
60

Capital allowances for year in excess of depreciation
(69,453)
(85,402)

Deferred tax
86,177
117,644

Change in tax rates
-
11,701

Total tax charge for the year
684,080
580,146


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 18

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
1,244,151



At 30 April 2024

1,244,151



Amortisation


At 1 May 2023
292,740


Charge for the year on owned assets
73,185



At 30 April 2024

365,925



Net book value



At 30 April 2024
878,226



At 30 April 2023
951,411



Page 19

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 May 2023
4,094,866
993,866
5,088,732


Additions
-
569,734
569,734



At 30 April 2024

4,094,866
1,563,600
5,658,466



Depreciation


At 1 May 2023
-
261,708
261,708


Charge for the year on owned assets
-
237,920
237,920



At 30 April 2024

-
499,628
499,628



Net book value



At 30 April 2024
4,094,866
1,063,972
5,158,838



At 30 April 2023
4,094,866
732,158
4,827,024


15.


Stocks

2024
2023
£
£

Goods for resale
635,800
501,923

635,800
501,923


Page 20

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Debtors

2024
2023
£
£


Trade debtors
48,484
60,634

Amounts owed by related parties
7,269,340
4,944,194

Other debtors
1,000
1,000

Prepayments and accrued income
126,453
114,366

7,445,277
5,120,194



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,699,000
2,812,245

1,699,000
2,812,245



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,224,787
1,354,761

Corporation tax
222,406
288,503

Other taxation and social security
172,048
286,077

Other creditors
71,605
11,995

Accruals and deferred income
140,909
302,664

1,831,755
2,244,000


Page 21

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
(204,399)
(86,755)


Charged to profit or loss
(86,177)
(117,644)



At end of year
(290,576)
(204,399)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
290,576
204,399

290,576
204,399


20.


Provisions




Contamination Provision

£





At 1 May 2023
455,800


Charged to profit or loss
21,200



At 30 April 2024
477,000


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



132,688 (2023 - 132,688) Ordinary A shares of £0.01 each
1,327
1,327
22,114 (2023 - 22,114) Ordinary B shares of £0.01 each
221
221
22,114 (2023 - 22,114) Ordinary C shares of £0.01 each
221
221
20,000 (2023 - 20,000) Ordinary F shares of £0.01 each
200
200
22,114 (2023 - 22,114) Ordinary G shares of £0.01 each
221
221

2,190

2,190


Page 22

 
PETROCELL SS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to these funds and amounted to £18,894 (2023: £17,460). The pension amount outstanding at the year end is £733 (2023: £3,011).


23.


Related party transactions

At the year end, there was an amount of £7,269,340 (2023: £4,944,194) due from a company under common control.
During the year a management charge of £150,000l 
(2023: £150,000) has been paid to a company under common control.


24.


Controlling party

The ultimate controlling party is J B Dowling.
 
Page 23