2 false false false false false false false false false false true false false true true true true No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 136,840 5,272 142,112 135,840 6,272 142,112 1,000 389 82 307 xbrli:pure xbrli:shares iso4217:GBP 05275394 2023-05-01 2024-04-30 05275394 2024-04-30 05275394 2023-04-30 05275394 2022-05-01 2023-04-30 05275394 2023-04-30 05275394 2022-04-30 05275394 core:MotorVehicles 2023-05-01 2024-04-30 05275394 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 05275394 bus:Director1 2023-05-01 2024-04-30 05275394 core:MotorVehicles 2023-04-30 05275394 core:MotorVehicles 2024-04-30 05275394 core:DeferredTaxation 2023-05-01 2024-04-30 05275394 core:WithinOneYear 2024-04-30 05275394 core:WithinOneYear 2023-04-30 05275394 core:AfterOneYear 2024-04-30 05275394 core:AfterOneYear 2023-04-30 05275394 core:ShareCapital 2024-04-30 05275394 core:ShareCapital 2023-04-30 05275394 core:RetainedEarningsAccumulatedLosses 2024-04-30 05275394 core:RetainedEarningsAccumulatedLosses 2023-04-30 05275394 core:CostValuation core:Non-currentFinancialInstruments 2023-04-30 05275394 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-04-30 05275394 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 05275394 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-04-30 05275394 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2024-04-30 05275394 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-04-30 05275394 core:Non-currentFinancialInstruments 2023-04-30 05275394 core:MotorVehicles 2023-04-30 05275394 core:DeferredTaxation 2023-04-30 05275394 core:DeferredTaxation 2024-04-30 05275394 bus:SmallEntities 2023-05-01 2024-04-30 05275394 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 05275394 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 05275394 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05275394 bus:FullAccounts 2023-05-01 2024-04-30 05275394 bus:OrdinaryShareClass1 2024-04-30 05275394 bus:OrdinaryShareClass1 2023-04-30
COMPANY REGISTRATION NUMBER: 05275394
MDOil Limited
Filleted Unaudited Financial Statements
30 April 2024
MDOil Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,617
2,046
Investments
6
1,000
-------
-------
1,617
3,046
Current assets
Debtors
7
20,870
10,844
Creditors: amounts falling due within one year
8
91,775
88,885
--------
--------
Net current liabilities
70,905
78,041
--------
--------
Total assets less current liabilities
( 69,288)
( 74,995)
Creditors: amounts falling due after more than one year
9
6,563
12,188
Provisions
10
307
389
--------
--------
Net liabilities
( 76,158)
( 87,572)
--------
--------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
12
( 76,258)
( 87,672)
--------
--------
Shareholder deficit
( 76,158)
( 87,572)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MDOil Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr C J Matchette-Downes
Director
Company registration number: 05275394
MDOil Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The Address of the registered office is 3b Swallowfield Courtyard, Wolverhampton Road, Oldbury, West Midlands, B69 2JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
2,758
3,754
6,512
-------
-------
-------
Depreciation
At 1 May 2023
1,111
3,355
4,466
Charge for the year
329
100
429
-------
-------
-------
At 30 April 2024
1,440
3,455
4,895
-------
-------
-------
Carrying amount
At 30 April 2024
1,318
299
1,617
-------
-------
-------
At 30 April 2023
1,647
399
2,046
-------
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1 May 2023
136,840
Additions
5,272
---------
At 30 April 2024
142,112
---------
Impairment
At 1 May 2023
135,840
Impairment losses
6,272
---------
At 30 April 2024
142,112
---------
Carrying amount
At 30 April 2024
---------
At 30 April 2023
1,000
---------
7. Debtors
2024
2023
£
£
Trade debtors
2,135
3,185
Other debtors
18,735
7,659
--------
--------
20,870
10,844
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,058
19,179
Trade creditors
649
433
Corporation tax
4,266
6,686
Social security and other taxes
7,078
Director loan accounts
41,552
27,458
Other creditors
25,250
28,051
--------
--------
91,775
88,885
--------
--------
Included in creditors is a government-backed bank loan. Interest is charged at a rate of 2.5% above the base rate after the first 12 months.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,563
12,188
-------
--------
10. Provisions
Deferred tax
£
At 1 May 2023
389
Additions
( 82)
----
At 30 April 2024
307
----
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Director's advances, credits and guarantees
The Company owed the director £41,552 at the balance sheet date (2023: £27,458). Amounts advanced to the directors amounted to £28,907 (2023: £43,064) and amounts repaid amounted to £43,000 (2023: £34,948). The loan is interest free and repayable on demand.
14. Related party transactions
CaribX (UK) Limited During the year, the company made sales of £25,840 (2023: £60,766) to the above related party, a company in which C Matchette-Downes is a director. At the balance sheet date, £4,421 was owed from the company at the year end (2023: £3,185 owed to the company). Helium Resources Limited During the year, the company made sales of £502 (2023: £277) to the above related party a company in which C Matchette-Downes is a director. No purchases were made from the above related party in the year and £135 (2023: £nil) was owed to the company at the year end. C Matchette-Downes resigned as a director on the 16th of October 2024. Helios Aragon Pte Ltd During the year, the company made sales of £3,942 (2023: £7,901) to the above related party a company in which C Matchette-Downes is a director. No purchases were made from the above related party in the year and £nil (2023: £nil) was owed to the company at the year end. C Matchette-Downes resigned as a director on the 5th of August 2023.