OIL TECHNICS HOLDINGS LIMITED
No. 03393270
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
OIL TECHNICS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Thomas David Evans
Jeremy Owen
Gillian Evans
Secretary
Gillian Evans
Company number
03393270
Registered office
C/O Guild Appleton & Co
Number 19 Old Hall Street
Liverpool
L3 9JQ
Business address
Linton Business Park
Gourdon
Montrose
Angus
DD10 0NH
Accountants
Hall Morrice LLP
6 & 7 Queens Terrace
Aberdeen
AB10 1XL
Bankers
HSBC Bank Plc
95-99 Union Street
Aberdeen
AB11 6BD
Solicitors
Mackinnons Solicitors LLP
14 Carden Place
Aberdeen
AB10 1UR
OIL TECHNICS HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1
Chartered accountants' report
2
Profit and loss account
3
Group balance sheet
4
Company balance sheet
5
Group statement of changes in equity
6
Company statement of changes in equity
7
Notes to the financial statements
8 - 17
OIL TECHNICS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Principal activities

The principal activity of the group continued to be that of the manufacture and distribution of environmental cleaning products and spill control solutions, specialist infection control, disinfection, hygiene and cleaning products and specialist fire protection products.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Thomas David Evans
Jeremy Owen
Gillian Evans
James Johnston
(Resigned 10 June 2023)
Statement of directors' responsibilities

The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Thomas David Evans
Director
27 January 2025
OIL TECHNICS HOLDINGS LIMITED
CHARTERED ACCOUNTANT'S REPORT
TO THE DIRECTORS ON THE UNAUDITED ACCOUNTS OF THE GROUP
- 2 -

In accordance with the engagement letter dated 27 July 2022 and in order to assist you to fulfil your duties under the Companies Act 2006, the accounts which follow have been prepared from the accounting records and information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

 

This report is made to the Group's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken to enable us to prepare for your approval the accounts on behalf of the Group's Board of Directors and for no other purpose in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the Group's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that the Group has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Group. You consider that the Group is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the accounts.

Hall Morrice LLP
Chartered Accountants
Aberdeen
27 January 2025
OIL TECHNICS HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
2024
2023
Notes
£
£
Turnover
5,061,428
5,924,326
Cost of sales
(3,172,640)
(3,893,534)
Gross profit
1,888,788
2,030,792
Administrative expenses
(1,578,455)
(1,493,631)
Other operating income
67,658
82,328
Operating profit
377,991
619,489
Interest payable and similar expenses
(85,005)
(122,469)
Profit before taxation
292,986
497,020
Tax on profit
-
0
25,658
Profit for the financial year
292,986
522,678
OIL TECHNICS HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
-
Tangible assets
5
600,703
631,396
600,703
631,396
Current assets
Stocks
745,805
660,975
Debtors
8
1,038,453
1,446,389
Cash at bank and in hand
130,038
321,008
1,914,296
2,428,372
Creditors: amounts falling due within one year
9
(670,224)
(1,328,068)
Net current assets
1,244,072
1,100,304
Total assets less current liabilities
1,844,775
1,731,700
Creditors: amounts falling due after more than one year
10
(58,680)
(111,691)
Provisions for liabilities
(6,128)
(6,128)
Net assets
1,779,967
1,613,881
Capital and reserves
Called up share capital
11
470,000
470,000
Profit and loss reserves
1,309,967
1,143,881
Total equity
1,779,967
1,613,881

The directors confirm that the company was entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and that the members have not required the company to obtain an audit for the year in accordance with section 476 of that Act. The directors acknowledge their responsibilities under the Act to ensure that the company keeps accounting records in accordance with section 386 and to prepare accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit for that financial year in accordance with section 394 and which otherwise comply with the Companies Act 2006 as far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
Thomas David Evans
Director
OIL TECHNICS HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
446,731
459,179
Investments
6
235,001
235,000
681,732
694,179
Current assets
Debtors
8
576,650
432,692
Cash at bank and in hand
1,056
1,147
577,706
433,839
Creditors: amounts falling due within one year
9
(772,248)
(626,218)
Net current liabilities
(194,542)
(192,379)
Net assets
487,190
501,800
Capital and reserves
Called up share capital
11
470,000
470,000
Profit and loss reserves
17,190
31,800
Total equity
487,190
501,800

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £112,290 (2023 - £173,596).

 

The directors confirm that the company was entitled to exemption from the requirement to have an audit under the provisions of section 477(1) of the Companies Act 2006 and that the members have not required the company to obtain an audit for the year in accordance with section 476(1) of that Act. The directors acknowledge their responsibility to ensure that the company keeps accounting records in accordance with section 386 and to prepare accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit for that financial year in accordance with section 394 and which otherwise comply with the Companies Act 2006 as far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
Thomas David Evans
Director
Company Registration No. 03393270
OIL TECHNICS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
470,000
658,724
1,128,724
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
522,678
522,678
Dividends
-
(37,521)
(37,521)
Balance at 30 April 2023
470,000
1,143,881
1,613,881
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
292,986
292,986
Dividends
-
(126,900)
(126,900)
Balance at 30 April 2024
470,000
1,309,967
1,779,967
OIL TECHNICS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
470,000
(104,275)
365,725
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
173,596
173,596
Dividends
-
(37,521)
(37,521)
Balance at 30 April 2023
470,000
31,800
501,800
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
112,290
112,290
Dividends
-
(126,900)
(126,900)
Balance at 30 April 2024
470,000
17,190
487,190
OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Oil Technics Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. 

 

 

The going concern assumption is based upon financial forecasts that have been prepared to 30 April 2026 which reflect the continued generation of profits for the group and shows that the group can meet its liabilities as they fall due throughout this period. Based on this the group will continue as a going concern for a minimum period of at least 12 months from the date of signing the audited financial statements.

 

Thus, the directors continue to adopt the going concern basis in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (continued)
- 9 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
20% Straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% Straight line
Plant and equipment
25% Reducing balance (none in year of acquisition)
Fixtures and fittings
25% Reducing balance (none in year of acquisition)
Computers
20% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (continued)
- 10 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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 assets classified as receivable within one year are not amortised.

OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (continued)
- 11 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (continued)
- 12 -
1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date,. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
29
30
3
4
OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
3
Directors' remuneration and dividends
2024
2023
£
£
Remuneration paid to directors
123,934
128,927
Dividends paid to directors
86,940
25,706
4
Intangible fixed assets
Group
Patents and licences
£
Cost
At 1 May 2023
122,370
Disposals
(102,624)
At 30 April 2024
19,746
Amortisation and impairment
At 1 May 2023
122,370
Disposals
(102,624)
At 30 April 2024
19,746
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
5
Tangible fixed assets
Group
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
622,368
919,901
1,542,269
Additions
-
0
17,445
17,445
At 30 April 2024
622,368
937,346
1,559,714
Depreciation and impairment
At 1 May 2023
163,189
747,684
910,873
Depreciation charged in the year
12,448
35,690
48,138
At 30 April 2024
175,637
783,374
959,011
Carrying amount
At 30 April 2024
446,731
153,972
600,703
At 30 April 2023
459,179
172,217
631,396
Company
Land and buildings
£
Cost
At 1 May 2023 and 30 April 2024
622,368
Depreciation and impairment
At 1 May 2023
163,189
Depreciation charged in the year
12,448
At 30 April 2024
175,637
Carrying amount
At 30 April 2024
446,731
At 30 April 2023
459,179
6
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
0
-
0
235,001
235,000
OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Fixed asset investments (continued)
- 15 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
460,000
Additions
1
At 30 April 2024
460,001
Impairment
At 1 May 2023 and 30 April 2024
225,000
Carrying amount
At 30 April 2024
235,001
At 30 April 2023
235,000
7
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Oil Technics Limited
England and Wales
Ordinary
100.00
Bio Technics Limited
England and Wales
Ordinary
100.00
OIl Technics (Fire Fighting Products) Limited
England and Wales
Ordinary
100.00
Endurocide Limited
England and Wales
Ordinary
100.00
8
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
664,161
1,143,545
-
0
-
0
Corporation tax recoverable
126
6,192
126
6,192
Amounts owed by group undertakings
-
0
-
0
575,000
425,000
Other debtors
374,166
296,652
1,524
1,500
1,038,453
1,446,389
576,650
432,692
OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
9
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
50,000
74,802
-
0
-
0
Trade creditors
275,592
378,508
919
5,790
Amounts owed to group undertakings
-
0
-
0
759,329
613,428
Taxation and social security
104,940
315,216
-
0
-
0
Other creditors
239,692
559,542
12,000
7,000
670,224
1,328,068
772,248
626,218
10
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
54,167
104,167
-
0
-
0
Other creditors
4,513
7,524
-
0
-
0
58,680
111,691
-
0
-
0

HSBC Bank Plc hold a debenture which includes fixed and floating charges over the undertakings and all property and assets present and future, including goodwill, bookdebts, uncalled capital, buildings, fixtures and fixed plant and machinery.

 

HSBC Invoice Finance (UK) Ltd hold a fixed equitable charge over all debts purchased or purported to be purchased by the security holder pursuant to an agreement for the purchase of debts between the security holder and the group and companies which fail to vest effectively or absolutely in the security holder for any reason.

 

HSBC Bank Plc hold a charge over contract monies.

 

HSBC UK Bank Plc has a composite company unlimited multilateral guarantee given by Oil Technics Holdings Limited, Oil Technics Limited, Oil Technics (Fire Fighting Products) Limited and Bio Technics Limited.

11
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
470,000
470,000
470,000
470,000
OIL TECHNICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
12
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Total
53,578
110,128
-
-
13
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
186,811
147,851
14
Directors' transactions

As at 30 April 2024, two of the directors were due the group £82,133 (2023 - £67,204). This loan is interest free with no set repayment terms.

15
Company information

Oil Technics Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Oil Technics Holdings Limited and all of its subsidiaries.

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