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REGISTERED NUMBER: NI072359 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

VALUEOILS.COM LIMITED

VALUEOILS.COM LIMITED (REGISTERED NUMBER: NI072359)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


VALUEOILS.COM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: D O'Connor





SECRETARY: S Gleeson





REGISTERED OFFICE: 17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG





REGISTERED NUMBER: NI072359 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

VALUEOILS.COM LIMITED (REGISTERED NUMBER: NI072359)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,265 7,157

CURRENT ASSETS
Debtors 5 13,493 6,667
Cash at bank 936,937 862,975
950,430 869,642
CREDITORS
Amounts falling due within one year 6 349,032 258,677
NET CURRENT ASSETS 601,398 610,965
TOTAL ASSETS LESS CURRENT
LIABILITIES

608,663

618,122

PROVISIONS FOR LIABILITIES 1,320 1,083
NET ASSETS 607,343 617,039

CAPITAL AND RESERVES
Called up share capital 8 300,101 300,101
Retained earnings 307,242 316,938
SHAREHOLDERS' FUNDS 607,343 617,039

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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.

VALUEOILS.COM LIMITED (REGISTERED NUMBER: NI072359)

BALANCE SHEET - continued
31 MAY 2024



The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:





D O'Connor - Director


VALUEOILS.COM LIMITED (REGISTERED NUMBER: NI072359)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Valueoils.com Limited is a private company, limited by shares, registered in Northern Ireland. The company's registered number, registered office address and place of business can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the director has made the following judgements:

Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Computer equipment - 33% on cost

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


VALUEOILS.COM LIMITED (REGISTERED NUMBER: NI072359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss in the period to which they relate.

Operating leases
Rentals paid under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Computer
machinery & equipment equipment Totals
£    £    £    £   
COST
At 1 June 2023 57,995 520 3,835 62,350
Additions 6,300 - - 6,300
Disposals - - (2,437 ) (2,437 )
At 31 May 2024 64,295 520 1,398 66,213
DEPRECIATION
At 1 June 2023 52,622 119 2,452 55,193
Charge for year 5,143 130 690 5,963
Eliminated on disposal - - (2,208 ) (2,208 )
At 31 May 2024 57,765 249 934 58,948
NET BOOK VALUE
At 31 May 2024 6,530 271 464 7,265
At 31 May 2023 5,373 401 1,383 7,157

VALUEOILS.COM LIMITED (REGISTERED NUMBER: NI072359)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 9,568 4,274
VAT 202 -
Prepayments and accrued income 3,723 2,393
13,493 6,667

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 186,678 94,944
Tax 49,816 53,562
Social security and other taxes 1,386 1,220
VAT - 1,259
Directors' current accounts 53,378 29,194
Accruals and deferred income 57,774 78,498
349,032 258,677

The amount owed in relation to Directors' current accounts is interest free and repayable on demand.

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 8,568 9,368
Between one and five years - 9,368
8,568 18,736

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
300,101 Ordinary £1 300,101 300,101

9. ULTIMATE CONTROLLING PARTY

The company continues to be controlled by Mr and Mrs O'Connor by virtue of their shareholding.