REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Winson Petroleum Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Winson Petroleum Ltd |
Winson Petroleum Ltd (Registered number: 03833632) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Winson Petroleum Ltd |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
69 High Street |
Bideford |
Devon |
EX39 2AT |
Winson Petroleum Ltd (Registered number: 03833632) |
Abridged Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Winson Petroleum Ltd (Registered number: 03833632) |
Abridged Balance Sheet - continued |
31 May 2024 |
The directors acknowledge their 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 were approved by the Board of Directors and authorised for issue on |
Winson Petroleum Ltd (Registered number: 03833632) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Winson Petroleum Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill representing the excess of the purchase price over the fair value of the net assets of undertakings acquired is capitalised in the balance sheet and is amortised by equal annual instalments over its expected useful economic life. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Winson Petroleum Ltd (Registered number: 03833632) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. |
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. |
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. |
Going concern |
Having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider that it is appropriate to prepare the financial statements on the going concern basis. |
Investments held as fixed assets are stated at cost less provision for any diminution in value. Investments held as current assets are stated at the lower of cost and net realisable value. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Winson Petroleum Ltd (Registered number: 03833632) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
Additions |
Reclassification/transfer |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Included in cost of land and buildings is freehold land of £ 132,560 (2023 - £ 132,560 ) which is not depreciated. |
The freehold land and buildings were revalued on an existing use basis by the directors at 31 May 2015. The company has taken advantage of the transitional provisions available on the introduction of FRS102 to carry those assets at the value less depreciation in subsequent years. Subsequent additions to freehold property are included at cost or deemed cost. |
If the freehold land and buildings had not been revalued they would have been included at historical cost of £558,968 and accumulated depreciation of £95,258. |
Winson Petroleum Ltd (Registered number: 03833632) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 | 15 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Reclassification/transfer | (200,000 | ) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
B | £1 | 1 | 1 |
C | £1 | 1 | 1 |
A | £1 | 12,750 | 12,750 |
D | £1 | 12,250 | 12,250 |
25,002 | 25,002 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2023 |
Transfer to profit and loss on revaluation of property |
(961 |
) |
Transfer between reserves | 1,604 |
At 31 May 2024 |
Winson Petroleum Ltd (Registered number: 03833632) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is Winson Group Holdings Ltd. |
The ultimate controlling party is Mr S B and Mrs A J Winson. |