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31/05/2024
2024-05-31
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No description of principal activities is disclosed
2023-06-01
Sage Accounts Production 23.1 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI066163
2023-06-01
2024-05-31
NI066163
2024-05-31
NI066163
2023-05-31
NI066163
2022-06-01
2023-05-31
NI066163
2023-05-31
NI066163
2022-05-31
NI066163
core:PlantMachinery
2023-06-01
2024-05-31
NI066163
core:FurnitureFittingsToolsEquipment
2023-06-01
2024-05-31
NI066163
core:MotorVehicles
2023-06-01
2024-05-31
NI066163
bus:RegisteredOffice
2023-06-01
2024-05-31
NI066163
bus:OrdinaryShareClass1
2023-06-01
2024-05-31
NI066163
bus:LeadAgentIfApplicable
2023-06-01
2024-05-31
NI066163
bus:Director1
2023-06-01
2024-05-31
NI066163
bus:CompanySecretary1
2023-06-01
2024-05-31
NI066163
core:PlantMachinery
2023-05-31
NI066163
core:FurnitureFittingsToolsEquipment
2023-05-31
NI066163
core:MotorVehicles
2023-05-31
NI066163
core:PlantMachinery
2024-05-31
NI066163
core:FurnitureFittingsToolsEquipment
2024-05-31
NI066163
core:MotorVehicles
2024-05-31
NI066163
core:WithinOneYear
2024-05-31
NI066163
core:WithinOneYear
2023-05-31
NI066163
core:AfterOneYear
2024-05-31
NI066163
core:AfterOneYear
2023-05-31
NI066163
core:ShareCapital
2024-05-31
NI066163
core:ShareCapital
2023-05-31
NI066163
core:RetainedEarningsAccumulatedLosses
2024-05-31
NI066163
core:RetainedEarningsAccumulatedLosses
2023-05-31
NI066163
bus:OrdinaryShareClass1
core:ShareCapital
2024-05-31
NI066163
bus:OrdinaryShareClass1
core:ShareCapital
2023-05-31
NI066163
core:BetweenOneFiveYears
2024-05-31
NI066163
core:BetweenOneFiveYears
2023-05-31
NI066163
core:DeferredTaxation
2023-06-01
2024-05-31
NI066163
core:PlantMachinery
2023-05-31
NI066163
core:MotorVehicles
2023-05-31
NI066163
core:DeferredTaxation
2023-05-31
NI066163
core:DeferredTaxation
2024-05-31
NI066163
bus:SmallEntities
2023-06-01
2024-05-31
NI066163
bus:Audited
2023-06-01
2024-05-31
NI066163
bus:FullAccounts
2023-06-01
2024-05-31
NI066163
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
NI066163
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
NI066163
core:AmortisationDeferredTax
2024-05-31
Company registration number:
NI066163
OILTRANS (NI) LIMITED
Trading as
Oiltrans (NI) Limited
Filleted financial statements
31 May 2024
OILTRANS (NI) LIMITED
Contents
Directors and other information
Director's responsibilities statement
Statement of financial position
Notes to the financial statements
OILTRANS (NI) LIMITED
Directors and other information
|
|
|
|
Director |
Colin Nicholl |
|
|
|
|
|
|
|
Secretary |
Colin Nicholl |
|
|
|
|
|
|
|
Company number |
NI066163 |
|
|
|
|
|
|
|
Registered office |
176 Clooney Road |
|
|
Greysteel |
|
|
Co.Derry |
|
|
BT47 3DY |
|
|
|
|
|
|
|
Business address |
176 Clooney Road |
|
|
Greysteel |
|
|
Co. Derry |
|
|
BT47 3DY |
|
|
|
|
|
|
|
Auditor |
McDaid McCullough Moore |
|
|
28/32 Clarendon Street |
|
|
Derry |
|
|
BT48 7HD |
|
|
Northern Ireland |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
First Trust Bank |
|
|
Meadowbank |
|
|
Derry |
|
|
BT48 7TN |
|
|
|
OILTRANS (NI) LIMITED
Director's responsibilities statement
Year ended 31 May 2024
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. They 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.
OILTRANS (NI) LIMITED
Statement of financial position
31 May 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
1,534,897 |
|
|
|
1,565,514 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,534,897 |
|
|
|
1,565,514 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
3,775,510 |
|
|
|
3,170,165 |
|
|
Cash at bank and in hand |
|
|
17,321 |
|
|
|
329,915 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
3,792,831 |
|
|
|
3,500,080 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
4,127,542) |
|
|
|
(
3,557,821) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
334,711) |
|
|
|
(
57,741) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,200,186 |
|
|
|
1,507,773 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
388,249) |
|
|
|
(
542,914) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
10 |
|
|
(
284,959) |
|
|
|
(
266,933) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
526,978 |
|
|
|
697,926 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
12 |
|
|
30,000 |
|
|
|
30,000 |
Profit and loss account |
|
|
|
|
496,978 |
|
|
|
667,926 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
526,978 |
|
|
|
697,926 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
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.
These financial statements were approved by the
board of directors
and authorised for issue on
20 February 2025
, and are signed on behalf of the board by:
Colin Nicholl
Director
Company registration number:
NI066163
OILTRANS (NI) LIMITED
Notes to the financial statements
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Oiltrans (NI) Limited, 176 Clooney Road, Greysteel, Co.Derry, BT47 3DY.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Disclosure exemptions
The company satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Nicholls' (Fuel Oils) Limited. The consolidated financial statements of Nicholls' (Fuel Oils) Limited are available to the public and may be obtained from Companies House, 2nd Floor, The Linenhall, 32-38 Linenhall Street, Belfast, BT2 8GB, Northern Ireland. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:(a) Disclosures in respect of each class of share capital have not been presented.(b) No cash flow statement has been presented for the company.(c) Disclosures in respect of financial instruments have not been presented.(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accoutnig policies.The key assumptions concerning the future and other key sources of estimation uncertainity at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:a) Useful economic lives of tangible assetsThe annual depreciation charge for tengible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.b) Impairment of debtorsThe company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
|
|
|
|
|
Plant and machinery |
- |
10 % |
straight line |
|
Fittings fixtures and equipment |
- |
20 % |
straight line |
|
Motor vehicles |
- |
10 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2023:
14
).
5.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2023 |
40,929 |
19,126 |
3,033,382 |
3,093,437 |
|
|
|
|
Additions |
- |
- |
249,500 |
249,500 |
|
|
|
|
Disposals |
- |
- |
(
72,000) |
(
72,000) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
40,929 |
19,126 |
3,210,882 |
3,270,937 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2023 |
25,689 |
19,126 |
1,483,108 |
1,527,923 |
|
|
|
|
Charge for the year |
3,136 |
- |
242,781 |
245,917 |
|
|
|
|
Disposals |
- |
- |
(
37,800) |
(
37,800) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
28,825 |
19,126 |
1,688,089 |
1,736,040 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 May 2024 |
12,104 |
- |
1,522,793 |
1,534,897 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 May 2023 |
15,240 |
- |
1,550,274 |
1,565,514 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
3,414,171 |
2,930,366 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
55,980 |
55,980 |
|
Other debtors |
|
305,359 |
183,819 |
|
|
|
_______ |
_______ |
|
|
|
3,775,510 |
3,170,165 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
3,162,054 |
2,560,048 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
613,334 |
614,544 |
|
Social security and other taxes |
|
14,756 |
10,628 |
|
Other creditors |
|
337,398 |
372,601 |
|
|
|
_______ |
_______ |
|
|
|
4,127,542 |
3,557,821 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other creditors |
|
388,249 |
542,914 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
246,841 |
265,238 |
|
Later than 1 year and not later than 5 years |
|
439,503 |
607,430 |
|
|
|
_______ |
_______ |
|
|
|
686,344 |
872,668 |
|
Less: future finance charges |
|
(
74,830) |
(
87,420) |
|
|
|
_______ |
_______ |
|
Present value of minimum lease payments |
|
611,514 |
785,248 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Provisions
|
|
Deferred tax (note 11) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 June 2023 |
266,933 |
266,933 |
|
|
|
|
Charges against provisions |
18,026 |
18,026 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
284,959 |
284,959 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 10) |
|
284,959 |
266,933 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Capital alowances in excess of depreciation |
|
284,959 |
266,933 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
30,000 |
|
30,000 |
|
30,000 |
|
30,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
13.
Summary audit opinion
The auditor's report for the year dated
20 February 2025
was unqualified.
The senior statutory auditor was
Michael McCullough
for and on behalf of
McDaid McCullough Moore
14.
Related party transactions
The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions with group undertakings as it is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited. The parent company prepares consolidated accounts that are publicly available.
15.
Controlling party
Oiltrans (NI) Limited is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited. Nicholls' (Fuel Oils) Limited is owned by Hugh and Loreen Nicholl. Therefore Hugh and Loreen Nicholl collectively are considered to be the company's ultimate controlling party.
16.
Ultimate Parent Undertaking
Oiltrans (NI) Limited is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited, a company incorporated in Northern Ireland with a registered office address at 176 Clooney Road, Greysteel, Co. Derry. The largest and smallest group in which the results of the company are consolidated is that headed by Nicholls' (Fuel Oils) Limited. The consolidated financial statements of Nicholls' (Fuel Oils) Limited are available to the public and may be obtained from Companies House, 2nd Floor, The Linenhall, 32-38 Linenhall Street, Belfast, BT2 8BG.