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OILCONSULT LTD

Registered Number
05816339
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

OILCONSULT LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

S J C Mills

Company Secretary

H Boex

Registered Address

3 Paul's Terrace
Truro
TR1 1HD

Registered Number

05816339 (England and Wales)
OILCONSULT LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,8985,863
5,8985,863
Current assets
Stocks470,000-
Debtors531,089103,286
101,089103,286
Creditors amounts falling due within one year6(72,363)(75,087)
Net current assets (liabilities)28,72628,199
Total assets less current liabilities34,62434,062
Creditors amounts falling due after one year7(27,451)(32,383)
Provisions for liabilities8(445)(445)
Net assets6,7281,234
Capital and reserves
Called up share capital1,0001,000
Profit and loss account5,728234
Shareholders' funds6,7281,234
The financial statements were approved and authorised for issue by the Director on 25 February 2025, and are signed on its behalf by:
S J C Mills
Director
Registered Company No. 05816339
OILCONSULT LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery20-
Vehicles-5
Office Equipment25-
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 June 236,35125,5086,95938,818
Additions1,725--1,725
At 31 May 248,07625,5086,95940,543
Depreciation and impairment
At 01 June 232,84024,6885,42732,955
Charge for year1,0472603831,690
At 31 May 243,88724,9485,81034,645
Net book value
At 31 May 244,1895601,1495,898
At 31 May 233,5118201,5325,863
4.Stocks

2024

2023

££
Work in progress70,000-
Total70,000-
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables6,30173,956
Other debtors24,56829,163
Prepayments and accrued income220167
Total31,089103,286
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts16,87411,879
Taxation and social security39,01046,001
Other creditors10,2069,618
Accrued liabilities and deferred income6,2737,589
Total72,36375,087
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts27,45132,383
Total27,45132,383
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)445445
Total445445
9.Related party transactions
A loan account exists between the company and the director, S J C Mills. At the balance sheet date the amount due from S J C Mills was £20,479 (2023- £25,074).