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Registration number: 6256836

Petrovision Energy Services Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

Petrovision Energy Services Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Petrovision Energy Services Ltd

Company Information

Director

Dr Olalekan Aluko

Company secretary

Mrs Sola Williams

Registered office

35 Maxwell Road
Fulham
London
SW6 2HT

Accountants

Edgar Merrell Ltd
Certified Chartered Accountants4 Meadow Gardens
Edgware
Middlesex
HA8 9LH

 

Petrovision Energy Services Ltd

(Registration number: 6256836)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

84,152

119,143

Current assets

 

Debtors

5

1,201,014

1,092,503

Cash at bank and in hand

 

14,537

37,433

 

1,215,551

1,129,936

Prepayments and accrued income

 

15,594

13,616

Creditors: Amounts falling due within one year

(157,497)

(123,048)

Net current assets

 

1,073,648

1,020,504

Total assets less current liabilities

 

1,157,800

1,139,647

Creditors: Amounts falling due after more than one year

(7,687)

(18,097)

Accruals and deferred income

 

(81,778)

(137,037)

Net assets

 

1,068,335

984,513

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

1,068,333

984,511

Shareholders' funds

 

1,068,335

984,513

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 February 2025
 

 

Petrovision Energy Services Ltd

(Registration number: 6256836)
Abridged Balance Sheet as at 31 May 2024

.........................................
Dr Olalekan Aluko
Director

   
     
 

Petrovision Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
35 Maxwell Road
Fulham
London
SW6 2HT

The principal place of business is:
3rd Floor
Fairfax House
461-465 North End Road
London
SW6 1NZ

These financial statements were authorised for issue by the director on 19 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Petrovision Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

Straight-line over three years

Office equipment

Straight-line over three years

Furniture and fittings

Straight-line over three years

Other property, plant and equipment

Straight-line over three years

Motor vehicles

Straight-line over four years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Petrovision Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2023 - 13).

 

Petrovision Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

259,014

96,518

355,532

Additions

14,062

-

14,062

At 31 May 2024

273,076

96,518

369,594

Depreciation

At 1 June 2023

200,195

36,194

236,389

Charge for the year

24,923

24,130

49,053

At 31 May 2024

225,118

60,324

285,442

Carrying amount

At 31 May 2024

47,958

36,194

84,152

At 31 May 2023

58,819

60,324

119,143

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

7

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £2,000.00 (2023 - £2,010.30) per each Ordinary shares

4,000

4,021

 

 
 

Petrovision Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

8

Related party transactions

 

Petrovision Energy Services Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

84,167

130,000

Contributions paid to money purchase schemes

2,525

2,400

86,692

132,400