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REGISTERED NUMBER: 00694132 (England and Wales)












OIL INVENTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






OIL INVENTIONS LIMITED (REGISTERED NUMBER: 00694132)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


OIL INVENTIONS LIMITED (REGISTERED NUMBER: 00694132)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 70,447 78,911

CURRENT ASSETS
Stocks 169,849 199,764
Debtors 5 973,213 1,022,177
Cash at bank and in hand 30,490 20,417
1,173,552 1,242,358
CREDITORS
Amounts falling due within one year 6 257,757 302,468
NET CURRENT ASSETS 915,795 939,890
TOTAL ASSETS LESS CURRENT
LIABILITIES

986,242

1,018,801

CREDITORS
Amounts falling due after more than one
year

7

(55,697

)

(76,410

)

PROVISIONS FOR LIABILITIES (1,754 ) (3,655 )
NET ASSETS 928,791 938,736

CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Retained earnings 828,791 838,736
SHAREHOLDERS' FUNDS 928,791 938,736

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 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.

OIL INVENTIONS LIMITED (REGISTERED NUMBER: 00694132)

BALANCE SHEET - continued
31 MAY 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





Mr C J Westley - Director


OIL INVENTIONS LIMITED (REGISTERED NUMBER: 00694132)

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

1. STATUTORY INFORMATION

Oil Inventions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00694132

Registered office: Leamore Close
Leamore Enterprise Park
Walsall
West Midlands
WS2 7NJ

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.

These financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 - 10% on straight line
Fixtures and fittings - 10% on straight line
Motor vehicles - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

OIL INVENTIONS LIMITED (REGISTERED NUMBER: 00694132)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 501,284
Additions 34,500
Disposals (39,325 )
At 31 May 2024 496,459
DEPRECIATION
At 1 June 2023 422,373
Charge for year 23,776
Eliminated on disposal (20,137 )
At 31 May 2024 426,012
NET BOOK VALUE
At 31 May 2024 70,447
At 31 May 2023 78,911

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 238,120 276,571
Other debtors 24,309 34,822
262,429 311,393

Amounts falling due after more than one year:
Amounts owed by group undertakings 710,784 710,784

Aggregate amounts 973,213 1,022,177

OIL INVENTIONS LIMITED (REGISTERED NUMBER: 00694132)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,255 10,000
Hire purchase contracts (see note 8) 10,224 9,853
Trade creditors 142,185 134,356
Taxation and social security 36,933 45,248
Other creditors 58,160 103,011
257,757 302,468

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 10,510 20,765
Hire purchase contracts (see note 8) 45,187 55,645
55,697 76,410

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 10,224 9,853
Between one and five years 45,187 55,645
55,411 65,498

Non-cancellable operating leases
2024 2023
£    £   
Within one year 10,367 3,500
Between one and five years 21,026 -
31,393 3,500

OIL INVENTIONS LIMITED (REGISTERED NUMBER: 00694132)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 55,411 65,498
Invoice discounting liability 38,900 91,998
94,311 157,496

The invoice discounting liability is secured by a fixed and floating charge over the assets of the company and a corporate guarantee from its parent company, Valzol Lubricants Limited.

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary Shares £1 100,000 100,000

11. RELATED PARTY DISCLOSURES

At the reporting end date a balance of £710,784 (2023: £710,784) is owed by Valzol Lubricants Limited. This amount is interest free, unsecured and repayable on demand.

The only asset of Valzol Lubricants Limited is its 100% shareholding in Oil Inventions Limited.