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REGISTERED NUMBER: 04320535 (England and Wales)















Petrell Limited

Unaudited Financial Statements

for the year ended

31 March 2024






Petrell Limited (Registered number: 04320535)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


Petrell Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: P G Dingle
Mrs C L Reedy
Mrs V M Pigg
Ms H L Dingle
Mrs S Dingle





SECRETARY: Mrs S Dingle





REGISTERED OFFICE: Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY





REGISTERED NUMBER: 04320535 (England and Wales)





ACCOUNTANTS: TC Group
Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY

Petrell Limited (Registered number: 04320535)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 16,679 17,461
Investments 5 804,965 1,040,778
821,644 1,058,239

CURRENT ASSETS
Debtors 6 114,061 99,603
Cash at bank 113,659 16,403
227,720 116,006
CREDITORS
Amounts falling due within one year 7 (5,759 ) (5,418 )
NET CURRENT ASSETS 221,961 110,588
TOTAL ASSETS LESS CURRENT LIABILITIES 1,043,605 1,168,827

CREDITORS
Amounts falling due after more than one year 8 (100,000 ) (100,000 )

PROVISIONS FOR LIABILITIES (4,000 ) (4,000 )
NET ASSETS 939,605 1,064,827

CAPITAL AND RESERVES
Called up share capital 9 125,000 125,000
Share premium 10 939,555 939,555
Retained earnings 10 (124,950 ) 272
SHAREHOLDERS' FUNDS 939,605 1,064,827

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





P G Dingle - Director


Petrell Limited (Registered number: 04320535)

Notes to the Financial Statements
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Petrell Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Fixtures and fittings - 10% reducing balance
Motor vehicles - 25% on cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 15,470 1,951 28,264 45,685
Disposals - - (28,264 ) (28,264 )
At 31 March 2024 15,470 1,951 - 17,421
DEPRECIATION
At 1 April 2023 - 609 27,615 28,224
Charge for year - 133 - 133
Eliminated on disposal - - (27,615 ) (27,615 )
At 31 March 2024 - 742 - 742
NET BOOK VALUE
At 31 March 2024 15,470 1,209 - 16,679
At 31 March 2023 15,470 1,342 649 17,461

Petrell Limited (Registered number: 04320535)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 1,040,778
Additions 200,420
Disposals (412,423 )
Revaluations (23,810 )
At 31 March 2024 804,965
NET BOOK VALUE
At 31 March 2024 804,965
At 31 March 2023 1,040,778

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2019 (42,604 )
Valuation in 2020 (22,982 )
Valuation in 2021 173,554
Valuation in 2022 22,846
Valuation in 2023 (60,832 )
Valuation in 2024 (23,810 )
Cost 758,793
804,965

Included in other investments is a managed portfolio with a market value of £804,965 (2023: £1,040,775)

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 114,061 99,603

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 5,759 5,418

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 100,000 100,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 100,000 100,000

Petrell Limited (Registered number: 04320535)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
125,000 Ordinary £1 125,000 125,000

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 272 939,555 939,827
Profit for the year 44,778 44,778
Dividends (170,000 ) (170,000 )
At 31 March 2024 (124,950 ) 939,555 814,605

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
P G Dingle and Mrs S Dingle
Balance outstanding at start of year 98,854 83,352
Amounts advanced 108,652 114,254
Amounts repaid (97,000 ) (98,752 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 110,506 98,854

At the year end the directors owed the company £110,506 (2023: £98,854). This balance will be repaid within 9 months of the year end. Interest has been charged on this balance.