IRIS Accounts Production v24.3.2.46 04777735 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047777352023-07-31047777352024-07-31047777352023-08-012024-07-31047777352022-07-31047777352022-08-012023-07-31047777352023-07-3104777735ns15:EnglandWales2023-08-012024-07-3104777735ns14:PoundSterling2023-08-012024-07-3104777735ns10:Director12023-08-012024-07-3104777735ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3104777735ns10:SmallEntities2023-08-012024-07-3104777735ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3104777735ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3104777735ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3104777735ns10:FullAccounts2023-08-012024-07-310477773512023-08-012024-07-3104777735ns10:Director22023-08-012024-07-3104777735ns10:Director32023-08-012024-07-3104777735ns10:Director42023-08-012024-07-3104777735ns10:CompanySecretary12023-08-012024-07-3104777735ns10:RegisteredOffice2023-08-012024-07-3104777735ns5:CurrentFinancialInstruments2024-07-3104777735ns5:CurrentFinancialInstruments2023-07-3104777735ns5:ShareCapital2024-07-3104777735ns5:ShareCapital2023-07-3104777735ns5:RetainedEarningsAccumulatedLosses2024-07-3104777735ns5:RetainedEarningsAccumulatedLosses2023-07-3104777735ns5:NetGoodwill2023-08-012024-07-3104777735ns5:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3104777735ns5:LandBuildings2023-08-012024-07-3104777735ns5:PlantMachinery2023-08-012024-07-3104777735ns5:NetGoodwill2023-07-3104777735ns5:NetGoodwill2024-07-3104777735ns5:NetGoodwill2023-07-3104777735ns5:LandBuildings2023-07-3104777735ns5:PlantMachinery2023-07-3104777735ns5:LandBuildings2024-07-3104777735ns5:PlantMachinery2024-07-3104777735ns5:LandBuildings2023-07-3104777735ns5:PlantMachinery2023-07-3104777735ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3104777735ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-31047777351ns10:Director12023-07-31047777351ns10:Director12022-07-31047777351ns10:Director12023-08-012024-07-31047777351ns10:Director12022-08-012023-07-31047777351ns10:Director12024-07-31047777351ns10:Director12023-07-3104777735ns10:Director222023-07-3104777735ns10:Director222022-07-3104777735ns10:Director222023-08-012024-07-3104777735ns10:Director222022-08-012023-07-3104777735ns10:Director222024-07-3104777735ns10:Director222023-07-31
REGISTERED NUMBER: 04777735 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

PETROLAB LIMITED

PETROLAB LIMITED (REGISTERED NUMBER: 04777735)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PETROLAB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: J Strongman
J D Fletcher
C Fletcher
L Strongman





SECRETARY: C Fletcher





REGISTERED OFFICE: C Edwards Offices
Gweal Pawl
REDRUTH
Cornwall
TR15 3AE





REGISTERED NUMBER: 04777735 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

PETROLAB LIMITED (REGISTERED NUMBER: 04777735)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 209,776 191,782
209,776 191,782

CURRENT ASSETS
Debtors 6 313,971 262,734
Investments 7 - 85,000
Cash at bank 264,731 462,377
578,702 810,111
CREDITORS
Amounts falling due within one year 8 139,958 220,555
NET CURRENT ASSETS 438,744 589,556
TOTAL ASSETS LESS CURRENT
LIABILITIES

648,520

781,338

PROVISIONS FOR LIABILITIES 52,444 47,946
NET ASSETS 596,076 733,392

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 595,876 733,192
SHAREHOLDERS' FUNDS 596,076 733,392

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

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

PETROLAB LIMITED (REGISTERED NUMBER: 04777735)

BALANCE SHEET - continued
31 JULY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





J Strongman - Director


PETROLAB LIMITED (REGISTERED NUMBER: 04777735)

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

1. STATUTORY INFORMATION

Petrolab 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.

Turnover
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost
Plant and machinery etc - 20% on cost, 15% on reducing balance and 10% 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PETROLAB LIMITED (REGISTERED NUMBER: 04777735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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 19 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 30,000
AMORTISATION
At 1 August 2023
and 31 July 2024 30,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 15,731 584,199 599,930
Additions - 96,111 96,111
Disposals - (3,553 ) (3,553 )
At 31 July 2024 15,731 676,757 692,488
DEPRECIATION
At 1 August 2023 14,477 393,671 408,148
Charge for year 627 77,004 77,631
Eliminated on disposal - (3,067 ) (3,067 )
At 31 July 2024 15,104 467,608 482,712
NET BOOK VALUE
At 31 July 2024 627 209,149 209,776
At 31 July 2023 1,254 190,528 191,782

PETROLAB LIMITED (REGISTERED NUMBER: 04777735)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 286,529 223,047
Amounts recoverable on contracts 1,450 2,330
Other debtors 25,992 37,357
313,971 262,734

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments - 85,000

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 550 277
Trade creditors 22,990 12,997
Taxation and social security 94,529 112,637
Other creditors 21,889 94,644
139,958 220,555

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
J Strongman
Balance outstanding at start of year (4 ) (8,840 )
Amounts advanced 1 28,981
Amounts repaid - (20,145 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3 ) (4 )

J D Fletcher
Balance outstanding at start of year (1,071 ) (8,321 )
Amounts advanced 1,071 28,395
Amounts repaid - (21,145 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (1,071 )

The above loans are interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The directors, J D Fletcher and J Strongman, are the ultimate controlling parties by virtue of their shareholdings.