REGISTERED NUMBER: 04990885 (England and Wales)

PETROLEUM OCEAN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

I Glenister

SECRETARY:

Indigo Secretaries Limited

REGISTERED OFFICE:

3 Kensworth Gate

200-204 High Street South

Dunstable

Bedfordshire

LU6 3HS

REGISTERED NUMBER:

04990885 (England and Wales)

ACCOUNTANTS:

Higginson & Co (UK) Ltd

3 Kensworth Gate

200 - 204 High Street South

Dunstable

Bedfordshire

LU6 3HS

FIXED ASSETS

Tangible assets

4

12,022

13,581

CURRENT ASSETS

Debtors

5

21,061

-

Prepayments and accrued income

-

115

Cash at bank and in hand

124,318

52,606

145,379

52,721

CREDITORS

Amounts falling due within one year

6

33,462

7,914

NET CURRENT ASSETS

111,917

44,807

TOTAL ASSETS LESS CURRENT LIABILITIES

123,939

58,388

PROVISIONS FOR LIABILITIES

7

1,419

921

NET ASSETS

122,520

57,467

CAPITAL AND RESERVES

Called up share capital

8

200

200

Retained earnings

122,320

57,267

SHAREHOLDERS' FUNDS

122,520

57,467

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 April 2025 and were signed by:

I Glenister - Director

1.	STATUTORY INFORMATION

Petroleum Ocean 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

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.

Office

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

Office

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

18,532

5,981

5,623

30,136

Additions

-

-

2,136

2,136

Disposals

-

-

(1,199

)

(1,199

)

At 31 December 2024

18,532

5,981

6,560

31,073

DEPRECIATION

At 1 January 2024

9,270

5,349

1,936

16,555

Charge for year

1,853

161

1,380

3,394

Eliminated on disposal

-

-

(898

)

(898

)

At 31 December 2024

11,123

5,510

2,418

19,051

NET BOOK VALUE

At 31 December 2024

7,409

471

4,142

12,022

At 31 December 2023

9,262

632

3,687

13,581

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

12,000

-

Directors' current accounts

9,061

-

21,061

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Corporation tax

29,491

4,860

Social security and other taxes

73

11

VAT

1,980

-

Directors' current accounts

-

2,001

Accrued expenses

1,918

1,042

33,462

7,914

7.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

1,419

921

Deferred

tax

£

Balance at 1 January 2024

921

Charge to Income Statement during year

498

Balance at 31 December 2024

1,419

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

100

Ordinary A

£1

100

100

200

200

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

I Glenister

Balance outstanding at start of year

2,001

47,986

Amounts repaid

(11,062

)

(45,985

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(9,061

)

2,001