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Registration number: 08019361

Petro-Legal Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Petro-Legal Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Petro-Legal Limited

Company Information

Directors

S Gibson

R Gibson

Registered office

74A Station Road East
Oxted
Surrey
RH8 0PG

Accountants

Smart Accounting & Tax Solutions LLP
Chartered Accountants74A Station Road East
Oxted
Surrey
RH8 0PG

 

Petro-Legal Limited

(Registration number: 08019361)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

499

-

Current assets

 

Debtors

6

277

-

Cash at bank and in hand

 

389,670

387,870

 

389,947

387,870

Creditors: Amounts falling due within one year

7

(204,828)

(203,513)

Net current assets

 

185,119

184,357

Net assets

 

185,618

184,357

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

185,418

184,157

Shareholders' funds

 

185,618

184,357

 

Petro-Legal Limited

(Registration number: 08019361)
Balance Sheet as at 31 August 2024

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 May 2025 and signed on its behalf by:
 

.........................................
S Gibson
Director

   
     
 

Petro-Legal Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

200

184,157

184,357

Profit for the year

-

1,796

1,796

Dividends

-

(535)

(535)

At 31 August 2024

200

185,418

185,618

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

200

178,654

178,854

Profit for the year

-

5,503

5,503

At 31 August 2023

200

184,157

184,357

 

Petro-Legal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
74A Station Road East
Oxted
Surrey
RH8 0PG
England

These financial statements were authorised for issue by the Board on 13 May 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 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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of legal services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises corporation tax. Corporation 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.

 

Petro-Legal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The current corporation 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

Office equipment

20% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over estimated useful life with annual review of value

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.

 

Petro-Legal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Petro-Legal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

767,783

767,783

At 31 August 2024

767,783

767,783

Amortisation

At 1 September 2023

767,783

767,783

At 31 August 2024

767,783

767,783

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

-

-

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

1,813

1,813

Additions

749

749

At 31 August 2024

2,562

2,562

Depreciation

At 1 September 2023

1,813

1,813

Charge for the year

250

250

At 31 August 2024

2,063

2,063

Carrying amount

At 31 August 2024

499

499

 

Petro-Legal Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

277

-

 

277

-

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

465

Accruals and deferred income

1,200

1,100

Other creditors

203,628

201,948

204,828

203,513

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200