Registered number
06385427
Oiltec UK Ltd.
Filleted Accounts
31 December 2024
Oiltec UK Ltd.
Registered number: 06385427
Balance Sheet
At 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 28,601 37,573
Current assets
Debtors 4 693 128
Cash at bank and in hand 235,637 315,612
236,330 315,740
Creditors: amounts falling due within one year 5 (1,400) (13,385)
Net current assets 234,930 302,355
Total assets less current liabilities 263,531 339,928
Creditors: amounts falling due after more than one year 6 (45,297) (44,641)
Net assets 218,234 295,287
Capital and reserves
Called up share capital 100 100
Profit and loss account 218,134 295,187
Shareholders' funds 218,234 295,287
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jayne Anne Brennan
Director
Approved by the board on 4 June 2025
Oiltec UK Ltd.
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers Over 3 years, using the 'straight line' method.
Equipment 15% per annum, using the 'diminishing
balance' method.
Motor vehicle 25% per annum, using the 'diminishing
balance' method.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 4,180 64,432 68,612
Additions 680 - 680
Disposals (489) - (489)
At 31 December 2024 4,371 64,432 68,803
Depreciation
At 1 January 2024 2,850 28,189 31,039
Charge for the year 478 9,061 9,539
On disposals (376) - (376)
At 31 December 2024 2,952 37,250 40,202
Net book value
At 31 December 2024 1,419 27,182 28,601
At 31 December 2023 1,330 36,243 37,573
4 Debtors 2024 2023
£ £
Other debtors 693 128
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,400 1,400
Corporation tax - 11,985
1,400 13,385
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 45,297 44,641
7 Other information
Oiltec UK Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
8 Aldbrough Close,
Willow Grange,
Ryhope, Sunderland,
Tyne and Wear,
SR2 0LD.
Oiltec UK Ltd. 06385427 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts April 2025 Jayne Anne Brennan No description of principal activity 06385427 2023-01-01 2023-12-31 06385427 core:WithinOneYear 2023-12-31 06385427 core:AfterOneYear 2023-12-31 06385427 core:ShareCapital 2023-12-31 06385427 core:RetainedEarningsAccumulatedLosses 2023-12-31 06385427 2024-01-01 2024-12-31 06385427 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06385427 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 06385427 bus:Director40 2024-01-01 2024-12-31 06385427 1 2024-01-01 2024-12-31 06385427 2 2024-01-01 2024-12-31 06385427 core:PlantMachinery 2024-01-01 2024-12-31 06385427 core:Vehicles 2024-01-01 2024-12-31 06385427 countries:England 2024-01-01 2024-12-31 06385427 bus:FRS102 2024-01-01 2024-12-31 06385427 bus:FilletedAccounts 2024-01-01 2024-12-31 06385427 2024-12-31 06385427 core:WithinOneYear 2024-12-31 06385427 core:AfterOneYear 2024-12-31 06385427 core:ShareCapital 2024-12-31 06385427 core:RetainedEarningsAccumulatedLosses 2024-12-31 06385427 core:PlantMachinery 2024-12-31 06385427 core:Vehicles 2024-12-31 06385427 2023-12-31 06385427 core:PlantMachinery 2023-12-31 06385427 core:Vehicles 2023-12-31 iso4217:GBP xbrli:pure