Company registration number 8861563 (England and Wales)
OILMEWS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OILMEWS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OILMEWS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
5,264,562
3,692,979
Current assets
Stocks
4
1,567,507
6,526,682
Debtors
5
13,681
1,525,128
Cash at bank and in hand
70,759
89,130
1,651,947
8,140,940
Creditors: amounts falling due within one year
6
(2,779,472)
(8,472,023)
Net current liabilities
(1,127,525)
(331,083)
Net assets
4,137,037
3,361,896
Capital and reserves
Called up share capital
7
700
700
Profit and loss reserves
4,136,337
3,361,196
Total equity
4,137,037
3,361,896
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Shane David Teague
Director
Company registration number 8861563 (England and Wales)
OILMEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
OILMEWS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and the principal place of business is 52-54 Dundas Street, Edinburgh, EH3 6QZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
Management truehas determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern.
1.3
Turnover
Turnover represents amounts receivable for contracting work done and it represents the value of work invoiced during the year. Any amounts not invoiced are included in the work in progress. Work done and work in progress are recognised by reference to the stage of completion.
Other operating income mainly consists of rental income which is charged to profit or loss on a straight line basis over the term of the relevant lease.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Stocks
Work in progress is valued at the lower of cost and net realisable value, whichever is lower. The cost of work in progress comprises raw materials, direct labour, other direct costs and related overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
OILMEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable/(repayable).
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
3
Investment property
2024
£
Fair value
At 1 October 2023
3,692,979
Additions (note 4)
1,571,583
At 30 September 2024
5,264,562
As at 30 September 2024, the directors are of the opinion that the fair value of the investment property has remained unchanged.
OILMEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
4
Stocks
2024
2023
£
£
Site costs
1,412,795
2,942,955
Work in progress
154,712
3,583,727
1,567,507
6,526,682
The company acquired a site on 4 December 2020 for which planning permission was granted for 46 residential units on 17 May 2021. 16 residential units were retained as an investment and the remaining residential units were sold. All necessary cost apportionments have been made and reflected in notes 4 and 5 of the accounts.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,136
6,289
Other debtors
9,545
1,518,839
13,681
1,525,128
Included in other debtors is an amount of £Nil (2023:£1,504,913) due by S1 Developments Limited.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,278
5,577
Corporation tax
34,354
33,520
Other taxation and social security
4,118
Other creditors
2,727,840
8,428,808
2,779,472
8,472,023
Included in other creditors is an amount of £2,405,000 (2023:£2,405,000) due to Lincam Pentland Limited.
In addition, in other creditors is an amount of £1,211 (2023:£1,211) due to Skyliner Teague Limited, a company in which Shane David Teague and Daniel John Teague are also directors of that company.
Included in other creditors is an amount of £307,819 (2023:£Nil) due to S1 Developments Limited.
OILMEWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
300 A Ordinary shares of £1 each
300
300
300 B Ordinary shares of £1 each
300
300
700
700
On the 21 December 2022 the company issued 600 shares, 300 A Ordinary shares and 300 B Ordinary shares with aggregate nominal value of £600.
8
Controlling party
The company was controlled throughout the current and previous years by the directors by virtue of the fact that between them they owned the entire class of shares with voting rights.
9
Related party transactions
During the year, the company received subcontracting services, at market value from S1 Developments Limited, totalling £2,073,599 (2023: £4,269,460), a company in which Shane David Teague and Daniel John Teague are also directors.