Company registration number SC333836 (Scotland)
Normac Oils Limited
Unaudited financial statements
for the year ended 31 December 2024
Pages for filing with registrar
Normac Oils Limited
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Normac Oils Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Normac Oils Limited for the year ended 31 December 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the Director of Normac Oils Limited, in accordance with the terms of our engagement letter dated 13 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Normac Oils Limited and state those matters that we have agreed to state to the Director of Normac Oils Limited, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Normac Oils Limited and its Director for our work or for this report.

It is your duty to ensure that Normac Oils Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Normac Oils Limited. You consider that Normac Oils Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Normac Oils Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
1 July 2025
Normac Oils Limited
Statement of financial position
at 31 December 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
2
126
126
Current assets
Debtors
155,157
222,002
Cash at bank and in hand
245,204
177,285
400,361
399,287
Creditors: amounts falling due within one year
(139,442)
(161,241)
Net current assets
260,919
238,046
Net assets
261,045
238,172
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
261,044
238,171
Total equity
261,045
238,172

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Normac Oils Limited
Statement of financial position (continued)
at 31 December 2024
3
The financial statements were approved and signed by the director and authorised for issue on 30 June 2025
Duncan W. McIntosh
Director
Company Registration No. SC333836
Normac Oils Limited
Notes to the financial statements
for the year ended 31 December 2024
4
1
Accounting policies
Company information

Normac Oils Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit A, Minto Avenue, Altens Industrial Estate, Aberdeen, AB12 3JZ.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Normac Oils Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies (continued)
5
1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Fixed asset investments
2024
2023
£
£
Other investments other than loans
126
126
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