Petrocorp Limited - Filleted accounts

Registered number

06656119

Petrocorp Limited

Unaudited Filleted Accounts

31 July 2024

Petrocorp Limited
Registered number:		06656119
Balance Sheet
as at 31 July 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		-			784
Investments	4		1,092,586			2,305,086
			1,092,586			2,305,870

Current assets
Stocks		5,790,196			621,000
Debtors	5	5,102,546			3,339,722
Cash at bank and in hand		60,601			816,431
		10,953,343			4,777,153

Creditors: amounts falling due within one year	6	(9,752,393)			(3,092,200)

Net current assets			1,200,950			1,684,953

Total assets less current liabilities			2,293,536			3,990,823

Creditors: amounts falling due after more than one year	7		(1,414,930)			(2,914,603)


Net assets			878,606			1,076,220

Capital and reserves
Called up share capital			2			2
Profit and loss account			878,604			1,076,218

Shareholders' funds			878,606			1,076,220

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.




Farhad Khatibi
Director
Approved by the board on 10 September 2025

Petrocorp Limited
Notes to the Accounts
for the year ended 31 July 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
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Office Equipment			33.33%
	Plant and machinery			33.33%
	Fixtures, fittings, tools and equipment			33.33%

	Investments
	Investments in property are measured at cost. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					2		2





















3	Tangible fixed assets
		Computer Equipment		Plant and machinery etc		Fixtures &Fittings		Total
£			£		£		£
	Cost
	At 1 August 2023	4,248		2,276		11,425		17,949
	At 31 July 2024	4,248		2,276		11,425		17,949

	Depreciation
	At 1 August 2023	3,464		2,276		11,425		17,165
	Charge for the year	784		-		-		784
	At 31 July 2024	4,248		2,276		11,425		17,949

	Net book value
	At 31 July 2024	-		-		-		-
	At 31 July 2023	784		-		-		784


4	Investments

Other
investments
£
	Cost
	At 1 August 2023							2,305,086
	Disposals							(1,212,500)

	At 31 July 2024							1,092,586


5	Debtors					2024		2023
£							£

	Trade debtors					3,494,297		2,777,142
	Accrued sales					171,108		-
	VAT recoverable					1,025,683		116,578
	Other debtors					411,458		446,002
						5,102,546		3,339,722










6	Creditors: amounts falling due within one year					2024		2023
£							£

	Bank loans and overdrafts					-		18,479
	Trade creditors					8,876,911		1,689,751
	Taxation and social security costs					33,175		143,002
	Wages payable					2,136		-
	Accruals					3,000		750,000
	Director loan account					95,901		490,968
	Other creditors					741,270		-
						9,752,393		3,092,200


7	Creditors: amounts falling due after one year					2024		2023
£							£

	Other loans					1,243,822		2,914,603
	Other creditors					171,108		-
						1,414,930		2,914,603




8	Other information

	Petrocorp Limited is a private company limited by shares and incorporated in England. Its registered office is:
	277-279 Chiswick High Road
	London
	W4 4PU