REGISTERED NUMBER: 01386979 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Oil Plus Limited

Page

Report of the Directors

1

Balance Sheet

2

Notes to the Financial Statements

4

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activities of Oil Plus Limited remain unchanged. We continue to provide global oilfield water management, production chemistry, microbiology, specialised reservoir souring and process engineering consultancy expertise.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M Cavanagh

V Cavanagh

C L Shepherd

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M Cavanagh - Director

26 September 2025

FIXED ASSETS

Tangible assets

5

27,362

87,021

CURRENT ASSETS

Debtors: amounts falling due within one year

6

2,288,915

2,467,365

Cash at bank and in hand

237,553

204,339

2,526,468

2,671,704

CREDITORS

Amounts falling due within one year

7

1,464,391

1,665,986

NET CURRENT ASSETS

1,062,077

1,005,718

TOTAL ASSETS LESS CURRENT LIABILITIES

1,089,439

1,092,739

CREDITORS

Amounts falling due after more than one year

8

-

36,803

NET ASSETS

1,089,439

1,055,936

CAPITAL AND RESERVES

Called up share capital

10

150

150

Retained earnings

1,089,289

1,055,786

SHAREHOLDERS' FUNDS

1,089,439

1,055,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

M Cavanagh - Director

1.	STATUTORY INFORMATION

Oil Plus Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01386979 and the address of it's registered office is Dominion House, Kennet Side, Newbury, Berkshire, RG14 5PX.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Revenue recognition

Revenue from the sale of goods and services is recognised when the risks and rewards of ownership have been transferred to the customer, which is usually when title passes.

Revenue from services is recognised in accounting periods in which the services are rendered, by reference to completion of the specific transaction, assessed on the basis of the actual service provided as a portion of the total services to be provided.

Revenue is measured at the fair value of the consideration received or receivable, net of trade discounts, rebates, value added tax and other sales taxes.

Long term funded contracts

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of a contract activity at the balance sheet date. The Company uses the "percentage of completion method" to determine the appropriate amount to recognise in a given period. The assessment of the stage of completion is dependent on the nature of the contract but will generally be based on the estimated proportion of the total contract costs which have been incurred to date. If a contract is expected to be loss-making, a provision is recognised for the entire loss.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Technical, office and laboratory equipment

10% to 33% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Repairs, maintenance and minor inspection costs are expenses as incurred.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Financial assets are initially recognised at transaction price when the Company becomes party to contractual obligations. The transaction price used includes transactions costs unless the asset is being fair valued through the Statement of Income and Retained Earnings.

The classification of financial assets depends on the purpose for which the assets were acquired. Management determines the classification of an asset at initial recognition and re-evaluates their designation at each reporting date. Assets are classified as: loans and receivables; or financial assets where changes in fair value are charged (or credited) to the Statement of Income and Retained Earnings.

The subsequent measurement of financial assets depends on the classification. Loans and receivables are measured at amortised cost using the effective interest method. Financial assets where changes in fair value are charged (or credited) to the Statement of Income and Retained Earnings are subsequently measured at fair value. Realised and unrealised gains and losses arising from changes in the fair value of the 'financial assets at fair value through profit and loss' category are included in the Statement of Income and Retained Earnings in the year in which they arise.

Financial assets are derecognised when the right to receive cashflows from the assets has expired or has been transferred, and the Company has transferred substantially all of the risks and rewards of ownership.

Financial liabilities

Borrowings are initially recognised at the fair value of the proceeds, net of related transaction costs. These transaction costs and any discount or premium on issue are subsequently amortised under the effective yield method through the Statement of Income and Retained Earnings as interest over the life of a loan, and added to the liability disclosed in the Balance Sheet. Related accrued interest is included in the borrowings figure.

Borrowings are classified due within one year unless the Company has an unconditional right to defer settlement of the liability for at least one year after the Balance Sheet date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development

Expenditure on research and development is charged to the statement of income and retained earnings in the year in which it is incurred with the exception of amounts recoverable from third parties.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Employee benefits

The Company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.

Leases

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the statement of income and retained earnings on a straight-line basis over the period of the lease.

Provisions and contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. In particular:

(i) Restructuring provisions are recognised when the company has a detailed, formal plan for the restructuring and has raised a valid expectation in those affected by either starting to implement the plan or announcing its main features to those affected and therefore has a legal or constructive obligation to carry out the restructuring.

(ii) Provision is not made for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

(iii) Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of income and retained earnings.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

1,980,743

Additions

2,990

Disposals

(52,827

)

At 31 December 2024

1,930,906

DEPRECIATION

At 1 January 2024

1,893,722

Charge for year

25,149

Eliminated on disposal

(15,327

)

At 31 December 2024

1,903,544

NET BOOK VALUE

At 31 December 2024

27,362

At 31 December 2023

87,021

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

233,534

383,356

Other debtors

2,055,381

2,084,009

2,288,915

2,467,365

Deferred tax asset

31.12.24

31.12.23

£

£

Tax losses carried forward

152,155

152,155

Other timing differences

15,132

17,011

167,287

169,166

The company transferred trade debtors to a factoring company. The trade debtors have not been derecognised from the balance sheet, because the company retains substantially all of the risks and rewards, primarily credit risk. The amount received on transfer has been recognised within other creditors.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

-

48,624

Hire purchase contracts

-

7,651

Payments on account

23,098

39,796

Trade creditors

270,951

241,958

Taxation and social security

355,362

285,148

Other creditors

814,980

1,042,809

1,464,391

1,665,986

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

-

36,803

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

-

48,624

Hire purchase contracts

-

44,454

Factored trade debts

18,664

38,832

18,664

131,910

The Coronavirus Business Interruption Loan (CBIL) is secured by a debenture granted by the company, in favour of Barclays Security Trustee Limited for the benefit of Barclays Bank UK plc, Barclays Bank plc and Barclays Mercantile Business Finance Limited. This is a fixed and floating charge over the assets of the company.

Market Finance Limited, by way of a debenture, hold a fixed and floating charge over the assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

150

Ordinary

£1

150

150

11.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £219,400 (2023 - £333,784).

Contributions totalling £31,554 (2023 - £16,071) were payable to the company's defined contribution pension scheme at the end of the year and are included in creditors.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is V Cavanagh.