Company registration number 03916476 (England and Wales)
Global Oil Company (Europe) Limited
Unaudited financial statements
For the year ended 31 March 2025
Global Oil Company (Europe) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Global Oil Company (Europe) Limited
Statement of financial position
As at 31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
2
966
1,229
Current assets
Stocks
425,154
341,810
Debtors
3
2,056,417
1,904,282
Cash at bank and in hand
254,010
193,297
2,735,581
2,439,389
Creditors: amounts falling due within one year
4
(1,355,715)
(1,074,275)
Net current assets
1,379,866
1,365,114
Total assets less current liabilities
1,380,832
1,366,343
Creditors: amounts falling due after more than one year
5
(3,531)
(13,949)
Net assets
1,377,301
1,352,394
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,377,300
1,352,393
Total equity
1,377,301
1,352,394
Global Oil Company (Europe) Limited
Statement of financial position (continued)
As at 31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 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.

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

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

The financial statements were approved and signed by the director and authorised for issue on 3 October 2025
Mr C B P Jones
Director
Company registration number 03916476 (England and Wales)
Global Oil Company (Europe) Limited
Notes to the financial statements
For the year ended 31 March 2025
- 3 -
1
Accounting policies
Company information

Global Oil Company (Europe) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cold Meece Estate, Cold Meece, Swynnerton, Stone, Staffordshire, ST15 0SP.

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 a mounts in these financial statements are rounded to the nearest £.

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

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned group entities where the relationship is one of being wholly owned.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Plant and equipment
25% reducing balance
Computers
25% reducing balance

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.

Global Oil Company (Europe) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Global Oil Company (Europe) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
Taxation

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

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.

Global Oil Company (Europe) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
22,705
2,495
25,200
Depreciation and impairment
At 1 April 2024
21,786
2,185
23,971
Depreciation charged in the year
230
33
263
At 31 March 2025
22,016
2,218
24,234
Carrying amount
At 31 March 2025
689
277
966
At 31 March 2024
919
310
1,229
3
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
127,224
224,407
Amounts owed by group undertakings
1,562,722
1,405,722
Other debtors
366,471
274,153
2,056,417
1,904,282
Global Oil Company (Europe) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
- 7 -
4
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
40,419
52,477
Trade creditors
243,517
284,943
Amounts owed to group undertakings
120,000
-
0
Taxation and social security
86,775
114,694
Other creditors
865,004
622,161
1,355,715
1,074,275

5
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,531
13,949

6
Security

The bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

7
Related party transactions

At the year end, the company was owed £Nil (2024 - £1,154) from participating interests in with C B P Jones is a director and shareholder.

8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr Clive Jones
2.25
205,476
112,139
5,627
(123,905)
199,337
205,476
112,139
5,627
(123,905)
199,337
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