Registration number: 00691923

Warwickshire Oil Storage Limited

Contents

Abridged Balance Sheet	1
Notes to the Abridged Financial Statements	2 to 6

Warwickshire Oil Storage Limited

(Registration number: 00691923)
Abridged Balance Sheet as at 31 December 2024

	Note	2024		2023
		£ 000	£ 000	£ 000	£ 000
Fixed assets
Tangible assets	4		32		32
Current assets
Stocks		73		138
Debtors due within one year		603		634
Cash at bank and in hand		537		446
		1,213		1,218
Creditors: Amounts falling due within one year		(1,145)		(1,114)
Net current assets			68		104
Total assets less current liabilities			100		136
Creditors: Amounts falling due after more than one year			(438)		(475)
Net liabilities excluding pension asset			(338)		(339)
Net pension asset			325		766
Net (liabilities)/assets			(13)		427
Capital and reserves
Profit and loss account		(13)		427
Total equity			(13)		427

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 December 2025 and signed on its behalf by:
 

......................................... Mr T G Handy Director

Warwickshire Oil Storage Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Wilkin Chapman LLP
Cartergate House
Chantry Lane
Grimsby
North East Lincolnshire
DN31 2LJ

These financial statements were authorised for issue by the Board on 2 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

Disclosure under section 444(5B) of the Companies Act 2006

The Auditors draw attention to note 8 to the financial statements, which describes a post balance sheet event relevant to the directors' assessment of the going concern basis of accounting. The audit opinion is not modified in respect of this matter.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the Audit Report on 2 December 2025 was Darren Barlow FCCA, who signed for and on behalf of TC Group, Statutory Auditor.

Revenue recognition

Net expenditure incurred by the company in respect of the terminal is recharged on an agreed basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Warwickshire Oil Storage Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

Asset class	Depreciation method and rate
Land and buildings	Not provided
Common use facilities	25 years straight line
Plant and machinery	3 to 10 years straight line

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Foreign currency transactions and balances

Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. All exchange differences are dealt with through the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Warwickshire Oil Storage Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals payable under operating leases are charged to income on a straight line basis over the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Warwickshire Oil Storage Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

Defined benefit pension obligation

The company contributes to a defined benefit scheme at rates set by the scheme actuary and advised to the company by the scheme administrator. The assets of the scheme are held separately from those of the company. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. The pension scheme surplus (to the extent that it is recoverable) or deficit is recognised in full. The movement in the scheme/deficit is split between operating charges, finance items and, in the statement of other comprehensive income.

3	Staff numbers

During the year, the average number of employees of the company was 24 (2023 - 23).

4	Tangible assets

	Land and buildings £ 000	Common use facilities  £ 000	Plant and machinery  £ 000	Total £ 000
Cost or valuation
At 1 January 2024	32	292	50	374
At 31 December 2024	32	292	50	374
Depreciation
At 1 January 2024	-	292	50	342
At 31 December 2024	-	292	50	342
Carrying amount
At 31 December 2024	32	-	-	32
At 31 December 2023	32	-	-	32

5	Commitments

Other financial commitments

During the course of the company's standard operations the company was committed to expenditure in respect of ongoing projects at the year end. When incurred these costs will be fully recharged to the company's clients. The total amount of other financial commitments not provided in the financial statements was £1,145,336 (2023 - £150,113).

Warwickshire Oil Storage Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2024

6	Obligations under leases and hire purchase contracts

Operating leases

At 31 December 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £19,968 (2023 - £28,646).
 

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	102	102	102	102

8	Non adjusting post balance sheet event

On 30 June 2025, a winding-up order was made against Prax Lindsey Oil Refinery Limited. The process of compulsory liquidation is ongoing at the date on which these accounts were signed. Warwickshire Oil Storage Limited retains the ongoing support of Phillips 66 Limited and additional funding has been provided after the balance sheet date. The directors believe that the company has safeguarded finances to secure the going concern.