Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 66,419 | 36,150 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 2,291,272 | 2,135,719 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 358,858 | 451,341 | ||
| Total assets less current liabilities | 425,277 | 487,491 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account |
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| Total shareholder's funds |
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The financial statements of Oil Technics Limited (registered number:
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Gillian Evans
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Oil Technics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is International House 307 Cotton Exchange, Old Hall Street, Liverpool, L3 9LQ, United Kingdom. The principal place of business is Linton Business Park, Gourdon, Montrose, Angus, DD10 0NH.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company has taken advantage of the exemption not to disclose details of transactions and balances with other members of the group.
At the time of approving the financial statements, the director has assessed the company’s ability to continue as a going concern, taking into account the post–balance sheet death of one of the director’s and shareholder and the succession arrangements that are in place. Having reviewed financial forecasts, cash flows and other relevant information, the director considers that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements.
The going concern assumption is based upon confirmation of support from the director of the company that she will continue to support the company by providing sufficient funding and financial support as required to enable the company to discharge all its liabilities and continue as a going concern for a minimum period of at least 12 months from the date of signing the audited financial statements.
Financial forecasts have been prepared for the year to 30 April 2026 show that the company can meet its liabilities as they fall due throughout this period.
Thus, the director continues to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
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 dispatch 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.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The company has elected to change its depreciation policy from the reducing balance method to the straight-line method. This change has been made to ensure that the depreciation charge and the resulting carrying amounts of the assets more accurately reflect the status of the asset.
Under the previous reducing balance method, assets were depreciated at a fixed percentage of their declining carrying amounts. Whilst it is appropriate in the early years of the assets life, this method has resulted in small residual NBV balances remaining on the balance sheet for assets that were no longer in use or had reached the end of their expected useful lives.
The straight-line method provides a more systematic allocation of the depreciable amount over the assets useful life and ensures that assets are fully depreciated by the end of that period.
The rates of depreciation are as follows:
| Plant and machinery etc. |
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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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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. Cost is determined using the weighted average cost formula
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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. Amounts 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including the director |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 May 2024 |
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| Additions |
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| Disposals | (
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| At 30 April 2025 |
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| Accumulated depreciation | |||
| At 01 May 2024 |
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| Charge for the financial year |
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| Disposals | (
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| At 30 April 2025 |
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| Net book value | |||
| At 30 April 2025 | 66,419 | 66,419 | |
| At 30 April 2024 | 36,150 | 36,150 |
| 2025 | 2024 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by group undertakings |
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| Amounts owed by parent undertakings |
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| Other debtors |
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| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to group undertakings |
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| Other taxation and social security |
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| Other creditors |
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The bank loan is secured and subject to the following charges and guarantees:
HSBC Bank Plc hold a debenture which includes fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.
HSBC Invoice Finance (UK) Ltd hold a fixed equitable charge over all debts purchased or purported to be purchased by the security holder pursuant to an agreement for the purchase of debts between the security holder and the company which fail to vest effectively or absolutely in the security holder for any reason.
HSBC Bank Plc hold a charge over contract monies.
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
| 2025 | 2024 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating leases |
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Transactions with the entity's director
As at 30 April 2025, the directors were due the company £nil (2024 - £82,133). This loan is interest free with no set repayment terms.
Key management compensation
| 2025 | 2024 | ||
| £ | £ | ||
| Key management compensation |
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The impact of the change in directorship and ownership structure has been considered as part of the company’s assessment of going concern. Management has concluded that no material uncertainty exists as a result of this event.
The company is party to a composite company unlimited multilateral guarantee with HSBC UK Bank Plc, together with Oil Technics Holdings Limited, Oil Technics (Fire Fighting Products) Limited, and Bio Technics Limited.
Under the terms of the guarantee, each company jointly and severally guarantees all liabilities owed to HSBC UK Bank Plc by the other group companies. No liability has arisen under this guarantee at the balance sheet date.
The audit report was signed by Louise Smith CA on behalf of Hall Morrice LLP.