Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 2024-01-01 false Acting as an agent in the sale of oil.2 2 false true false 05464073 2024-01-01 2024-12-31 05464073 2023-01-01 2023-12-31 05464073 2024-12-31 05464073 2023-12-31 05464073 2023-01-01 05464073 c:Director1 2024-01-01 2024-12-31 05464073 d:OfficeEquipment 2024-01-01 2024-12-31 05464073 d:OfficeEquipment 2024-12-31 05464073 d:OfficeEquipment 2023-12-31 05464073 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 05464073 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 05464073 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05464073 d:CurrentFinancialInstruments 2024-12-31 05464073 d:CurrentFinancialInstruments 2023-12-31 05464073 d:Non-currentFinancialInstruments 2024-12-31 05464073 d:Non-currentFinancialInstruments 2023-12-31 05464073 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 05464073 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05464073 d:ShareCapital 2024-01-01 2024-12-31 05464073 d:ShareCapital 2024-12-31 05464073 d:ShareCapital 2023-01-01 2023-12-31 05464073 d:ShareCapital 2023-12-31 05464073 d:ShareCapital 2023-01-01 05464073 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05464073 d:RetainedEarningsAccumulatedLosses 2024-12-31 05464073 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05464073 d:RetainedEarningsAccumulatedLosses 2023-12-31 05464073 d:RetainedEarningsAccumulatedLosses 2023-01-01 05464073 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 05464073 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05464073 c:OrdinaryShareClass1 2024-01-01 2024-12-31 05464073 c:OrdinaryShareClass1 2024-12-31 05464073 c:OrdinaryShareClass1 2023-12-31 05464073 c:FRS102 2024-01-01 2024-12-31 05464073 c:Audited 2024-01-01 2024-12-31 05464073 c:FullAccounts 2024-01-01 2024-12-31 05464073 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05464073 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05464073 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 05464073 2 2024-01-01 2024-12-31 05464073 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05464073 WINTEL PETROCHEMICALS LIMITED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WINTEL PETROCHEMICALS LIMITED REGISTERED NUMBER:05464073
BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 40,000 |  | -
|  |  | 40,000 |  | -
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 6 | 1,986,455 |  | 1,650,000 |
Debtors: amounts falling due within one year | 6 | 11,149,826 |  | 10,676,939 |
Cash at bank and in hand | 7 | 27,744,216 |  | 28,093,785 |
|  | 40,880,497 |  | 40,420,724 |
Creditors: amounts falling due within one year | 8 | (28,294,271) |  | (27,839,289) |
Net current assets |  |  | 12,586,226 |  | 12,581,435
Total assets less current liabilities |  |  | 12,626,226 |  | 12,581,435
Net assets |  |  | 12,626,226 |  | 12,581,435
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | 12,626,225 |  | 12,581,434
Shareholders' funds |  |  | 12,626,226 |  | 12,581,435
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr S D Burgess
Director
Date: 1 April 2026
The notes on pages 3 to 12 form part of these financial statements. Page 1
WINTEL PETROCHEMICALS LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 1 | 11,808,245 | 11,808,246
Comprehensive income for the year |  |  |
Profit for the year | - | 198,531 | 198,531
Currency translation differences | - | 574,658 | 574,658
Other comprehensive income for the year | - | 574,658 | 574,658
Total comprehensive income for the year | - | 773,189 | 773,189
At 1 January 2024 | 1 | 12,581,434 | 12,581,435
Comprehensive income for the year |  |  |
Profit for the year | - | 236,346 | 236,346
Currency translation differences | - | (191,555) | (191,555)
Other comprehensive income for the year | - | (191,555) | (191,555)
Total comprehensive income for the year | - | 44,791 | 44,791
At 31 December 2024 | 1 | 12,626,225 | 12,626,226
Page 2
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Wintel Petrochemicals Limited is a private company, limited by shares, incorporated in England and Wales, registered number 05464073. The registered office is 14 St. Johns Road, Woking, Surrey, GU21 7SE. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks to the business. In doing so, the Directors have considered the Company's business financial model and its availability of cash resources. The Directors cite that the Company has made a profit and the Company has sufficient cash resources to meet its liabilites. As part of their assessment of going concern the Directors have considered the Company's projected profits and cash flows by reference to the business financial model and the availability of cash resources. Furthermore the Company can draw upon financial support from its parent undertaking and the ultimate controlling party of the Group it belongs to, if required, and as such has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements and the foreseeable future. The Directors consider it appropriate to therefore prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional currency is USD. This differs from the presentational currency which is GBP. The reason for the difference is that the Company brokers deals in the trade of oil in USD. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 3
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Amortisation is provided on the following bases:
|  |  |  | Patents | - | 20% | per annum
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 5
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Page 6
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 7
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 2 | 2
4. | Intangible assets
|  | Patents
|  | £
| Cost |
| Additions | 40,000
| At 31 December 2024 | 40,000
| Net book value |
| At 31 December 2024 | 40,000
| At 31 December 2023 | -
Page 8
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 January 2024 | 7,592
| Disposals | (2,496)
| At 31 December 2024 | 5,096
| Depreciation |
| At 1 January 2024 | 7,592
| Disposals | (2,496)
| At 31 December 2024 | 5,096
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | -
Page 9
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 1,986,455 | 1,650,000
| Amounts owed by group undertakings relates to 2 loans of £1,916,455 and £70,000 which carry interest at 4% p.a. and are repayable 4 June 2031 and 31 August 2028 respectively.
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 471,373 | -
| Amounts owed by group undertakings | 8,012,767 | 8,001,729
| Other debtors | 2,191,861 | 2,348,656
| Prepayments and accrued income | 473,825 | 305,765
| Deferred taxation | - | 20,789
|  | 11,149,826 | 10,676,939
| Amounts owed by group undertakings of £7,958,552 are interest free and repayable on demand.
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 27,744,216 | 28,093,785
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other loans | 19,896,380 | 19,638,186
| Trade creditors | 47,511 | 60,088
| Other taxation and social security | 8,722 | 17,519
| Other creditors | 7,860,377 | 7,857,340
| Accruals and deferred income | 481,281 | 266,156
|  | 28,294,271 | 27,839,289
| Other loans are interest free and repayable within one year.
Page 10
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 20,789
| Utilised in year | (20,789)
| At end of year | -
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | - | 20,789
10. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2023 - 1) Ordinary share of £1.00 | 1 | 1
11. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,000 (2023 - £30,000). Contributions totalling £nil (2023 - £88) were payable to the fund at the balance sheet date and are included in creditors.
12. | Related party transactions
| The Company has taken advantage of the exemption with Section 33 of FRS102 not to disclose transactions with wholly owned group members. During 2022 the company took out a loan with Calvert Financial Corp., Belize for $25,000,000. This was an interest free loan repayable on demand. In 2024 this loan was assigned to Pritay Investments Limited. Other creditors include a loan of $10,000,000 from Mr M Demin. The loan bears interest at 2% per annum and is repayable in 2043. Other debtors include a loan of £345,000 to Dragonwyck Limited, which is interest free and repayable on demand, and a loan of £460,000 to Climatise Technology Limited, which bears interest at 6% per annum and is repayable on demand. Wintel Petrochemicals Limited, Calvert Financial Corp., Belize, and Pritay Investments Limited have the same ultimate beneficial owner.
Page 11
WINTEL PETROCHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Controlling party
The immediate parent company of Wintel Petrochemicals Limited is Wintel Holdings (UK) Limited, a company registered in England and Wales. The ultimate parent undertaking is Fortina Enterprises Limited, a Company incorporated in in the British Virgin Islands, whictoh is owned by the Opalus Trust. The ultimate controlling party is Mr M Demin, by virtue of his interest in The Opalus Trust.
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 2 April 2026 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull.
Page 12