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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH APRIL 2017 |
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FOR |
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OIL TECHNICS LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH APRIL 2017 |
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FOR |
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OIL TECHNICS LIMITED |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 5 |
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Balance Sheet | 6 |
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Notes to the Financial Statements | 7 |
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OIL TECHNICS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Registered Auditors |
Number 19 |
Old Hall Street |
Liverpool |
Merseyside |
L3 9JQ |
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BANKERS: |
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2 Queens Road |
Aberdeen |
Grampian |
AB15 4ZT |
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SOLICITORS: |
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Advocates and Notaries Public |
1 Carden Place |
Aberdeen |
Aberdeenshire |
AB10 1UT |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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The directors present their report with the financial statements of the company for the year ended 30th April 2017. |
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RESEARCH AND DEVELOPMENT |
The Trading Group continues to Invest profits in the on-going development of new ranges of products to provide both |
brand new products and next generation products. |
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Oil Technics staff continue with the development and improvement of all products across the range to keep ahead of all |
changing legislation and environmental improvements. |
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The directors are confident that this development will see significant growth in future sales as customers accept the |
added value of cleaner more environmental friendly products. |
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DIRECTORS |
Interests of the directors who held office at the end of the financial year in the ordinary share capital of the parent |
company, Oil Technics Holdings Limited, are disclosed in the financial statements of that company. |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OIL TECHNICS LIMITED |
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We have audited the financial statements of Oil Technics Limited for the year ended 30th April 2017 on pages five to |
eleven. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 30th April 2017 and of its loss for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the |
Directors for the financial year for which the financial statements are prepared is consistent with the financial statements, |
and has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding |
of the company and its environment, we have not identified any material misstatements in the Report of the Directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OIL TECHNICS LIMITED |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Registered Auditors |
Number 19 |
Old Hall Street |
Liverpool |
Merseyside |
L3 9JQ |
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Guild Appleton Limited |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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30.4.17 | 30.4.16 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Distribution costs | ( |
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Administrative expenses | ( |
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OPERATING LOSS | 4 | ( |
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Interest payable and similar expenses | ( |
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LOSS BEFORE TAXATION | ( |
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Tax on loss |
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( |
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LOSS FOR THE FINANCIAL YEAR | ( |
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OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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BALANCE SHEET |
30TH APRIL 2017 |
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30.4.17 | 30.4.16 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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1. | STATUTORY INFORMATION |
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Oil Technics Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Land and Buildings - 2% on cost |
Plant and Machinery etc - 25% on reducing balance no depreciation in year of acquisition |
Computer Equipment - 20% on reducing balance |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average monthly number of employees during the year was
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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30.4.17 | 30.4.16 |
£ | £ |
Depreciation - owned assets |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1st May 2016 |
and 30th April 2017 |
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AMORTISATION |
At 1st May 2016 |
and 30th April 2017 |
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NET BOOK VALUE |
At 30th April 2017 |
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At 30th April 2016 |
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OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st May 2016 |
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Additions |
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At 30th April 2017 |
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DEPRECIATION |
At 1st May 2016 |
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Charge for year |
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At 30th April 2017 |
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NET BOOK VALUE |
At 30th April 2017 |
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At 30th April 2016 |
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The HSBC Bank Plc has a debenture including fixed charge over all present freehold and leasehold property: |
First fixed charge over book and other debts, chattels , goodwill and uncalled capital , both present and future: |
and first floating charge over all assets and undertaking both present and future dated 17 December 2002. |
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HSBC has a First Legal scottish Charge dated 19 December 2007 over property known as Linton Business Park, |
Gourdon, DD10 0NH |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.17 | 30.4.16 |
£ | £ |
Trade debtors |
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Other debtors |
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HSBC Invoice Finance (UK) Ltd has a fixed equitable charge on all purchased debts shown in Trade debtors, |
this charge was given on 14th April 2003. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.17 | 30.4.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.4.17 | 30.4.16 |
£ | £ |
Bank loans |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.4.17 | 30.4.16 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Factoring Account | - | 199,029 |
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HSBC have a charge over contract monies dated 9 April 2012. |
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HSBC Invoice Finance (UK) Ltd has a fixed equitable charge on all purchased debts shown in Trade debtors, |
this charge was given on 22nd December 2004. |
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The HSBC Bank Plc has a debenture including fixed charge over all present freehold and leasehold property: |
First fixed charge over book and other debts, chattels , goodwill and uncalled capital , both present and future: |
and first floating charge over all assets and undertaking both present and future dated 17 December 2002. |
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General letter of pledge dated 21 February 2013 is held by HSBC. |
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Composite Company unlimited multilateral guarantee dated 2nd March 2009 is held by HSBC. |
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HSBC has First Mortgage dated 1 October 2004 over HSBC life policy number 9J9W26J-01 |
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HSBC has a First Legal Scottish Charge dated 19 December 2007 over property known as Linton Business Park, |
Gourdon, DD10 0NH |
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Group set off is held by HSBC. |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The Company continues to pay rates and other costs for the use of the old factory at "Upper Mill" which is still |
being used as a storage factory the site is owned by the Director Mr D Evans and Mrs G Evans in the year to |
30.04.17 these costs came to £2,640 and in the year to 30.04.16 these costs amounted to just over £1,680. |
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During the year, the company was charged £420 rentals in respect of maintaining an office overseas, and £18,000 |
in respect of marketing costs overseas by Ms S Evans - who is a relative of the Directors named above. |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2017 |
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12. | RELATED PARTY DISCLOSURES |
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Sales |
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Sales to Rozone for the period covered by the accounts amounted to £59,757 gross and in 2016 came to £62,789 |
gross for the year. |
Sales to Techtron in the accounts amounted to £4,957 and in year to 30.04.2016 amounted to £11,148 gross for |
the year. |
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Rozone and Techtron are both a subsidiary of Rubery Owen which is a 14.89% shareholder in the business. |
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Fees Charged |
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Angus Day LLP charged £23,153 in the year in respect of fees. The limited liability partnership lists Mr P Owen |
as a member, who is also a member of Rubery Owen noted above. |
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13. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns |
to the tax authorities and assist with the preparation of the financial statements. |
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14. | AUDITOR LIABILITY LIMITATION AGREEMENT |
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As set out in latest letter of Engagement dated 14th July 2016. |
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15. | ULTIMATE CONTROLLING PARTY |
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The controlling party is TD Evans. |
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16. | ULTIMATE PARENT COMPANY |
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The company is a 100% subsidiary undertaking of Oil Technics Holdings Limited registered in England and |
Wales. |