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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2019 |
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OIL TECHNICS LIMITED |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2019 |
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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 30 APRIL 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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OIL TECHNICS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2019 |
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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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BALANCE SHEET |
30 APRIL 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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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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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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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 30 APRIL 2019 |
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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 30 APRIL 2019 |
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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 number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 May 2018 |
and 30 April 2019 |
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AMORTISATION |
At 1 May 2018 |
and 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2018 |
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Additions |
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At 30 April 2019 |
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DEPRECIATION |
At 1 May 2018 |
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Charge for year |
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At 30 April 2019 |
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NET BOOK VALUE |
At 30 April 2019 |
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At 30 April 2018 |
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The HSBC Bank Plc has a debenture including fixed mortgage 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 15 April 2012. |
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HSBC has a First Legal Charge dated 15 april 2012 over property known as Linton Business Park, Gourdon, |
DD10 0NH |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
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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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
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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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Factoring Account | 165,319 | 119,040 |
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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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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Guild Appleton Limited |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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12. | 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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13. | AUDITOR LIABILITY LIMITATION AGREEMENT |
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As set out in latest letter of Engagement dated 14th July 2016. |
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14. | ULTIMATE CONTROLLING PARTY |
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The controlling party is TD Evans. |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2019 |
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15. | ULTIMATE PARENT COMPANY |
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The company is a 100% subsidiary undertaking of Oil Technics Holdings Limited registered in England and |
Wales. |