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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 2018 |
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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 2018 |
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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 2018 |
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Page |
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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 2018 |
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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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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 2018 |
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The directors present their report with the financial statements of the company for the year ended 30th April 2018. |
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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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Opinion |
We have audited the financial statements of Oil Technics Limited (the 'company') for the year ended 30th April 2018 |
which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of |
significant accounting policies. The financial reporting framework that has been applied in their preparation is |
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting |
Practice). |
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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 2018 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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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and the provisions available for small entities, in the circumstances set out in note twelve to the financial statements, and |
we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of |
the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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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 |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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 |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Report of the Directors. |
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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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Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for |
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal |
control as the directors determine necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
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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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 2018 |
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30.4.18 | 30.4.17 |
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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LOSS FOR THE FINANCIAL YEAR | ( |
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OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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BALANCE SHEET |
30TH APRIL 2018 |
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30.4.18 | 30.4.17 |
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 | ( |
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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 2018 |
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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 2018 |
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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. | OPERATING LOSS |
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The operating loss is stated after charging: |
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30.4.18 | 30.4.17 |
£ | £ |
Depreciation - owned assets |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st May 2017 |
and 30th April 2018 |
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AMORTISATION |
At 1st May 2017 |
and 30th April 2018 |
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NET BOOK VALUE |
At 30th April 2018 |
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At 30th April 2017 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st May 2017 |
and 30th April 2018 |
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DEPRECIATION |
At 1st May 2017 |
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Charge for year |
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At 30th April 2018 |
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NET BOOK VALUE |
At 30th April 2018 |
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At 30th April 2017 |
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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 2018 |
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6. | TANGIBLE FIXED ASSETS - continued |
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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 |
30.4.18 | 30.4.17 |
£ | £ |
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 |
30.4.18 | 30.4.17 |
£ | £ |
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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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.4.18 | 30.4.17 |
£ | £ |
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 30TH APRIL 2018 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.4.18 | 30.4.17 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Factoring Account | 119,040 | 183,808 |
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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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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. |
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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. |