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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH APRIL 2021 |
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OIL TECHNICS LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH APRIL 2021 |
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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 2021 |
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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 30TH APRIL 2021 |
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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 |
30TH APRIL 2021 |
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30.4.21 | 30.4.20 |
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 ASSETS/(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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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 and authorised for issue on
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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 2021 |
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1. | STATUTORY INFORMATION |
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Oil Technics Limited is a
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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. |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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 |
£ |
COST |
At 1st May 2020 |
and 30th April 2021 |
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AMORTISATION |
At 1st May 2020 |
and 30th April 2021 |
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NET BOOK VALUE |
At 30th April 2021 |
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At 30th April 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st May 2020 |
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Additions |
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At 30th April 2021 |
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DEPRECIATION |
At 1st May 2020 |
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Charge for year |
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At 30th April 2021 |
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NET BOOK VALUE |
At 30th April 2021 |
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At 30th April 2020 |
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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 2021 |
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5. | TANGIBLE FIXED ASSETS - continued |
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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 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
£ | £ |
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 |
30.4.21 | 30.4.20 |
£ | £ |
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 |
30.4.21 | 30.4.20 |
£ | £ |
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 2021 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.4.21 | 30.4.20 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Factoring Account | 96,206 | 105,096 |
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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. | FRC 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. |
OIL TECHNICS LIMITED (REGISTERED NUMBER: 02119389) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2021 |
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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. |