SOLAR_PETROLEUM_LIMITED - Accounts

SOLAR PETROLEUM LIMITED - Company Information

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Company Registration No. 01753775 (England and Wales)

SOLAR PETROLEUM LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

SOLAR PETROLEUM LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

SOLAR PETROLEUM LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

446

Tangible assets

175,601

192,498

175,601

192,944

Current assets

Stocks

453,014

299,915

Debtors

369,206

452,909

Cash at bank and in hand

2,434,840

2,247,633

3,257,060

3,000,457

Creditors: amounts falling due within one year

(2,082,503)

(1,925,506)

Net current assets

1,174,557

1,074,951

Total assets less current liabilities

1,350,158

1,267,895

Provisions for liabilities

(22,195)

(25,858)

1,327,963

1,242,037

Capital and reserves

Called up share capital

102

Profit and loss account

1,327,861

1,241,935

Shareholders' funds

1,327,963

1,242,037

SOLAR PETROLEUM LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 NOVEMBER 2016

- 2 -

For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 2 August 2017

N Devery

Director

Company Registration No. 01753775

SOLAR PETROLEUM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Overseas turnover amounted to 26.57% (2015 - 31.72%) of the total turnover for the year.

1.4

Trademarks

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows;

Trademarks 10% Straight Line

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold improvements

Nil

Plant and machinery

15% Reducing Balance

Fixtures and fittings

25% Reducing Balance

Motor vehicles

25% Reducing Balance

No depreciation is provided on leasehold improvements since it is considered that the residual value of the improvements is so high, that depreciation of it would not be material. A review of the recoverable amount to net book values has been carried out in accordance with the Financial Reporting Standard for Smaller Entities.

1.6

Leasing

Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

1.7

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately form those of the company. Contributions payable are charged to the profit and loss account in the year they are payable.

SOLAR PETROLEUM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2016

Accounting policies

(Continued)

- 4 -

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.10

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.11

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 December 2015

4,256

791,873

796,129

Additions

15,327

At 30 November 2016

4,256

807,200

811,456

Depreciation

At 1 December 2015

3,810

599,373

603,183

Charge for the year

446

32,226

32,672

At 30 November 2016

4,256

631,599

635,855

Net book value

At 30 November 2016

175,601

At 30 November 2015

446

192,498

192,944

Share capital

2016

2015

Allotted, called up and fully paid

102 Ordinary of £1 each

102