PETRONAS LUBRICANTS GREAT BRITAIN LIMITED

• ⚠

  Material uncertainty over going concern

  The Company is dependent on the continuation of the existing arrangement with Petronas Lubricants Italy S.p.A. and that Petronas Lubricants Italy S.p.A. will continue to provide financial and other support, including continued access to the cash pooling facility, necessary to allow the Company to continue to meet its financial liabilities as they fall due during the 12 months of going concern assessment period. However, Petronas Lubricants Italy S.p.A. has not formalised its intention to continue this arrangement and to make available such funds as are needed by the company during the going concern assessment period. These circumstances indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern and, therefore, that the company may be unable to realise its assets and discharge its liabilities in the normal course of business.

• ◆

  4 PSCs ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. PETRONAS LUBRICANTS GREAT BRITAIN LIMITED 2008-04-01 → present
2. F.L. GREAT BRITAIN LIMITED 2000-01-06 → 2008-04-01
3. FL (UK) LIMITED 1999-12-02 → 2000-01-06
4. INGLEBY (1250) LIMITED 1999-08-25 → 1999-12-02

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Company is dependent on the continuation of the existing arrangement with Petronas Lubricants Italy S.p.A. and that Petronas Lubricants Italy S.p.A. will continue to provide financial and other support, including continued access to the cash pooling facility, necessary to allow the Company to continue to meet its financial liabilities as they fall due during the 12 months of going concern assessment period. However, Petronas Lubricants Italy S.p.A. has not formalised its intention to continue this arrangement and to make available such funds as are needed by the company during the going concern assessment period. These circumstances indicate the existence of a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern and, therefore, that the company may be unable to realise its assets and discharge its liabilities in the normal course of business.”

Significant events

• “During 2023, the Management decided to appoint a third-party distributor to sell PETRONAS products in the UK market to be served directly from PETRONAS plants in Europe. PETRONAS Lubricants Great Britain Limited has therefore ceased trading as a distributor from 1 November 2023.”
• “From 1 November 2023 the entity's only activity is to perform management transactions on behalf of the wider Group.”
• “As mentioned in the strategic report, the company discontinued sale of products form 1st November 2023.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -90.7%

  £24,555,000 → £2,288,000

• Cash

  -79.5%

  £5,016,000 → £1,029,000

• Net assets

  -51.9%

  £4,166,000 → £2,004,000

• Employees

  -54.5%

  22 → 10

• Operating profit

  -84.1%

  £492,000 → £78,000

• Profit before tax

  -64.2%

  £377,000 → £135,000

• Wages

  -34.1%

  £2,187,000 → £1,442,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers