Registered number:
For the year ended 31 MARCH 2023
Whitings LLP
Chartered Accountants
Raleigh House
14C Compass Point Business Park
Stocks Bridge Way
St Ives
Cambridgeshire
PE27 5JL
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S S MOTORS (FUELS) LIMITED
COMPANY INFORMATION
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S S MOTORS (FUELS) LIMITED
CONTENTS
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S S MOTORS (FUELS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
We aim to present a balanced review of the Company's performance and development during the year that is consistent with the size and nature of our business and that also covers the principal risks and uncertainties faced by the Company.
S S Motors (Fuels) Limited ("the Company") operates as a supplier of domestic, agricultural and industrial fuels, based in Chatteris, Cambridgeshire. It also provides a boiler servicing, breakdown and replacement operations, including the replacement of fuel storage tanks.
The Directors acknowledge the reduction in profits acheived this year, this is largely attributable to price increases seen within the industry in which the Company operates which cannot be readily passed on to its customers. The Directors are pleased with the results acheived giving the challenging trading conditions experienced.
The key business risk and uncertainty affecting the Company is the volatility of oil prices, together with the risk of bad debts in the current economic climate. However, the demand for home heating oil remains strong and our experience of bad debts has been minimal.
Russia/Ukraine conflict The conflict between Russia and Ukraine has led to increased prices in wholesale oil and concerns surrounding the supply and therefore availability of oil. S S Motors (Fuels) Limited draws its oil from a number of large suppliers, so is therefore not reliant on one supplier's ability to deliver the oil. UK inflationary forecasts The impact of inflation on the UK economy continues to be felt, seeing increased costs across the board, including the sector in which the Company operate. The Directors continue to monitor the situation and take appropriate action as required. Environmental impacts The UK Government and global community are taking active steps to acknowledge the carbon issues surrounding global warming and the Directors are aware of this and will consider taking appropriate steps as policies develop.
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S S MOTORS (FUELS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Company sets financial key performance indicators for the Company through monitoring the performance by reviewing monthly management accounts. In addition, a range of financial key perfomance indicators are monitored relating to the Company's profitability, cash and working capital management and various other elements of the business.
The Company also measures its non-financial performance in a number of ways. These include quality and service level performance with key customers. Targets and objectives are also set in respect of Health and Safety and environment matters. We are able to report that the majority of these targets were achieved and where necessary appropriate action is being taken.
This report was approved by the board on 26 October 2023 and signed on its behalf.
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S S MOTORS (FUELS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
commercial fuels.
The profit for the year, after taxation, amounted to £736,460 (2022 - £1,386,125).
Dividends payable for the year amount to £7,210,624 (2022 - £510,516)..
The directors who served during the year were:
The Company continues to develop its operations to maintain its competitive position in the marketplace.
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S S MOTORS (FUELS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
There have been no significant events affecting the Company since the year end.
The auditors, Whitings LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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S S MOTORS (FUELS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S S MOTORS (FUELS) LIMITED
We have audited the financial statements of S S Motors (Fuels) Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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S S MOTORS (FUELS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S S MOTORS (FUELS) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Strategic report or the Directors' report.
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S S MOTORS (FUELS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S S MOTORS (FUELS) LIMITED (CONTINUED)
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management around the actual and potential litigation and claims; • Reviewing financial statements disclosures and testing supporting documentation to assess compliance with pplicable laws and regulations; and • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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S S MOTORS (FUELS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S S MOTORS (FUELS) LIMITED (CONTINUED)
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 an Auditors' report 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.
for and on behalf of
Raleigh House
14C Compass Point Business Park
Stocks Bridge Way
Cambridgeshire
PE27 5JL
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S S MOTORS (FUELS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
REGISTERED NUMBER: 00891979
BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 27 form part of these financial statements.
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S S MOTORS (FUELS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
S S Motors (Fuels) Limited is a private company limited by shares, incorporated in England & Wales with a registration number of 00891979. The registered office address is shown on the company information page.
The principal activity of the company for the year continued to be that of selling domestic heating oils, agricultural and commercial fuels.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the potential impact on the company of the current economic picture and in the opinion of the directors, there will be no material adverse effect on the company's ability to trade. The directors believe the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation - as disclosed in accounting policy 2.9 'Tangible Fixed Assets', the company makes an estimation of each tangible fixed assets' useful life and respective residual value. Depreciation is then charged to the Profit and Loss account over this useful life to reflect the reduction in value. Depreciation charged to the Profit and Loss account during the year is disclosed in note 5.
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
9.Taxation (continued)
Future increases to the UK Corporation tax rates were substantively enacted to increase the main rate of corporation tax from 19% to a rate between 19% and 25% with effect from 1 April 2023. The deferred tax liabilities reflect these rates.
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Capital redemption reserve
Profit and loss account
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £97,751 (2022: £176,890).
Contributions totalling £Nil (2022: £Nil) were payable to the scheme at the end of the year.
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S S MOTORS (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Parent Company of S S Motors (Fuels) Limited is Molford Holdings Limited (Renamed from Molford New Co Limited on 24 August 2023). Consolidated accounts of the company are available from it's registered office, Raleigh House 14C Compass Point Business Park, Stocks Bridge Way, St Ives, Cambridgeshire, PE27 5JL.
The ultimate controlling parties are Mr P Munns and Mr S Munns, by virtue of their majority shareholding in Molford Holdings Limited.
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