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REGISTERED NUMBER: 01081952 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

TINCKNELL FUELS LIMITED

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


TINCKNELL FUELS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: P F Tincknell
J M Tincknell
R J Tincknell
D J Tincknell
R F Ormond





SECRETARY: P F Tincknell





REGISTERED OFFICE: Cathedral View Offices
19 Wookey Hole Road
Wells
BA5 2BT





REGISTERED NUMBER: 01081952 (England and Wales)





AUDITORS: Gordon Wood Scott & Partners Limited
Statutory Auditors
Dean House
94 Whiteladies Road
Clifton
Bristol
BS8 2QX

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
The principal activities of the company continue to be the sale and distribution of oil products and the provision of heating and electrical services.

The profit for the year after deducting taxation of £204,992 was £889,980, which after interim dividends of £191,050 leaves £698,930 to be added to reserves.

Global oil prices fell slowly from July 2022 up to April 2023 following the spike in prices at the beginning of the year caused by the war in Ukraine. The average price per litre in the year was 43% above the average for the previous year but there was a fall in the quantity of litres sold as customers reacted to the high prices. Despite the fall in volume, turnover increased although the gross profit of the Oil Distribution Division fell by 22% having increased in the previous year by 37%.

The Heating Services Division saw an increase in turnover of 5%. The new Electrical Services Division made a small loss in its first year of trading which was expected, the Board anticipates that the Division will make a profit contribution as turnover increases in future years.

Distribution costs in the year increased by £157,547 largely due to increased transport costs and Administration costs increased by £117,882 reflecting higher depreciation charges following the upgrading of oil storage facilities carried out in 2022.

The company continued to upgrade its tanker fleet during the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks to the company identified by the directors relate to the supply and price of oil and the general movement away from fossil fuels in the effort to reduce carbon emissions. The price of oil continues to be affected by the war in Ukraine and by the actions of the major oil producers, those events along with similar events in the future and naturally occurring or other disasters are likely to affect the business.

The company's results are also very dependent on weather conditions, cold weather conditions can be expected to lead to an increase in turnover and profit.

FUTURE DEVELOPMENTS
The profit for the year to 30 April 2024 is substantially dependent upon the weather during the winter period.

ON BEHALF OF THE BOARD:





P F Tincknell - Director


9 November 2023

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report with the financial statements of the company for the year ended 30 April 2023.

DIVIDENDS
Dividends amounting to £191,050 (2022: £641,050) were paid during the year to the parent company, Tincknell Fuels (Holdings) Limited. The directors do not recommend payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

P F Tincknell
J M Tincknell
R J Tincknell
D J Tincknell
R F Ormond

DISCLOSURE IN THE STRATEGIC REPORT
Furture developments of the business are discussed in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 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.

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.

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


AUDITORS
The auditors, Gordon Wood Scott & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P F Tincknell - Director


9 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TINCKNELL FUELS LIMITED

Opinion
We have audited the financial statements of Tincknell Fuels Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit 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.

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 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.

Conclusions relating to going concern
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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TINCKNELL FUELS LIMITED


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 Strategic Report or the Report of the Directors.

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:
- 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management and from our commercial knowledge and experience of the oil distribution and heating services
sectors;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
environmental, health and safety legislation and vehicle operators' licences;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TINCKNELL FUELS LIMITED


To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing the company's legal expenses.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Richard Williams (Senior Statutory Auditor)
for and on behalf of Gordon Wood Scott & Partners Limited
Statutory Auditors
Dean House
94 Whiteladies Road
Clifton
Bristol
BS8 2QX

10 November 2023

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

30.4.23 30.4.22
Notes £    £   

TURNOVER 3 36,837,080 31,654,841

Cost of sales (31,842,926 ) (25,500,807 )
GROSS PROFIT 4,994,154 6,154,034

Distribution costs (1,511,671 ) (1,354,124 )
Administrative expenses (2,518,456 ) (2,400,574 )
964,027 2,399,336

Other operating income 183,833 116,602
OPERATING PROFIT 6 1,147,860 2,515,938

Interest receivable and similar income 1,450 291
1,149,310 2,516,229

Interest payable and similar expenses 7 (54,338 ) (41,040 )
PROFIT BEFORE TAXATION 1,094,972 2,475,189

Tax on profit 8 (204,992 ) (510,294 )
PROFIT FOR THE FINANCIAL YEAR 889,980 1,964,895

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

889,980

1,964,895

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

BALANCE SHEET
30 APRIL 2023

30.4.23 30.4.22
Notes £    £   
FIXED ASSETS
Tangible assets 10 2,238,151 2,096,193
Investments 11 - -
Investment property 12 1,304,000 1,304,000
3,542,151 3,400,193

CURRENT ASSETS
Stocks 13 845,957 1,071,551
Debtors 14 3,555,867 4,249,888
Cash at bank 5,342,409 5,048,335
9,744,233 10,369,774
CREDITORS
Amounts falling due within one year 15 (4,513,886 ) (5,677,985 )
NET CURRENT ASSETS 5,230,347 4,691,789
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,772,498

8,091,982

CREDITORS
Amounts falling due after more than one
year

16

(84,408

)

(146,433

)

PROVISIONS FOR LIABILITIES 18 (759,182 ) (715,571 )
NET ASSETS 7,928,908 7,229,978

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Profit and Loss Account 7,918,908 7,219,978
SHAREHOLDERS' FUNDS 7,928,908 7,229,978

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:




P F Tincknell - Director



J M Tincknell - Director


TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up Profit
share and Loss Total
capital Account equity
£    £    £   

Balance at 1 May 2021 10,000 5,896,133 5,906,133

Changes in equity
Dividends - (641,050 ) (641,050 )
Total comprehensive income - 1,964,895 1,964,895
Balance at 30 April 2022 10,000 7,219,978 7,229,978

Changes in equity
Dividends - (191,050 ) (191,050 )
Total comprehensive income - 889,980 889,980
Balance at 30 April 2023 10,000 7,918,908 7,928,908

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Tincknell Fuels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on page 2.

A budget is prepared every March and progress is monitored in the monthly management accounts. The company meets its day-to-day working capital requirements using its own funds.

The directors, having considered profitability and working capital requirements, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason a going concern basis of accounting in preparing the annual financial statements continues to be adopted.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Tincknell Fuels Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Tincknell Fuels (Holdings) Limited, Cathedral View Offices, 19 Wookey Hole Road, Wells, BA5 2BT.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Sale of oil products
Turnover from the sale of oil products is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has taken delivery.
Sale of services
Turnover from the rendering of heating and electrical services is usually recognised upon completion of the works but in the case of maintenance contracts where the contract spans a period of time, turnover is recognised by reference to the time that has elapsed.

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter .
Freehold property (excluding land) - 2% per annum
Plant and machinery - 20% to 50% on the reducing balance
Tankers - 25% on the reducing balance
Vans and cars - 25% to 35% on the reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Land remediation
Where the company ceases to use land, provision is made for the cost of cleaning up contamination arising from past use either by the company itself in its trade or by former occupiers.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

30.4.23 30.4.22
£    £   
Sale of oil products 34,231,018 29,437,880
Heating & electrical services 2,606,062 2,216,961
36,837,080 31,654,841

4. EMPLOYEES AND DIRECTORS
30.4.23 30.4.22
£    £   
Wages and salaries 2,453,361 2,333,619
Social security costs 258,824 244,465
Other pension costs 120,034 49,563
2,832,219 2,627,647

The average number of employees during the year was as follows:
30.4.23 30.4.22

Administration 33 34
Engineers and delivery 43 37
76 71

5. DIRECTORS' EMOLUMENTS
30.4.23 30.4.22
£    £   
Directors' remuneration 199,566 240,628

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. DIRECTORS' EMOLUMENTS - continued

The Directors' remuneration disclosed above also represents total compensation paid to key management personnel.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.23 30.4.22
£    £   
Other operating leases 48,780 122,822
Depreciation - owned assets 310,219 146,960
Depreciation - assets on hire purchase contracts 49,253 121,358
Profit on disposal of fixed assets (9,569 ) (19,769 )
Auditors' remuneration
- audit 17,000 17,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.23 30.4.22
£    £   
Directors loan interest 38,504 24,589
Other interest 12,512 -
Hire purchase 3,322 16,451
54,338 41,040

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.23 30.4.22
£    £   
Current tax:
UK corporation tax 161,382 360,177

Deferred tax:
Origination and reversal of
timing differences 43,610 150,117
Tax on profit 204,992 510,294

UK corporation tax has been charged at 19.49% (2022 - 19%).

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.23 30.4.22
£    £   
Profit before tax 1,094,972 2,475,189
Profit multiplied by the standard rate of corporation tax in the UK of
19.493% (2022 - 19%)

213,443

470,286

Effects of:
Expenses not deductible for tax purposes 174 261
Capital allowances in excess of depreciation (20,108 ) (37,520 )
Rate change on deferred tax 9,606 77,057
Depreciation on assets ineligible for capital allowances 1,877 210
Total tax charge 204,992 510,294

The company expects to claim capital allowances in excess of deprecation for the foreseeable future which will result in an increase in the deferred tax liability.

The rate of corporation tax increased from 19% to 25% with effect from 1 April 2023. The deferred tax provision in these accounts has been calculated at the rate of 25%.

9. DIVIDENDS
30.4.23 30.4.22
£    £   
Ordinary shares of £1 each
Interim 191,050 641,050

10. TANGIBLE FIXED ASSETS
Freehold Plant and Vans and
property machinery Tankers cars Totals
£    £    £    £    £   
COST
At 1 May 2022 635,534 1,766,088 2,487,280 526,055 5,414,957
Additions - 6,166 372,668 126,127 504,961
Disposals - - - (36,063 ) (36,063 )
At 30 April 2023 635,534 1,772,254 2,859,948 616,119 5,883,855
DEPRECIATION
At 1 May 2022 - 1,229,372 1,777,300 312,092 3,318,764
Charge for year 8,739 115,053 176,942 58,738 359,472
Eliminated on disposal - - - (32,532 ) (32,532 )
At 30 April 2023 8,739 1,344,425 1,954,242 338,298 3,645,704
NET BOOK VALUE
At 30 April 2023 626,795 427,829 905,706 277,821 2,238,151
At 30 April 2022 635,534 536,716 709,980 213,963 2,096,193

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Tankers
£   
COST
At 1 May 2022 815,559
Transfer to ownership (474,784 )
At 30 April 2023 340,775
DEPRECIATION
At 1 May 2022 451,486
Charge for year 49,253
Transfer to ownership (307,721 )
At 30 April 2023 193,018
NET BOOK VALUE
At 30 April 2023 147,757
At 30 April 2022 364,073

11. FIXED ASSET INVESTMENTS

The company owns all of the share capital of Avon Oils Ltd, which is registered and incorporated in England. This company did not trade during the year. Investments are stated at cost of £6,670 (2022: £6,670) less amounts written off of £6,670 (2022: £6,670).

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 1,304,000
NET BOOK VALUE
At 30 April 2023 1,304,000
At 30 April 2022 1,304,000

If investment property had not been revalued it would have been included at historic cost less impairment of £1,304,000 (2022: £1,304,000).

The investment property was valued at fair value at the year end by the directors of the company, based on information afforded by recent professional valuations of similar properties.

13. STOCKS
30.4.23 30.4.22
£    £   
Goods for resale 845,957 1,071,551

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 2,383,910 2,946,370
Amounts owed by group undertakings 582,983 582,983
Other debtors 87,238 44,871
VAT 175,503 568,197
Prepayments and accrued income 326,233 107,467
3,555,867 4,249,888

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts (see note 17) 62,026 93,677
Payments on account 472,052 475,769
Trade creditors 2,944,514 3,673,965
Corporation tax 161,317 360,178
Social security and other taxes 97,603 107,422
Other creditors 864 860
Directors' loan accounts 535,465 630,000
Accruals and deferred income 240,045 336,114
4,513,886 5,677,985

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts (see note 17) 84,408 146,433

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.23 30.4.22
£    £   
Net obligations repayable:
Within one year 62,026 93,677
Between one and five years 84,408 146,433
146,434 240,110

Non-cancellable operating leases
30.4.23 30.4.22
£    £   
Within one year 20,441 21,019
Between one and five years - 9,995
20,441 31,014

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

17. LEASING AGREEMENTS - continued

Minimum lease payments receivable by the company fall due as follows:



Non-cancellable
operating lease income

30.4.23 30.4.22
£ £
Within one year 88,001 93,005
Between one and five years 256,099 107,721
In more than five years 23,055 23,286
367,155 223,512

The company uses hire purchase contracts to acquire tankers and motor vehicles. These contracts are secured by the related asset held under the contract. Hire purchase contracts generally include fixed payments and a purchase option at the end of the term.

18. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax 364,677 321,066
Land remediation 394,505 394,505
759,182 715,571

Land
Deferred remediatio
tax n
£    £   
Balance at 1 May 2022 321,066 394,505
Charge to Statement of Comprehensive Income during year 43,611 -
Balance at 30 April 2023 364,677 394,505

The amount of the net reversal of Deferred Tax expected to occur next year is £nil (2022: £nil) relating to the reversal of existing timing differences on tangible fixed assets.

The Land Remediation provision represents the cost of remediation for contaminated land formerly used for the storage of oil. The provision has been estimated with reference to the costs of remediation of a small area of the site. The timing of the expenditure is dependent upon the future use or sale of the property.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
10,000 Ordinary £1 10,000 10,000

20. ULTIMATE PARENT COMPANY

Tincknell Fuels (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.

TINCKNELL FUELS LIMITED (REGISTERED NUMBER: 01081952)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

21. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments that are not included in the balance sheet are £382,853 (2022 - £498,565). The commitments include minimum lease payments under non-cancellable operating leases referred to in Note 17 above.

22. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence

R.Tincknell & Son Limited is an entity which shares some directors with the company.
During the year, the company purchased goods and services from R. Tincknell & Son Limited amounting to £82,484 (2022: £106,159) including rent payments of £15,104 (2022: £78,597). The company also sold goods and services to R.Tincknell & Son Limited during the year amounting to £472,163 (2022: £133,507) including rent received of £30,277 (2022: £30,277). In 2022 the company purchased a property for £1,920,000 from R. Tincknell & Son Limited

At the year end R.Tincknell & Son Limited owed £173,856 (2022: £59,540) to the company.


Trinity Park Stud Ltd is an entity which shares a director with the company.
The company sold goods during the year to Trinity Park Stud Ltd amounting to £nil (2022: £906).


Middlefield Developments Ltd is an entity which shares a director with the company.
The company sold goods during the year to Middlefield Developments Ltd amounting to £458 (2022: £854).

Other related parties

The company incurred interest charges amounting to £38,504 on unsecured loans from Mr PF Tincknell and Mrs JM Tincknell who are both directors of the company. Interest was payable at the rate of 7% per annum and the loans were repayable on demand. At the year end, the amounts due to Mr & Mrs Tincknell were £535,465.

23. ULTIMATE CONTROLLING PARTY

The controlling party is Tincknell Fuels (Holdings) Limited.

The ultimate controlling party is P F Tincknell.

The consolidated accounts of Tincknell Fuels (Holdings) Limited can be obtained from the registered office at Cathedral View Offices, 19 Wookey Hole Road, Wells, BA5 2BT.