Company Registration No. SC385225 (Scotland)
FUELLINK SYSTEMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
31 August 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
FUELLINK SYSTEMS LTD
COMPANY INFORMATION
Director
Mrs A L Whittaker
Company number
SC385225
Registered office
c/o Wright, Johnston & Mackenzie LLP
The Capital Building
12-13 St. Andrew Square
Edinburgh
EH2 2AF
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
FUELLINK SYSTEMS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FUELLINK SYSTEMS LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,080
12,657
Current assets
Stocks
69,345
83,769
Debtors
5
127,710
159,452
Cash at bank and in hand
291,798
158,060
488,853
401,281
Creditors: amounts falling due within one year
6
(403,472)
(328,190)
Net current assets
85,381
73,091
Total assets less current liabilities
95,461
85,748
Creditors: amounts falling due after more than one year
7
(2,144)
(806)
Provisions for liabilities
(2,521)
(3,165)
Net assets
90,796
81,777
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
90,696
81,677
Total equity
90,796
81,777

The notes on pages 3 to 6 form part of these financial statements.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

FUELLINK SYSTEMS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 February 2024
Mrs A L Whittaker
Director
Company registration number SC385225 (Scotland)
FUELLINK SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Fuellink Systems Ltd is a private company limited by shares incorporated in Scotland. The registered office is C/O Wright, Johnston & Mackenzie Llp, The Capital Building, 12-13 St. Andrew Square, Edinburgh, EH2 2AF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements contain information about Fuellink Systems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

1.2
Turnover

Turnover represents amounts receivable for goods and services, net of value added tax and trade discounts.

 

Amounts received in advance in respect of maintenance contracts and software licences are recognised as a liability.

 

Turnover relating to maintenance contracts is recognised when the right to the consideration occurs over the period of the contract.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

1.4
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Motor vehicles
25% on cost
FUELLINK SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

 

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
8
FUELLINK SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Intangible fixed assets
Development costs
Intellectual property
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
82,087
10,000
92,087
Amortisation and impairment
At 1 September 2022 and 31 August 2023
82,087
10,000
92,087
Carrying amount
At 31 August 2023
-
0
-
0
-
0
At 31 August 2022
-
0
-
0
-
0
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
13,403
6,000
20,295
39,698
Depreciation and impairment
At 1 September 2022
13,403
6,000
7,638
27,041
Depreciation charged in the year
-
0
-
0
2,577
2,577
At 31 August 2023
13,403
6,000
10,215
29,618
Carrying amount
At 31 August 2023
-
0
-
0
10,080
10,080
At 31 August 2022
-
0
-
0
12,657
12,657
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
117,480
146,603
Other debtors
10,230
12,849
127,710
159,452
FUELLINK SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,324
87,512
Amounts owed to group undertakings
14,077
73,794
Taxation and social security
127,550
22,798
Other creditors
237,521
144,086
403,472
328,190
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Accruals and deferred income
2,144
806
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