Company Registration No. 02941742 (England and Wales)
TIMEPLAN FUEL SOLUTIONS LIMITED
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
TIMEPLAN FUEL SOLUTIONS LIMITED
COMPANY INFORMATION
Director
Mrs A L Whittaker
Company number
02941742
Registered office
Unit 4 Petre Court
Clayton Business Park
Clayton-Le-Moors
Accrington
Lancashire
BB5 5HY
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
TIMEPLAN FUEL SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TIMEPLAN FUEL SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
68,271
84,578
Debtors
4
462,745
373,713
Cash at bank and in hand
109,029
145,741
640,045
604,032
Creditors: amounts falling due within one year
5
(443,074)
(424,784)
Net current assets
196,971
179,248
Creditors: amounts falling due after more than one year
6
(6,389)
(2,983)
Net assets
190,582
176,265
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
190,581
176,264
Total equity
190,582
176,265
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.
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 02941742 (England and Wales)
TIMEPLAN FUEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Timeplan Fuel Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Petre Court, Clayton Business Park, Clayton-Le-Moors, Accrington, Lancashire, BB5 5HY.
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.
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, income is then recognised when right to the consideration occurs over the period of the contract.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised.
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Patents and licences have been fully amortised.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
TIMEPLAN FUEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
103,500
75,000
178,500
Amortisation and impairment
At 1 September 2022 and 31 August 2023
103,500
75,000
178,500
Carrying amount
At 31 August 2023
At 31 August 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
102,600
226,834
Amounts owed by group undertakings
359,195
143,661
Other debtors
950
3,218
462,745
373,713
TIMEPLAN FUEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,587
20,516
Taxation and social security
82,263
94,541
Other creditors
351,224
309,727
443,074
424,784
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
6,389
2,983
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
TIMEPLAN FUEL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
8
Related party transactions
At the year end the company was owed £359,195 (2022 - £143,661) from the parent company.
This loan is interest free and there are no fixed repayment terms.