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Registration number: 04007349

ESL FUELS LIMITED

Filleted Financial Statements

for the Year Ended 30 June 2023

 

ESL FUELS LIMITED

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 9

 

ESL FUELS LIMITED

Company Information

Directors

Mrs J A Whittaker

Mr S D Whittaker

Company secretary

Mrs J A Whittaker

Registered office

Dock Yard Road
Ellesmere Port
Cheshire
CH65 4EF

Solicitors

Aaron & Partners LLP
Grosvenor Court
Foregate Street
Chester
Cheshire
CH1 1HG

Auditors

Bright Partnership Limited
1 Park Street
Macclesfield
Cheshire
SK11 6SR

 

ESL FUELS LIMITED

(Registration number: 04007349)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

114,475

92,912

Tangible assets

5

2,244,757

1,565,629

 

2,359,232

1,658,541

Current assets

 

Stocks

12,153,894

12,433,972

Debtors

6

10,925,278

12,682,565

Cash at bank and in hand

 

268,100

4,023,347

 

23,347,272

29,139,884

Creditors: Amounts falling due within one year

7

(14,948,188)

(24,822,740)

Net current assets

 

8,399,084

4,317,144

Total assets less current liabilities

 

10,758,316

5,975,685

Provisions for liabilities

(296,595)

(173,734)

Net assets

 

10,461,721

5,801,951

Capital and reserves

 

Called up share capital

8

100,000

100,000

Retained earnings

10,361,721

5,701,951

Shareholders' funds

 

10,461,721

5,801,951

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Mr S D Whittaker
Director

 

ESL FUELS LIMITED

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dock Yard Road
Ellesmere Port
Cheshire
CH65 4EF

These financial statements were authorised for issue by the Board on 28 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 28 March 2024 was Neil Kennington FCA, who signed for and on behalf of Bright Partnership Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

ESL FUELS LIMITED

Notes to the Financial Statements for the Year Ended 30 June 2023

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current or deferred taxation assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

4% on cost

Plant and machinery

7-10% on cost

Fixtures and Fittings

7-10% on cost

Computer equipment

33% on cost

Motor vehicles

25% on reducing balance

Intangible assets

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.

Amortisation

Computer software is being amortised evenly over its estimated useful life of 5 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

ESL FUELS LIMITED

Notes to the Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at fair value less costs to sell after making due allowance for obsolete and slow moving items.

The company supplies renewable fuels covered by the Renewable Transport Fuel Obligation (RTFO) Order and claims Renewable Transport Fuel Certificates (RTFC's) for every litre of sustainable fuel that crosses its duty point. These certificates can be traded on the open market and are valued consistent with other stocks.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Expenditure on research and development is written off in the year in which it is incurred.

 

ESL FUELS LIMITED

Notes to the Financial Statements for the Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Long term employee 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.

Derivative financial instruments and hedging

Hedging
Hedge relationships are formally documented at inception. The documentation includes identification of the hedged item and the hedging instrument, details the risk that is being hedged and the way in which effectiveness will be assessed at inception and during the period of the hedge. If the hedge is not highly effective in offsetting changes in fair values or cash flows attributable to the hedged risk, consistent with the documented risk management strategy, hedge accounting is discontinued.

In a fair value hedge, the gain or loss on the hedging instrument is recognised in profit or loss. The gain or loss on the hedged item attributable to the hedged risk is recognised in profit or loss and adjusts the carrying amount of the hedged item. Hedge accounting is discontinued if the hedge no longer meets the criteria for hedge accounting or if the hedging instrument expires or is sold, terminated or exercised or if hedge designation is revoked.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 15).

 

ESL FUELS LIMITED

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2022

115,855

115,855

Additions acquired separately

49,130

49,130

At 30 June 2023

164,985

164,985

Amortisation

At 1 July 2022

22,943

22,943

Amortisation charge

27,567

27,567

At 30 June 2023

50,510

50,510

Carrying amount

At 30 June 2023

114,475

114,475

At 30 June 2022

92,912

92,912

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

651,028

1,250,534

7,000

1,908,562

Additions

181,614

682,624

-

864,238

Disposals

-

(50,939)

(7,000)

(57,939)

At 30 June 2023

832,642

1,882,219

-

2,714,861

Depreciation

At 1 July 2022

26,267

309,666

7,000

342,933

Charge for the year

30,129

154,981

-

185,110

Eliminated on disposal

-

(50,939)

(7,000)

(57,939)

At 30 June 2023

56,396

413,708

-

470,104

Carrying amount

At 30 June 2023

776,246

1,468,511

-

2,244,757

At 30 June 2022

624,761

940,868

-

1,565,629

 

ESL FUELS LIMITED

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

10,420,849

12,503,541

Prepayments

504,429

179,024

 

10,925,278

12,682,565

 

ESL FUELS LIMITED

Notes to the Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

3,999,371

10,935,811

Trade creditors

 

4,000,892

8,683,626

Taxation and social security

 

4,040,727

2,872,265

Accruals and deferred income

 

2,391,153

2,268,202

Other creditors

 

516,045

62,836

 

14,948,188

24,822,740

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100,000

100,000

100,000

100,000

         

9

Related party transactions

Key management personnel

The amount owing to the directors at 30 June 2023 was £511,329 (2022 - £62,162), and is secured by fixed and floating charges over the undertaking and all property and assets present and future, including uncalled capital, goodwill, book debt and patents.

During the year interest amounting to £5,591 (2022 - £5,857) was paid to the directors.

10

Parent and ultimate parent undertaking

The ultimate parent is Mr SD Whittaker and Mrs JA Whittaker., incorporated in .