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REGISTERED NUMBER: 11441367 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FUEL50 UK LTD

FUEL50 UK LTD (REGISTERED NUMBER: 11441367)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FUEL50 UK LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: A Fulton





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 11441367 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

FUEL50 UK LTD (REGISTERED NUMBER: 11441367)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,352 8,931

CURRENT ASSETS
Debtors 5 1,041,204 711,999
Cash at bank 331,157 411,340
1,372,361 1,123,339
CREDITORS
Amounts falling due within one year 6 1,197,938 997,770
NET CURRENT ASSETS 174,423 125,569
TOTAL ASSETS LESS CURRENT
LIABILITIES

179,775

134,500

CAPITAL AND RESERVES
Called up share capital 9 100 100
Other reserves 11,428 8,022
Capital contribution 1,361,995 1,361,995
Retained earnings (1,193,748 ) (1,235,617 )
SHAREHOLDERS' FUNDS 179,775 134,500

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 March 2024 and were signed by:





A Fulton - Director


FUEL50 UK LTD (REGISTERED NUMBER: 11441367)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Fuel50 UK Ltd 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as Fuel50 Inc., the ultimate parent company, have confirmed their commitment to support the company in order for the company to meet its liabilities for a period in excess of twelve months and one day from the date of the audit report.

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
Revenue represents implementation and subscription fees for services, excluding value added tax. Subscription fees are recognised over the contract term, beginning on the commencement date of each contract. Implementation fees are recognised based on the percentage of completion of the implementation.

Amounts that have been invoiced are recorded in accounts receivable and in deferred revenue or revenue, depending on whether the revenue recognition criteria have been met. Deferred revenue consists of billings made in advance of revenue recognition from the subscription service. Accrued income represents future billings under subscription agreements that have not yet been invoiced.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on reducing balance

Financial instruments
Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any other Financial Instruments as covered by Section 12 of FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


FUEL50 UK LTD (REGISTERED NUMBER: 11441367)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
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.

Hire purchase and leasing commitments
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.

Equity-settled transactions
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the options, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

The share based payment expense is recognised on a reasonable allocation of the group expense.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 10 ) .

FUEL50 UK LTD (REGISTERED NUMBER: 11441367)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 17,875
Additions 3,258
Disposals (6,199 )
At 31 December 2023 14,934
DEPRECIATION
At 1 January 2023 8,944
Charge for year 4,191
Eliminated on disposal (3,553 )
At 31 December 2023 9,582
NET BOOK VALUE
At 31 December 2023 5,352
At 31 December 2022 8,931

5. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 513,474 331,116
Amounts owed by group undertakings 342,541 71,800
Other debtors 154,452 254,948
1,010,467 657,864

Amounts falling due after more than one year:
Other debtors & prepayments 30,737 54,135

Aggregate amounts 1,041,204 711,999

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors - 11,902
Amounts owed to group undertakings 78,624 156,312
Taxation and social security 103,812 55,530
Other creditors & accruals 1,015,502 774,026
1,197,938 997,770

FUEL50 UK LTD (REGISTERED NUMBER: 11441367)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year - 2,295

8. SECURED DEBTS

The company secured its obligations on 17 June 2022 to Webster Bank, National Association through a fixed charge, floating charge and negative pledge over its assets in favour of Webster Bank, National Association.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"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."

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Fuel50 Inc., a company incorporated in the United States of America. Fuel50 Inc's registered office is 30025 Alicia Parkway #20-23, Laguna Niguel, California 92677, USA. Fuel50 Inc is the largest and only group company to prepare consolidated financial statements.

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.