Silverfin false false 31/07/2023 01/08/2022 31/07/2023 S Stacey 06/06/2013 07 March 2024 The principal activity of the Company during the financial year was wholesale of fuel and petroleum products. 08559705 2023-07-31 08559705 bus:Director1 2023-07-31 08559705 2022-07-31 08559705 core:CurrentFinancialInstruments 2023-07-31 08559705 core:CurrentFinancialInstruments 2022-07-31 08559705 core:ShareCapital 2023-07-31 08559705 core:ShareCapital 2022-07-31 08559705 core:RetainedEarningsAccumulatedLosses 2023-07-31 08559705 core:RetainedEarningsAccumulatedLosses 2022-07-31 08559705 core:LeaseholdImprovements 2022-07-31 08559705 core:PlantMachinery 2022-07-31 08559705 core:OfficeEquipment 2022-07-31 08559705 core:LeaseholdImprovements 2023-07-31 08559705 core:PlantMachinery 2023-07-31 08559705 core:OfficeEquipment 2023-07-31 08559705 2022-08-01 2023-07-31 08559705 bus:FilletedAccounts 2022-08-01 2023-07-31 08559705 bus:SmallEntities 2022-08-01 2023-07-31 08559705 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 08559705 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08559705 bus:Director1 2022-08-01 2023-07-31 08559705 core:LeaseholdImprovements core:TopRangeValue 2022-08-01 2023-07-31 08559705 core:PlantMachinery 2022-08-01 2023-07-31 08559705 core:OfficeEquipment core:TopRangeValue 2022-08-01 2023-07-31 08559705 2021-08-01 2022-07-31 08559705 core:LeaseholdImprovements 2022-08-01 2023-07-31 08559705 core:OfficeEquipment 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: 08559705 (England and Wales)

RED EAGLE FUEL SUPPLIES LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

RED EAGLE FUEL SUPPLIES LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

RED EAGLE FUEL SUPPLIES LTD

BALANCE SHEET

As at 31 July 2023
RED EAGLE FUEL SUPPLIES LTD

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 6,619 6,435
6,619 6,435
Current assets
Stocks 4 7,064 6,965
Debtors 5 19,315 21,863
Cash at bank and in hand 27,511 34,739
53,890 63,567
Creditors: amounts falling due within one year 6 ( 19,212) ( 32,109)
Net current assets 34,678 31,458
Total assets less current liabilities 41,297 37,893
Net assets 41,297 37,893
Capital and reserves
Called-up share capital 100 100
Profit and loss account 41,197 37,793
Total shareholders' funds 41,297 37,893

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Red Eagle Fuel Supplies Ltd (registered number: 08559705) were approved and authorised for issue by the Director on 07 March 2024. They were signed on its behalf by:

S Stacey
Director
RED EAGLE FUEL SUPPLIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
RED EAGLE FUEL SUPPLIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Red Eagle Fuel Supplies Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Willis Way, Fleets Industrial Estate, Poole, BH15 3SS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 20 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 3

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 August 2022 6,364 9,472 3,223 19,059
Additions 0 1,929 0 1,929
At 31 July 2023 6,364 11,401 3,223 20,988
Accumulated depreciation
At 01 August 2022 3,184 7,297 2,143 12,624
Charge for the financial year 636 601 508 1,745
At 31 July 2023 3,820 7,898 2,651 14,369
Net book value
At 31 July 2023 2,544 3,503 572 6,619
At 31 July 2022 3,180 2,175 1,080 6,435

4. Stocks

2023 2022
£ £
Stocks 7,064 6,965

5. Debtors

2023 2022
£ £
Trade debtors 7,002 6,544
Other debtors 12,313 15,319
19,315 21,863

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 10,929 20,593
Taxation and social security 4,439 7,549
Other creditors 3,844 3,967
19,212 32,109

7. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 6,250 6,250