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REGISTERED NUMBER: 03896734 (England and Wales)













FUEL ACTIVE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FUEL ACTIVE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Ms C M Leach
Mr. D E Lindsay
Mr N Massey





SECRETARY: Mr. D E Lindsay





REGISTERED OFFICE: 2 Glan-Y-Llyn Industrial Estate Cardiff
Taffs Well
Cardiff
CF15 7JD





REGISTERED NUMBER: 03896734 (England and Wales)





ACCOUNTANTS: Carston Chartered Accountants
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 1,812,719 1,035,976
Tangible assets 5 19,890 20,698
1,832,609 1,056,674

CURRENT ASSETS
Stocks 189,884 255,823
Debtors 6 1,227,438 862,432
Cash at bank 1,392,243 76,501
2,809,565 1,194,756
CREDITORS
Amounts falling due within one year 7 984,236 240,612
NET CURRENT ASSETS 1,825,329 954,144
TOTAL ASSETS LESS CURRENT LIABILITIES 3,657,938 2,010,818

CREDITORS
Amounts falling due after more than one year 8 785,153 180,753
NET ASSETS 2,872,785 1,830,065

CAPITAL AND RESERVES
Called up share capital 464,452 193,579
Share premium 9 8,472,216 6,577,275
Retained earnings 9 (6,063,883 ) (4,940,789 )
SHAREHOLDERS' FUNDS 2,872,785 1,830,065

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





Mr N Massey - Director


FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Fuel Active limited 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
From 2023 Fuel Active will capitalise work relating to new grants as intangible assets.
These assets will be amortised over 5 years on a straight-line basis, in line with the release of the grant income.

Tangible fixed assets
Assets acquired will be depreciated over their useful economic life, which under normal circumstances will be at the following annual rates:
Leasehold improvements - 20% / 5 years
Computer, telecoms and IT equipment - 50% / 2 years
Fixtures and fittings 33.3% / 3 years
Office equipment and tools 33.3% / 3 years.

Assets with a purchase price of £1,000 or less will be written off during the year of acquisition and treated as consumables.
Where assets are acquired for a specific project, the asset will be written off over the shorter of the life of the project or the useful economic life of the asset.
In the event that an asset's life is shortened to a period which is shorter than the original estimate of its useful economic life, depreciation will be accelerated to reflect its decline in value. Such a scenario would include test equipment which is subject to extreme operational conditions which damage the asset in pursuit of test results.

Items purchased prior to 2023 will follow the historic policy.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 20 ) .

FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Patents and Development
licences costs Totals
£ £ £
COST
At 1 January 2023 163,176 1,967,898 2,131,074
Additions - 1,212,689 1,212,689
At 31 December 2023 163,176 3,180,587 3,343,763
AMORTISATION
At 1 January 2023 84,023 1,011,075 1,095,098
Amortisation for year 30,422 405,524 435,946
At 31 December 2023 114,445 1,416,599 1,531,044
NET BOOK VALUE
At 31 December 2023 48,731 1,763,988 1,812,719
At 31 December 2022 79,153 956,823 1,035,976

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 1 January 2023 42,251
Additions 10,005
At 31 December 2023 52,256
DEPRECIATION
At 1 January 2023 21,553
Charge for year 10,813
At 31 December 2023 32,366
NET BOOK VALUE
At 31 December 2023 19,890
At 31 December 2022 20,698

FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 569,829 218,613
Other debtors 196,076 167,013
Directors' current accounts 322,677 317,208
VAT - 65,564
Prepayments and accrued income 44,278 2,116
Prepayments - loan interest 8,992 8,793
Prepayments - S455 85,586 83,125
1,227,438 862,432

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 132,867 324,300
Other creditors - Royalties 128,494 121,720
Tax (4 ) (455,624 )
PAYE and NIC taxes 41,476 37,744
Other creditors - sundry HMRC (478 ) 6,425
Pension Control Account 3,570 -
VAT 14,438 -
Other creditors - credit card 7,667 19,040
Accruals 184,367 70,759
Deferred Income 258,474 95,059
Other creditors - accountancy 4,000 4,000
Deferred Grants 209,365 17,189
984,236 240,612

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Deferred government grants 785,153 180,753

9. RESERVES
Retained Share
earnings premium Totals
£ £ £

At 1 January 2023 (4,940,789 ) 6,577,275 1,636,486
Deficit for the year (1,123,094 ) (1,123,094 )
Cash share issue - 1,894,941 1,894,941
At 31 December 2023 (6,063,883 ) 8,472,216 2,408,333