1 false false false false false false false false false true false false false false true false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,320 1,008 100 1,108 212 312 23,502 21,779 1,368 23,147 355 1,723 xbrli:pure xbrli:shares iso4217:GBP NI604365 2022-09-01 2023-08-31 NI604365 2023-08-31 NI604365 2022-08-31 NI604365 2021-09-01 2022-08-31 NI604365 2022-08-31 NI604365 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-01 2023-08-31 NI604365 core:PlantMachinery 2022-09-01 2023-08-31 NI604365 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 NI604365 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 NI604365 bus:Director1 2022-09-01 2023-08-31 NI604365 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 NI604365 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 NI604365 core:PlantMachinery 2022-08-31 NI604365 core:PlantMachinery 2023-08-31 NI604365 core:WithinOneYear 2023-08-31 NI604365 core:WithinOneYear 2022-08-31 NI604365 core:ShareCapital 2023-08-31 NI604365 core:ShareCapital 2022-08-31 NI604365 core:SharePremium 2023-08-31 NI604365 core:SharePremium 2022-08-31 NI604365 core:RetainedEarningsAccumulatedLosses 2023-08-31 NI604365 core:RetainedEarningsAccumulatedLosses 2022-08-31 NI604365 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-31 NI604365 core:PlantMachinery 2022-08-31 NI604365 bus:SmallEntities 2022-09-01 2023-08-31 NI604365 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 NI604365 bus:FullAccounts 2022-09-01 2023-08-31 NI604365 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 NI604365 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 NI604365 bus:OrdinaryShareClass1 2023-08-31 NI604365 bus:OrdinaryShareClass1 2022-08-31 NI604365 bus:OrdinaryShareClass2 2023-08-31 NI604365 bus:OrdinaryShareClass2 2022-08-31 NI604365 bus:AllOrdinaryShares 2023-08-31 NI604365 bus:AllOrdinaryShares 2022-08-31
COMPANY REGISTRATION NUMBER: NI604365
Fuel-Tec Limited
Filleted Unaudited Financial Statements
31 August 2023
Fuel-Tec Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
212
312
Tangible assets
6
355
1,723
----
-------
567
2,035
Current assets
Stocks
10,489
11,382
Debtors
7
3,887
2,727
Cash at bank and in hand
484
989
--------
--------
14,860
15,098
Creditors: amounts falling due within one year
8
5,499
4,347
--------
--------
Net current assets
9,361
10,751
-------
--------
Total assets less current liabilities
9,928
12,786
-------
--------
Net assets
9,928
12,786
-------
--------
Capital and reserves
Called up share capital
9
180
180
Share premium account
10
84,830
84,830
Profit and loss account
10
( 75,082)
( 72,224)
--------
--------
Shareholders funds
9,928
12,786
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fuel-Tec Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:
Mr KA Devlin
Director
Company registration number: NI604365
Fuel-Tec Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 68 Braniel Road, Lisburn, Co Antrim, BT27 5JJ, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patent & trademark costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Tax on (loss)/profit
Reconciliation of tax income
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 2,858)
634
-------
----
(Loss)/profit on ordinary activities by rate of tax
( 543)
120
Effect of expenses not deductible for tax purposes
3
Effect of capital allowances and depreciation
260
332
Utilisation of tax losses
280
( 452)
-------
----
Tax on (loss)/profit
-------
----
5. Intangible assets
Development costs
£
Cost
At 1 September 2022 and 31 August 2023
1,320
-------
Amortisation
At 1 September 2022
1,008
Charge for the year
100
-------
At 31 August 2023
1,108
-------
Carrying amount
At 31 August 2023
212
-------
At 31 August 2022
312
-------
Patent and Trademark costs are written off to the profit and loss account over 5 years.
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 September 2022 and 31 August 2023
23,502
23,502
--------
--------
Depreciation
At 1 September 2022
21,779
21,779
Charge for the year
1,368
1,368
--------
--------
At 31 August 2023
23,147
23,147
--------
--------
Carrying amount
At 31 August 2023
355
355
--------
--------
At 31 August 2022
1,723
1,723
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
3,376
2,160
Other debtors
511
567
-------
-------
3,887
2,727
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
143
144
Social security and other taxes
628
Other creditors
4,728
4,203
-------
-------
5,499
4,347
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
Ordinary 'B' shares of £ 1 each
170
170
170
170
----
----
----
----
180
180
180
180
----
----
----
----
10. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Related party transactions
The company was under the control of Mr Karl Devlin throughout the current and previous year. Mr Devlin is a 49% shareholder in the parent company PD Corporation Limited.
12. Controlling party
The company is a wholly owned subsidiary of PD Corporation Limited, a company registered in Northern Ireland.