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Registration number: 08679009

Cliffwell Fuels Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Cliffwell Fuels Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 9

 

Cliffwell Fuels Limited

(Registration number: 08679009)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,923

-

Current assets

 

Stocks

5

8,804

8,804

Debtors

6

19,160

18,697

Cash at bank and in hand

 

17,057

2,002

 

45,021

29,503

Creditors: Amounts falling due within one year

7

(151,147)

(89,968)

Net current liabilities

 

(106,126)

(60,465)

Total assets less current liabilities

 

(102,203)

(60,465)

Creditors: Amounts falling due after more than one year

7

(72,616)

(37,030)

Net liabilities

 

(174,819)

(97,495)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(174,919)

(97,595)

Shareholders' deficit

 

(174,819)

(97,495)

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 16 August 2024
 

.........................................
E Williams
Company secretary and director

 

Cliffwell Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Albert Street
Amble
Morpeth
Northumberland
NE65 0LU

These financial statements were authorised for issue by the director on 16 August 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.

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.

Government grants

The entity adopted the accrual model for recognising government grants.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Cliffwell Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

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.

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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Cliffwell Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

 

Cliffwell Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

4,240

4,240

At 31 August 2023

4,240

4,240

Depreciation

Charge for the year

317

317

At 31 August 2023

317

317

Carrying amount

At 31 August 2023

3,923

3,923

5

Stocks

2023
£

2022
£

Other inventories

8,804

8,804

6

Debtors

Current

2023
£

2022
£

Trade debtors

8,746

7,158

Other debtors

10,414

11,539

 

19,160

18,697

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

80,377

31,903

Trade creditors

 

28,384

18,124

Taxation and social security

 

5,455

16,154

Accruals and deferred income

 

6,053

5,648

Other creditors

 

30,878

18,139

 

151,147

89,968

 

Cliffwell Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

72,616

37,030

2023
£

2022
£

Due after more than five years

After more than five years by instalments

10,943

12,682

-

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

72,616

37,030

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

18,229

Other borrowings

80,377

13,674

80,377

31,903

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

As at the year end, the bank loan creditor falling due in more than five years was £10,943 (2022 - £12,682).

There are 3 bank loans being repaid due in more than 5 years.

 

Cliffwell Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

10

Related party transactions

 

Cliffwell Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

E Williams

-

7,104

7,104

       
     

 

 

Cliffwell Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Summary of transactions with other related parties

E Williams
 Cliffwell Service Station is a partnership, of which E Williams is a partner. As at the balance sheet date, the balance due from the company was £5,285 (2022 - (£1,406)).