Caseware UK (AP4) 2023.0.135 2023.0.135 truefalsethat of the wholesale, retail and delivery of hydrocarbon oils.222023-01-01false23false 06911463 2023-01-01 2023-12-31 06911463 2022-01-01 2022-12-31 06911463 2023-12-31 06911463 2022-12-31 06911463 2022-01-01 06911463 1 2023-01-01 2023-12-31 06911463 1 2022-01-01 2022-12-31 06911463 3 2023-01-01 2023-12-31 06911463 3 2022-01-01 2022-12-31 06911463 5 2023-01-01 2023-12-31 06911463 5 2022-01-01 2022-12-31 06911463 d:Director6 2023-01-01 2023-12-31 06911463 d:Director7 2023-01-01 2023-12-31 06911463 d:Director8 2023-01-01 2023-12-31 06911463 d:RegisteredOffice 2023-01-01 2023-12-31 06911463 e:Buildings 2023-01-01 2023-12-31 06911463 e:Buildings 2023-12-31 06911463 e:Buildings 2022-12-31 06911463 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06911463 e:Buildings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06911463 e:PlantMachinery 2023-01-01 2023-12-31 06911463 e:PlantMachinery 2023-12-31 06911463 e:PlantMachinery 2022-12-31 06911463 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06911463 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06911463 e:MotorVehicles 2023-01-01 2023-12-31 06911463 e:MotorVehicles 2023-12-31 06911463 e:MotorVehicles 2022-12-31 06911463 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06911463 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06911463 e:FurnitureFittings 2023-01-01 2023-12-31 06911463 e:FurnitureFittings 2023-12-31 06911463 e:FurnitureFittings 2022-12-31 06911463 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06911463 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06911463 e:OfficeEquipment 2023-01-01 2023-12-31 06911463 e:OfficeEquipment 2023-12-31 06911463 e:OfficeEquipment 2022-12-31 06911463 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06911463 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06911463 e:ComputerEquipment 2023-01-01 2023-12-31 06911463 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06911463 e:OtherPropertyPlantEquipment 2023-12-31 06911463 e:OtherPropertyPlantEquipment 2022-12-31 06911463 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06911463 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06911463 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06911463 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06911463 e:CurrentFinancialInstruments 2023-12-31 06911463 e:CurrentFinancialInstruments 2022-12-31 06911463 e:Non-currentFinancialInstruments 2023-12-31 06911463 e:Non-currentFinancialInstruments 2022-12-31 06911463 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 06911463 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 06911463 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 06911463 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 06911463 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 06911463 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 06911463 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 06911463 e:ReportableOperatingSegment2 2022-01-01 2022-12-31 06911463 e:UKTax 2023-01-01 2023-12-31 06911463 e:UKTax 2022-01-01 2022-12-31 06911463 e:ShareCapital 2023-12-31 06911463 e:ShareCapital 2022-01-01 2022-12-31 06911463 e:ShareCapital 2022-12-31 06911463 e:ShareCapital 2022-01-01 06911463 e:CapitalRedemptionReserve 2023-12-31 06911463 e:CapitalRedemptionReserve 2022-12-31 06911463 e:CapitalRedemptionReserve 2022-01-01 06911463 e:RevaluationReserve 2023-12-31 06911463 e:RevaluationReserve 2022-12-31 06911463 e:RevaluationReserve 2022-01-01 06911463 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06911463 e:RetainedEarningsAccumulatedLosses 2023-12-31 06911463 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06911463 e:RetainedEarningsAccumulatedLosses 2022-12-31 06911463 e:RetainedEarningsAccumulatedLosses 2022-01-01 06911463 d:OrdinaryShareClass1 2023-01-01 2023-12-31 06911463 d:OrdinaryShareClass1 2023-12-31 06911463 d:OrdinaryShareClass1 2022-12-31 06911463 d:FRS102 2023-01-01 2023-12-31 06911463 d:Audited 2023-01-01 2023-12-31 06911463 d:FullAccounts 2023-01-01 2023-12-31 06911463 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06911463 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 06911463 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 06911463 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 06911463 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 06911463 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06911463 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06911463 e:OtherDeferredTax 2023-12-31 06911463 e:OtherDeferredTax 2022-12-31 06911463 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 06911463 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 06911463 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06911463





 
Billericay Fuel Services Limited          
 
Financial statements          

For the year ended 31 December 2023          

 
Billericay Fuel Services Limited
 
 
Company Information


Directors
M.A. Porter 
R.J. Platt 
D. Platt 




Registered number
06911463



Registered office
Quaintways Workhouse Lane
Woodham Ferrers

Chelmsford

England

CM3 8RD





 
Billericay Fuel Services Limited
 

Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 23


 
Billericay Fuel Services Limited
 
 
Directors' report
For the year ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results

The profit for the year, after taxation, amounted to £140,170 (2022 - £633,061).

The directors consider the profit achieved before taxation to be in accordance with their expectations, after taking into account the general trading conditions prevailing during the year under review. 
The directors consider the state of the company's affairs to be satisfactory.
 

Dividends

The directors do not recommend the payment of a dividend.
 

Fixed assets

Details of movements in fixed assets are set out in notes to the accounts.
 

Events since the end of the year

There have been no significant events subsequent to the year end which materially affect the results for the year or the company's state of affairs at 31 December 2023.
 

Directors

The directors who served during the year were:

M.A. Porter 
R.J. Platt 
D. Platt 

 
Future developments

The directors are not aware on any likely future developments which would have a significant effect on the company.
 

Research and development activities

The company is involved in research and development projects relating to fuel product formulae.
 

Close company

The company is a close company within the meaning of S.439 CTA 2010.
 

Page 1

 
Billericay Fuel Services Limited
 
 
Directors' report (continued)
For the year ended 31 December 2023

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

 
Auditors

Under section 487(2) of the Companies Act 2006Clay Ratnage Strevens & Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 6 August 2024 and signed on its behalf.
 





D. Platt
Director

Page 2

 
Billericay Fuel Services Limited
 
 
Strategic report
For the year ended 31 December 2023

Introduction
 
The company's principal activity continues to be that of the wholesale, retail and delivery of hydrocarbon oils and there was no change in this activity during the year.

Business review
 
The directors are pleased with the performance of the company, considering the market conditions prevailing during the year under review. 
During the year the company has seen a turnover decrease to £21,596,567 
(2022 - £24,635,206) due to a general decline in fuel prices throughout the year under review. The aforementioned decline has put some pressure on the company's margins, together with increased local competition in the market, which is evidenced by a drop in the gross profit margin as noted below. However, the directors continue to monitor costs closely and the company continues to be profitable.
The directors are pleased with the state of the financial affairs of the company at the balance sheet date. The company has continued to invest in plant and machinery, which contributes to the ongoing success of the company, and has also managed to reduce its liabilities during the course of the year. The company continues to maintain a healthy but sensible level of available funds in order to ensure that the working capital requirements of the business can be met.

Principal risks and uncertainties
 
The principal risks and uncertainties identified by the directors of the company relate to factors concerning the price volatility of fuel and also the effect of climate fluctuations on the demand for heating oil and farm fuels. 
Despite these risks and uncertainties, the company is in an excellent position, both financially and operationally, to purchase raw materials at the best possible price. The company is also able to provide flexibility in the services and products it provides to its customers, in order to ensure that the uncertainties concerning weather and climate dynamics can be mitigated as much as possible

Financial key performance indicator
 
Gross Profit Margin: The directors confirm that the gross profit margin has decreased from 6.6% to 6.0% this year and this decrease is attributable to falling oil prices. Gross profit margins typically fluctuate year on year, however, the directors believe that margins will remain at such a level that the company continues to operate profitably for the foreseeable future.


This report was approved by the board on 6 August 2024 and signed on its behalf.



D. Platt
Director

Page 3

 
Billericay Fuel Services Limited
 
 
Independent auditors' report to the members of Billericay Fuel Services Limited
 

Opinion


We have audited the financial statements of Billericay Fuel Services Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
Billericay Fuel Services Limited
 
 
Independent auditors' report to the members of Billericay Fuel Services Limited (continued)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
Billericay Fuel Services Limited
 
 
Independent auditors' report to the members of Billericay Fuel Services Limited (continued)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

  • Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. 
  • Obtaining an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries to the company's accounting department and management. 
  • Assessing the susceptibility of the company's financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures: 
         - Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect
           fraud.
         - Understanding how those charged with governance consider and address the potential for override of controls and
            management bias.
         - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
         - Assessing the extent of compliance with the relevant laws and regulations.
         - Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition.
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.
The inherent limitations of audit present an unavoidable risk the we, the auditors, may not detect some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally,there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements. We take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
Billericay Fuel Services Limited
 
 
Independent auditors' report to the members of Billericay Fuel Services Limited (continued)

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 2006Our 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 an Auditors' report 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.





Steven James Garrod (Senior statutory auditor)  
  
for and on behalf of Clay Ratnage Strevens & Hills 
 
Statutory Auditors
  
Construction House
Runwell Road
Wickford
Essex
SS11 7HQ
 

6 August 2024
Page 7

 
Billericay Fuel Services Limited
 
 
Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
                                                                                                                                        Note
£
£

  

Turnover
 3 
21,596,567
24,635,206

Cost of sales
  
(20,307,147)
(22,999,074)

Gross profit
  
1,289,420
1,636,132

Administrative expenses
  
(1,129,764)
(895,013)

Operating profit
  
159,656
741,119

Interest receivable and similar income
  
35,326
3,568

Interest payable and similar expenses
 5 
(11,813)
(6,050)

Profit before tax
  
183,169
738,637

Tax on profit
 6 
(42,999)
(105,576)

Profit for the year
  
140,170
633,061


There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.















The notes on pages 13 to 23 form part of these financial statements.
Page 8

 
Billericay Fuel Services Limited
Registered number:06911463

Balance sheet
As at 31 December 2023


2023

2022  
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 7 
1,539,650
1,533,534

Current assets
  

Stock
 8 
157,937
249,632

Debtors
 9 
1,518,583
1,711,231

Bank and cash balances
  
2,103,392
2,320,956

  
3,779,912
4,281,819

Creditors: amounts falling due within one year
 10 
(1,792,082)
(2,378,796)

Net current assets
  
 
 
1,987,830
 
 
1,903,023

Total assets less current liabilities
  
3,527,480
3,436,557

Creditors: amounts falling due after more than one year
 11 
(40,562)
(98,659)

Provisions for liabilities
  

Deferred tax
 13 
(181,452)
(172,602)

Net assets
  
3,305,466
3,165,296


Capital and reserves
  

Called up share capital 
 14 
43,820
43,820

Revaluation reserve
  
557,281
557,281

Capital redemption reserve
  
298,260
298,260

Profit and loss account
  
2,406,105
2,265,935

  
3,305,466
3,165,296


The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 6 August 2024.




D. Platt
Director




The notes on pages 13 to 23 form part of these financial statements.
Page 9

 
Billericay Fuel Services Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
306,740
35,340
557,281
1,895,794
2,795,155



Profit for the year
-
-
-
633,061
633,061

Purchase of own shares
-
262,920
-
(262,920)
-

Shares cancelled during the year
(262,920)
-
-
-
(262,920)



At 1 January 2023
43,820
298,260
557,281
2,265,935
3,165,296



Profit for the year
-
-
-
140,170
140,170


At 31 December 2023
43,820
298,260
557,281
2,406,105
3,305,466



















The notes on pages 13 to 23 form part of these financial statements.
Page 10

 
Billericay Fuel Services Limited
 

Statement of cash flows
For the year ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
140,170
633,061

Adjustments for:

Depreciation of tangible assets
211,892
188,166

Profit on disposal of tangible assets
-
(10,104)

Interest paid
11,813
6,050

Interest received
(35,326)
(3,568)

Taxation charge
42,999
105,576

Decrease/(increase) in stock
91,695
(123,555)

Decrease/(increase) in debtors
192,650
(39,133)

(Decrease)/increase in creditors
(507,635)
712,310

Corporation tax paid
(84,332)
(139,179)

Net cash generated from operating activities

63,926
1,329,624


Cash flows from investing activities

Purchase of tangible fixed assets
(218,008)
(351,951)

Sale of tangible fixed assets
-
26,000

Interest received
35,326
3,568

Net cash from investing activities

(182,682)
(322,383)

Cash flows from financing activities

Purchase of preference shares
-
(262,921)

(Repayment of)/new finance leases
(86,996)
62,896

Interest paid
(11,812)
(6,049)

Net cash used in financing activities
(98,808)
(206,074)

Net (decrease)/increase in cash and cash equivalents
(217,564)
801,167

Cash and cash equivalents at beginning of year
2,320,956
1,519,789

Cash and cash equivalents at the end of year
2,103,392
2,320,956


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,103,392
2,320,956



The notes on pages 13 to 23 form part of these financial statements
Page 11

 
Billericay Fuel Services Limited
 

Analysis of Net Debt
For the year ended 31 December 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

2,320,956

(217,564)

-

2,103,392

Debt due within 1 year

(3,954)

-

(33)

(3,987)

Finance leases

(185,658)

86,996

-

(98,662)


2,131,344
(130,568)
(33)
2,000,743






















The notes on pages 13 to 23 form part of these financial statements.
Page 12

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Billericay Fuel Services Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Quaintways Workhouse Lane, Woodham Ferrers, Chelmsford, England, CM3 8RD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of freehold property and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. 
The company has applied the exemption available under FRS102 whereby freehold property previously revalued under the previously extant GAAP is no longer revalued. The value of this property as at transition has now been treated as its deemed cost.
 
 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods supplied during the year. 

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 13

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both a reducing balance and straight line basis.

Depreciation is provided at the following rates:

Tractors
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures, fittings and equipment
-
20%
reducing balance
Modular building
-
2%
straight line
Computer equipment
-
20%
straight line
Implements and equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 14

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 

Page 15

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

The company operated a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of hydrocarbon oils
21,471,567
24,635,206

Management charges
125,000
-

21,596,567
24,635,206


All turnover arose within the United Kingdom.

Page 17

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Employees

2023
2022
£
£

Wages and salaries
763,226
820,685

Social security costs
77,573
89,538

Pension contributions
120,870
20,259

961,669
930,482


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3



Production and sales
15
14



Office and management
5
5

23
22


5.


Interest payable and similar expenses

2023
2022
£
£


Hire purchase interest payable
11,813
6,050


6.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
34,149
84,331


Deferred tax


Origination and reversal of timing differences
8,850
21,245


Taxation on profit
42,999
105,576
Page 18

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of25% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit before tax
183,169
738,637


Profit multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
45,792
140,341

Effects of:


Expenses not deductible for tax purposes
-
2,935

Capital allowances for year in excess of depreciation
(9,500)
(58,935)

Increase/(decrease) in pension fund accrual leading to an increase/(decrease) in tax
4
(10)

Origination and reversal of timing differences
8,850
21,245

Change in rate of taxation during the year
(2,147)
-

Total tax charge for the year
42,999
105,576


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

7.


Tangible fixed assets





Land and buildings
Tractors
Motor
vehicles
Fixtures, fittings and equipment
Modular building
Implements and 
equipment
Total

£
£
£
£
£
£
£



Cost


At 1 January 2023
726,454
4,724
1,417,100
34,099
54,950
232,138
2,469,465


Additions
-
-
202,252
5,388
-
10,367
218,007



At 31 December 2023

726,454
4,724
1,619,352
39,487
54,950
242,505
2,687,472



Depreciation


At 1 January 2023
-
4,612
773,816
30,619
5,495
121,389
935,931


Charge for the year on owned assets
-
28
122,808
1,009
1,099
23,305
148,249


Charge for the year on financed assets
-
-
63,642
-
-
-
63,642



At 31 December 2023

-
4,640
960,266
31,628
6,594
144,694
1,147,822



Net book value



At 31 December 2023
726,454
84
659,086
7,859
48,356
97,811
1,539,650



At 31 December 2022
726,454
112
643,283
3,480
49,455
110,750
1,533,534

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
124,688
254,570

Page 20

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.


Stock

2023
2022
£
£

Raw materials and consumables
157,937
249,632



9.


Debtors

2023
2022
£
£


Trade debtors
1,069,697
1,322,543

Other debtors
442,606
371,052

Prepayments and accrued income
6,280
17,636

1,518,583
1,711,231



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
104,651
104,872

Trade creditors
1,450,769
1,824,650

Corporation tax
34,149
84,332

Other taxation and social security
18,645
19,651

Obligations under finance lease and hire purchase contracts
58,099
86,996

Other creditors
41,250
73,160

Accruals and deferred income
84,519
185,135

1,792,082
2,378,796



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
40,562
98,659


Page 21

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
58,099
89,996

Between 1-5 years
40,563
98,659

98,662
188,655


13.


Deferred taxation




2023
2022


£

£






At beginning of year
172,602
151,357


Charged for the year
8,850
21,245



At end of year
181,452
172,602

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
169,958
161,108

Unrealised surplus on revaluation of freehold property
11,494
11,494

181,452
172,602


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



43,820 (2022 - 43,820) Ordinary shares of £1.00 each
43,820
43,820


Page 22

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

15.


Capital commitments


At 31 December 2023 the company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
271,400

Amounts contracted for but not provided in the financial statements for the company in respect of motor vehicles.  


16.


Pension commitments

The company operates two defined contributions pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension charge represents contributions payable by the company to the funds and amounted to £120,870 (2022 - £20,259). Contributions totalling £3,987 (2022 - £3,954) were payable to the fund at the balance sheet date and are included in creditors.


17.


Related party transactions

During the year £95,000 was charged to (2022 - £60,000 incurred from) related parties in relation to management charges. 
At the balance sheet date, debtors amounting to £131,659 
(2022 - £17,843 creditor) were outstanding from related parties. No interest was charged on these loans. 

Page 23