T F A Fuel Services Ltd 04155053 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of sale of Marine Gasoil. Digita Accounts Production Advanced 6.30.9574.0 true true 04155053 2023-03-01 2024-02-29 04155053 2024-02-29 04155053 core:CapitalRedemptionReserve 2024-02-29 04155053 core:RetainedEarningsAccumulatedLosses 2024-02-29 04155053 core:ShareCapital 2024-02-29 04155053 core:CurrentFinancialInstruments 2024-02-29 04155053 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 04155053 core:Non-currentFinancialInstruments 2024-02-29 04155053 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 04155053 core:FurnitureFittings 2024-02-29 04155053 core:OfficeEquipment 2024-02-29 04155053 core:PlantMachinery 2024-02-29 04155053 bus:SmallEntities 2023-03-01 2024-02-29 04155053 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04155053 bus:FilletedAccounts 2023-03-01 2024-02-29 04155053 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04155053 bus:RegisteredOffice 2023-03-01 2024-02-29 04155053 bus:CompanySecretary1 2023-03-01 2024-02-29 04155053 bus:Director2 2023-03-01 2024-02-29 04155053 bus:Director3 2023-03-01 2024-02-29 04155053 bus:Director5 2023-03-01 2024-02-29 04155053 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04155053 core:FurnitureFittings 2023-03-01 2024-02-29 04155053 core:OfficeEquipment 2023-03-01 2024-02-29 04155053 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 04155053 core:PlantMachinery 2023-03-01 2024-02-29 04155053 countries:EnglandWales 2023-03-01 2024-02-29 04155053 2023-02-28 04155053 core:FurnitureFittings 2023-02-28 04155053 core:OfficeEquipment 2023-02-28 04155053 core:PlantMachinery 2023-02-28 04155053 2022-03-01 2023-02-28 04155053 2023-02-28 04155053 core:CapitalRedemptionReserve 2023-02-28 04155053 core:RetainedEarningsAccumulatedLosses 2023-02-28 04155053 core:ShareCapital 2023-02-28 04155053 core:CurrentFinancialInstruments 2023-02-28 04155053 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04155053 core:Non-currentFinancialInstruments 2023-02-28 04155053 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 04155053 core:FurnitureFittings 2023-02-28 04155053 core:OfficeEquipment 2023-02-28 04155053 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 04155053

T F A Fuel Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

T F A Fuel Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

T F A Fuel Services Ltd

Company Information

Directors

MW Jackson

PJE Nichols

Mr JR Lowe

Company secretary

O J Jackson

Registered office

Western Crosswall
Ramsgate Royal Harbour
Ramsgate
Kent
CT11 9RN

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

T F A Fuel Services Ltd

(Registration number: 04155053)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

88,929

101,785

Current assets

 

Stocks

5

76,895

58,007

Debtors

6

329,374

322,637

Cash at bank and in hand

 

568,966

516,562

 

975,235

897,206

Creditors: Amounts falling due within one year

7

(238,548)

(143,533)

Net current assets

 

736,687

753,673

Total assets less current liabilities

 

825,616

855,458

Creditors: Amounts falling due after more than one year

7

(14,151)

(24,054)

Provisions for liabilities

(22,010)

(25,177)

Net assets

 

789,455

806,227

Capital and reserves

 

Called up share capital

23

23

Capital redemption reserve

22

22

Retained earnings

789,410

806,182

Shareholders' funds

 

789,455

806,227

 

T F A Fuel Services Ltd

(Registration number: 04155053)
Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 15 October 2024 and signed on its behalf by:
 

.........................................
MW Jackson
Director

   
     
 

T F A Fuel Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:
Western Crosswall
Ramsgate Royal Harbour
Ramsgate
Kent
CT11 9RN

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.

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

Going concern

The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

 

T F A Fuel Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Judgements

No judgements have been made in the process of applying the accounting policies that have had a significant effect on the amounts recognised in the financial statements.

No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Sales 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 the 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.

Government grants

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Finance income and costs policy

Interest income is recognised in profit or loss using the effective interest method.

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so 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.

All borrowing costs are recognised in profit or loss in the year they are incurred.

Tax

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

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

 

T F A Fuel Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on cost

Fixtures and fittings

15% on cost

Fuel pontoon

5% on cost

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.

 

T F A Fuel Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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.

Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 4 (2023 - 4).

 

T F A Fuel Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Pontoon
£

Total
£

Cost or valuation

At 1 March 2023

6,215

64,486

210,637

281,338

Additions

116

1,250

-

1,366

At 29 February 2024

6,331

65,736

210,637

282,704

Depreciation

At 1 March 2023

5,073

42,159

132,321

179,553

Charge for the year

343

3,347

10,532

14,222

At 29 February 2024

5,416

45,506

142,853

193,775

Carrying amount

At 29 February 2024

915

20,230

67,784

88,929

At 28 February 2023

1,142

22,327

78,316

101,785

5

Stocks

2024
£

2023
£

Stock of fuel

76,895

58,007

6

Debtors

Current

2024
£

2023
£

Trade debtors

207,094

196,920

Prepayments

15,926

11,506

Other debtors

106,354

114,211

 

329,374

322,637

 

T F A Fuel Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,015

9,800

Trade creditors

 

176,464

99,132

Taxation and social security

 

37,400

30,156

Accruals and deferred income

 

13,412

4,445

Other creditors

 

257

-

 

238,548

143,533

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

14,151

24,054

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,151

24,054

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,833

9,800

Directors current account

1,182

-

11,015

9,800

 

T F A Fuel Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company has a lease with Thanet District Council in respect of the premises used by the company, which expires in 2040.

The basic rental is £5,000 per annum, together with a turnover rent based on the litres of fuel sales each year, which amounted to £57,152 for this year.

Amounts disclosed in the balance sheet

Included in the balance sheet are unpaid pension contributions of £257 (2023 - £Nil).

10

Related party transactions

Advances to the director amounted to £Nil during the year (2023 £4,191). Repayments by the director of £4,191 were received by the company during the year. At the balance sheet date the amount owed to the company by the director was £Nil (2023 £4,191).