Company registration number 07295183 (England and Wales)
DOWNSTREAM FUEL ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
DOWNSTREAM FUEL ASSOCIATION
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
DOWNSTREAM FUEL ASSOCIATION
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2024
Notes
£
£
£
£
Current assets
Debtors
3,980
Cash at bank and in hand
117,605
121,585
Creditors: amounts falling due within one year
3
(39,964)
Net current assets
81,621
Total assets less current liabilities
81,621
Reserves
Income and expenditure account
81,621
The director of the company has elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial Period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
T Sayers
Director
Company Registration No. 07295183
DOWNSTREAM FUEL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Downstream Fuel Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Cutlers Cottage, Carbrooke Lane, Shipdham, Thetford, IP25 7RP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Reporting period
The company has shortened the reporting period to 5 months ending on 31 August 2024. This is to facilitate the directors intention to close the company within the next 12 months. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
Going concern
The Company ceased activity and accordingly, the financial statements have been prepared on the basis other than going concern.
The directors intend to wind up the company in due course.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
DOWNSTREAM FUEL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2
Employees
The company has no salaried employees.
3
Creditors: amounts falling due within one year
2024
2024
£
£
Corporation tax
370
Other creditors
39,594
39,964