Registered number
07537452
CONNECT FUEL LIMITED
Filleted Accounts
29 February 2024
CONNECT FUEL LIMITED
Registered number: 07537452
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 967 1,290
Tangible assets 4 27,772 19,215
28,739 20,505
Current assets
Stocks 55,922 60,135
Debtors 5 76,813 32,950
Cash at bank and in hand 26,591 56,553
159,326 149,638
Creditors: amounts falling due within one year 6 (11,224) (12,310)
Net current assets 148,102 137,328
Total assets less current liabilities 176,841 157,833
Creditors: amounts falling due after more than one year 7 - (20,681)
Net assets 176,841 137,152
Capital and reserves
Called up share capital 2 2
Profit and loss account 176,839 137,150
Shareholders' funds 176,841 137,152
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Zulfiqar Ali
Director
Approved by the board on 28 November 2024
CONNECT FUEL LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Goodwill over 5 years
Motor Vehicle 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 -
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 20,000
At 29 February 2024 20,000
Amortisation
At 1 March 2023 18,710
Provided during the year 323
At 29 February 2024 19,033
Net book value
At 29 February 2024 967
At 28 February 2023 1,290
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 64,777 7,857 72,634
Additions - 15,499 15,499
At 29 February 2024 64,777 23,356 88,133
Depreciation
At 1 March 2023 46,510 6,909 53,419
Charge for the year 3,653 3,289 6,942
At 29 February 2024 50,163 10,198 60,361
Net book value
At 29 February 2024 14,614 13,158 27,772
At 28 February 2023 18,267 948 19,215
5 Debtors 2024 2023
£ £
Trade debtors 38,328 26,010
Other debtors 38,485 6,940
76,813 32,950
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 4,982
Taxation and social security costs 11,224 7,328
11,224 12,310
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 20,681
8 Other information
CONNECT FUEL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
51 Viola Avenue
Feltham
Middlesex
TW14 0EN
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