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COMPANY REGISTRATION NUMBER: 11152488
Low Sulphur Fuels Limited
Filleted Unaudited Financial Statements
31 January 2024
Low Sulphur Fuels Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
54,107
64,929
Tangible assets
6
19,404
18,666
-------
-------
73,511
83,595
Current assets
Debtors
7
18,357
44,751
Cash at bank and in hand
47,382
170,908
-------
---------
65,739
215,659
Creditors: amounts falling due within one year
8
32,865
49,607
-------
---------
Net current assets
32,874
166,052
---------
---------
Total assets less current liabilities
106,385
249,647
Creditors: amounts falling due after more than one year
9
256,102
336,645
---------
---------
Net liabilities
( 149,717)
( 86,998)
---------
---------
Capital and reserves
Called up share capital
13,334
13,334
Share premium account
149,166
149,166
Profit and loss account
( 312,217)
( 249,498)
---------
---------
Shareholders deficit
( 149,717)
( 86,998)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Low Sulphur Fuels Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mr G Halliday
Director
Company registration number: 11152488
Low Sulphur Fuels Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 20 Cedar Grove, Amersham, Bucks, HP7 9BG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The company has continued to make good progress in developing its unique technology. However, the company needs to secure additional finance to conclude its development of a commercially viable product and achieve profitability. Whilst the directors believe that sufficient funding will be secured there is inherent uncertainty about this in current market conditions. The financial statements do not include any adjustments that would result if sufficient funding could not be secured.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
The costs of developing a pilot unit were capitalised prior to 31 January 2020. Since then, research and development expenditure has been written off as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Equipment
-
25% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Intangible assets
Development costs
£
Cost
At 1 February 2023 and 31 January 2024
108,214
---------
Amortisation
At 1 February 2023
43,285
Charge for the year
10,822
---------
At 31 January 2024
54,107
---------
Carrying amount
At 31 January 2024
54,107
---------
At 31 January 2023
64,929
---------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 February 2023
31,530
5,516
37,046
Additions
3,743
1,718
5,461
-------
------
-------
At 31 January 2024
35,273
7,234
42,507
-------
------
-------
Depreciation
At 1 February 2023
18,380
18,380
Charge for the year
3,527
1,196
4,723
-------
------
-------
At 31 January 2024
21,907
1,196
23,103
-------
------
-------
Carrying amount
At 31 January 2024
13,366
6,038
19,404
-------
------
-------
At 31 January 2023
13,150
5,516
18,666
-------
------
-------
7. Debtors
2024
2023
£
£
Prepayments and accrued income
4,280
4,597
Other debtors
14,077
40,154
-------
-------
18,357
44,751
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,461
5,779
Trade creditors
17,041
22,591
Social security and other taxes
7,900
17,376
Other creditors
1,463
3,861
-------
-------
32,865
49,607
-------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
34,460
39,058
Amounts owed to group undertakings and undertakings in which the company has a participating interest
81,820
155,243
Other creditors
139,822
142,344
---------
---------
256,102
336,645
---------
---------
10. Share-based payments
At the year end the company had issued options over 1,100 Ordinary shares at an exercise price of £1.00 per share, and all remain outstanding at the year end.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
10,034
19,377
Later than 1 year and not later than 5 years
10,034
-------
-------
10,034
29,411
-------
-------
12. Related party transactions
The company owns 100% of the issued share capital of Low Sulphur Fuels BV, a company incorporated in the Netherlands under the company number 81259131. Included in Creditors at the year end is £81,820 (2023:£155,243). Included in Other Creditors at the year end are amounts owed by the company to Mr G Halliday £98,898 (2023: £98,898) and Mr J Taylor £40,924 (2023: £43,446) respectively. The outstanding balances are unsecured, not subject to interest and are repayable on demand. However the directors have agreed to provide financial support to the company for at least 12 months from the date of approval of these accounts.