Company Registration No. 11957465 (England and Wales)
Fuel Hub Ltd
Unaudited accounts
for the year ended 30 April 2024
Fuel Hub Ltd
Unaudited accounts
Contents
Fuel Hub Ltd
Company Information
for the year ended 30 April 2024
Directors
Michelle Laithwaite
James Laithwaite
Richard Marcus Radcliffe
Company Number
11957465 (England and Wales)
Registered Office
252 - 253 Europa Trade Park
Europa Boulevard
Warrington
Cheshire
WA5 7TN
England
Fuel Hub Ltd
Statement of financial position
as at 30 April 2024
Intangible assets
75,311
90,847
Tangible assets
244,700
241,854
Cash at bank and in hand
231,656
137,518
Creditors: amounts falling due within one year
(312,852)
(141,795)
Net current assets
415,584
320,819
Total assets less current liabilities
735,595
653,520
Creditors: amounts falling due after more than one year
(1,031,930)
(673,871)
Net liabilities
(296,335)
(20,351)
Called up share capital
230,003
3
Share premium
474,998
474,998
Profit and loss account
(1,001,336)
(495,352)
Shareholders' funds
(296,335)
(20,351)
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by
Michelle Laithwaite
Director
Company Registration No. 11957465
Fuel Hub Ltd
Notes to the Accounts
for the year ended 30 April 2024
Fuel Hub Ltd is a private company, limited by shares, registered in England and Wales, registration number 11957465. The registered office is 252 - 253 Europa Trade Park, Europa Boulevard, Warrington, Cheshire, WA5 7TN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment.
Expenditure included under land and buildings relates solely to leasehold improvements.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% Straight line
Plant & machinery
10% - 33% Straight line
Motor vehicles
25% Reducing balance
Fixtures & fittings
33% Straight line
Computer equipment
33% Straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be reliably measured.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Fuel Hub Ltd
Notes to the Accounts
for the year ended 30 April 2024
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The financial statements have been prepared on the going concern basis. The directors are of the opinion that they will continue to have the support of shareholders, and will provide adequate funding when necessary to enable it to meet its obligations for the foreseeable future, being for a period of at least twelve months from the date of approval of the financial statements.
Called-up share capital represents the nominal value of shares that have been issued.
Ordinary shares carry rights to voting, dividends or other distribution declared and is entitled to a distribution on a winding up, sale or other exit event.
During the year the company issued 230,000 preference shares with a nominal value of £1.00 to the existing shareholders. These shares are non-redeemable and do not carry rights to voting or dividends. Accordingly, they are classified as equity in accordance with FRS 102 Section 1A.
The share premium reserve contains the premium arising on issue of equity shares.
Fuel Hub Ltd
Notes to the Accounts
for the year ended 30 April 2024
4
Intangible fixed assets
Other
Charge for the year
20,540
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 May 2023
58,906
198,123
13,917
9,884
6,776
287,606
Additions
4,990
25,082
31,995
1,494
11,182
74,743
Revaluations
-
-
(13,917)
-
-
(13,917)
At 30 April 2024
63,896
223,205
31,995
11,378
17,958
348,432
At 1 May 2023
5,703
24,685
8,046
4,698
2,620
45,752
Charge for the year
19,917
32,547
6,611
2,883
4,680
66,638
On disposals
-
-
(8,658)
-
-
(8,658)
At 30 April 2024
25,620
57,232
5,999
7,581
7,300
103,732
At 30 April 2024
38,276
165,973
25,996
3,797
10,658
244,700
At 30 April 2023
53,203
173,438
5,871
5,186
4,156
241,854
Amounts falling due within one year
Trade debtors
32,703
42,685
Deferred tax asset
342,137
172,326
Accrued income and prepayments
51,556
46,110
Other debtors
15,372
6,544
Fuel Hub Ltd
Notes to the Accounts
for the year ended 30 April 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
3,166
3,165
Obligations under finance leases and hire purchase contracts
12,395
3,431
Trade creditors
226,565
66,701
Taxes and social security
10,404
8,609
Other creditors
25,778
21,282
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
15,833
4,608
Other creditors
1,000,000
650,000
Aggregate of amounts that fall due for payment after five years
3,431
6,598
Creditors falling due after more than one year of £950,000 (2023: £600,000), are secured by a fixed and floating charge over the Company's fixed and current assets.
Bank loans falling due after 5 years of £3,431 (2023: £6,598) are unsecured.
Allotted, called up and fully paid:
320 Ordinary shares of £0.01 each
3.20
3.20
230,000 Preference shares of £1 each
230,000.00
-
Shares issued during the period:
230,000 Preference shares of £1 each
230,000
10
Operating lease commitments
2024
2023
At 30 April 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
106,289
100,586
Later than one year and not later than five years
194,248
261,448
Fuel Hub Ltd
Notes to the Accounts
for the year ended 30 April 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors' Loan Account
1,845
2,670
967
3,548
Directors' Loan Account
1,845
2,670
967
3,548
The above loans are unsecured, interest free and repayable on demand.
12
Average number of employees
During the year the average number of employees was 22 (2023: 16).