Company registration number 09188226 (England and Wales)
RAISFUEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
RAISFUEL LIMITED
COMPANY INFORMATION
Director
Mr R Patel
Company number
09188226
Registered office
74-80 Derby Road
Bootle
Merseyside
L20 1AD
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Bankers
Santander
No. 4 St Paul's Square
Liverpool
Merseyside
L3 9SJ
RAISFUEL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 24
RAISFUEL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Review of the business

The company operates as a holding company which does not trade but holds property for a rental return.

 

The group consists of this company and its two subsidiaries.

 

The group continues to operate a very successful business in retailing motor vehicle fuel and operating motor vehicle service stations.

 

The group currently operates 8 sites across the North West of England.

 

Management are of the opinion that the group is well positioned for further growth and increased profitability in the future.

 

The group has introduced a programme to renovate its service station sites, both internally and externally. This will include full shop re-fits and a focus on 'food to go' and modernisation.

 

During this year the modernisation of forecourts has been undertaken whilst simultaneously introducing all 4 grades of fuel to each pump.

 

The next phase of the redevelopment will be to include electric charging points.

 

There is also a focus on green initiatives, with a full review being undertaken, with the directors planning to introduce solar panels on sites where practical and the introduction of energy efficient fridges and storage.

 

The management team are pleased with the performance of the company and group in the year under review, particularly in light of the challenges of rising fuel costs and the impact this has on travel, and the continuing fall out and working patterns arising from the Coronavirus pandemic.

 

Details of the financial performance of the group are set out later in the Strategic Report.

 

Principal risks and uncertainties

The group does not actively use financial instruments as part of its risk management. Being a fuel retailer the group does not particularly sell on credit. If any credit sales are made these are managed through standard credit control procedures.

 

The group is bank debt free and operates solely from cash reserves arising from profitability.

 

Working capital is financed through retained earnings.

 

The emergence and popularity of electric vehicles is a risk for the group, but also an opportunity. The directors are looking to introduce fast charging points on site, and are developing their sites to include more food and drink options, and convenience stores.

 

It is possible that the cost of living crisis and fuel costs may continue to reduce customer travel and spend. The directors have introduced an 'everyday value' shopping range to make basic foodstuffs more affordable.

RAISFUEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Key performance indicators

Management measure the group’s performance by reference to;

 

•    Gross Profit %

•    Absolute Gross Profit

•    Profitability

•    Pre-Tax profit as a % of Turnover

•    Liquidity – Current Ratio

 

The gross profit margin in the year was 10.64%, decreased slightly from 11.20% for the prior year.

 

Absolute gross profit has reduced by £310k.

 

Gross profit for the year was £3.05m.

 

Pre-Tax profit for the year was £1,237k, being a decrease from the prior year of £802k.

 

Group overheads are well controlled by management.

 

Pre-Tax profit as a % of Turnover was 4.3% for the year compared to 6.7% for the prior year.

 

The group remains liquid with improved liquidity in the year. The current ratio is 2.43 compared to 3.43 in the prior year.

 

The group is in a very healthy financial position to grow and to manage through these still difficult and uncertain economic times.

On behalf of the board

.............................................
Mr R Patel
Director
Date: .............................................
RAISFUEL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the group is that of a motor vehicle fuel retailer and operator of motor vehicle service stations.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr R Patel
Auditor

In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R Patel
Director
29 January 2025
RAISFUEL LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RAISFUEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAISFUEL LIMITED
- 5 -
Opinion

We have audited the financial statements of Raisfuel Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

RAISFUEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAISFUEL LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:

 

We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.

 

We did not identify a material risk of non-compliance with laws and regulations or of fraud.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RAISFUEL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAISFUEL LIMITED
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Smith (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
29 January 2025
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
RAISFUEL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
28,717,847
30,047,347
Cost of sales
(25,663,116)
(26,682,622)
Gross profit
3,054,731
3,364,725
Administrative expenses
(2,624,465)
(2,008,917)
Other operating income
804,573
672,407
Operating profit
6
1,234,839
2,028,215
Interest receivable and similar income
7
2,590
1,650
Amounts written off investments
8
-
8,756
Profit before taxation
1,237,429
2,038,621
Tax on profit
10
(312,879)
(389,292)
Profit for the financial year
924,550
1,649,329
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RAISFUEL LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,150,714
2,102,101
Investment properties
13
6,360,147
4,011,019
8,510,861
6,113,120
Current assets
Stocks
16
541,701
486,120
Debtors
17
1,100,229
850,756
Cash at bank and in hand
3,797,623
4,969,558
5,439,553
6,306,434
Creditors: amounts falling due within one year
18
(2,408,475)
(1,840,030)
Net current assets
3,031,078
4,466,404
Total assets less current liabilities
11,541,939
10,579,524
Creditors: amounts falling due after more than one year
19
(42,500)
(42,500)
Provisions for liabilities
20
(91,314)
(83,449)
Net assets
11,408,125
10,453,575
Capital and reserves
Called up share capital
22
102
102
Profit and loss reserves
11,408,023
10,453,473
Total equity
11,408,125
10,453,575
The financial statements were approved and signed by the director and authorised for issue on 29 January 2025
29 January 2025
Mr R Patel
Director
RAISFUEL LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
13
7,861,942
5,542,814
Investments
14
200
200
7,862,142
5,543,014
Current assets
Debtors
17
313,532
1,570,271
Cash at bank and in hand
222,106
113,639
535,638
1,683,910
Creditors: amounts falling due within one year
18
(380,697)
(130,285)
Net current assets
154,941
1,553,625
Total assets less current liabilities
8,017,083
7,096,639
Capital and reserves
Called up share capital
22
102
102
Profit and loss reserves
8,016,981
7,096,537
Total equity
8,017,083
7,096,639

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £920,444 (2023 - £2,108,076 profit).

These financial statements have been prepared 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 29 January 2025
29 January 2025
Mr R Patel
Director
Company Registration No. 09188226
RAISFUEL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
102
8,804,144
8,804,246
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
1,649,329
1,649,329
Balance at 30 April 2023
102
10,453,473
10,453,575
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
924,550
924,550
Balance at 30 April 2024
102
11,408,023
11,408,125
RAISFUEL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
102
4,988,460
4,988,562
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
2,108,077
2,108,077
Balance at 30 April 2023
102
7,096,537
7,096,639
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
920,444
920,444
Balance at 30 April 2024
102
8,016,981
8,017,083
RAISFUEL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,633,335
1,649,415
Income taxes paid
(368,186)
(333,281)
Net cash inflow from operating activities
1,265,149
1,316,134
Investing activities
Purchase of tangible fixed assets
(120,546)
(196,994)
Proceeds on disposal of tangible fixed assets
-
9,676
Purchase of investment property
(2,319,128)
(17,150)
Proceeds on disposal of fixed asset investments
-
8,756
Interest received
2,590
1,650
Net cash used in investing activities
(2,437,084)
(194,062)
Net (decrease)/increase in cash and cash equivalents
(1,171,935)
1,122,072
Cash and cash equivalents at beginning of year
4,969,558
3,847,486
Cash and cash equivalents at end of year
3,797,623
4,969,558
RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

Raisfuel Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 74-80 Derby Road, Bootle, L20 1AD.

 

The group consists of Raisfuel Limited and all of its subsidiaries.

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.

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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Raisfuel Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired have been consolidated using the merger accounting method. Their results are incorporated from the date that control passes.

 

All current year financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balance and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents net invoiced sales of fuels and goods, excluding value added tax.

RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% and 5% on cost
Land and buildings Leasehold
no depreciation charged
Plant and machinery
10% on cost
Fixtures, fittings & equipment
10% on cost
1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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 group after deducting all of its liabilities.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.14
Retirement benefits

The company operates defined contribution schemes for the benefit of certain members of staff and for its director, Mr R Patel. Contributions payable are charged to the profit and loss account in the year in which they are paid.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover
Motor vehicle service station sales, predominantly fuel
28,717,847
30,047,347
Other significant revenue
Interest income
2,590
1,650
Commissions received
153,037
128,902
Rental income
651,536
478,626
Loans written off
-
70,000
4
Exceptional item
2024
2023
£
£
Income
Amounts due to subsidiary written back
-
70,000
RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management team
3
3
1
1
Other employees
68
64
-
-
Total
71
67
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
896,367
772,867
-
0
-
0
Pension costs
539,860
4,091
-
0
-
0
1,436,227
776,958
-
0
-
0
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
71,933
49,021
Cost of stocks recognised as an expense
25,663,116
26,682,622
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,590
1,650
8
Amounts written off investments
2024
2023
£
£
Other gains and losses
-
8,756
RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
9
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,000
19,000
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
305,014
368,186
Adjustments in respect of prior periods
-
0
(213)
Total current tax
305,014
367,973
Deferred tax
Origination and reversal of timing differences
7,865
21,319
Total tax charge
312,879
389,292

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,237,429
2,038,621
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
309,357
397,391
Tax effect of expenses that are not deductible in determining taxable profit
1,521
1,873
Tax effect of income not taxable in determining taxable profit
-
0
(13,643)
Effect of change in corporation tax rate
-
4,519
Permanent capital allowances in excess of depreciation
2,000
(1,505)
Under/(over) provided in prior years
-
0
(213)
Deferred tax adjustments in respect of prior years
-
0
775
Gain on dissolution of subsidiary
-
0
(1,756)
Other adjustments
1
54
Loan write off
-
0
1,797
Taxation charge
312,879
389,292
RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
73,500
Amortisation and impairment
At 1 May 2023 and 30 April 2024
73,500
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
12
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
1,501,795
202,594
481,172
165,608
2,351,169
Additions
-
0
-
0
92,013
28,533
120,546
At 30 April 2024
1,501,795
202,594
573,185
194,141
2,471,715
Depreciation and impairment
At 1 May 2023
-
0
11,268
163,606
74,194
249,068
Depreciation charged in the year
-
0
-
0
54,584
17,349
71,933
At 30 April 2024
-
0
11,268
218,190
91,543
321,001
Carrying amount
At 30 April 2024
1,501,795
191,326
354,995
102,598
2,150,714
At 30 April 2023
1,501,795
191,326
317,566
91,414
2,102,101
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023
4,041,019
5,542,814
Additions
2,319,128
2,319,128
At 30 April 2024
6,360,147
7,861,942

The group's investment property comprises a mixture of residential and commercial properties.

 

The properties held at the beginning of the year, and acquired during the year, are a mixture of residential and commercial properties situated mostly in the Bolton area.

 

The properties are currently being carried at their historic cost as the director believes this is not materially different from current market value by reference to market evidence of sales prices for similar properties.

 

 

 

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
200
200
Movements in fixed asset investments
Company
Shares in group undertakings
as restated
£
Cost or valuation
At 1 May 2023 and 30 April 2024
200
Carrying amount
At 30 April 2024
200
At 30 April 2023
200
RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
15
Subsidiaries (as restated)

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Arms Group Limited
74 - 80 Derby Road, Bootle, UK L20 1AD
Motor vehicle fuel retailer
Ordinary
100.00
0
Raiscorp Limited
74 - 80 Derby Road, Bootle, UK L20 1AD
Dormant
Ordinary
100.00
0

 

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
541,701
486,120
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
479,579
427,447
11,334
-
0
Amounts owed by group undertakings
-
-
-
1,438,235
Other debtors
558,452
388,721
275,624
132,036
Prepayments and accrued income
62,198
34,588
26,574
-
0
1,100,229
850,756
313,532
1,570,271
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
835,528
739,371
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
163,837
-
0
Corporation tax payable
305,014
368,186
211,534
130,285
Other taxation and social security
178,568
178,329
5,326
-
Other creditors
506,700
506,700
-
0
-
0
Accruals and deferred income
582,665
47,444
-
0
-
0
2,408,475
1,840,030
380,697
130,285
RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Other creditors
42,500
42,500
-
0
-
0
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
91,314
83,449
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
83,449
-
Charge to profit or loss
7,865
-
Liability at 30 April 2024
91,314
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
539,860
4,091

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
102 Ordinary shares of £1 each
102
102
RAISFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
23
Financial commitments, guarantees and contingent liabilities

The company's trading subsidiary is pursuing a further loss of profits claim in respect of the loss of some land at one of the petrol stations it operates as a result of local council action to reconfigure the road system around the site.

 

 

The amount of the claim cannot be quantified with certainty as at the date of approval of the accounts.

24
Controlling party

The company is under the control of close family members of the director of the company.

25
Related party transactions

During the year the group operated a loan account with the Patel family. As at 30 April 2024 the family owed an amount of £118,124 to the company (2023 - £91,981).

 

During the year the group operated loan accounts with connected companies. As at 30 April 2024 the group was owed £440,326 (2023 : £295,328) by connected companies, and owed £51,700 (2023 : £51,700) to connected companies.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
924,550
1,649,329
Adjustments for:
Taxation charged
312,879
389,292
Investment income
(2,590)
(1,650)
Depreciation and impairment of tangible fixed assets
71,933
49,021
Amounts written off investments
-
(8,756)
Movements in working capital:
(Increase)/decrease in stocks
(55,581)
195,771
Increase in debtors
(249,473)
(51,014)
Increase in creditors
631,617
166,197
Cash generated from operations
1,633,335
2,388,190
27
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
4,969,558
(1,171,935)
3,797,623
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