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COMPANY REGISTRATION NUMBER: NI027127
D & J Fuels Limited
Filleted Unaudited Financial Statements
31 August 2024
D & J Fuels Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
43,190
48,536
Current assets
Stocks
54,314
41,800
Debtors
6
152,676
129,429
Cash at bank and in hand
34,673
61,303
---------
---------
241,663
232,532
Creditors: amounts falling due within one year
7
131,492
125,960
---------
---------
Net current assets
110,171
106,572
---------
---------
Total assets less current liabilities
153,361
155,108
Creditors: amounts falling due after more than one year
8
9,815
19,083
Provisions
Taxation including deferred tax
8,638
7,583
---------
---------
Net assets
134,908
128,442
---------
---------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
132,908
126,442
---------
---------
Shareholders funds
134,908
128,442
---------
---------
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 August 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 .
D & J Fuels Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr D McCullough
Mr I McCullough
Director
Director
Company registration number: NI027127
D & J Fuels Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 30 Carrowbane Road, Camlough, Newry, Co Down, Co Down, BT35 7HB.
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 are prepared on the going concern basis, under the historical cost convention, and comply with the financial reporting standards of the Financial Reporting Council and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
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. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold Property
-
4% straight line
Plant & Machinery
-
10% reducing balance
Fixtures & Fittings
-
10% reducing balance
Motor Vehicles
-
12% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
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.
Trade debtors
Trade and other debtors including amounts owed by group companies are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables.
Cash and cash equivalents
Cash and equivalents include cash on hand and demand deposits. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position.
Trade creditors and accruals
Creditors and accruals are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at the transition price and subsequently at amortised cost.
Share capital
Ordinary shares are classified as equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023 and 31 Aug 2024
9,100
24,859
535
109,356
5,936
149,786
-------
--------
----
---------
-------
---------
Depreciation
At 1 Sep 2023
607
23,572
74
71,861
5,136
101,250
Charge for the year
364
129
46
4,687
120
5,346
-------
--------
----
---------
-------
---------
At 31 Aug 2024
971
23,701
120
76,548
5,256
106,596
-------
--------
----
---------
-------
---------
Carrying amount
At 31 Aug 2024
8,129
1,158
415
32,808
680
43,190
-------
--------
----
---------
-------
---------
At 31 Aug 2023
8,493
1,287
461
37,495
800
48,536
-------
--------
----
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
139,204
115,802
Other debtors
13,472
13,627
---------
---------
152,676
129,429
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,958
10,648
Trade creditors
75,510
68,063
Social security and other taxes
42
Other creditors
900
800
Other creditors
45,082
46,449
---------
---------
131,492
125,960
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,815
19,083
-------
--------