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REGISTERED NUMBER: 08633026 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

IPFT FUELS LIMITED

IPFT FUELS LIMITED (REGISTERED NUMBER: 08633026)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


IPFT FUELS LIMITED (REGISTERED NUMBER: 08633026)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 104 118
Tangible assets 5 5,583 7,839
5,687 7,957

CURRENT ASSETS
Debtors 6 65,826 184,001
Cash at bank 115,543 83,044
181,369 267,045
CREDITORS
Amounts falling due within one year 7 285,693 330,560
NET CURRENT LIABILITIES (104,324 ) (63,515 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(98,637

)

(55,558

)

CREDITORS
Amounts falling due after more than one
year

8

29,450

32,387
NET LIABILITIES (128,087 ) (87,945 )

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings (129,087 ) (88,945 )
SHAREHOLDERS' FUNDS (128,087 ) (87,945 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 January 2025 and were signed by:




A Vepari - Director


IPFT FUELS LIMITED (REGISTERED NUMBER: 08633026)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

IPFT Fuels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08633026

Registered office: 3rd Floor
21 Perrymount Road
Haywards Heath
RH16 3TP

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

IPFT FUELS LIMITED (REGISTERED NUMBER: 08633026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 148
AMORTISATION
At 1 January 2023 30
Amortisation for year 14
At 31 December 2023 44
NET BOOK VALUE
At 31 December 2023 104
At 31 December 2022 118

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 13,185 3,588 16,773
DEPRECIATION
At 1 January 2023 7,885 1,049 8,934
Charge for year 1,060 1,196 2,256
At 31 December 2023 8,945 2,245 11,190
NET BOOK VALUE
At 31 December 2023 4,240 1,343 5,583
At 31 December 2022 5,300 2,539 7,839

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 200 82,641
Other debtors 6,333 6,333
VAT 18,916 54,010
Prepayments and accrued income 40,377 41,017
65,826 184,001

IPFT FUELS LIMITED (REGISTERED NUMBER: 08633026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,841 9,707
Trade creditors 58,868 41,692
Tax 18,175 18,175
Social security and other taxes 4,992 5,234
Other creditors 2,237 83
Directors' current accounts 122,538 121,664
Accruals and deferred income 69,042 134,005
285,693 330,560

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,027 19,413
Bank loans - 2-5 years 19,423 12,974
29,450 32,387

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. PORTFOLIO OF INTELLECTUAL PROPERTY AND ASSOCIATED RIGHTS

The Company is working in the development of Automated, Conductive, Device - Underbody (ACD-U) technology. The Company has been granted patents in the UK and has filed similar claims in major automotive jurisdictions globally. The accounts do not take account of any value to this portfolio of intellectual property and associated rights. The Board is of the opinion that these assets represent considerable value, and it is the company's strategy to continue its investments in this area. In the forthcoming accounting periods, expert opinions will be taken and a quantifiable representation of the Company's intangible assets will be made.