REGISTERED NUMBER: |
Colchester Fuel Injection Limited |
Financial Statements |
for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
Colchester Fuel Injection Limited |
Financial Statements |
for the Year Ended 31 July 2024 |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Colchester Fuel Injection Limited |
Company Information |
for the year ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
PENSION ASSET | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium | 12 |
Capital redemption reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Colchester Fuel Injection Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The amounts in the financial statements have been rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The turnover shown in the profit and loss account represents the fair value of all goods and services, delivered during the year, at selling price exclusive of discounts, rebates, Value Added Tax and other sales taxes. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred 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 or deferred 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. |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
Pension costs and other post-retirement benefits |
The company operates both a defined benefit and defined contribution pension scheme and the defined benefit scheme has been closed to new entrants. |
The defined benefit scheme assets and liabilities are shown in the balance sheet and interest on pension scheme liabilities is charged to the profit and loss account. Actuarial gains and losses are reported in the statement of total recognised gains and losses. |
Contributions payable to the defined contribution scheme are charged to the profit and loss account as incurred. The asset of this scheme are held separately from the company in an independently administered fund and are not disclosed in the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Short | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Included within tangible fixed assets are assets held under hire purchase agreements. The net book value of these assets at the year end was £45,249 (2023: £67,513) and the depreciation charged on them in the year was £14,222 (2023: £7,122). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 100,341 | 48,102 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
8. | LEASING AGREEMENTS - continued |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 39,971 | 50,157 |
Hire purchase borrowings are secured against the assets concerned. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 41,405 | 45,509 |
Deferred tax |
£ |
Balance at 1 August 2023 |
Provided during year | ( |
) |
Balance at 31 July 2024 |
There is a deferred tax liability of £252,500 (2023: £208,500) in relation to the pension asset surplus. See note 14. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 10,500 | 10,500 |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
12. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 August 2023 | 940,144 |
Profit for the year |
Actuarial gain relating to |
defined benefit pension |
scheme | 56,000 | - | - | 56,000 |
Deferred tax on actuarial movement |
(14,000 |
) |
- |
- |
(14,000 |
) |
At 31 July 2024 | 1,308,330 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates a defined benefit scheme in the UK which is closed to new members. A full actuarial valuation was carried out on 1 June 2022. The next full valuation will be at 1 June 2025. Details of the defined benefit scheme are as follows: |
The company is the principal employer of a defined benefit pension scheme, the Colchester Fuel Injection Ltd Retirement Benefits Scheme ("the Scheme"), which is administered by trustees. Contributions to the Scheme are charged to the profit and loss account so as to spread the cost of the pensions over the employees working lives with the company. The contributions are determined by independent qualified actuaries. The major assumptions used by the actuary were: |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Current service cost |
Interest cost | 141,000 | 122,000 |
Past service cost |
Expenses paid | 10,000 | 8,000 |
151,000 | 130,000 |
Return on plan assets |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
14. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening defined benefit obligation |
Interest cost |
Benefits paid | ( |
) | ( |
) |
Actuarial (gains)/loss from changes in assumptions |
70,000 |
(735,000 |
) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Return on plan assets |
Benefits paid | (127,000 | ) | (59,000 | ) |
Expenses paid | (10,000 | ) | (8,000 | ) |
Actuarial gains/(losses) on assets | 126,000 | (38,000 | ) |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Actuarial (gains)/loss from changes in assumptions |
(70,000 |
) |
735,000 |
Actuarial gains/(losses) on assets | 126,000 | (38,000 | ) |
56,000 | 697,000 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
Equities | 44% | 43% |
Fixed interest | 42% | 42% |
Insurance policies | 14% | 15% |
100% | 100% |
Colchester Fuel Injection Limited (Registered number: 01272093) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
14. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2024 | 2023 |
Discount rate |
RPI |
CPI |
Cash commutation |
The mortality assumption used was S3PA CMI 2023 1.5% + 0.5% (2023: S3PA CMI 2022 1.5% + 0.5%). |
The pension scheme asset on the balance sheet is net of deferred tax. See note 12. |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Merlin Diesel Holdings Limited, a company incorporated in England and Wales. |
The parent company of the largest and smallest group, which includes the company, and for which group financial statements are prepared is Merlin Diesel Holdings Limited, 189/191 Bradkirk Place, Walton Summit, Preston, PR5 8AJ. |
The company is ultimately controlled jointly by LK Bramley and S Bramley, by virtue of their shareholding in the parent company. |