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REGISTERED NUMBER: 01272093 (England and Wales)















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: S Bramley
LK Bramley
MF Brown
P Goldsmith
S Maul





REGISTERED OFFICE: Haven Road
Colchester
Essex
CO2 8HT





REGISTERED NUMBER: 01272093 (England and Wales)





AUDITORS: McMillan & Co LLP
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 4 254,592 280,089

CURRENT ASSETS
Stocks 520,724 417,084
Debtors 5 563,457 437,108
Cash at bank and in hand 206,731 300,977
1,290,912 1,155,169
CREDITORS
Amounts falling due within one year 6 921,007 1,035,099
NET CURRENT ASSETS 369,905 120,070
TOTAL ASSETS LESS CURRENT
LIABILITIES

624,497

400,159

CREDITORS
Amounts falling due after more than one
year

7

(21,762

)

(29,506

)

PROVISIONS FOR LIABILITIES 10 (41,405 ) (45,509 )

PENSION ASSET 14 757,500 625,500
NET ASSETS 1,318,830 950,644

CAPITAL AND RESERVES
Called up share capital 11 10,500 10,500
Share premium 12 2,000 2,000
Capital redemption reserve 12 2,000 2,000
Retained earnings 12 1,304,330 936,144
SHAREHOLDERS' FUNDS 1,318,830 950,644

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 Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





LK Bramley - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the term of the lease
Plant and machinery - 25% on cost and 12.5% on cost
Motor vehicles - 25% on cost

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 33 (2023 - 35 ) .

4. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£ £ £ £
COST
At 1 August 2023 129,428 2,227,563 66,209 2,423,200
Additions 13,500 7,502 20,685 41,687
Disposals - - (5,200 ) (5,200 )
At 31 July 2024 142,928 2,235,065 81,694 2,459,687
DEPRECIATION
At 1 August 2023 120,740 1,996,680 25,691 2,143,111
Charge for year 101 51,129 15,521 66,751
Eliminated on disposal - - (4,767 ) (4,767 )
At 31 July 2024 120,841 2,047,809 36,445 2,205,095
NET BOOK VALUE
At 31 July 2024 22,087 187,256 45,249 254,592
At 31 July 2023 8,688 230,883 40,518 280,089

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 490,047 368,657
Other debtors 30,000 30,000
Prepayments 43,410 38,451
563,457 437,108

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 8) 18,209 20,651
Trade creditors 190,602 286,283
Amounts owed to group undertakings 469,662 627,354
Corporation tax 84,557 -
Social security and other taxes 27,153 24,234
VAT 100,341 48,102
Accrued expenses 30,483 28,475
921,007 1,035,099

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Hire purchase contracts (see note 8) 21,762 29,506

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 18,209 20,651
Between one and five years 21,762 29,506
39,971 50,157

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 10,313 11,721
Between one and five years 10,313 20,626
20,626 32,347

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 45,509
Provided during year (4,104 )
Balance at 31 July 2024 41,405

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: £ £
10,500 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 936,144 2,000 2,000 940,144
Profit for the year 326,186 326,186
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 1,304,330 2,000 2,000 1,308,330

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrea Gerring FCA (Senior Statutory Auditor)
for and on behalf of McMillan & Co LLP

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 186,000 125,000

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 2,832,000 3,504,000
Interest cost 141,000 122,000
Benefits paid (127,000 ) (59,000 )
Actuarial (gains)/loss from changes in
assumptions

70,000

(735,000

)
2,916,000 2,832,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£ £
Opening fair value of scheme assets 3,666,000 3,564,000
Contributions by employer 85,000 82,000
Return on plan assets 186,000 125,000
Benefits paid (127,000 ) (59,000 )
Expenses paid (10,000 ) (8,000 )
Actuarial gains/(losses) on assets 126,000 (38,000 )
3,926,000 3,666,000

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 5.05% 5.10%
RPI 3.25% 3.45%
CPI 2.70% 2.80%
Cash commutation 100% 100%

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.