Company registration number 01301975 (England and Wales)
TATE FUEL OILS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
TATE FUEL OILS LIMITED
COMPANY INFORMATION
Directors
Mr G W Tate
Mr A G Tate
Mrs J M Tate
Secretary
Mr G W Tate
Company number
01301975
Registered office
Steelcroft Works
Gay Lane
Otley
LS21 3BB
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
TATE FUEL OILS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
TATE FUEL OILS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
Turnover during the year has decreased from £120m to £108m. Net assets at 30 June 2024 were £6.4m (2023 £6.3m) including cash at bank of £5.6m (2023 £4.6m).
Trading conditions in our industry continue to be competitive and we will continue to provide a first class service to our customers at competitive prices. This enables us to take full advantage of any increase in demand.
We continue to monitor the performance of the group against forecasts and industry performance indicators on a regular basis.
Principal risks and uncertainties
Operational risk
The group has solid reporting systems and produces timely and accurate management information which is regularly reviewed by the management team.
Price risk
The group is exposed to downward pressure on margins resulting from current market conditions but continues to improve efficiencies.
Credit risk
The group's principal financial assets are bank balances, stock and trade debtors.
The group’s credit risk is primarily associated with its trade debtors. The risk is managed by maintaining a strict credit policy and an effective credit rating of current and prospective customers.
The amounts presented in the balance sheet are net of allowances for doubtful debts estimated by group’s management based on prior experience and their assessment of the current economic environment.
The group has no significant concentration of credit risk with exposure spread over a large number of customers.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Liquidity risk
The group’s policy has been to ensure continuity of funding through maintaining high cash balances within the group. The group has sufficient banking facilities and funds in place to meet current and future working capital requirements. Failure of suppliers continues to be a risk and is mitigated through a spread of suppliers.
TATE FUEL OILS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Key performance indicators
The directors consider the financial KPI’s of the business to be:
• Turnover;
• Gross margin (pence/litre);
• Operational costs;
• Debt levels; and
• Stock levels.
These are monitored on a monthly basis and resultant actions are taken as and when necessary.
Other key performance indicators
In addition non-financial KPI’s are:
• High standard of customer service;
• Health & safety compliance; and
• Environmental issues.
Mr A G Tate
Director
23 December 2024
TATE FUEL OILS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be the wholesale of petroleum and petroleum products.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £840,710. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G W Tate
Mr A G Tate
Mrs J M Tate
Energy and carbon report
This report is in compliance with The Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 ("the 2018 Regulations") implementing the government's policy on Streamlined Energy and Carbon Reporting (SECR) that came into force on 1st April 2019.
Th regulation sets out the obligation to report over our UK energy use and associated greenhouse gas emissions relating to gas, electricity and transport fuel as well as an intensity ratio and information relating to energy efficiency action within our business.
The company has been at the forefront of wholesale fuel distribution for 40 years. Operating a fleet of delivery vehicles from our bases in Otley, Kingsbury, Bramhall, Immingham and Ellesmere Port, the boundary of our disclosure has been set as those emissions within our financial control. These include heating and running of our offices and warehouses, and the operation of our fleet of vehicles.
Data collection and Methodology
The following data was collated and assesed for completeness, accuracy and prepared on actuals and estimates for this base line report from:
Inputs Litres KWH Conversion Factor kg CO2e
Kerosene 6,000 2.54015 15,241
Electricity 72,803 0.20705 15,074
Gas 35,443 0.1829 6,483
Vehicles 537,912 2.51279 1,351,660
Total 1,388,457
Intensity Ratios
The primary intensity ratio of total CO2e per £100,000 turnover has been used for the base line year. This figure is £5,600 Kg CO2e.
Energy and carbon report for the year ended 30 June 2024
Fuel purchases (£) were converted to litres of diesel using Gov.UK statistical data sets 2024 average price for fuel, and multiplied by 2.54015 to produce kg CO2e figures. Electricity (kWh) and gas (litres) were multiplied by 0.20705 and 0.1829 respectfully to derive the total emissions for Tate Fuel Oils Limited. The multipliers have been taken from the UK Government GHG Conversion Factors for Company Reporting 2023.
TATE FUEL OILS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
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.
On behalf of the board
Mr A G Tate
Director
23 December 2024
TATE FUEL OILS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are 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. They are 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.
TATE FUEL OILS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TATE FUEL OILS LIMITED
- 6 -
Opinion
We have audited the financial statements of Tate Fuel Oils Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
TATE FUEL OILS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TATE FUEL OILS LIMITED
- 7 -
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 directors' 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the parent company or to cease operations, or have 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.
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.
TATE FUEL OILS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TATE FUEL OILS LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Matthew Grant (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
23 December 2024
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
TATE FUEL OILS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
107,924,190
120,031,463
Cost of sales
(100,543,887)
(110,644,661)
Gross profit
7,380,303
9,386,802
Distribution costs
(3,649,621)
(3,603,862)
Administrative expenses
(2,593,977)
(2,311,243)
Other operating income
47,880
18,335
Operating profit
4
1,184,585
3,490,032
Interest receivable and similar income
8
165,579
50,940
Interest payable and similar expenses
9
(28,717)
(38,452)
Profit before taxation
1,321,447
3,502,520
Tax on profit
10
(345,295)
(666,928)
Profit for the financial year
976,152
2,835,592
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.
TATE FUEL OILS LIMITED
GROUP BALANCE SHEET
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,804,769
2,374,890
Current assets
Stocks
16
286,078
146,411
Debtors
17
10,015,198
9,595,433
Investments
18
700,000
Cash at bank and in hand
5,564,632
4,608,961
15,865,908
15,050,805
Creditors: amounts falling due within one year
19
(11,441,700)
(10,210,589)
Net current assets
4,424,208
4,840,216
Total assets less current liabilities
7,228,977
7,215,106
Creditors: amounts falling due after more than one year
20
(173,127)
(394,698)
Provisions for liabilities
Deferred tax liability
22
630,000
530,000
(630,000)
(530,000)
Net assets
6,425,850
6,290,408
Capital and reserves
Called up share capital
24
5,002
5,002
Profit and loss reserves
6,420,848
6,285,406
Total equity
6,425,850
6,290,408
The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
23 December 2024
Mr A G Tate
Director
Company registration number 01301975 (England and Wales)
TATE FUEL OILS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,804,769
2,374,890
Investments
13
200
200
2,804,969
2,375,090
Current assets
Stocks
16
262,497
119,734
Debtors
17
10,060,351
9,640,954
Investments
18
700,000
Cash at bank and in hand
5,564,302
4,601,567
15,887,150
15,062,255
Creditors: amounts falling due within one year
19
(11,440,269)
(10,212,548)
Net current assets
4,446,881
4,849,707
Total assets less current liabilities
7,251,850
7,224,797
Creditors: amounts falling due after more than one year
20
(173,127)
(394,698)
Provisions for liabilities
Deferred tax liability
22
630,000
530,000
(630,000)
(530,000)
Net assets
6,448,723
6,300,099
Capital and reserves
Called up share capital
24
5,002
5,002
Profit and loss reserves
6,443,721
6,295,097
Total equity
6,448,723
6,300,099
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 £989,334 (2023 - £2,845,283 profit).
The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
23 December 2024
Mr A G Tate
Director
Company registration number 01301975 (England and Wales)
TATE FUEL OILS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
5,002
5,522,664
5,527,666
Year ended 30 June 2023:
Profit and total comprehensive income
-
2,835,592
2,835,592
Dividends
11
-
(2,072,850)
(2,072,850)
Balance at 30 June 2023
5,002
6,285,406
6,290,408
Year ended 30 June 2024:
Profit and total comprehensive income
-
976,152
976,152
Dividends
11
-
(840,710)
(840,710)
Balance at 30 June 2024
5,002
6,420,848
6,425,850
TATE FUEL OILS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
5,002
5,522,664
5,527,666
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
2,845,283
2,845,283
Dividends
11
-
(2,072,850)
(2,072,850)
Balance at 30 June 2023
5,002
6,295,097
6,300,099
Year ended 30 June 2024:
Profit and total comprehensive income
-
989,334
989,334
Dividends
11
-
(840,710)
(840,710)
Balance at 30 June 2024
5,002
6,443,721
6,448,723
TATE FUEL OILS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
3,083,237
4,834,303
Interest paid
(28,717)
(38,452)
Income taxes paid
(592,310)
(769,913)
Net cash inflow from operating activities
2,462,210
4,025,938
Investing activities
Purchase of tangible fixed assets
(1,210,070)
(475,882)
Proceeds from disposal of tangible fixed assets
78,001
17,916
Interest received
165,579
50,940
Net cash used in investing activities
(966,490)
(407,026)
Financing activities
Payment of finance leases obligations
(399,339)
(463,463)
Dividends paid to equity shareholders
(840,710)
(2,072,850)
Net cash used in financing activities
(1,240,049)
(2,536,313)
Net increase in cash and cash equivalents
255,671
1,082,599
Cash and cash equivalents at beginning of year
5,308,961
4,226,362
Cash and cash equivalents at end of year
5,564,632
5,308,961
Relating to:
Cash at bank and in hand
5,564,632
4,608,961
Short term deposits included in current asset investments
-
700,000
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information
Tate Fuel Oils Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Steelcroft Works, Gay Lane, Otley, LS21 3BB.
The group consists of Tate Fuel Oils 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, modified to include certain financial instruments at fair value. 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Tate Fuel Oils Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 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, balances 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 directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
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:
Freehold land
Freehold land is not depreciated
Plant and equipment
10% straight line
Fixtures and fittings
10% - 25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.6
Fixed asset investments
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.
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of fixed assets (continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
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.
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
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 company after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.16
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 directors are 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
The depreciation policy has been set according to managements' experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £718,040 (2023 - £730,881), which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.
Bad debt provision
Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and therefore are able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Fuel and oil distribution
107,919,383
119,909,907
Heating system installation
4,807
121,556
107,924,190
120,031,463
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
107,924,190
120,031,463
2024
2023
£
£
Other revenue
Interest income
165,579
50,940
Grants received
18,335
18,335
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(18,335)
(18,335)
Depreciation of owned tangible fixed assets
305,967
306,305
Depreciation of tangible fixed assets held under finance leases
412,073
424,576
Profit on disposal of tangible fixed assets
(15,850)
(8,416)
Operating lease charges
21,000
21,000
5
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
17,500
16,500
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
6
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 and administration
35
34
35
34
Distribution
34
36
32
32
Total
69
70
67
66
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,648,481
2,580,660
2,648,481
2,524,776
Social security costs
279,830
268,360
279,830
262,076
Pension costs
60,141
58,867
60,141
57,552
2,988,452
2,907,887
2,988,452
2,844,404
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
40,520
38,100
Company pension contributions to defined contribution schemes
381
381
40,901
38,481
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
165,579
50,940
9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
28,717
36,245
Other interest
-
2,207
Total finance costs
28,717
38,452
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
230,000
736,000
Adjustments in respect of prior periods
15,295
928
Total current tax
245,295
736,928
Deferred tax
Changes in tax rates
100,000
(70,000)
Total tax charge
345,295
666,928
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
1,321,447
3,502,520
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
330,362
718,017
Tax effect of expenses that are not deductible in determining taxable profit
11,263
3,584
Gains not taxable
(3,759)
Under/(over) provided in prior years
15,295
928
Deferred tax adjustments in respect of prior years
(15,802)
Other
4,177
(51,010)
Qualifying charitable donations
(832)
Taxation charge
345,295
666,928
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
840,710
2,072,850
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
12
Tangible fixed assets
Group
Freehold land
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
172,001
458,605
298,506
5,238,616
6,167,728
Additions
113,910
12,878
1,083,282
1,210,070
Disposals
(165,088)
(135,661)
(262,611)
(563,360)
At 30 June 2024
172,001
407,427
175,723
6,059,287
6,814,438
Depreciation and impairment
At 1 July 2023
16,074
371,400
260,114
3,145,250
3,792,838
Depreciation charged in the year
25,474
12,141
680,425
718,040
Eliminated in respect of disposals
(135,561)
(135,661)
(229,987)
(501,209)
At 30 June 2024
16,074
261,313
136,594
3,595,688
4,009,669
Carrying amount
At 30 June 2024
155,927
146,114
39,129
2,463,599
2,804,769
At 30 June 2023
155,927
87,205
38,392
2,093,366
2,374,890
Company
Freehold land
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
172,001
458,605
298,506
5,238,616
6,167,728
Additions
113,910
12,878
1,083,282
1,210,070
Disposals
(165,088)
(135,661)
(262,611)
(563,360)
At 30 June 2024
172,001
407,427
175,723
6,059,287
6,814,438
Depreciation and impairment
At 1 July 2023
16,074
371,400
260,114
3,145,250
3,792,838
Depreciation charged in the year
25,474
12,141
680,425
718,040
Eliminated in respect of disposals
(135,561)
(135,661)
(229,987)
(501,209)
At 30 June 2024
16,074
261,313
136,594
3,595,688
4,009,669
Carrying amount
At 30 June 2024
155,927
146,114
39,129
2,463,599
2,804,769
At 30 June 2023
155,927
87,205
38,392
2,093,366
2,374,890
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 25 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
824,145
1,236,218
824,145
1,236,218
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
200
Carrying amount
At 30 June 2024
200
At 30 June 2023
200
14
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Tate Heat Ltd
England and Wales
Ordinary
100.00
Tate Solar Ltd
England and Wales
Ordinary
100.00
Tate Fuel Oils Limited has, in accordance with s479C of the Companies Act 2006, provided a guarantee over the liabilities of its subsidiary Tate Heat Ltd (company registration number 13985428; registered in England & Wales) which permits the subsidiary to not obtain an audit of its individual financial statements for the period ended 30 June 2024, in accordance with the exemptions conferred by s479A Companies Act 2006. The registered office of the subsidiary is Steelcroft Works, Gay Lane, Otley, LS21 3BB.
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
15,107,107
14,709,946
15,106,620
14,703,846
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
286,078
146,411
262,497
119,734
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,610,192
7,309,544
7,610,192
7,310,838
Amounts owed by group undertakings
-
-
46,145
43,497
Other debtors
2,152,912
2,119,818
2,152,755
2,121,679
Prepayments and accrued income
252,094
166,071
251,259
164,940
10,015,198
9,595,433
10,060,351
9,640,954
18
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
-
700,000
-
700,000
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
232,543
410,311
232,543
410,311
Trade creditors
8,459,541
6,093,693
8,459,541
6,098,138
Amounts owed to group undertakings
100
100
Corporation tax payable
50,000
397,015
50,000
397,015
Other taxation and social security
54,052
62,728
54,052
61,642
Other creditors
2,581,587
2,781,859
2,581,556
2,781,859
Accruals and deferred income
63,977
464,983
62,477
463,483
11,441,700
10,210,589
11,440,269
10,212,548
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
173,127
394,698
173,127
394,698
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
240,968
400,006
240,968
400,006
In two to five years
184,720
425,688
184,720
425,688
425,688
825,694
425,688
825,694
Less: future finance charges
(20,018)
(20,685)
(20,018)
(20,685)
405,670
805,009
405,670
805,009
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
22
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
630,000
530,000
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
630,000
530,000
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
530,000
530,000
Charge to profit or loss
100,000
100,000
Liability at 30 June 2024
630,000
630,000
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
60,141
58,867
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
2,551
2,551
2,551
2,551
Ordinary B of £1 each
950
950
950
950
Ordinary C of £1 each
1,201
1,201
1,201
1,201
Ordinary D of £1 each
50
50
50
50
Ordinary E of £1 each
50
50
50
50
Ordinary F of £1 each
50
50
50
50
Ordinary G of £1 each
50
50
50
50
Ordinary H of £1 each
50
50
50
50
Ordinary I of £1 each
50
50
50
50
5,002
5,002
5,002
5,002
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
25,736
21,000
25,736
21,000
25,736
21,000
25,736
21,000
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
1,867,691
2,067,681
1,867,691
2,067,681
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
218,626
350,863
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the group
356,158
365,382
550,336
598,961
Company
Entities with control, joint control or significant influence over the company
356,158
365,382
550,336
598,961
Recharges
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the company
(94,265)
(64,662)
Other related parties
(87,240)
(7,937)
Company
Entities with control, joint control or significant influence over the company
(94,265)
(64,662)
Other related parties
(87,240)
(7,937)
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
524,799
646,631
Directors
2,036,184
1,593,389
TATE FUEL OILS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
27
Related party transactions
(Continued)
- 31 -
Company
Entities with control, joint control or significant influence over the company
524,799
646,631
Directors
2,036,184
1,593,389
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
1,261,103
1,263,889
Company
Entities over which the company has control, joint control or significant influence
46,145
43,497
Other related parties
1,261,103
1,263,889
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
976,152
2,835,592
Adjustments for:
Taxation charged
345,295
666,928
Finance costs
28,717
38,452
Investment income
(165,579)
(50,940)
Gain on disposal of tangible fixed assets
(15,850)
(8,416)
Depreciation and impairment of tangible fixed assets
718,040
730,881
Movements in working capital:
(Increase)/decrease in stocks
(139,667)
91,580
(Increase)/decrease in debtors
(419,765)
3,164,875
Increase/(decrease) in creditors
1,755,894
(2,634,649)
Cash generated from operations
3,083,237
4,834,303
29
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash and cash equivalents
5,308,961
255,671
5,564,632
Obligations under finance leases
(805,009)
399,339
(405,670)
4,503,952
655,010
5,158,962
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