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REGISTERED NUMBER: SC625987 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Fleetmaxx Solutions Ltd

Fleetmaxx Solutions Ltd (Registered number: SC625987)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Fleetmaxx Solutions Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: C B Brogan
Mrs S Florence
R Webb
S Anderson
A H Tait
J Stewart





REGISTERED OFFICE: Nethan Street
Motherwell
ML1 3TF





REGISTERED NUMBER: SC625987 (Scotland)





AUDITORS: Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The directors are pleased with the result for the financial year. The company achieved an operating profit of £3,723,802 (2023: £1,121,141) and profit before tax was £3,796,976 (2023: £1,118,754).

Trading figures since the year end have been excellent - both strong profits and cashflow. The directors expect the trading results for the current year to be consistent moving forward.

Given the straightforward nature of the business, the company's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance and position of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that in the current economic climate, the principal risk is that of bad debts. This is managed through a combination of credit insurance, tight credit controls and the active pursuit of defaulters through all legal channels.

Performance in the sector is affected by general economic conditions and weather conditions. The directors carry out regular strategic reviews, including assessments of computer activity, market trends, forecasts and customer behaviour.

The company's operations expose it to a variety of financial risks. The directors note that the wholesale of fuel distribution industry remains competitive and that inflationary pressures require to be kept under close review.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the Board of Directors are implemented by the company's finance department.

Price risk
Given the size of the company's operation, the costs of managing exposure to commodity price risk exceed the potential benefits. The directors will revisit the appropriateness of this policy should the company's operations significantly change in size.

Credit risk/cashflow risk
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. Banking facilities are also structured to meet ongoing working capital and investment requirements of the company.

Liquidity risk
Trade creditors liquidity risk is managed ensuring sufficient funds are available to meet amounts when due.

Financial Instrument risk
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives.

ENVIRONMENTAL MATTERS
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.


Fleetmaxx Solutions Ltd (Registered number: SC625987)

Strategic Report
for the Year Ended 30 June 2024

SOCIAL AND COMMUNITY ISSUES
The company is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices a safe environment for employees and customers alike.

ON BEHALF OF THE BOARD:





S Anderson - Director


11 November 2024

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of fleet fuel cards and related fleet products.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £190,000.

Share type Value per share Date of payment Total paid
Ordinary A shares - - -
Ordinary B shares £1,266.67 15 April 2024 £95,000
Ordinary C shares £1,266.67 15 April 2024 £95,000

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

C B Brogan
Mrs S Florence
R Webb
S Anderson
A H Tait

Other changes in directors holding office are as follows:

J Stewart - appointed 25 July 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company 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;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Report of the Directors
for the Year Ended 30 June 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S Anderson - Director


11 November 2024

Report of the Independent Auditors to the Members of
Fleetmaxx Solutions Ltd

Opinion
We have audited the financial statements of Fleetmaxx Solutions Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 company's affairs as at 30 June 2024 and of its 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Fleetmaxx Solutions Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Fleetmaxx Solutions Ltd


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company not complying with the applicable law and regulations including fraud, in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits. In relation to the industry this included health and safety and employment legislation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

- review of the control environment
- review of board minutes during and after the period
- meeting key personal responsible for specific functions relating to laws and regulations
- review of legal fees incurred
- agreeing the financial statement disclosure to underlying support documentation
- reviewing the key accounting policies and estimates

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and revaluation the business rationale of significant transactions outside of the normal course of business.

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 than 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involved intention concealment, forgery, collusion and misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
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 a Report of the Auditors 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.




Nigel Shaw (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

11 November 2024

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

REVENUE AND GROSS PROFIT 3 7,828,269 4,759,399

Administrative expenses 4,104,467 3,638,258
OPERATING PROFIT 5 3,723,802 1,121,141

Interest receivable and similar income 73,174 479
3,796,976 1,121,620

Interest payable and similar expenses 6 - 2,866
PROFIT BEFORE TAXATION 3,796,976 1,118,754

Tax on profit 7 933,680 225,217
PROFIT FOR THE FINANCIAL YEAR 2,863,296 893,537

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,863,296 893,537


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,863,296
Prior year adjustment (188,351 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

705,186

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 200,629 231,672

CURRENT ASSETS
Stocks 10 1,312,648 1,924,835
Debtors 11 10,789,260 7,115,254
Cash at bank 2,570,686 2,186,951
14,672,594 11,227,040
CREDITORS
Amounts falling due within one year 12 11,449,614 10,712,099
NET CURRENT ASSETS 3,222,980 514,941
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,423,609

746,613

PROVISIONS FOR LIABILITIES 14 24,237 20,537
NET ASSETS 3,399,372 726,076

CAPITAL AND RESERVES
Called up share capital 15 1 1
Retained earnings 3,399,371 726,075
SHAREHOLDERS' FUNDS 3,399,372 726,076

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





S Anderson - Director


Fleetmaxx Solutions Ltd (Registered number: SC625987)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 1 143,289 143,290
Prior year adjustment - (188,351 ) (188,351 )
As restated 1 (45,062 ) (45,061 )

Changes in equity
Dividends - (122,400 ) (122,400 )
Total comprehensive income - 893,537 893,537
Balance at 30 June 2023 1 726,075 726,076

Changes in equity
Dividends - (190,000 ) (190,000 )
Total comprehensive income - 2,863,296 2,863,296
Balance at 30 June 2024 1 3,399,371 3,399,372

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 8,807,699 7,676,867
Interest paid - (2,866 )
Tax paid (269,399 ) (39,580 )
Net cash from operating activities 8,538,300 7,634,421

Cash flows from investing activities
Purchase of tangible fixed assets (32,581 ) (91,766 )
Sale of tangible fixed assets - 17,040
Interest received 73,174 479
Net cash from investing activities 40,593 (74,247 )

Cash flows from financing activities
Movement on group company loan (7,004,978 ) (6,520,333 )
Movement on invoice discounting account (1,000,180 ) 1,000,233
Equity dividends paid (190,000 ) (122,400 )
Net cash from financing activities (8,195,158 ) (5,642,500 )

Increase in cash and cash equivalents 383,735 1,917,674
Cash and cash equivalents at beginning of
year

2

2,186,951

269,277

Cash and cash equivalents at end of year 2 2,570,686 2,186,951

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 3,796,976 1,118,754
Depreciation charges 35,465 29,776
Loss on disposal of fixed assets 13,718 -
Finance costs - 2,866
Finance income (73,174 ) (479 )
3,772,985 1,150,917
Decrease/(increase) in stocks 612,187 (483,549 )
(Increase)/decrease in trade and other debtors (2,180,058 ) 3,562,817
Increase in trade and other creditors 6,602,585 3,446,682
Cash generated from operations 8,807,699 7,676,867

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 2,570,686 2,186,951
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 2,186,951 269,277


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 2,186,951 383,735 2,570,686
2,186,951 383,735 2,570,686
Total 2,186,951 383,735 2,570,686

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Fleetmaxx Solutions Ltd is a private company, limited by shares , registered in Scotland. 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 (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of the 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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to account estimates are recognised in the period in which the estimate was revised if the revision affects only that period, or in the prior period of revision and future periods if the revision affects both current and future periods.

Revenue recognition
Turnover comprises the net amount earned by the company in the provision of fuel card services. In accordance with the requirements of FRS 102 section 23, this net presentation reflects the company's role as agent in the underlying purchase of goods.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Tangible assets are stated at cost less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Land and buildings2% on cost
Plant and machinery10% on cost
Office equipment20% on cost
Motor vehicles20% on reducing balance

Stocks
The company has the right for its customers to draw down on fuel stocks paid for by the company and held at third party facilities. The stock figure in the financial statements represents the value of the undrawn stocks at the balance sheet date and is shown at the lower of cost or net realisable value.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities.


Fleetmaxx Solutions Ltd (Registered number: SC625987)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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 and deferred 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash are subject to an insignificant risk of change in value.

Debtors
Debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors
Short term creditors are recognised at the transaction price.

3. REVENUE AND GROSS PROFIT

The revenue and gross profit, and profit before taxation are attributable to the one principal activity of the company, which is all generated in the UK.

4. EMPLOYEES AND DIRECTORS

The company engages staff employed by its parent company, which are charged at cost (2024: £2,531,130: 2023: £2,121,012).

There were 6 (2023: 5) directors during the year, none of whom received any remuneration from the company, but were paid £139,435 (2023: £133,708) by the parent company.

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2024 2023
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 9,267 6,397
Depreciation - owned assets 35,465 29,776
Loss on disposal of fixed assets 13,718 -
Auditors' remuneration 15,000 10,000
Auditors' remuneration for non audit work 5,500 1,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 2,866

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 929,980 220,490

Deferred tax 3,700 4,727
Tax on profit 933,680 225,217

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,796,976 1,118,754
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.496%)

949,244

229,300

Effects of:
Capital allowances in excess of depreciation - (4,791 )
Depreciation in excess of capital allowances 3,808 -
Utilisation of tax losses (23,072 ) (4,019 )
Movement in deferred tax 3,700 4,727

Total tax charge 933,680 225,217

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. DIVIDENDS

During the year, the company paid dividends of £190,000 (2023: £122,400) to its shareholders.

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 104,223 928 81,248 83,241 269,640
Additions - - 5,581 27,000 32,581
Disposals - - - (37,851 ) (37,851 )
At 30 June 2024 104,223 928 86,829 72,390 264,370
DEPRECIATION
At 1 July 2023 2,824 135 27,523 7,486 37,968
Charge for year 4,111 93 16,967 14,294 35,465
Eliminated on disposal - - - (9,692 ) (9,692 )
At 30 June 2024 6,935 228 44,490 12,088 63,741
NET BOOK VALUE
At 30 June 2024 97,288 700 42,339 60,302 200,629
At 30 June 2023 101,399 793 53,725 75,755 231,672

10. STOCKS

Stock reflects the value of undrawn fuel held at third party facilities at the year end.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,174,991 4,164,657
Amounts owed by group undertakings 1,493,978 32
Prepayments and accrued income 120,291 2,950,565
10,789,260 7,115,254

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,375,125 2,803,783
Amounts owed to group undertakings - 5,511,000
Tax 841,490 180,909
Other creditors and accruals 1,232,778 1,216,006
Invoice discounting account 221 1,000,401
11,449,614 10,712,099

Fleetmaxx Solutions Ltd (Registered number: SC625987)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice discounting account 221 1,000,401

The company's bank has a floating charge over all property and undertakings of the company, dated 25 February 2022.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 24,237 20,537

Deferred
tax
£   
Balance at 1 July 2023 20,537
Charge to Income Statement during year 3,700
Balance at 30 June 2024 24,237

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
850 Ordinary A 0.1p 1 1
75 Ordinary B 0.1p - -
75 Ordinary C 0.1p - -
1 1

The three classes of share rank pari passu in all respects other than the rate of dividend payable on each class.

16. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

During the year, the company paid management fees and overhead recharges to Oilfast Limited totalling £3,185,545. At the balance sheet date, Oilfast Limited owed to the company £1,493,978 (2023: £5,511,000 owed to Oilfast). This amount is included in debtors (creditors for 2023) and is repayable on demand.

17. ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent is Oilfast Limited (SC453328) a company registered in Scotland, whose registered office is Nethan Street, Motherwell, ML1 3TF.

The parent company has no controlling party.