REGISTERED NUMBER: SC453328 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Oilfast Limited |
REGISTERED NUMBER: SC453328 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 June 2024 |
for |
Oilfast Limited |
Oilfast Limited (Registered number: SC453328) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 19 |
Oilfast Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Old Grange |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
Oilfast Limited (Registered number: SC453328) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The directors are delighted with the results for the financial year ended 30th June 2024 which are substantially better than the solid performance in the prior year. |
The group continued to expand into new markets during the period all of which were grown organically rather than by acquisition. As a result these new areas were started from nothing, the resulting losses have resulted in profits being lower than would otherwise have been the case. The group is continuing to enjoy growth in these new markets and expects these areas to significantly add to the overall profitability of the company in the coming years. |
The group has a very large and diverse customer base, meaning it is well placed to deal with any future volatility in the fuel market caused by worldwide events such as the war in Ukraine. The group also maintains substantial credit lines across all major fuel suppliers in the UK, meaning we have access to multiple fuel channels as well as the capability to spread fuel purchases across many suppliers as required. In addition, as the group operates a large fleet of articulated tankers, we can access fuel supplies right across the UK as required. |
We continue to attract and retain high calibre staff as a key strategy of the business. This has continued with the staff who have joined us in the new markets mentioned above. The growth into these new markets as well as higher levels of inflation has resulted in an increase in overheads of 12.5% over the prior year. Operating profits for the year were £6,489,360 (2023: £2,993,936) while profit before tax was £6,523,763 (2023: £2,926,347). |
Trading figures for the remainder of 2024 have been strong and are well above those for the same period last year. |
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using key group performance indicators is not necessary for an understanding of the development, performance and position of the . |
Oilfast Limited (Registered number: SC453328) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
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 group'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 group, 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 group'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 group. |
Liquidity risk |
Trade creditors liquidity risk is managed ensuring sufficient funds are available to meet amounts when due. |
Financial Instrument risk |
The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of the group's performance objectives. |
Oilfast Limited (Registered number: SC453328) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
SECTION 172(1) DIRECTORS' STATEMENT OF COMPLIANCE |
The Companies (Miscellaneous Reporting) Regulations 2018 (2018 MRR) require directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 (s172) when performing their duty to promote the success of the company under s172. |
As required by section 172 of the UK's Companies Act a director of the group should act in the way they consider most likely to promote the success of the group and benefit its shareholders. In doing so the directors have given due regard to consequences of any decisions in the long term, the interest of the group's employees, the group's business relationships with customers, suppliers, and other shareholders, the impact of the group's operation on the community and environment and its reputation of high standards of business conduct. The following is an overview of how the board has performed its duties during the year. |
Long term decisions and actions |
The Group has a strong, driven Board of directors with a very significant level of experience in the industry. The Board meet at least once a month to discuss key areas such as health and safety, operations, sales, finance and overall strategy. During these meetings the Board considers how decisions taken will affect key Stakeholders of the business such as shareholders, employees, customers, suppliers, local communities, regulators and the wider environment. |
The directors have acted and continue to act in a way that they consider, in good faith, would be most likely to promote the success of the company and the group for the benefit of its members as a whole. |
In so doing, the directors took the decision to move into new geographical areas across the country by using experienced, motivated staff and strong marketing campaigns. To enable the continued growth of the company, the directors approved significant investment into the Group's tanker fleet. This investment will allow the company to have a more reliable fleet allowing improved service levels and helping facilitate the growth into new areas. |
The interests of our employees |
At the year end the Group had 244 employees split across 19 locations including the Group's Head Office. The Board considers the Group's employees as the key asset of the business. Every location has a manager who stays well connected to the employees based at that location. In addition, employees receive a newsletter several times a year to keep them informed on pertinent matters across the Group. |
Given the nature of the Group's activities, health and safety is of paramount importance and regular updates, training and briefings are held with the workforce. |
Engagement with suppliers, customers and others |
Members of the Board and senior management team regularly meet with key suppliers and customers to enhance relationships and ensure the best interests of all parties are met. Our relationships with key suppliers are vitally important and are the responsibility of the Board and senior management. The Group is a member of and actively participates with the trade associations such as UKIFDA. |
The Board ensures that other stakeholders such as the Group's bankers and our suppliers credit insurers are kept informed of the Groups activities through monthly management information and regular face to face meetings. |
Impact on the community and the environment |
The Board recognise that a responsible business requires a firm commitment to protecting the environment and supporting local communities. As such the Board has taken several measures to help achieve this include the planting of young trees, investing in a clean modern fleet, the provision of electric company cars, the marketing and sale of carbon reducing fuels and the sponsorship of several local initiatives. |
High standards of business conduct |
The Oilfast Group is a family business with the core values of integrity, honesty, respect, empowerment and trust. The Board believe operating to these values to be ethical and sound business practice. The Board pride themselves in having highly able and motivated employees throughout the business. The Group is an equal opportunities employer with no barriers on age, sex, disability, religion, race or sexual orientation. Employees are judged on ability and application and are treated with respect, honesty, consistency and compassion. |
The Group adheres to all relevant legislation and ensures robust business processes and procedures through its ISO 9001 accreditation. |
Oilfast Limited (Registered number: SC453328) |
Group Strategic Report |
for the Year Ended 30 June 2024 |
ENERGY AND CARBON REPORT |
The group presents the following statements in line with SECR in accordance with the Companies (Miscellaneous Reporting Regulations) 2018. This requires the large unlisted private companies to report their UK energy usage and associated GHG emissions for the current year under review and also the prior year. |
2024 | 2023 |
KwH | KwH |
Aggregate energy consumption in year: |
Gas combustion | 146,458 | 144,389 |
Electricity purchases | 548,094 | 485,667 |
Diesel | 13,816,686 | 13,326,314 |
Employee owned cars | 15,778 | 2,032 |
Metric | Metric |
Tonnes | Tonnes |
Equivalent emissions of CO2: |
Scope 1: | Direct emissions |
Gas combustion | 35.98 | 35.47 |
Diesel | 3,288.26 | 3,171.55 |
3,324.24 | 3,207.02 |
Scope 2: | Indirect emissions |
Electricity purchases | 114.54 | 101.49 |
Employee owned cars | 3.76 | 0.48 |
3,442.54 | 3,308.99 |
Intensity ratio CO2e per £m of group turnover: | 15.77 CO2e | 17.32 CO2e |
Reporting methodology used |
The reporting methodology used to calculate the above figures was the GHG Reporting Protocol - Corporate Standard. |
Measures taken to improve efficiency |
In order to minimize the Group's carbon emissions and use resources more responsibly, the following measures have been implemented: |
- Solar Panels on the roofs of depots wherever possible |
- Provision of electric company cars for some employees |
- Tree planting initiative |
- Modernisation of tanker fleet with Euro 6 engines |
- Utilisation of routing software to minimize fuel usage on delivery vehicles |
ON BEHALF OF THE BOARD: |
Oilfast Limited (Registered number: SC453328) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of wholesale fuel distribution, fleet fuel cards and related fleet products. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £1,293,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Oilfast Limited (Registered number: SC453328) |
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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Oilfast Limited |
Opinion |
We have audited the financial statements of Oilfast Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company 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. |
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 group 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 the 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 |
Oilfast Limited |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 Statement of Directors' Responsibilities set out on page six, 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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. |
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 of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. 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 |
- Meeting key personal responsible for specific functions relating to laws and regulations |
- Review of legal fees incurred |
- Agreeing the financial statement disclosures to underlying supporting 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 evaluated 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 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional 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. |
Report of the Independent Auditors to the Members of |
Oilfast Limited |
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. |
for and on behalf of |
The Old Grange |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
Oilfast Limited (Registered number: SC453328) |
Consolidated |
Income Statement |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 218,318,203 | 191,071,090 |
Cost of sales | 191,165,283 | 169,686,306 |
GROSS PROFIT | 27,152,920 | 21,384,784 |
Administrative expenses | 20,710,702 | 18,406,310 |
6,442,218 | 2,978,474 |
Other operating income | 47,142 | 15,462 |
OPERATING PROFIT | 5 | 6,489,360 | 2,993,936 |
Interest receivable and similar income | 73,860 | 479 |
6,563,220 | 2,994,415 |
Interest payable and similar expenses | 6 | 39,457 | 68,068 |
PROFIT BEFORE TAXATION | 6,523,763 | 2,926,347 |
Tax on profit | 7 | 1,691,627 | 817,750 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 4,696,682 | 1,992,926 |
Non-controlling interests | 135,454 | 115,671 |
4,832,136 | 2,108,597 |
Oilfast Limited (Registered number: SC453328) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 4,832,136 | 2,108,597 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
4,832,136 |
2,108,597 |
Total comprehensive income attributable to: |
Owners of the parent | 4,696,682 | 1,992,926 |
Non-controlling interests | 135,454 | 115,671 |
4,832,136 | 2,108,597 |
Oilfast Limited (Registered number: SC453328) |
Consolidated Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 99,516 | 131,018 |
Tangible assets | 11 | 10,426,694 | 7,239,917 |
Investments | 12 | - | - |
10,526,210 | 7,370,935 |
CURRENT ASSETS |
Stocks | 13 | 3,349,375 | 3,692,697 |
Debtors | 14 | 25,114,247 | 21,367,218 |
Cash at bank and in hand | 9,147,662 | 3,214,912 |
37,611,284 | 28,274,827 |
CREDITORS |
Amounts falling due within one year | 15 | 36,711,053 | 29,877,671 |
NET CURRENT ASSETS/(LIABILITIES) | 900,231 | (1,602,844 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,426,441 |
5,768,091 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,301,399 |
) |
(749,397 |
) |
PROVISIONS FOR LIABILITIES | 19 | (1,751,237 | ) | (994,025 | ) |
NET ASSETS | 7,373,805 | 4,024,669 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 8,819 | 8,819 |
Share premium | 21 | 817,175 | 817,175 |
Capital redemption reserve | 21 | 5,063 | 5,063 |
Retained earnings | 21 | 6,298,382 | 3,084,700 |
7,129,439 | 3,915,757 |
NON-CONTROLLING INTERESTS | 244,366 | 108,912 |
TOTAL EQUITY | 7,373,805 | 4,024,669 |
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 |
Oilfast Limited (Registered number: SC453328) |
Company Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium |
Capital redemption reserve |
Retained earnings |
Company's profit for the financial year | 1,872,874 | 1,343,781 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Oilfast Limited (Registered number: SC453328) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 July 2022 | 8,621 | 4,194,845 | 785,747 |
Prior year adjustment | - | (408,671 | ) | - |
As restated | 8,621 | 3,786,174 | 785,747 |
Changes in equity |
Issue of share capital | 198 | - | 31,428 |
Dividends | - | (2,694,400 | ) | - |
Total comprehensive income | - | 1,992,926 | - |
Balance at 30 June 2023 | 8,819 | 3,084,700 | 817,175 |
Changes in equity |
Dividends | - | (1,483,000 | ) | - |
Total comprehensive income | - | 4,696,682 | - |
Balance at 30 June 2024 | 8,819 | 6,298,382 | 817,175 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 5,063 | 4,994,276 | (6,759 | ) | 4,987,517 |
Prior year adjustment | - | (408,671 | ) | - | (408,671 | ) |
As restated | 5,063 | 4,585,605 | (6,759 | ) | 4,578,846 |
Changes in equity |
Issue of share capital | - | 31,626 | - | 31,626 |
Dividends | - | (2,694,400 | ) | - | (2,694,400 | ) |
Total comprehensive income | - | 1,992,926 | 115,671 | 2,108,597 |
Balance at 30 June 2023 | 5,063 | 3,915,757 | 108,912 | 4,024,669 |
Changes in equity |
Dividends | - | (1,483,000 | ) | - | (1,483,000 | ) |
Total comprehensive income | - | 4,696,682 | 135,454 | 4,832,136 |
Balance at 30 June 2024 | 5,063 | 7,129,439 | 244,366 | 7,373,805 |
Oilfast Limited (Registered number: SC453328) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 |
Prior year adjustment | - | ( |
) | - | - | ( |
) |
As restated |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
Oilfast Limited (Registered number: SC453328) |
Consolidated Cash Flow Statement |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 12,372,649 | 5,426,906 |
Interest paid | (3,494 | ) | (18,466 | ) |
Interest element of hire purchase payments paid |
(35,963 |
) |
(49,602 |
) |
Tax paid | (736,092 | ) | (135,583 | ) |
Net cash from operating activities | 11,597,100 | 5,223,255 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,962,627 | ) | (1,733,431 | ) |
Sale of intangible fixed assets | 10,004 | - |
Sale of tangible fixed assets | 334,324 | 64,086 |
Interest received | 73,860 | 479 |
Net cash from investing activities | (4,544,439 | ) | (1,668,866 | ) |
Cash flows from financing activities |
New HP agreements | 2,626,050 | - |
Capital repayments in year | (625,451 | ) | (632,507 | ) |
Share issue | - | 31,523 |
Movement on invoice discounting account | (1,637,510 | ) | 1,140,354 |
Equity dividends paid | (1,483,000 | ) | (2,694,400 | ) |
Net cash from financing activities | (1,119,911 | ) | (2,155,030 | ) |
Increase in cash and cash equivalents | 5,932,750 | 1,399,359 |
Cash and cash equivalents at beginning of year |
2 |
3,214,912 |
1,815,553 |
Cash and cash equivalents at end of year | 2 | 9,147,662 | 3,214,912 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated 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 | 6,523,763 | 2,926,347 |
Depreciation charges | 1,429,312 | 1,224,052 |
Loss on disposal of fixed assets | 19,268 | 13,820 |
Finance costs | 39,457 | 68,068 |
Finance income | (73,860 | ) | (479 | ) |
7,937,940 | 4,231,808 |
Decrease in stocks | 343,322 | 81,232 |
(Increase)/decrease in trade and other debtors | (4,535,349 | ) | 3,656,357 |
Increase/(decrease) in trade and other creditors | 8,626,736 | (2,542,491 | ) |
Cash generated from operations | 12,372,649 | 5,426,906 |
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 | 9,147,662 | 3,214,912 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 3,214,912 | 1,815,553 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,214,912 | 5,932,750 | 9,147,662 |
3,214,912 | 5,932,750 | 9,147,662 |
Debt |
Finance leases | (1,225,317 | ) | (2,000,599 | ) | (3,225,916 | ) |
(1,225,317 | ) | (2,000,599 | ) | (3,225,916 | ) |
Total | 1,989,595 | 3,932,151 | 5,921,746 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Oilfast Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Sections 479A and 479C subsidiary companies audit exemption: Parent undertaking declaration of guarantee |
Oilfast Limited as the parent of Vector Business Solutions Limited, company number SC253133, has undertaken to guarantee all outstanding liabilities to which Vector Business Solutions Limited is subject to at the end of the financial period ending 30 June 2024. This guarantee applies until a) they are satisfied in full, b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary is liable in respect of those liabilities and c) relates only to the year under guarantee. |
Full details of Vector Business Solutions Limited are given in note 12. |
Basis of consolidation |
The group financial statements consolidate the financial statements of Oilfast Limited and its subsidiaries as detailed in note 12. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In application of the group'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. |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Turnover of the group comprises two main income streams: |
1. Wholesale fuel distribution and related fuel products. |
2. The provision of fuel card services, which is accounted for on a net basis 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. |
In both cases, turnover represents the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of value added tax, returns, rebates and discounts. |
The group recognises revenue when it can reliably measured and it is probable that future economic benefits will flow to the entity. |
Goodwill |
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition of the 's group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. |
Amortisation is provided at 20% on cost to write the goodwill off over its useful life of five years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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 buildings | 2% on cost |
Plant and machinery | 10% on cost |
Office equipment | 20% on cost |
Motor vehicles | 20% on reducing balance |
Stocks |
The company's stocks are valued at the lower of cost and net realisable value. Cost comprises purchase price plus transport costs where appropriate, less trade discounts and subsidies. |
The subsidiary, Fleetmaxx Solutions Limited, 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 group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities. |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated 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 Consolidated 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. The standard rate of corporation tax from 1 April 2023 is 25%. |
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. |
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. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives. Interest on these contracts is charged to the profit and loss account using an effective interest method. |
Pension costs and other post-retirement benefits |
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less impairment. |
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. Other creditors are recognised initially and subsequently at transaction price which is deemed to be equivalent to their fair value. |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Sales of goods and services | 210,489,934 | 186,311,691 |
Net merchant revenue | 7,828,269 | 4,759,399 |
218,318,203 | 191,071,090 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 218,318,203 | 191,071,090 |
218,318,203 | 191,071,090 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 10,824,373 | 9,043,452 |
Social security costs | 813,073 | 902,537 |
Other pension costs | 221,419 | 233,896 |
11,858,865 | 10,179,885 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors and management | 37 | 30 |
Operatives | 79 | 69 |
Administration | 128 | 140 |
The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2023 - 2 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 921,401 | 636,078 |
Directors' pension contributions to money purchase schemes | 34,472 | 14,425 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 5 | 5 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 269,133 | 186,812 |
Pension contributions to money purchase schemes | 19,730 | 5,521 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases | 766,480 | 498,961 |
Depreciation - owned assets | 902,673 | 769,530 |
Depreciation - assets on hire purchase contracts | 495,139 | 423,290 |
Loss on disposal of fixed assets | 19,268 | 13,820 |
Goodwill amortisation | 31,502 | 31,232 |
Auditors' remuneration | 34,500 | 40,000 |
Auditors' remuneration for non audit work | 13,270 | 6,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 3,494 | 18,466 |
Hire purchase interest | 35,963 | 49,602 |
39,457 | 68,068 |
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 | 934,415 | 580,307 |
Deferred tax | 757,212 | 237,443 |
Tax on profit | 1,691,627 | 817,750 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 6,523,763 | 2,926,347 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.496 %) |
1,630,941 |
599,784 |
Effects of: |
Expenses not deductible for tax purposes | 10,116 | - |
Capital allowances in excess of depreciation | (706,008 | ) | (15,458 | ) |
Utilisation of tax losses | - | (4,019 | ) |
Movement in deferred tax | 757,212 | 237,443 |
Small profits relief | (634 | ) | - |
Total tax charge | 1,691,627 | 817,750 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
During the year, the company paid dividends to its shareholders of £1,293,000 (2023: £2,572,000). |
The company's subsidiary, Fleetmaxx Solutions Limited paid dividends of £190,000 to its minority shareholders during the year (2023: £122,400). |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 264,306 |
AMORTISATION |
At 1 July 2023 | 133,288 |
Amortisation for year | 31,502 |
At 30 June 2024 | 164,790 |
NET BOOK VALUE |
At 30 June 2024 | 99,516 |
At 30 June 2023 | 131,018 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | INTANGIBLE FIXED ASSETS - continued |
Company |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Land and | Plant and | and |
buildings | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2023 | 1,881,195 | 2,108,755 | 82,373 |
Additions | 72,184 | 698,383 | 5,581 |
Disposals | (25,425 | ) | (162,722 | ) | - |
At 30 June 2024 | 1,927,954 | 2,644,416 | 87,954 |
DEPRECIATION |
At 1 July 2023 | 221,550 | 1,237,716 | 28,648 |
Charge for year | 56,705 | 243,195 | 16,967 |
Eliminated on disposal | (2,062 | ) | (108,274 | ) | - |
At 30 June 2024 | 276,193 | 1,372,637 | 45,615 |
NET BOOK VALUE |
At 30 June 2024 | 1,651,761 | 1,271,779 | 42,339 |
At 30 June 2023 | 1,659,645 | 871,039 | 53,725 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 8,342,007 | 7,113 | 12,421,443 |
Additions | 4,186,479 | - | 4,962,627 |
Disposals | (1,068,991 | ) | (7,113 | ) | (1,264,251 | ) |
At 30 June 2024 | 11,459,495 | - | 16,119,819 |
DEPRECIATION |
At 1 July 2023 | 3,687,053 | 6,559 | 5,181,526 |
Charge for year | 1,080,945 | - | 1,397,812 |
Eliminated on disposal | (769,318 | ) | (6,559 | ) | (886,213 | ) |
At 30 June 2024 | 3,998,680 | - | 5,693,125 |
NET BOOK VALUE |
At 30 June 2024 | 7,460,815 | - | 10,426,694 |
At 30 June 2023 | 4,654,954 | 554 | 7,239,917 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2023 | 2,425,136 |
Additions | 2,724,340 |
Transfer to ownership | (268,765 | ) |
At 30 June 2024 | 4,880,711 |
DEPRECIATION |
At 1 July 2023 | 991,665 |
Charge for year | 495,139 |
Transfer to ownership | (191,173 | ) |
At 30 June 2024 | 1,295,631 |
NET BOOK VALUE |
At 30 June 2024 | 3,585,080 |
At 30 June 2023 | 1,433,471 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2023 |
Additions |
Transfer to ownership | (268,765 | ) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Transfer to ownership | (191,173 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Nethan Street, Motherwell,Scotland ML1 3TF |
Nature of business: |
% |
Class of shares: | holding |
2024 |
£ |
Aggregate capital and reserves |
13. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 3,349,375 | 3,692,697 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 22,719,454 | 14,862,055 |
Amounts owed by group undertakings | - | - |
Other debtors | 426,902 | 570,105 |
Tax | 154,021 | - |
VAT | 395,527 | 1,337,654 |
Called up share capital not paid | 104 | 103 |
Prepayments | 1,418,239 | 4,597,301 |
25,114,247 | 21,367,218 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts | - | - |
Hire purchase contracts (see note 17) | 924,517 | 475,920 |
Trade creditors | 30,358,323 | 22,095,599 |
Amounts owed to group undertakings | - | - |
Tax | 841,490 | 489,146 |
Social security and other taxes | 346,365 | 304,079 |
Other creditors | 4,239,526 | 5,512,526 |
Invoice discounting account | 832 | 1,000,401 | - | - |
36,711,053 | 29,877,671 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | 2,301,399 | 749,397 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year | 1,023,736 | 512,551 |
Between one and five years | 2,615,194 | 775,440 |
3,638,930 | 1,287,991 |
Finance charges repayable: |
Within one year | 99,219 | 36,631 |
Between one and five years | 313,795 | 26,043 |
413,014 | 62,674 |
Net obligations repayable: |
Within one year | 924,517 | 475,920 |
Between one and five years | 2,301,399 | 749,397 |
3,225,916 | 1,225,317 |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
17. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 447,065 | 452,072 |
Between one and five years | 570,736 | 617,777 |
1,017,801 | 1,069,849 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank overdrafts | - | - |
Hire purchase contracts | 3,225,916 | 1,225,317 | 3,225,916 | 1,225,317 |
Invoice discounting account | 832 | 1,638,343 | 611 | 637,942 |
3,226,748 | 2,863,660 |
The company's bank has a floating charge over all property and undertakings of the company, dated 25 February 2022. |
The Scottish Borders Council has a charge over an area of land at Pinnaclehill Industrial Estate, Kelso, dated 20 January 2014 which will come into effect if the land is sold. At the present time the company has no plans to dispose of this land. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 1,751,237 | 994,025 | 1,727,000 | 973,488 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 994,025 |
Charge to Income Statement during year | 757,212 |
Balance at 30 June 2024 | 1,751,237 |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Charge to Income Statement during year |
Balance at 30 June 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: |
793,684 | B Ordinary | 0.01p | 7,936.84 | 7,936.84 |
88,188 | C Ordinary | 0.01p | 881.88 | 881.88 |
8,818.72 | 8,818.72 |
The two classes of share rank pari passu in all respects other than the rate of dividend payable on each class. |
21. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 3,084,700 | 817,175 | 5,063 | 3,906,938 |
Profit for the year | 4,696,682 | 4,696,682 |
Dividends | (1,483,000 | ) | (1,483,000 | ) |
At 30 June 2024 | 6,298,382 | 817,175 | 5,063 | 7,120,620 |
Oilfast Limited (Registered number: SC453328) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
21. | RESERVES - continued |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 3,344,252 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2024 | 3,924,126 |
22. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant | influence |
During the year, the company received management fees and overhead recharges from Fleetmaxx Solutions Limited totalling £3,185,545 (2023: £2,689,635). At the Balance sheet date, the company owed Fleetmaxx Solutions Limited £1,493,978 (2023: Fleetmaxx Solutions Ltd owed the company £5,511,000). These amounts are included in creditors or debtors, as appropriate and are repayable on demand. |
Key management personnel of the entity or its parent (in the | aggregate) |
During the year, rent and associated premises costs totalling £75,078 (2023: £61,169) have been paid to an entity in which certain members of the company's key personnel have an interest. |
During the year, a total of key management personnel compensation of £ 955,873 (2023 - £ 650,503 ) was paid. |
23. | ULTIMATE CONTROLLING PARTY |
The company has no controlling party. |