UK & Ireland Fuel Distributors Association Ltd
Company Registration No. 03439922 (England And Wales)
Unaudited Financial Statements
Year Ended 30 September 2024
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
CONTENTS
Page
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
- 1 -
We have reviewed the financial statements of UK & Ireland Fuel Distributors Association Ltd for the year ended 30 September 2024 which comprise , the balance sheet and 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
Directors' responsibility for the financial statements
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.
Accountants' responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised) 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice. ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.
Scope of the assurance review
A review of financial statements in accordance with the ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the company, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
so as to give a true and fair view of the state of the company’s affairs as at 30 September 2024, and of its profit for the year then ended;
in accordance with United Kingdom Generally Accepted Accounting Practice; and
in accordance with the requirements of the Companies Act 2006.
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
- 2 -
Use of our report
This report is made solely to the company’s directors, as a body, in accordance with the terms of our engagement letter dated 7 August 2023. Our review work has been undertaken so that we might state to the company’s directors those matters we have agreed to state to them in a reviewer’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 directors as a body, for our review work, for this report, or for the conclusions we have formed.
WR Partners
3 March 2025
Chartered Accountants
Drake House
Gadbrook Park
Northwich
Cheshire
CW9 7RA
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,541
1,706
Current assets
Debtors
5
34,809
51,084
Cash at bank and in hand
513,728
439,534
548,537
490,618
Creditors: amounts falling due within one year
6
(56,310)
(54,873)
Net current assets
492,227
435,745
Total assets less current liabilities
497,768
437,451
Creditors: amounts falling due after more than one year
7
(15,661)
(25,780)
Net assets
482,107
411,671
Reserves
Income and expenditure account
482,107
411,671
Members' funds
482,107
411,671
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
N Gratton
Director
Company registration number 03439922 (England and Wales)
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 5 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’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.
2
Accounting policies
Company information
UK & Ireland Fuel Distributors Association Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is, Drake House, Gadbrook Park, Northwich, Cheshire, CW9 7RA.
2.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 6 -
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:
Fixtures and fittings
10% straight line
Computers
33% straight line
Exhibition stands
25% straight line
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 credited or charged to surplus or deficit.
2.4
Impairment of fixed assets
At each reporting period end date, the company 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).
2.5
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.
2.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
2.7
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.9
Leases
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 leases asset are consumed.
2.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Fixtures and fittings
Computers
Exhibition stands
Total
£
£
£
£
Cost
At 1 October 2023
524
41,821
25,485
67,830
Additions
6,130
6,130
At 30 September 2024
524
47,951
25,485
73,960
Depreciation and impairment
At 1 October 2023
524
40,115
25,485
66,124
Depreciation charged in the year
2,295
2,295
At 30 September 2024
524
42,410
25,485
68,419
Carrying amount
At 30 September 2024
5,541
5,541
At 30 September 2023
1,706
1,706
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,171
29,719
Other debtors
3,712
Prepayments and accrued income
11,926
21,365
34,809
51,084
UK & IRELAND FUEL DISTRIBUTORS ASSOCIATION LTD
UK & Ireland Fuel Distributors Association Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,119
9,870
Trade creditors
25,583
16,109
Taxation and social security
7,813
7,346
Other creditors
3,125
2,348
Accruals and deferred income
9,670
19,200
56,310
54,873
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,661
25,780
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
8,402
8,402
Between two and five years
3,500
11,902
11,902
20,304