Company registration number NI033729 (Northern Ireland)
FUELWISE NETWORK LTD
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
FUELWISE NETWORK LTD
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of income and retained earnings
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 25
FUELWISE NETWORK LTD
COMPANY INFORMATION
- 1 -
Directors
R Kelly
W Holmes
Secretary
Dr S Kelly
Company number
NI033729
Registered office
14 Stable Lane
COLERAINE
Co Londonderry
BT52 1DQ
Auditor
IDS Chartered Accountants LLP
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
Bankers
Barclays Bank PLC
PO Box 299
BIRMINGHAM
B1 3PF
FUELWISE NETWORK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

The directors present the strategic report for the year ended 31 May 2024.

Review of the business

The principal activity of the group continued to be that of fuel distribution.

 

The group's aim is to constantly bring new products and innovative solutions to the market which will continue to keep it at the forefront of the fuel and fleet management industry across Ireland and the UK. The group is well positioned for the future, with its clients foremost in mind it aims to offer an exceptional level of service at all times and continues to work hard.

 

The company's key financial and other performance indicators during the year were as follows:

 

 

2024

2023

 

 

£

£

 

 

 

 

Turnover

 

£64,170,333

£62,822,994

 

 

 

 

Profit on Ordinary Activities before Taxation

 

£2,269,746

£2,227,057

 

 

 

 

Principal risks and uncertainties

The director’s acknowledged their responsibility for the Company’s financial and internal controls and considered that established systems are appropriate to the operation.

 

Operational and financial risks centre on customer retention, economic conditions, credit risk and working capital management and are managed diligently by senior management and the directors.

 

Credit risk

The Company uses trade credit insurance to mitigate against significant instances of bad debts and monitors closely the payment terms and performance of his customer base. All new customers are strictly vetted and no customer is significantly large enough to materially impact on the profits of the business if they cease to trade with the company for any reason.

Development and performance

Employees are fundamental to success of the Company. All employees take part in daily sales training as part of their continuous development plan. Continued support and feedback are given as the company looks to develop a team capable of achieving their ambitious growth plans.

 

The company believes that performance will continue to improve as a result of ongoing developments within the business.

Key performance indicators

The company uses the following Key Performance Indicators to support the development, performance and position of the business.

 

Volume growth and new customer applications

The directors see these two measurements as important indicators for growth while controlling attrition levels

 

Gross margin pence per litre

Because of narrow margins involved in fuel sales the directors continually monitor pence per litre margins on a weekly basis and set targets in line with their overall growth strategy.

FUELWISE NETWORK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

On behalf of the board

R Kelly
Director
12 March 2025
FUELWISE NETWORK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company and group continued to be that of fuel distribution.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Kelly
W Holmes
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

FUELWISE NETWORK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
On behalf of the board
R Kelly
Director
12 March 2025
FUELWISE NETWORK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FUELWISE NETWORK LTD
- 6 -
Opinion

We have audited the financial statements of Fuelwise Network Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FUELWISE NETWORK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FUELWISE NETWORK LTD
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

FUELWISE NETWORK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FUELWISE NETWORK LTD
- 8 -

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Ian H Donaghey (Senior Statutory Auditor)
For and on behalf of IDS Chartered Accountants LLP
Statutory Auditor
23/25 Queen Street
COLERAINE
Co Londonderry
BT52 1BG
12 March 2025
FUELWISE NETWORK LTD
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
64,170,333
62,822,994
Cost of sales
(60,912,834)
(60,176,736)
Gross profit
3,257,499
2,646,258
Administrative expenses
(980,539)
(751,971)
Other operating income
-
348,781
Operating profit
4
2,276,960
2,243,068
Interest receivable and similar income
7
42
9
Interest payable and similar expenses
8
(7,256)
(16,020)
Profit before taxation
2,269,746
2,227,057
Tax on profit
9
(547,276)
(395,571)
Profit for the financial year
19
1,722,470
1,831,486
Retained earnings brought forward
1,968,474
1,492,955
Dividends
-
0
(1,355,967)
Retained earnings carried forward
3,690,944
1,968,474
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FUELWISE NETWORK LTD
GROUP BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,164
8,302
Current assets
Stocks
14
41,038
46,608
Debtors
15
5,644,910
8,089,749
Cash at bank and in hand
10,831,149
8,659,520
16,517,097
16,795,877
Creditors: amounts falling due within one year
16
(12,631,317)
(14,635,705)
Net current assets
3,885,780
2,160,172
Net assets
3,890,944
2,168,474
Capital and reserves
Called up share capital
18
200,000
200,000
Profit and loss reserves
19
3,690,944
1,968,474
Total equity
3,890,944
2,168,474

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
12 March 2025
R Kelly
W Holmes
Director
Director
Company registration number NI033729 (Northern Ireland)
FUELWISE NETWORK LTD
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,164
8,302
Investments
12
2
2
5,166
8,304
Current assets
Debtors
15
4,873,631
9,321,210
Cash at bank and in hand
6,252,318
843,831
11,125,949
10,165,041
Creditors: amounts falling due within one year
16
(7,214,093)
(8,004,871)
Net current assets
3,911,856
2,160,170
Net assets
3,917,022
2,168,474
Capital and reserves
Called up share capital
18
200,000
200,000
Profit and loss reserves
19
3,717,022
1,968,474
Total equity
3,917,022
2,168,474

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,748,547 (2023 - £1,831,486 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
12 March 2025
R Kelly
W Holmes
Director
Director
Company registration number NI033729 (Northern Ireland)
FUELWISE NETWORK LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
3,771,183
6,138,159
Interest paid
(7,256)
(16,020)
Income taxes paid
(524,763)
(164,755)
Net cash inflow from operating activities
3,239,164
5,957,384
Investing activities
Purchase of tangible fixed assets
(5,270)
-
Interest received
42
9
Net cash (used in)/generated from investing activities
(5,228)
9
Financing activities
Dividends paid to equity shareholders
-
0
(1,355,967)
Net cash used in financing activities
-
(1,355,967)
Net increase in cash and cash equivalents
3,233,936
4,601,426
Cash and cash equivalents at beginning of year
7,597,213
2,995,787
Cash and cash equivalents at end of year
10,831,149
7,597,213
Relating to:
Cash at bank and in hand
10,831,149
8,659,520
Bank overdrafts included in creditors payable within one year
-
(1,062,307)
FUELWISE NETWORK LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
5,008,801
42,549
Interest paid
(5,891)
(5,174)
Income taxes (paid)/refunded
(401,186)
5,139
Net cash inflow from operating activities
4,601,724
42,514
Investing activities
Purchase of tangible fixed assets
(5,270)
-
0
Dividends received
812,033
706,141
Net cash generated from investing activities
806,763
706,141
Financing activities
Dividends paid to equity shareholders
-
(1,355,967)
Net cash used in financing activities
-
(1,355,967)
Net increase/(decrease) in cash and cash equivalents
5,408,487
(607,312)
Cash and cash equivalents at beginning of year
843,831
1,451,143
Cash and cash equivalents at end of year
6,252,318
843,831
FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
1
Accounting policies
Company information

Fuelwise Network Limited (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is .

 

The group consists of Fuelwise Network Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Fuelwise Network Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
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.

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
20% straight line
Computers
33.33% 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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.14
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
64,170,333
62,822,994
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
36,139,428
34,702,241
Ireland
28,030,905
28,120,753
64,170,333
62,822,994
2024
2023
£
£
Other revenue
Interest income
42
9
Grants received
-
4,811
FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(111,633)
(269,941)
Government grants
-
(4,811)
Fees payable to the group's auditor for the audit of the group's financial statements
11,000
13,200
Depreciation of owned tangible fixed assets
8,408
11,645
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
2
2
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
483,372
465,607
483,372
465,607
Social security costs
15,304
16,239
15,304
16,239
498,676
481,846
498,676
481,846
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
124,130
139,956
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
42
9
FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
7
Interest receivable and similar income
(Continued)
- 20 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
42
9
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
7,256
16,020
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
437,414
385,551
Adjustments in respect of prior periods
109,862
10,020
Total current tax
547,276
395,571

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,269,746
2,227,057
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
567,437
423,141
Adjustments in respect of prior years
109,862
10,020
Effect of change in corporation tax rate
(130,808)
(39,622)
Permanent capital allowances in excess of depreciation
785
2,032
Taxation charge
547,276
395,571
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
1,355,967
FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
11
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 June 2023
32,585
1,098
33,683
Additions
5,270
-
0
5,270
At 31 May 2024
37,855
1,098
38,953
Depreciation and impairment
At 1 June 2023
24,283
1,098
25,381
Depreciation charged in the year
8,408
-
0
8,408
At 31 May 2024
32,691
1,098
33,789
Carrying amount
At 31 May 2024
5,164
-
0
5,164
At 31 May 2023
8,302
-
0
8,302
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 June 2023
32,585
1,098
33,683
Additions
5,270
-
0
5,270
At 31 May 2024
37,855
1,098
38,953
Depreciation and impairment
At 1 June 2023
24,283
1,098
25,381
Depreciation charged in the year
8,408
-
0
8,408
At 31 May 2024
32,691
1,098
33,789
Carrying amount
At 31 May 2024
5,164
-
0
5,164
At 31 May 2023
8,302
-
0
8,302
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2
2
FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
12
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
2
Carrying amount
At 31 May 2024
2
At 31 May 2023
2
13
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Fuelwise Network Ireland Limited
Unit 2 Gray House, Galway Technology Park, Co Galway, Galway, Ireland
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
41,038
46,608
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,408,187
4,325,423
355,085
196,386
Amounts owed by group undertakings
-
-
3,911,476
9,120,450
Other debtors
75,892
311,612
-
0
-
0
Prepayments and accrued income
1,160,831
3,452,714
607,070
4,374
5,644,910
8,089,749
4,873,631
9,321,210
FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
-
0
1,062,307
-
0
-
0
Trade creditors
55,968
(5,026)
13,951
(5,026)
Corporation tax payable
509,951
487,437
382,021
469,988
Other taxation and social security
148,772
1,150,277
148,460
1,110,708
Other creditors
6,193,621
4,570,060
3,302,033
1,037,152
Accruals and deferred income
5,723,005
7,370,650
3,367,628
5,392,049
12,631,317
14,635,705
7,214,093
8,004,871
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
-
0
1,062,307
-
0
-
0
Payable within one year
-
0
1,062,307
-
0
-
0
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
52,000
52,000
52,000
52,000
Ordinary B of £1 each
148,000
148,000
148,000
148,000
200,000
200,000
200,000
200,000
19
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
1,968,474
1,492,955
1,968,474
1,492,955
Profit for the year
1,722,470
1,831,486
1,748,548
1,831,486
Dividends
-
(1,355,967)
-
(1,355,967)
At the end of the year
3,690,944
1,968,474
3,717,022
1,968,474
20
Controlling party

The ultimate controlling party is the Kelly family.

FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
21
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,722,470
1,831,486
Adjustments for:
Taxation charged
547,276
395,571
Finance costs
7,256
16,020
Investment income
(42)
(9)
Depreciation and impairment of tangible fixed assets
8,408
11,645
Movements in working capital:
Decrease in stocks
5,570
13,253
Decrease/(increase) in debtors
2,444,839
(2,621,619)
(Decrease)/increase in creditors
(964,594)
6,491,812
Cash generated from operations
3,771,183
6,138,159
22
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,748,548
1,831,486
Adjustments for:
Taxation charged
313,218
284,296
Finance costs
5,891
5,174
Investment income
(812,033)
(706,141)
Depreciation and impairment of tangible fixed assets
8,408
11,645
Movements in working capital:
Decrease/(increase) in debtors
4,447,580
(5,196,479)
(Decrease)/increase in creditors
(702,811)
3,812,568
Cash generated from operations
5,008,801
42,549
23
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
8,659,520
2,171,629
10,831,149
Bank overdrafts
(1,062,307)
1,062,307
-
0
7,597,213
3,233,936
10,831,149
FUELWISE NETWORK LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
24
Analysis of changes in net funds - company
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
843,831
5,408,487
6,252,318
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