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REGISTERED NUMBER: SC399402 (Scotland)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

CARNEGIE FUELS HOLDINGS LIMITED

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)






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 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


CARNEGIE FUELS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: K Carnegie
R Carnegie
Mrs R A Carnegie





REGISTERED OFFICE: 7 West Road
Brechin
DD9 6RJ





REGISTERED NUMBER: SC399402 (Scotland)





AUDITORS: Clement Millar
Statutory Auditors
Spiersbridge House
1 Spiersbridge Way
Glasgow
G46 8NG

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

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
Trading performance has improved on last year despite price competition in fuel prices and changes in demand due to seasonal requirements.

Cash flows have improved and the balance sheet remains strong. The continued investment in capital expenditure will allow the company to maintain and improve performance and customer service levels.

Opportunities for growth within target markets give the directors confidence for the future of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risk Management
The company strictly monitors working capital management. Financial risk management is negated due to limited exposure to credit risk and market risk.

Competitive Risk Assessment
The group operates in a competitive environment, however the director believes that the group through continued focus on cost reduction and continued level of quality of service provided ensure that it is well placed to continue developing its market share.

KEY PERFORMANCE INDICATORS
Financial KPI
The director uses Financial Key Performance Indicators to measure gross and net profit margins as well as Return on Capital Employed (ROCE), Return on Investment (ROI) and current ratios to review the group's development and performance during the year and year end position.

The KPI's assessed were in line with management expectations.

Non Financial KPI's
Non Financial Key Performance Indicators are also used by the director and include statistical information relating to staff hours and service levels. The director believes that monitoring non-financial KPI's contributes substantially in assesing non-financial business performance which inevitability leads to increase in customer satisfaction and an increase in profitability.

FUTURE PROSPECTS
The group's operations have generated healthy cash flows and the balance sheet remains strong. The continued focus on cost management and internal efficiencies should ensure that the group maintains and continues to improve its performance going forward.

Opportunities for growth give the director confidence that the group is well placed to continue its strong position going forward.

ON BEHALF OF THE BOARD:





K Carnegie - Director


21 February 2025

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

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.

DIVIDENDS
Dividends of £95,000 were paid during the year (2023: £85,000).

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

K Carnegie
R Carnegie
Mrs R A Carnegie

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;
- 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Clement Millar, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K Carnegie - Director


21 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CARNEGIE FUELS HOLDINGS LIMITED

Opinion
We have audited the financial statements of Carnegie Fuels Holdings 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
CARNEGIE FUELS HOLDINGS 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 three, 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.

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

Enquiry of management and those charged with governance, including consideration of known or suspected
instances of non-compliance with laws, regulations and fraud.
- Reviewing minutes of meetings of those charged with governance.
- Review of legal expenditure in the year to identify non-compliance with laws, regulations and fraud.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and
other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the
normal course of business and reviewing accounting estimates for bias. In particular the calculation of stock
related provisions and regulations.

Due to 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 be 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, omission or 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
CARNEGIE FUELS HOLDINGS 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.




Scott Millar (Senior Statutory Auditor)
for and on behalf of Clement Millar
Statutory Auditors
Spiersbridge House
1 Spiersbridge Way
Glasgow
G46 8NG

21 February 2025

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £    £    £   

TURNOVER 32,886,119 33,869,589

Cost of sales 28,061,611 29,078,303
GROSS PROFIT 4,824,508 4,791,286

Administrative expenses 3,894,511 3,358,918
929,997 1,432,368

Other operating income (89,611 ) 122,274
OPERATING PROFIT 4 840,386 1,554,642

Income from fixed asset investments 95,000 85,000
Interest receivable and similar income 36,492 53,089
131,492 138,089
971,878 1,692,731

Interest payable and similar expenses 5 88,683 89,398
PROFIT BEFORE TAXATION 883,195 1,603,333

Tax on profit 6 355,728 320,979
PROFIT FOR THE FINANCIAL YEAR 527,467 1,282,354
Profit attributable to:
Owners of the parent 527,467 1,282,354

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 527,467 1,282,354


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

527,467

1,282,354

Total comprehensive income attributable to:
Owners of the parent 527,467 1,282,354

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1 1
Tangible assets 10 3,726,688 3,379,834
Investments 11 5,410,385 4,810,385
9,137,074 8,190,220

CURRENT ASSETS
Stocks 12 345,212 388,072
Debtors 13 2,455,485 2,389,385
Cash at bank and in hand 330,116 1,080,187
3,130,813 3,857,644
CREDITORS
Amounts falling due within one year 14 2,780,687 3,142,657
NET CURRENT ASSETS 350,126 714,987
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,487,200

8,905,207

CREDITORS
Amounts falling due after more than one year 15 - (66,661 )

PROVISIONS FOR LIABILITIES 18 (744,132 ) (527,945 )
NET ASSETS 8,743,068 8,310,601

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Share premium 20 1,490,000 1,490,000
Retained earnings 20 7,243,068 6,810,601
SHAREHOLDERS' FUNDS 8,743,068 8,310,601

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:





K Carnegie - Director


CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 142,661 146,227
Investments 11 3,015,000 3,015,000
3,157,661 3,161,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,157,661

3,161,227

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Share premium 20 1,490,000 1,490,000
Retained earnings 20 1,657,661 1,661,227
SHAREHOLDERS' FUNDS 3,157,661 3,161,227

Company's profit for the financial year 91,434 81,434

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2025 and were signed on its behalf by:





K Carnegie - Director


CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2022 10,000 5,613,247 1,490,000 7,113,247

Changes in equity
Dividends - (85,000 ) - (85,000 )
Total comprehensive income - 1,282,354 - 1,282,354
Balance at 30 June 2023 10,000 6,810,601 1,490,000 8,310,601

Changes in equity
Dividends - (95,000 ) - (95,000 )
Total comprehensive income - 527,467 - 527,467
Balance at 30 June 2024 10,000 7,243,068 1,490,000 8,743,068

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2022 10,000 1,664,793 1,490,000 3,164,793

Changes in equity
Dividends - (85,000 ) - (85,000 )
Total comprehensive income - 81,434 - 81,434
Balance at 30 June 2023 10,000 1,661,227 1,490,000 3,161,227

Changes in equity
Dividends - (95,000 ) - (95,000 )
Total comprehensive income - 91,434 - 91,434
Balance at 30 June 2024 10,000 1,657,661 1,490,000 3,157,661

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 990,466 2,317,788
Interest paid (88,683 ) (89,398 )
Tax paid (152,456 ) (256,798 )
Net cash from operating activities 749,327 1,971,592

Cash flows from investing activities
Purchase of tangible fixed assets (1,090,842 ) (1,022,812 )
Purchase of fixed asset investments (600,000 ) (600,000 )
Sale of tangible fixed assets 215,701 24,055
Interest received 36,492 53,089
Dividends received 95,000 85,000
Net cash from investing activities (1,343,649 ) (1,460,668 )

Cash flows from financing activities
Capital repayments in year (88,884 ) (88,884 )
Amount introduced by directors 95,000 85,000
Amount withdrawn by directors (66,865 ) (118,978 )
Equity dividends paid (95,000 ) (85,000 )
Net cash from financing activities (155,749 ) (207,862 )

(Decrease)/increase in cash and cash equivalents (750,071 ) 303,062
Cash and cash equivalents at beginning of year 2 1,080,187 777,125

Cash and cash equivalents at end of year 2 330,116 1,080,187

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

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 883,195 1,603,333
Depreciation charges 548,232 403,646
Profit on disposal of fixed assets (19,945 ) (17,058 )
Interest on fixed capital - (200,000 )
Finance costs 88,683 89,398
Finance income (131,492 ) (138,089 )
1,368,673 1,741,230
Decrease in stocks 42,860 58,185
(Increase)/decrease in trade and other debtors (66,100 ) 794,574
Decrease in trade and other creditors (354,967 ) (276,201 )
Cash generated from operations 990,466 2,317,788

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 330,116 1,080,187
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,080,187 777,125


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 1,080,187 (750,071 ) 330,116
1,080,187 (750,071 ) 330,116
Debt
Finance leases (155,545 ) 88,884 (66,661 )
(155,545 ) 88,884 (66,661 )
Total 924,642 (661,187 ) 263,455

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Carnegie Fuels Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

BASIS OF CONSOLIDATION
The group financial statements consolidate the financial statements of Carnegie Fuels Holdings Limited and its subsidiary Carnegie Fuels Limited, made up to 30 June 2023.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost and at varying rates on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost and 10% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,257,757 1,219,186
Social security costs 135,632 120,815
1,393,389 1,340,001

The average number of employees during the year was as follows:
2024 2023

Full time and part time 33 30

2024 2023
£    £   
Directors' remuneration 88,000 76,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 548,232 403,646
Profit on disposal of fixed assets (19,945 ) (17,058 )
Auditors' remuneration 4,500 4,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 88,683 89,398

6. 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 139,541 152,456

Deferred tax 216,187 168,523
Tax on profit 355,728 320,979

7. 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.


CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 95,000 85,000

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 130,562
AMORTISATION
At 1 July 2023
and 30 June 2024 130,561
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 1,134,514 1,342,062 300,312 3,953,576 6,730,464
Additions 16,938 378,208 40,360 655,336 1,090,842
Disposals - - - (360,971 ) (360,971 )
At 30 June 2024 1,151,452 1,720,270 340,672 4,247,941 7,460,335
DEPRECIATION
At 1 July 2023 375,091 744,160 266,202 1,965,177 3,350,630
Charge for year 41,950 118,515 17,531 370,236 548,232
Eliminated on disposal - - - (165,215 ) (165,215 )
At 30 June 2024 417,041 862,675 283,733 2,170,198 3,733,647
NET BOOK VALUE
At 30 June 2024 734,411 857,595 56,939 2,077,743 3,726,688
At 30 June 2023 759,423 597,902 34,110 1,988,399 3,379,834

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 July 2023
and 30 June 2024 178,321
DEPRECIATION
At 1 July 2023 32,094
Charge for year 3,566
At 30 June 2024 35,660
NET BOOK VALUE
At 30 June 2024 142,661
At 30 June 2023 146,227

11. FIXED ASSET INVESTMENTS

Group
Interest
in other
participating
interests
£   
COST
At 1 July 2023 4,874,372
Additions 600,000
At 30 June 2024 5,474,372
PROVISIONS
At 1 July 2023
and 30 June 2024 63,987
NET BOOK VALUE
At 30 June 2024 5,410,385
At 30 June 2023 4,810,385
Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 3,015,000
NET BOOK VALUE
At 30 June 2024 3,015,000
At 30 June 2023 3,015,000


CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. STOCKS

Group
2024 2023
£    £   
Stocks 345,212 388,072

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 2,070,715 1,804,838
Other debtors 48,755 48,755
VAT 52,359 253,133
Prepayments and accrued income 283,656 282,659
2,455,485 2,389,385

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 66,661 88,884
Trade creditors 2,424,550 2,784,330
Tax 139,541 152,456
Other creditors 67,074 62,261
Directors' loan accounts 82,861 54,726
2,780,687 3,142,657

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) - 66,661

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 66,661 88,884
Between one and five years - 66,661
66,661 155,545

CARNEGIE FUELS HOLDINGS LIMITED (REGISTERED NUMBER: SC399402)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

17. SECURED DEBTS

The bank facility is secured by a guarantee and floating charge over the assets of the company.

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 744,132 527,945

Group
Deferred
tax
£   
Balance at 1 July 2023 527,945
Provided during year 216,187
Balance at 30 June 2024 744,132

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 6,810,601 1,490,000 8,300,601
Profit for the year 527,467 527,467
Dividends (95,000 ) (95,000 )
At 30 June 2024 7,243,068 1,490,000 8,733,068

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 1,661,227 1,490,000 3,151,227
Profit for the year 91,434 91,434
Dividends (95,000 ) (95,000 )
At 30 June 2024 1,657,661 1,490,000 3,147,661