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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Spiersbridge House |
1 Spiersbridge Way |
Glasgow |
G46 8NG |
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 |
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 |
Investments | 11 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
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 |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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 |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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: | £ | £ |
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 | 3,151,227 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2024 | 3,147,661 |