Company registration number 03934798 (England and Wales)
PERFORMANCE FLUIDS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PERFORMANCE FLUIDS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PERFORMANCE FLUIDS LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
357,159
378,600
Investments
4
1
1
357,160
378,601
Current assets
Stocks
1,364,539
1,533,270
Debtors
5
1,660,914
1,586,522
Cash at bank and in hand
756,460
738,175
3,781,913
3,857,967
Creditors: amounts falling due within one year
6
(3,315,763)
(3,348,435)
Net current assets
466,150
509,532
Total assets less current liabilities
823,310
888,133
Creditors: amounts falling due after more than one year
7
(1,568)
(82,634)
Provisions for liabilities
(83,000)
(83,600)
Net assets
738,742
721,899
Capital and reserves
Called up share capital
7,500
7,500
Capital redemption reserve
7,500
7,500
Profit and loss reserves
723,742
706,899
Total equity
738,742
721,899
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PERFORMANCE FLUIDS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 April 2025 and are signed on its behalf by:
Mr AJ Robertson
Director
Company Registration No. 03934798
PERFORMANCE FLUIDS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Performance Fluids Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Hodge Bank Business Park, Reedyford Road, Nelson, Lancashire, United Kingdon, BB9 8TF.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Leasehold improvements
over the term of the lease
Equipment and fixtures
20% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Financial instruments
The company 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.
PERFORMANCE FLUIDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
PERFORMANCE FLUIDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
22
25
3
Tangible fixed assets
Leasehold improvements
Equipment and fixtures
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
72,547
540,245
273,696
886,488
Additions
44,245
64,841
109,086
At 31 July 2024
72,547
584,490
338,537
995,574
Depreciation and impairment
At 1 August 2023
23,865
345,894
138,129
507,888
Depreciation charged in the year
9,736
67,417
53,374
130,527
At 31 July 2024
33,601
413,311
191,503
638,415
Carrying amount
At 31 July 2024
38,946
171,179
147,034
357,159
At 31 July 2023
48,682
194,351
135,567
378,600
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,571,327
1,514,486
Other debtors
89,587
72,036
1,660,914
1,586,522
PERFORMANCE FLUIDS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan (secured)
43,636
Trade creditors
527,175
402,243
Amounts owed to group undertakings
1,175,069
1,267,871
Taxation and social security
170,391
208,723
Other creditors
1,443,128
1,425,962
3,315,763
3,348,435
Included within other creditors is a hire purchase liability of £4,703 (2023 - £7,434). This amount is secured against the asset to which it relates.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan (secured)
76,363
Hire purchase (secured)
1,568
6,271
1,568
82,634
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
195,833
245,833
9
Parent company
The company's immediate parent is Innovative Lubricants Limited, incorporated in England.
The ultimate controlling party is Mr A and Mrs C Robertson.