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Registered number: 07680154










Avfuel Limited










Annual report and financial statements

For the year ended 31 December 2024

 
Avfuel Limited
 

Company Information


Director
W Light 




Company secretary
M Zultowski



Registered number
07680154



Registered office
2nd Floor 168 Shoreditch High Street

London

E1 6RA




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Avfuel Limited
 

Contents



Page
Group strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of 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 statement of cash flows
13
Notes to the financial statements
14 - 29


 
Avfuel Limited
 

Group strategic report
For the year ended 31 December 2024

Introduction
 
The director presents their Strategic Report with the audited financial statements of Avfuel Limited (the Company) for the year ended 31 December 2024. 

Business review and principal activities
 
Avfuel Limited (the Company), incorporated in the United Kingdom, is a wholly owned subsidiary of Avfuel Corporation (the Parent Company), incorporated in the state of Michigan, United States of America.
The Company’s principal activity is purchasing and reselling aviation fuel, as well as related products and services to commercial, industrial, and private customers in the aviation industry.
Avfuel Limited EU S.à.r.l, incorporated in Luxembourg, is a wholly owned subsidiary of the Company. In 2022 the Company completed its transition of transacting business in certain EU countries into this Luxembourg subsidiary which started in 2021 in response to Brexit.
The Company’s financial statements, for the year ended 31 December 2024, reflect total revenues of $101,052,481 ($118,876,504 in 2023).
The decrease in revenue is due to lower sales volumes in 2024. A higher margin per gallon and a better mix of business line sales led to a smaller decrease in gross profit. This resulted in a 28% decrease in operating income; $1,228,977 ($1,705,239 in 2023).

Principal risks and uncertainties
 
The Group's principal risks and uncertainties are integrated with the principal risks of the Avfuel Corporation and are not managed separately. These risks include, but are not limited to:
• Price/market fluctuations
• Currency fluctuations
• Interest rates
• Credit risk
• Competition

Financial key performance indicators
 
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This report was approved by the board and signed on its behalf.



W Light
Director
Date: 23 April 2025

Page 1

 
Avfuel Limited
 

 
Director's report
For the year ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Principal activity

The company's principal activity is providing fuel and services to the aviation market.

Director

The director who served during the year was:

W Light 

Future developments

There have been no significant events affecting the Group since the year end.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
Avfuel Limited
 

 
Director's report (continued)
For the year ended 31 December 2024


Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsKreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





W Light
Director
Date: 23 April 2025

Page 3

 
Avfuel Limited
 

 
Independent auditors' report to the members of Avfuel Limited
 

Opinion


We have audited the financial statements of Avfuel Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council'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 director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
Avfuel Limited
 

 
Independent auditors' report to the members of Avfuel Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


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 Director's 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:


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 director's 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 Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
Avfuel Limited
 

 
Independent auditors' report to the members of Avfuel Limited (continued)


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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the group and industry, and through discussion with the director and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure. Audit procedures performed by the group engagement team included:
 
Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and
Assessment of identified fraud risk factors; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of the business; and
Performing analytical procedures with the automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.


Because of 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 become 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.
 
Page 6

 
Avfuel Limited
 

 
Independent auditors' report to the members of Avfuel Limited (continued)




As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 Auditors' 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.





Robert Sellers FCCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Canterbury

24 April 2025
Page 7

 
Avfuel Limited
 

Consolidated statement of comprehensive income
For the year ended 31 December 2024

2024
2023
Note
$
$

  

Turnover
 4 
101,052,481
118,876,504

Cost of sales
  
(97,661,633)
(115,254,155)

Gross profit
  
3,390,848
3,622,349

Administrative expenses
  
(2,161,871)
(1,917,110)

Operating profit
 5 
1,228,977
1,705,239

Interest payable and similar expenses
 8 
(413,974)
(334,122)

Profit before taxation
  
815,003
1,371,117

Tax on profit
 9 
(151,510)
(381,674)

Profit for the financial year
  
663,493
989,443

  

Total comprehensive income for the year
  
663,493
989,443

Profit for the year attributable to:
  

Owners of the parent Company
  
663,493
989,443

  
663,493
989,443

The notes on pages 14 to 29 form part of these financial statements.

Page 8

 
Avfuel Limited
Registered number: 07680154

Consolidated balance sheet
As at 31 December 2024

2024
2023
Note
$
$

Fixed assets
  

Tangible fixed assets
 10 
290,866
372,467

Investments
 11 
56,303
115,337

  
347,169
487,804

Current assets
  

Stocks
 12 
129,462
182,769

Debtors: amounts falling due within one year
 13 
9,940,879
12,986,698

Cash at bank and in hand
 14 
2,584,438
3,264,091

  
12,654,779
16,433,558

Creditors: amounts falling due within one year
 15 
(5,375,513)
(9,138,329)

Net current assets
  
 
 
7,279,266
 
 
7,295,229

Total assets less current liabilities
  
7,626,435
7,783,033

Creditors: amounts falling due after more than one year
 16 
(4,087,842)
(4,871,018)

Provisions for liabilities
  

Deferred tax
 17 
(32,674)
(69,589)

  
 
 
(32,674)
 
 
(69,589)

Net assets
  
3,505,919
2,842,426


Capital and reserves
  

Called up share capital 
 18 
16,153
16,153

Foreign exchange reserve
 19 
(276,858)
(276,858)

Other reserves
 19 
1,776,830
1,776,830

Profit and loss account
 19 
1,989,794
1,326,301

  
3,505,919
2,842,426


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




W Light
Director
Date: 23 April 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 9

 
Avfuel Limited
Registered number: 07680154

Company balance sheet
As at 31 December 2024

2024
2023
Note
$
$

Fixed assets
  

Tangible assets
 10 
290,866
372,467

Investments
 11 
13,108
13,108

  
303,974
385,575

Current assets
  

Stocks
 12 
129,462
182,769

Debtors: amounts falling due within one year
 13 
5,875,361
9,557,826

Cash at bank and in hand
 14 
1,659,415
2,492,984

  
7,664,238
12,233,579

Creditors: amounts falling due within one year
 15 
(4,022,001)
(7,774,393)

Net current assets
  
 
 
3,642,237
 
 
4,459,186

Total assets less current liabilities
  
3,946,211
4,844,761

  

Creditors: amounts falling due after more than one year
 16 
(702,061)
(2,371,018)

Provisions for liabilities
  

Deferred taxation
 17 
(32,674)
(69,589)

  
 
 
(32,674)
 
 
(69,589)

Net assets
  
3,211,476
2,404,154


Capital and reserves
  

Called up share capital 
 18 
16,153
16,153

Foreign exchange reserve
 19 
(276,858)
(276,858)

Other reserves
 19 
1,776,830
1,776,830

Profit and loss account brought forward
  
888,029
77,522

Profit for the year
  
807,322
810,507

Profit and loss account carried forward
  
1,695,351
888,029

  
3,211,476
2,404,154


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


W Light
Director
Date: 23 April 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
Avfuel Limited
 

Consolidated statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity

$
$
$
$
$


At 1 January 2023
16,153
(276,858)
1,776,830
336,858
1,852,983


Comprehensive income for the year

Profit for the year
-
-
-
989,443
989,443
Total comprehensive income for the year
-
-
-
989,443
989,443



At 1 January 2024
16,153
(276,858)
1,776,830
1,326,301
2,842,426


Comprehensive income for the year

Profit for the year
-
-
-
663,493
663,493
Total comprehensive income for the year
-
-
-
663,493
663,493


At 31 December 2024
16,153
(276,858)
1,776,830
1,989,794
3,505,919


Page 11

 
Avfuel Limited
 

Company statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity

$
$
$
$
$


At 1 January 2023
16,153
(276,858)
1,776,830
77,522
1,593,647


Comprehensive income for the year

Profit for the year
-
-
-
810,507
810,507
Total comprehensive income for the year
-
-
-
810,507
810,507



At 1 January 2024
16,153
(276,858)
1,776,830
888,029
2,404,154


Comprehensive income for the year

Profit for the year
-
-
-
807,322
807,322
Total comprehensive income for the year
-
-
-
807,322
807,322


At 31 December 2024
16,153
(276,858)
1,776,830
1,695,351
3,211,476


Page 12

 
Avfuel Limited
 

Consolidated statement of cash flows
For the year ended 31 December 2024

2024
2023
$
$

Cash flows from operating activities

Profit for the financial year
663,493
989,443

Adjustments for:

Depreciation of tangible assets
81,601
78,397

Interest paid
413,974
334,122

Taxation charge
151,480
381,674

Decrease in stocks
53,307
48,181

Decrease/(increase) in debtors
3,472,141
(1,736,010)

(Increase) in amounts owed by groups
(326,856)
(508,653)

(Decrease)/increase in creditors
(2,220,989)
392,222

(Decrease) in amounts owed to groups
(2,273,472)
(150,357)

Share of operating profit/(loss)) in associates
59,034
(65,986)

Corporation tax (paid)
(339,392)
(195,554)

Net cash generated from operating activities

(265,679)
(432,521)



Cash flows from financing activities

Interest paid
(413,974)
(334,122)

Net cash used in financing activities
(413,974)
(334,122)

Net (decrease) in cash and cash equivalents
(679,653)
(766,643)

Cash and cash equivalents at beginning of year
3,264,091
4,030,734

Cash and cash equivalents at the end of year
2,584,438
3,264,091


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,584,438
3,264,091

2,584,438
3,264,091


The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Avfuel Limited is a private company, limited by shares, incorporated in England. The address of the registered office is 2nd Floor 168 Shoreditch High Street, London, United Kingdom E1 6RA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The financial statements are presented to the nearest US Dollar.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Group has met its day to day working capital requirements. The Group provides aviation fuel and flight plans to the corporate market.
The Group has sufficient net assets and can meet its working capital obligations for a period of 12 months from the date of signing these accounts. As such this will enable the Group to continue in operational existence for the foreseeable future.
On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.

Page 14

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Dollars at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 15

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 16

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10 - 12.5% straight line from date of first use

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in associates are measured under the equity method.

Page 17

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 18

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Page 19

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 20

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Tangible fixed assets 
The company has recognised tangible fixed assets with a carrying value of $290,866 (2023 - $372,467) at the reporting date (see note 10). These assets are stated at their cost less provision for depreciation and impairment. For material assets the Group determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the director considers whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used. 
Taxation
Provision has been made in the financial statements for deferred tax amounting to a liability of $32,674 (2023 - liability of $69,589) at the reporting date. The provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
$
$

United Kingdom
11,731,306
17,636,958

Rest of Europe
44,660,819
49,604,765

Rest of the world
44,660,356
51,634,781

101,052,481
118,876,504



5.


Operating profit

The operating profit is stated after charging:

2024
2023
$
$

Depreciation of tangible fixed assets
81,601
78,397

Exchange differences
156,543
(86,128)

Page 21

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

6.


Auditors' remuneration

Fees payable to the Group's auditor for the audit of the Group's annual financial statements totalled $29,277 (2023 - $27,981).




7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$


Wages and salaries
125,350
110,540
125,350
110,540

125,350
110,540
125,350
110,540


The average monthly number of employees, including directors, during the year was 1 (2023 - 2).
The wages and salaries expense for the Group stated above consists of recharged costs for staff time recharged from fellow group Companies.


8.


Interest payable and similar expenses

2024
2023
$
$


Interest expense
413,974
334,122

Page 22

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

9.


Taxation


2024
2023
$
$

Corporation tax


Current tax on profits for the year
183,977
247,085

Adjustments in respect of previous periods
4,448
-


188,425
247,085


Total current tax
188,425
247,085

Deferred tax


Origination and reversal of timing differences
(36,915)
134,589

Total deferred tax
(36,915)
134,589


151,510
381,674

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
$
$


Profit on ordinary activities before tax
815,003
1,371,117


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
203,751
342,779

Effects of:


Expenses not deductible for tax purposes
(9,992)
55,431

Capital allowances for year in excess of depreciation
(16,165)
20,622

Utilisation of tax losses
-
(24,647)

Differing tax rates on overseas earnings
20,416
(13,430)

Adjustments to tax charge in respect of prior periods
4,439
-

Other timing differences leading to an increase (decrease) in taxation
(22,964)
76,957

Differences due to movements in exchange rates
1,081
-

Group relief
(29,056)
(76,038)

Total tax charge for the year
151,510
381,674


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 23

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

10.


Tangible fixed assets

Group






Plant and machinery

$



Cost or valuation


At 1 January 2024
1,723,154



At 31 December 2024

1,723,154



Depreciation


At 1 January 2024
1,350,687


Charge for the year on owned assets
81,601



At 31 December 2024

1,432,288



Net book value



At 31 December 2024
290,866



At 31 December 2023
372,467

Page 24

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

           10.Tangible fixed assets (continued)


Company






Plant and machinery

$

Cost or valuation


At 1 January 2024
1,723,154



At 31 December 2024

1,723,154



Depreciation


At 1 January 2024
1,350,687


Charge for the year on owned assets
81,601



At 31 December 2024

1,432,288



Net book value



At 31 December 2024
290,866



At 31 December 2023
372,467







11.


Fixed asset investments

Group





Investments in associates

$



Cost or valuation


At 1 January 2024
115,337


Share of profit/(loss)
(59,034)



At 31 December 2024
56,303




GFS German Fuel Service GmbH is an associate of Avfuel Limited EU SARL.

Page 25

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024
Company





Investments in subsidiary companies

$



Cost or valuation


At 1 January 2024
13,108



At 31 December 2024
13,108





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Avfuel Limited EU SARL
11 Avenue de la Porte Neuve, 2227 Luxembourg, LUX
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Avfuel Limited EU SARL
307,551
(143,829)


12.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Goods held for resale
129,462
182,769
129,462
182,769

129,462
182,769
129,462
182,769


Page 26

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

13.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$


Trade debtors
3,008,810
4,698,719
2,110,950
3,687,923

Amounts owed by group undertakings
869,767
542,911
881,339
591,957

Other debtors
4,273,543
4,013,913
1,611,165
2,275,608

Prepayments and accrued income
1,788,759
3,731,155
1,271,907
3,002,338

9,940,879
12,986,698
5,875,361
9,557,826



14.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Cash at bank and in hand
2,584,438
3,264,091
1,659,415
2,492,984



15.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Trade creditors
1,330,820
627,116
1,041,652
507,011

Amounts owed to group undertakings
38,716
1,529,012
32,595
1,529,012

Corporation tax
-
51,531
-
9,792

Other creditors
740,441
1,505,612
740,441
1,505,612

Accruals and deferred income
3,265,536
5,425,058
2,207,313
4,222,966

5,375,513
9,138,329
4,022,001
7,774,393



16.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Amounts owed to group undertakings
4,087,842
4,871,018
702,061
2,371,018




Page 27

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

17.


Deferred taxation


Group



2024


$






At beginning of year
(69,589)


Utilised in year
36,915



At end of year
(32,674)

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Short term timing differences
20,750
-
20,750
-

Fixed asset timing differences
(53,424)
(69,589)
(53,424)
(69,589)

(32,674)
(69,589)
(32,674)
(69,589)


18.


Share capital

2024
2023
$
$
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1 each
16,153
16,153



19.


Reserves

Foreign exchange reserve

This reserve comprises the difference arising from the translation of financial statements from Pounds Sterling to US Dollars, following the change of presentational currency on 1 December 2022.

Other reserves

This reserve represents the capitalisation of shareholder loans. 

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. 

Page 28

 
Avfuel Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024
20.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
$

$

$

Cash at bank and in hand

3,264,091

(679,653)

2,584,438


3,264,091
(679,653)
2,584,438


21.


Related party transactions

Transactions with group companies have not been disclosed in accordance with section 33.11A of Financial Reporting Standard 102.
There were no other related party transactions in the year.


22.


Controlling party

The ultimate controlling party is Avfuel Corporation by virtue of its 100% holding of the ordinary share capital of the company. Avfuel Corporation is a company incorporated in the United States of America and details of its controlling interests are disclosed in that company's financial statements. 

Page 29