Company registration number:
07316060
PREMIER BIO FUELS LIMITED
Unaudited filleted statement of accounts
31 July 2024
PREMIER BIO FUELS LIMITED
Contents
Directors and other information
Balance sheet
Notes to the Statement of Accounts
PREMIER BIO FUELS LIMITED
Directors and other information
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Directors |
Mr Richard Montague |
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Mrs Susan Montague |
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Company number |
07316060 |
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Registered office |
Abingdale |
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1 Stone Road |
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Chorlton |
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Newcastle under Lyme |
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ST5 5DR |
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PREMIER BIO FUELS LIMITED
Balance sheet
31 July 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
18,192 |
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24,256 |
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_______ |
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_______ |
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18,192 |
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24,256 |
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Current assets |
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Debtors |
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6 |
27,700 |
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31,862 |
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Cash at bank and in hand |
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627 |
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64,329 |
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_______ |
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_______ |
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28,327 |
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96,191 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
18,361) |
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(
62,150) |
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_______ |
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_______ |
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Net current assets |
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9,966 |
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34,041 |
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_______ |
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Total assets less current liabilities |
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28,158 |
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58,297 |
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_______ |
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Net assets |
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28,158 |
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58,297 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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28,058 |
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58,197 |
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_______ |
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_______ |
Shareholders funds |
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28,158 |
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58,297 |
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_______ |
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_______ |
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its Statement of Accounts for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Statement of Accounts.
These Statement of Accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.
These Statement of Accounts were approved by the
board of directors
and authorised for issue on
28 April 2025
, and are signed on behalf of the board by:
Mr Richard Montague
Mrs Susan Montague
Director
Director
Company registration number:
07316060
PREMIER BIO FUELS LIMITED
Notes to the statement of accounts
Year ended 31 July 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Abingdale, 1 Stone Road, Chorlton, Newcastle under Lyme, ST5 5DR.
2.
Statement of compliance
These Statement of Accounts have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The Statement of Accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Statement of Accounts are prepared in sterling, which is the functional currency of the entity.
The financial statements cover PREMIER BIO FUELS LIMITED as an individual company.
The directors are of the opinion that the Company is well placed to manage its financial and other business risks satisfactorily, in order to continue to operate for the foreseeable future. The directors therefore consider it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Motor vehicles |
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25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Debtors
Debtors are measured at transaction price, less any impairment.
Creditors
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
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Motor vehicles |
Total |
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£ |
£ |
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Cost |
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At 1 August 2023 and 31 July 2024 |
84,593 |
84,593 |
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_______ |
_______ |
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Depreciation |
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At 1 August 2023 |
60,337 |
60,337 |
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Charge for the year |
6,064 |
6,064 |
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_______ |
_______ |
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At 31 July 2024 |
66,401 |
66,401 |
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_______ |
_______ |
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Carrying amount |
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At 31 July 2024 |
18,192 |
18,192 |
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_______ |
_______ |
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At 31 July 2023 |
24,256 |
24,256 |
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_______ |
_______ |
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6.
Debtors
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2024 |
2023 |
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£ |
£ |
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Other debtors |
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27,700 |
31,862 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
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14,836 |
57,700 |
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Other creditors |
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3,525 |
4,450 |
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_______ |
_______ |
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18,361 |
62,150 |
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_______ |
_______ |
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8.
Related party transactions
The directors and shareholders received dividends from the company during the year of £18,800 (2023: £37,600).During the year the company sold goods to a company over which it has significant influence to the value of £Nil (2023: £Nil) and provided management support to the value of £Nil (2023: £Nil). During the year the company purchased goods from the same company to the value of £11,504 (2023: £27,861). At the year end the company owed £NIL (2023: £27,861) and was due £Nil (2023: £Nil) in respect of these transactions.Other Debtors, as disclosed at Note 6, Debtors, includes an unsecured loan to a company over which this company has significant influence of £10,398 (2023: £10,300). During the year the company made advances of £40,135 (2023: £103,300) and received repayments of £40,037 (2023: £93,000). This loan is interest free and repayable on demand.Other Debtors, as disclosed at Note 6, Debtors includes unsecured loans to a director from the company (who is also a company shareholder) of £15,000 (2023: £17,580). During the year the company made net repayments (repayments less advances) to the director and shareholder in respect of their loan accounts of £2,580 (2023: £4,500). The above loan was unsecured and repayable on demand.