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Registration number: NI065561

Kirkland Fuels Limited

trading as Kirkland Fuels

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2024

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 11

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Company Information

Directors

Mr Silas Kirkland

Mrs Karen Kirkland

Registered office

Kirkland Fuels Limited
49 Bockets Road
Ballygawley

Accountants

Thomas Oliver & Associates Limited
Certified Public Accountants1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kirkland Fuels Limited

trading as Kirkland Fuels
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kirkland Fuels Limited for the year ended 31 July 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Certified Public Accountants, we are subject to its ethical and other professional requirements

This report is made solely to the Board of Directors of Kirkland Fuels Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kirkland Fuels Limited and state those matters that we have agreed to state to the Board of Directors of Kirkland Fuels Limited, as a body.. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kirkland Fuels Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kirkland Fuels Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kirkland Fuels Limited. You consider that Kirkland Fuels Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kirkland Fuels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thomas Oliver & Associates Limited
Certified Public Accountants
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

29 April 2025

 

Kirkland Fuels Limited

trading as Kirkland Fuels

(Registration number: NI065561)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,750

17,000

Tangible assets

5

38,384

58,080

 

51,134

75,080

Current assets

 

Stocks

59,006

57,294

Debtors

194,842

184,064

Cash at bank and in hand

 

161,571

215,151

 

415,419

456,509

Prepayments and accrued income

 

1,386

1,292

Creditors: Amounts falling due within one year

(248,820)

(268,745)

Net current assets

 

167,985

189,056

Total assets less current liabilities

 

219,119

264,136

Provisions for liabilities

(5,614)

(10,245)

Accruals and deferred income

 

(3,138)

(2,547)

Net assets

 

210,367

251,344

Capital and reserves

 

Called up share capital

6

10,000

10,000

Retained earnings

200,367

241,344

Shareholders' funds

 

210,367

251,344

For the financial 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Kirkland Fuels Limited

trading as Kirkland Fuels

(Registration number: NI065561)
Abridged Balance Sheet as at 31 July 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

.........................................

Mr Silas Kirkland

Director

.........................................

Mrs Karen Kirkland

Director

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Kirkland Fuels Limited
49 Bockets Road
Ballygawley

The principal place of business is:
49 Bockets Road
Ballygawley
Co Tyrone
BT70 2HL

These financial statements were authorised for issue by the Board on 29 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

4% straight line

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Asset class

Amortisation method and rate

Goodwill

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Intangible assets

Total
£

Cost or valuation

At 1 August 2023

85,000

At 31 July 2024

85,000

Amortisation

At 1 August 2023

68,000

Amortisation charge

4,250

At 31 July 2024

72,250

Carrying amount

At 31 July 2024

12,750

At 31 July 2023

17,000

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

17,795

17,709

241,571

43,854

320,929

Additions

-

2,164

-

-

2,164

Disposals

-

(2,592)

-

-

(2,592)

At 31 July 2024

17,795

17,281

241,571

43,854

320,501

Depreciation

At 1 August 2023

9,328

10,446

207,557

35,518

262,849

Charge for the year

712

1,070

17,312

1,250

20,344

Eliminated on disposal

-

(1,076)

-

-

(1,076)

At 31 July 2024

10,040

10,440

224,869

36,768

282,117

Carrying amount

At 31 July 2024

7,755

6,841

16,702

7,086

38,384

At 31 July 2023

8,467

7,263

34,014

8,336

58,080

Included within the net book value of land and buildings above is £7,755 (2023 - £8,467) in respect of freehold land and buildings.
 

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       

7

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of Nil per each Ordinary

-

-

 

 

Interim dividends paid

2024
£

2023
£

Interim dividend of 7.00 (2023 - 6.25) per each Ordinary

70,000

62,500

 

 

8

Related party transactions

The company operates from premises owned by the directors. Rent is charged at market value of £ 100 per week

 

Kirkland Fuels Limited

trading as Kirkland Fuels

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

20,000

20,000