Registered number
11460116
SI FUELS LTD
Filleted Accounts
31 July 2024
SI FUELS LTD
Registered number: 11460116
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Current assets
Stocks 35,950 42,250
Debtors 3 37,500 125,481
Cash at bank and in hand 70,744 71
144,194 167,802
Creditors: amounts falling due within one year 4 (109,275) (112,900)
Net current assets 34,919 54,902
Total assets less current liabilities 34,919 54,902
Creditors: amounts falling due after more than one year 5 (26,199) (34,019)
Net assets 8,720 20,883
Capital and reserves
Called up share capital 2 2
Profit and loss account 8,718 20,881
Shareholders' funds 8,720 20,883
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Inparaj
Director
Approved by the board on 28 April 2025
SI FUELS LTD
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 12
3 Debtors 2024 2023
£ £
Other debtors 37,500 125,481
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 67,733 63,249
Taxation and social security costs 41,542 39,807
Other creditors - 9,844
109,275 112,900
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 26,199 34,019
6 Other information
SI FUELS LTD is a private company limited by shares and incorporated in England. Its registered office is:
28 Brook Close
Plymouth
PL7 1JR
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