Company Registration No. SC035572 (Scotland)
ANDREW GRAY & CO. (FUELS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
ANDREW GRAY & CO. (FUELS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ANDREW GRAY & CO. (FUELS) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
24,375
-
0
Tangible assets
4
481,012
512,418
505,387
512,418
Current assets
Stocks
188,656
281,654
Debtors
5
2,516,658
2,638,647
Cash at bank and in hand
520,687
348,778
3,226,001
3,269,079
Creditors: amounts falling due within one year
6
(843,636)
(1,013,091)
Net current assets
2,382,365
2,255,988
Total assets less current liabilities
2,887,752
2,768,406
Creditors: amounts falling due after more than one year
7
(47,373)
(121,404)
Provisions for liabilities
8
(89,259)
(95,327)
Net assets
2,751,120
2,551,675
Capital and reserves
Called up share capital
10
3,000
3,000
Other reserves
1,588
1,588
Profit and loss reserves
2,746,532
2,547,087
Total equity
2,751,120
2,551,675

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
J D Bilsland
Director
Company Registration No. SC035572
ANDREW GRAY & CO. (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Andrew Gray & Co. (Fuels) Limited is a private company limited by shares incorporated in Scotland. The registered office is Portland Depot, London Road, Kilmarnock, KA3 7DD.

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, Section 1A applicable to Small Entities ("FRS 102 Section 1A”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. In making this assessment, the directors have prepared cash flow projections which the directors believe to be reasonable, achievable and sufficient to meet the cash requirements of the company. It is acknowledged that these forecasts rely on various factors and assumptions including those relating to sales volumes and margins, with the directors managing and monitoring the fluctuations in the fuel prices, which are impacted by macro-economic conditions. The directors are confident that they can manage any short term operational or commercial challenges presented by these fluctuations. The company and its parent undertaking continue to enjoy a constructive relationship with its lenders and it is anticipated that invoice financing facilities will continue to remain in place for the foreseeable future. 

The directors therefore deem it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is derived from the sale of oil, gas and related products and is recognised at the fair value of the consideration received or receivable, shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a straight line basis over its expected life, which is 5 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

ANDREW GRAY & CO. (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold buildings
2% on straight line
Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct costs that have been incurred in bringing the stocks to their present location and condition.

 

Cost of stock is calculated on a FIFO basis.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the profit and loss account.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.9
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.

 

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

Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are measured at transaction price including transaction costs.

Impairment of financial assets

Financial assets a re assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled.

Classification of 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 company after deducting all of its liabilities.

ANDREW GRAY & CO. (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.10
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.

1.11
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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.

ANDREW GRAY & CO. (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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.

2
Employees

The average monthly number of persons employed by the company during the year was 12 (2023 - 12).

3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023
-
0
Additions
30,000
At 31 August 2024
30,000
Amortisation and impairment
At 1 September 2023
-
0
Amortisation charged for the year
5,625
At 31 August 2024
5,625
Carrying amount
At 31 August 2024
24,375
At 31 August 2023
-
0
ANDREW GRAY & CO. (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
137,574
1,386,576
1,524,150
Additions
-
0
76,600
76,600
Disposals
-
0
(145,970)
(145,970)
At 31 August 2024
137,574
1,317,206
1,454,780
Depreciation and impairment
At 1 September 2023
26,354
985,378
1,011,732
Depreciation charged in the year
2,751
98,386
101,137
Eliminated in respect of disposals
-
0
(139,101)
(139,101)
At 31 August 2024
29,105
944,663
973,768
Carrying amount
At 31 August 2024
108,469
372,543
481,012
At 31 August 2023
111,220
401,198
512,418
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
691,105
771,737
Amounts owed by group undertakings
1,720,923
1,372,471
Other debtors
104,630
494,439
2,516,658
2,638,647

As at 31 August 2024, the amount of trade debtors subject to an invoice financing arrangement amounts to £566,249 (2023 - £695,479).

 

The directors have provided confirmation in respect of Amounts owed by group undertakings at 31 August 2024 of £1,720,923 (2023 - £1,372,471) that these will not be recalled within 12 months of approval date of these financial statements.

ANDREW GRAY & CO. (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
676,063
890,100
Corporation tax
48,015
-
0
Other taxation and social security
6,219
6,703
Other creditors
103,339
106,288
843,636
1,013,091

The bank loans are secured by a bond and floating charge over the assets of the company.

 

Included within other creditors is £64,030 (2023 - £71,672) relating to obligations under finance leases which are secured by fixed charges over the assets concerned.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
11,667
21,667
Other creditors
35,706
99,737
47,373
121,404

The bank loans are secured by a bond and floating charge over the assets of the company.

 

Included within other creditors is £35,706 (2023 - £99,737) relating to obligations under finance leases which are secured by fixed charges over the assets concerned.

8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
89,259
95,327
ANDREW GRAY & CO. (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
89,830
95,636
Other timing differences
(571)
(309)
89,259
95,327
2024
Movements in the year:
£
Liability at 1 September 2023
95,327
Credit to profit or loss
(6,068)
Liability at 31 August 2024
89,259
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
3,000 Ordinary shares of £1 each
3,000
3,000
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Martin Bannerman and the auditor was Johnston Carmichael LLP.
12
Financial commitments, guarantees and contingent liabilities

The company has provided cross guarantees to its bankers in respect of £435,550 (2023 - £556,487) due to them from its parent undertaking.

ANDREW GRAY & CO. (FUELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
13
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
389
697
14
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption with FRS 102 Section 33 paragraph 33.1A, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary of the group to which it is party to the transactions.

15
Parent company

The Parent company of Andrew Gray & Co (Fuels) Limited is James D. Bilsland Limited, a company registered in Scotland.

 

The company is included within the consolidated financial statements of James D. Bilsland Limited. Copies of the group consolidated financial statements can be obtained from the Registrar of Companies at Companies House using https://find-and-update.company-information.service.gov.uk/.

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