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REGISTERED NUMBER: 01445830 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

A.I.D. FUEL OILS LIMITED

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


A.I.D. FUEL OILS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: A W Whitehouse
T J W Whitehouse
I M Richards
Mrs R N Whitehouse
Mrs A M Whitehouse



SECRETARY: T J W Whitehouse



REGISTERED OFFICE: Cocksparrow Lane
Huntington
Cannock
West Midlands
WS12 4PB



REGISTERED NUMBER: 01445830 (England and Wales)



SENIOR STATUTORY AUDITOR: Ian Cattell FCA



AUDITORS: Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS

The principal activity of the company is the supply of industrial and domestic fuel oils and lubricants and the marketing of fuel cards.

RESULTS AND PERFORMANCE

The results for the year show a profit before tax of £242,080 (2023: £235,776). A summary of the results of the years trading is given on page 10 of the accounts. The directors consider both the profit achieved on ordinary activities before taxation and the state of affairs of the company at 30th September 2024 to be satisfactory.

BUSINESS ENVIRONMENT

The company operates in a sector of the oil market subject to volatile price fluctuations, which can impact margins and profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

The company would face a potential risk if there was to be any disruption to the supply chain of the oil market. The demand for fuels is also impacted directly by the winter conditions, in particular the demand for heating oil products. The assessment of credit risk in the commercial sector is also an underlying uncertainty within the business and the company operates a bad debt insurance policy in order to minimise the risk.


FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators used by the directors in assessing the performance of the company revolves around the monthly margin and volume analysis, for each product sector, with the performance of the company reviewed at the monthly director's management meeting, to examine the results and take any corrective action needed to maximize growth in target sectors and enhance profitability. The sales compared with last year were £54 million (2023: £61 million) the decrease a result in the fall in oil prices across the year, this fall had no significant impact on the profitability of the Company.

FUTURE DEVELOPMENTS

Although the UK economy has suffered in recent years, the risks to economic growth remain significant and future prospects may be influenced by developments in the Eurozone and the broader UK economy.
The level of profitability in the coming year will as always be partly dependent on the wholesale price of fuel, the severity of competition and the ability of the company to generate extra growth in target sectors, whilst retaining volumes in existing profitable areas.

Quality of staff is an important factor in terms of providing reliable products and service to existing customers and to enable the company to grow. It is AID Fuel Oils policy to ensure that it employs sufficient staff, adequately trained and of the right calibre to meet these requirements. The company therefore has a strong basis for believing it will at least retain it's market position, maintain profitability at satisfactory levels and continue to generate cash through the forthcoming year.

DIRECTORS RESPONSIBILITIES

The directors are responsible for preparing this report in accordance with applicable law and regulations.

ON BEHALF OF THE BOARD:






A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

T J W Whitehouse - Director


23 December 2024

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of industrial and domestic fuel oils and lubricants.

DIVIDENDS
The profit for the year, after taxation amounted to £71,679 (2023: £180,991). A dividend of £Nil (2023: £Nil) has been voted during the year ended 30th September 2024.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 October 2023 to the date of this report.

The beneficial interests of the directors holding office at 30 September 2024 in the shares of the company, according to the register of directors' interests, were as follows:

30.9.24 1.10.23
Ordinary Shares shares of £1 each
A W Whitehouse 50,000 50,000
T J W Whitehouse 50,000 50,000
I M Richards - -
Mrs R N Whitehouse - -
Mrs A M Whitehouse - -

These directors did not hold any non-beneficial interests in the shares of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Crombies Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T J W Whitehouse - Director


23 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A.I.D. FUEL OILS LIMITED

Opinion
We have audited the financial statements of A.I.D. Fuel Oils Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 30 September 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A.I.D. FUEL OILS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' 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 Statement of Directors' Responsibilities set out on page four, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A.I.D. FUEL OILS LIMITED


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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the oil sector;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
-performed analytical procedures to identify any unusual or unexpected relationships;
-tested journal entries to identify unusual transactions;
-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-agreeing financial statement disclosures to underlying supporting documentation;
-reading the minutes of meetings of those charged with governance;
-enquiring of management as to actual and potential litigation and claims; and
-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A.I.D. FUEL OILS LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Ian Cattell FCA (Senior Statutory Auditor)
for and on behalf of Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

23 December 2024

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 3 54,436,891 61,252,899

Cost of sales 51,602,796 57,446,717
GROSS PROFIT 2,834,095 3,806,182

Administrative expenses 3,402,667 3,713,955
OPERATING (LOSS)/PROFIT 5 (568,572 ) 92,227

Income from fixed asset investments 27,029 11,625
Interest receivable and similar income 118,564 26,939
145,593 38,564
(422,979 ) 130,791
Gain/loss on revaluation of investments 667,368 108,801
244,389 239,592

Interest payable and similar expenses 6 2,309 3,816
PROFIT BEFORE TAXATION 242,080 235,776

Tax on profit 7 170,401 54,785
PROFIT FOR THE FINANCIAL YEAR 71,679 180,991

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 71,679 180,991


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

71,679

180,991

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 3,705,758 3,859,772
Investments 9 200 200
3,705,958 3,859,972

CURRENT ASSETS
Stocks 10 693,478 1,094,113
Debtors 11 3,300,640 3,533,126
Investments 12 4,977,005 4,192,951
Prepayments and accrued income 48,572 38,559
Cash at bank and in hand 2,222,799 2,688,573
11,242,494 11,547,322
CREDITORS
Amounts falling due within one year 13 5,791,222 6,439,743
NET CURRENT ASSETS 5,451,272 5,107,579
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,157,230

8,967,551

PROVISIONS FOR LIABILITIES 15 636,000 518,000
NET ASSETS 8,521,230 8,449,551

CAPITAL AND RESERVES
Called up share capital 16 100,000 100,000
Fair value reserve 17 1,702,303 1,034,935
Retained earnings 17 6,718,927 7,314,616
SHAREHOLDERS' FUNDS 8,521,230 8,449,551

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:




T J W Whitehouse - Director



A W Whitehouse - Director


A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 100,000 7,242,426 926,134 8,268,560

Changes in equity
Total comprehensive income - 72,190 108,801 180,991
Balance at 30 September 2023 100,000 7,314,616 1,034,935 8,449,551

Changes in equity
Total comprehensive income - (595,689 ) 667,368 71,679
Balance at 30 September 2024 100,000 6,718,927 1,702,303 8,521,230

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (422,153 ) 1,080,130
Interest element of hire purchase payments
paid

(2,309

)

(3,816

)
Revaluation of current asset investments (116,687 ) (73,108 )
Tax paid (17,050 ) (377,911 )
Net cash from operating activities (558,199 ) 625,295

Cash flows from investing activities
Purchase of tangible fixed assets (139,098 ) (518,866 )
Sale of tangible fixed assets 27,201 92,994
Sale of fixed asset investments 125,491 43,796
Interest received 118,564 26,939
Dividends received 27,029 11,625
Net cash from investing activities 159,187 (343,512 )

Cash flows from financing activities
Capital repayments in year (66,762 ) (110,514 )
Net cash from financing activities (66,762 ) (110,514 )

(Decrease)/increase in cash and cash equivalents (465,774 ) 171,269
Cash and cash equivalents at beginning of
year

2

2,688,573

2,517,304

Cash and cash equivalents at end of year 2 2,222,799 2,688,573

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 242,080 235,776
Depreciation charges 260,166 297,477
Profit on disposal of fixed assets (119,745 ) (37,233 )
Gain on revaluation of fixed assets (667,368 ) (108,801 )
Finance costs 2,309 3,816
Finance income (145,593 ) (38,564 )
(428,151 ) 352,471
Decrease/(increase) in stocks 400,635 (4,478 )
Decrease in trade and other debtors 222,473 946,897
Decrease in trade and other creditors (617,110 ) (214,760 )
Cash generated from operations (422,153 ) 1,080,130

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 2,222,799 2,688,573
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 2,688,573 2,517,304


A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 2,688,573 (465,774 ) 2,222,799
2,688,573 (465,774 ) 2,222,799

Liquid resources
Current asset investments 4,192,951 784,054 4,977,005
4,192,951 784,054 4,977,005
Debt
Finance leases (66,762 ) 66,762 -
(66,762 ) 66,762 -
Total 6,814,762 385,042 7,199,804

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

A.I.D. Fuel Oils Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Preparation of consolidated financial statements
The financial statements contain information about A I D Fuel Oils Limited as an individual company and do not contain consolidated financial information as the parent of a group. The directors consider that the activities of the subsidiary company are immaterial and have therefore taken advantage of the exemption under Section 405 of the Companies Act 2006 not to prepare consolidated financial statements.

Significant judgements and estimates
In preparing these financial statements, the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenditure.

The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have significant risk of material adjustments to carrying amount of assets and liabilities are:

-Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors, In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.


-Bad debt provision

The company has recognised provisions against specific trade debtor balances. The judgements and estimates necessary to calculate these provisions are based on historical experience and other reasonable factors. This provision is based on the age of debt balances and the assessed recoverability. The value of trade debtors in note 11 is stated net of the provision of bad debts.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised from the sale of goods when the entity has transferred to the buyer the significant risks and rewards of ownership of the goods. This occurs when the buyer takes possession of the goods.

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets 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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the statement of income and retained earnings during the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property2% on cost (see note below)
Plant & machinery15% reducing balance
Office equipment15% reducing balance
Computers20% on cost


Freehold land is not depreciated.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in the financial statements.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets

Financial assets comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognised in the statement of income and retained earnings.

Impairment of financial assets

Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment.

Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset.

Financial liabilities

Financial liabilities comprise trade creditors, other creditors and accruals; these are initially recorded, and subsequently carried, at cost on the date they originate.

Financial liabilities also comprise obligations under finance lease and hire purchase contracts; these are initially recorded at cost on the date they originate and are subsequently carried at amortised cost under the effective interest method.

Current asset investments
Current asset investments are stated at market value.


Interest Income

Interest income is recognised in the financial statements using the effective interest method.

Going concern
In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 54,436,891 61,252,899
54,436,891 61,252,899

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. TURNOVER - continued

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,753,959 2,632,214
Social security costs 245,515 301,649
Other pension costs 431,673 608,806
3,431,147 3,542,669

The average number of employees during the year was as follows:
2024 2023

Office and management 16 16
Drivers, sales & maintenance 27 28
43 44

2024 2023
£    £   
Directors' remuneration 1,408,895 1,388,341

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 620,510 609,250

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 260,165 272,642
Depreciation - assets on hire purchase contracts - 24,835
Profit on disposal of fixed assets (119,745 ) (37,233 )
Auditors' remuneration 15,600 13,954

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 2,309 3,816

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 52,401 17,049
Corporation tax prior years - 2,736
Total current tax 52,401 19,785

Deferred tax 118,000 35,000
Tax on profit 170,401 54,785

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 242,080 235,776
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

60,520

58,944

Effects of:
Income not taxable for tax purposes (6,757 ) (2,558 )
Expenses not deductible for tax purposes 126,436 1,444
Capital allowances for period in excess of depreciation 39,213 (8,753 )
Revaluation of investments (166,843 ) (23,936 )
Change in tax rate - (8,092 )
Marginal Relief (168 ) -
Deferred Tax 118,000 35,000
Prior year tax - 2,736
Total tax charge 170,401 54,785

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 2,412,730 3,371,553 176,400 5,960,683
Additions - 132,846 6,252 139,098
Disposals - (70,130 ) (66,672 ) (136,802 )
At 30 September 2024 2,412,730 3,434,269 115,980 5,962,979
DEPRECIATION
At 1 October 2023 66,803 1,912,234 121,874 2,100,911
Charge for year 3,426 238,826 17,913 260,165
Eliminated on disposal - (37,901 ) (65,954 ) (103,855 )
At 30 September 2024 70,229 2,113,159 73,833 2,257,221
NET BOOK VALUE
At 30 September 2024 2,342,501 1,321,110 42,147 3,705,758
At 30 September 2023 2,345,927 1,459,319 54,526 3,859,772

The company's freehold land and property have been revalued according to professional valuations carried out by Andrew Dixon & Company Chartered Surveyors. The valuations in respect of the properties owned and used by the company at the start of the year are the same market value as when the last valuation was undertaken and therefore no adjustments have been made in respect of the freehold land and property during the year.

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2021 361,990 - - 361,990
Cost 2,050,740 3,434,269 115,980 5,600,989
2,412,730 3,434,269 115,980 5,962,979

If freehold properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,050,740 2,050,740
Aggregate depreciation 70,229 66,804

Freehold properties held then were valued on an open market value basis on 20 January 2021 by Andrew Dixon & Company .

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 October 2023 229,160
Transfer to ownership (229,160 )
At 30 September 2024 -
DEPRECIATION
At 1 October 2023 88,427
Transfer to ownership (88,427 )
At 30 September 2024 -
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 140,733

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 450,200
PROVISIONS
At 1 October 2023
and 30 September 2024 450,000
NET BOOK VALUE
At 30 September 2024 200
At 30 September 2023 200

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

AID Partnership Limited
Registered office: Cocksparrow Lane, Huntington, Cannock, West Midlands, WS12 4PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary A shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 200 200

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. STOCKS
2024 2023
£    £   
Goods for resale 693,478 1,094,113

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,300,640 3,533,126

12. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 4,977,005 4,192,951
Market value of listed investments at 30 September 2024 - £ 4,977,005 (2023 - £ 4,192,951 ).

The investments consist of a portfolio of authorised unit trusts and bank balances.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) - 66,762
Trade creditors 4,450,480 5,162,893
Tax 52,357 17,006
Social security and other taxes 9,050 198,461
Other creditors 39,068 55,786
Accrued expenses 1,240,267 938,835
5,791,222 6,439,743

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year - 69,071

Finance charges repayable:
Within one year - 2,309

Net obligations repayable:
Within one year - 66,762

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 636,000 518,000

A.I.D. FUEL OILS LIMITED (REGISTERED NUMBER: 01445830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2023 518,000
Provided during year 118,000
Accelerated capital allowances
Balance at 30 September 2024 636,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary Shares £1 100,000 100,000

17. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 October 2023 7,314,616 1,034,935 8,349,551
Profit for the year 71,679 71,679
Revaluation of current asset
investments (667,368 ) 667,368 -
At 30 September 2024 6,718,927 1,702,303 8,421,230

18. PENSION COMMITMENTS

The assets of the pension scheme are held separately from those of the company in independently administered funds.

19. ULTIMATE CONTROLLING PARTY

A W Whitehouse and T J W Whitehouse jointly control the company by virtue of their each holding 50% of the issued share capital of the company.