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Registered number: 06241896









C.P.S. FUELS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
C.P.S. FUELS LIMITED
 
 
COMPANY INFORMATION


Directors
M L J Goff 
Mrs J E Goff 
W D J Goff 




Company secretary
M L J Goff



Registered number
06241896



Registered office
5 Market Yard Mews
194-204 Bermondsey Street

London

SE1 3TQ




Independent auditors
MA Partners Audit LLP
Chartered Accountants & Statutory Auditor

7 The Close

Norwich

Norfolk

NR1 4DJ




Bankers
HSBC Bank Plc
Metropolitan House

321 Avebury Boulevard

Milton Keynes

MK9 2NW





 
C.P.S. FUELS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Profit and loss account
9
Balance sheet
10 - 11
Statement of changes in equity
12
Statement of cash flows
13
Analysis of net debt
14
Notes to the financial statements
15 - 24


 
C.P.S. FUELS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Business review
 
Results
The Directors consider the results for the year to be satisfactory in what proved a more difficult trading period. 
The fuel distribution business remains highly competitive and demand is significantly influenced by the weather. The combination of the higher price of heating oil and the mild winter had a significant impact on profits.
Strategy
The strategy is to continue with the development of a diversified energy business with a focus on fuel distribution.
The plan remains to invest in broadening these activities as part of a wider strategy designed to put the Company in a strong position for the future.

Principal risks and uncertainties
 
The Company's operations expose it to a variety of financial risks that include price risk, credit risk and liquidity risk.  The Directors have established and implemented policies to manage these financial risks and review them on a regular basis.  This process is considered to be effective given the size and nature of the risks involved, but will be reviewed in the future should circumstances change.
Price Risk
The Company is exposed to changes in the world commodity price for crude oil.  However, the relatively low stockholding maintained and daily price monitoring systems used to determine selling prices enable the Company to effectively manage the impact of price movements.
Credit risk
Where appropriate, relevant credit checks are performed on potential customers before sales are made however, due to the nature of the Company's customer base, the risk of significant financial loss due to bad debts is low.
Liquidity risk
Liquidity risk is managed on a group basis.  The Group actively maintains a mixture of long-term and short-term debt finance, which is designed to ensure that it has access to sufficient available funds for ongoing working capital needs.

Financial key performance indicators
 
The Directors consider the Company’s key financial performance indicators are those that communicate the financial performance of the Company as a whole, these being turnover, gross margin and operating profit.
Turnover for the year was 
£62,208,004 (2023: £65,530,856) yielding a gross profit margin of 11.8%  (2023: 11.8%) and a net operating profit of £4,474,122 (2023: £3,794,609).

Page 1

 
C.P.S. FUELS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
Directors' statement of compliance with duty to promote the success of the Company
 
The Directors consider that they have at all times acted in a way that would promote the success of the Company, and in making decisions have had particular regard to:
The likely consequences of any decision in the long term: -
The interests of the Company‘s employees;
The need to foster the Company's business relationships with suppliers, customers and others;
The impact of the Company‘s operations on the community and environment;
The desirability of the Company maintaining a reputation for high standards of business; and,
The need to act fairly between members of the Company.


This report was approved by the board and signed on its behalf.



M L J Goff
Director

Date: 24 June 2025

Page 2

 
C.P.S. FUELS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,353,159 (2023 - £2,924,127).

Directors

The directors who served during the year were:

M L J Goff 
Mrs J E Goff 
W D J Goff 

Future developments

The Directors will continue to focus on the principal activities of the Company.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
C.P.S. FUELS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006MA Partners Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





M L J Goff
Director

Date: 24 June 2025

Page 4

 
C.P.S. FUELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C.P.S. FUELS LIMITED
 

Opinion


We have audited the financial statements of C.P.S. Fuels Limited (the 'Company') for the year ended 30 September 2024, which comprise the Profit and loss account, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
C.P.S. FUELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C.P.S. FUELS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
C.P.S. FUELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C.P.S. FUELS LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Company.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory requirements applicable to the Company and   considered that the most significant are the Companies Act 2006, UK financial reporting standards as    issued by the Financial Reporting Council, and UK taxation legislation.
• We obtained an understanding of how the Company complies with these requirements by discussions    with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material   misstatement due to fraud and how it might occur, by holding discussions with management and those    charged with governance.
• We inquired of management and those charged with governance as to any known instances of non-   compliance or suspected non-compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of   non-compliance with laws and regulations. This included making enquiries of management and those    charged with governance and obtaining additional corroborative evidence as required.
 
Page 7

 
C.P.S. FUELS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C.P.S. FUELS LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Alistair Fish FCA (Senior statutory auditor)
  
for and on behalf of
MA Partners Audit LLP
 
Chartered Accountants
Statutory Auditor
  
7 The Close
Norwich
Norfolk
NR1 4DJ

26 June 2025
Page 8

 
C.P.S. FUELS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
62,208,004
65,530,856

Cost of sales
  
(54,888,168)
(57,772,850)

Gross profit
  
7,319,836
7,758,006

Distribution costs
  
(2,101,662)
(3,118,797)

Administrative expenses
  
(744,052)
(844,600)

Operating profit
  
4,474,122
3,794,609

Interest payable and similar expenses
 8 
-
(40,096)

Profit before tax
  
4,474,122
3,754,513

Tax on profit
 9 
(1,120,963)
(830,386)

Profit for the financial year
  
3,353,159
2,924,127

The notes on pages 15 to 24 form part of these financial statements.

Page 9

 
C.P.S. FUELS LIMITED
REGISTERED NUMBER: 06241896

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
343,735
451,437

Investments
 12 
1,001
1,001

  
344,736
452,438

Current assets
  

Stocks
 13 
365,970
531,466

Debtors: amounts falling due within one year
 14 
14,975,602
11,909,775

Cash at bank and in hand
  
-
718,164

  
15,341,572
13,159,405

Creditors: amounts falling due within one year
 15 
(5,838,604)
(7,108,529)

Net current assets
  
 
 
9,502,968
 
 
6,050,876

Total assets less current liabilities
  
9,847,704
6,503,314

Provisions for liabilities
  

Deferred tax
 16 
(1,949)
(10,718)

  
 
 
(1,949)
 
 
(10,718)

Net assets
  
9,845,755
6,492,596


Capital and reserves
  

Called up share capital 
 17 
1,000
1,000

Profit and loss account
 18 
9,844,755
6,491,596

  
9,845,755
6,492,596


Page 10

 
C.P.S. FUELS LIMITED
REGISTERED NUMBER: 06241896
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M L J Goff
Director

Date: 24 June 2025

The notes on pages 15 to 24 form part of these financial statements.

Page 11

 
C.P.S. FUELS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
1,000
11,067,469
11,068,469


Comprehensive income for the year

Profit for the year
-
2,924,127
2,924,127
Total comprehensive income for the year
-
2,924,127
2,924,127


Contributions by and distributions to owners

Dividends paid
-
(7,500,000)
(7,500,000)



At 1 October 2023
1,000
6,491,596
6,492,596


Comprehensive income for the year

Profit for the year
-
3,353,159
3,353,159
Total comprehensive income for the year
-
3,353,159
3,353,159


At 30 September 2024
1,000
9,844,755
9,845,755


The notes on pages 15 to 24 form part of these financial statements.

Page 12

 
C.P.S. FUELS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,353,159
2,924,127

Adjustments for:

Depreciation of tangible assets
106,954
141,846

Loss on disposal of tangible assets
748
-

Interest paid
-
40,096

Taxation charge
1,120,963
830,386

Decrease in stocks
165,496
252,882

Decrease in debtors
238,410
1,286,965

(Decrease) in creditors
(1,380,267)
(1,895,329)

Corporation tax (paid)
(715,834)
(150,000)

Net cash generated from operating activities

2,889,629
3,430,973



Cash flows from financing activities

Dividends paid
-
(7,500,000)

Interest paid
-
(40,096)

Decrease/(increase) in amounts owed by group companies
(4,107,324)
4,859,187

Net cash used in financing activities
(4,107,324)
(2,680,909)

Net (decrease)/increase in cash and cash equivalents
(1,217,695)
750,064

Cash and cash equivalents at beginning of year
718,164
(31,900)

Cash and cash equivalents at the end of year
(499,531)
718,164


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
-
718,164

Bank overdrafts
(499,531)
-

(499,531)
718,164


The notes on pages 15 to 24 form part of these financial statements.

Page 13

 
C.P.S. FUELS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

718,164

(718,164)

-

Bank overdrafts

-

(499,531)

(499,531)


718,164
(1,217,695)
(499,531)

The notes on pages 15 to 24 form part of these financial statements.

Page 14

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

C.P.S. Fuels Limited is a private Company limited by shares incorporated in England and Wales, registration number 06241896. The principal place of business of the Company is Stanfield Road, Wymondham, NR18 9QY.
The principal activity of the Company is that of the sale and distribution of fuel oils.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the goods are physically delivered to the customer.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and equipment
-
15%
Reducing balance
Vehicles
-
25%
Reducing balance
Office equipment
-
15%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term 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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Useful economic life of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re- assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Note 11 for the carrying value of the property plant and equipment, and Note 2.7 for the useful economic lives for each class of assets.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
5,525
5,250

Page 18

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,517,510
1,513,389

Social security costs
69,176
66,439

Cost of defined contribution scheme
16,120
17,488

1,602,806
1,597,316


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Selling and distribution
18
19


7.


Directors' remuneration



During the year, no Director received any emoluments (2023: £Nil).


8.


Interest payable and similar expenses

2024
2023
£
£


Interest payable on taxation
-
40,096

-
40,096

Page 19

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,129,732
837,724


1,129,732
837,724


Total current tax
1,129,732
837,724

Deferred tax


Origination and reversal of timing differences
(8,769)
(7,338)

Total deferred tax
(8,769)
(7,338)


Taxation on profit on ordinary activities
1,120,963
830,386

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,474,122
3,754,513


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
1,118,531
938,628

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
57

Capital allowances for year in excess of depreciation
2,432
(108,299)

Total tax charge for the year
1,120,963
830,386


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Dividends

2024
2023
£
£


Dividends paid on equity shares
-
7,500,000

Dividends paid on equity shares
-
7,500,000


11.


Tangible fixed assets





Plant and equipment
Vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2023
628,805
2,942,689
45,793
3,617,287


Disposals
-
-
(11,849)
(11,849)



At 30 September 2024

628,805
2,942,689
33,944
3,605,438



Depreciation


At 1 October 2023
583,283
2,550,296
32,271
3,165,850


Charge for the year on owned assets
6,828
98,098
2,028
106,954


Disposals
-
-
(11,101)
(11,101)



At 30 September 2024

590,111
2,648,394
23,198
3,261,703



Net book value



At 30 September 2024
38,694
294,295
10,746
343,735



At 30 September 2023
45,522
392,393
13,522
451,437

Page 21

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
1,001



At 30 September 2024
1,001





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Stowmarket Fuels Limited
Ordinary
100%
Anglia Heating Solutions Limited
Ordinary
100%


13.


Stocks

2024
2023
£
£

Fuel
340,600
509,813

Other stocks
25,370
21,653

365,970
531,466



14.


Debtors

2024
2023
£
£


Trade debtors
1,874,332
2,619,968

Amounts owed by group undertakings
12,288,036
8,983,799

Other debtors
3,860
276,336

Prepayments and accrued income
809,374
29,672

14,975,602
11,909,775


Page 22

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdraft
499,531
-

Trade creditors
3,331,109
4,804,016

Amounts owed to group undertakings
1,775,050
1,448,405

Corporation tax
7,268
723,102

Other taxation and social security
118,588
22,477

Accruals and deferred income
107,058
110,529

5,838,604
7,108,529


The bank overdraft is secured by fixed and floating charges over the Company's assets.


16.


Deferred taxation




2024


£






At beginning of year
10,718


Charged to profit or loss
(8,769)



At end of year
1,949

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,949
10,718

1,949
10,718


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000


Page 23

 
C.P.S. FUELS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


19.


Contingent liabilities

The Company is party to an unlimited multilateral bank guarantee dated 13 December 2019. 


20.


Pension commitments

The Company operates a defined contributions pension scheme, The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,120 (2023: £17,488).


21.


Related party transactions

The Company has taken advantage of the exemption contained in Financial Reporting Standard 102 Section 33.1a and has therefore not disclosed transactions with wholly owned members of the same group.


22.


Controlling party

The Company is controlled by George J Goff Limited.
The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is George J Goff Limited. Consolidated accounts are available from Companies House, Cardiff, CF4 3UZ. The consolidated accounts include disclosure of remuneration receivable by the Company's auditors for other services.
George J Goff Limited is the Company's ultimate parent company. George J Goff Limited is controlled by M L J Goff.

 
Page 24