Registration number:
Propeller Fuels Limited
for the Year Ended 31 December 2024
Propeller Fuels Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Propeller Fuels Limited
Company Information
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Directors |
R D H Peart C F Peart R C Thompson |
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Registered office |
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Auditors |
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Propeller Fuels Limited
Strategic Report for the Year Ended 31 December 2024
The Directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is that of a fuel oil trader.
Fair review of the business
Propeller Fuels Group is currently operating with offices in the UK, Greece, Dubai and Singapore. It has been actively engaged with Grant Thornton over the last two years to obtain Transfer Pricing advice on the correct way to record business and financial transactions within the Group. The Company's performance recorded in these financial statements reflect the Transfer Pricing profit split between Propeller Fuels operations in the UK, Greece, UAE and Singapore, as recommended by Grant Thornton.
Overall, the Group has performed at or above expectations with revenue growth of 11% in 2024 and at a similar level of gross profit when compared to the previous year. The significant increase in financing facilities granted by the Company’s bankers over the last two years has enabled the Company to meet its volume focus going forward and set up the Company for stable growth in coming years.
The Directors are confident that, despite the uncertainty in global trade, the volume of sales and profitability will remain stable in 2025 as the Group expects to increase its market share, particularly in the Far East. The exact level of turnover and resultant profit in $ terms is however dependent on market conditions and the underlying oil commodity prices which in turn will be directly impacted by global macroeconomic drivers as well as political ones.
The Company’s in-house online trading platform has provided for very efficient trading which has helped maintain the company's market position and remains a competitive edge in the market.
The Company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
$ |
320,361,602 |
288,453,979 |
|
Gross profit margin |
% |
2 |
2 |
|
Profit before tax |
$ |
232,105 |
230,685 |
Principal risks and uncertainties
The Company’s financial performance, reported in $, is significantly influenced by the global price of fuel and oil, which are subject to market price volatility arising from shifts in supply and demand, geopolitical tensions, and broader economic conditions. As a trader, the Company is well-equipped to manage such fluctuations, with pricing strategies that incorporate relevant costs to maintain overall profitability.
A potential shortage in fuel supply, due to factors such as supplier failure, weather events or logistical challenges, is an ongoing risk. However, the Directors believe the Company’s diversified supplier base and operational flexibility mitigate the impact of supply chain disruptions. Additionally, quality control processes are in place to minimise operational risks arising from fuel contamination issues, which could otherwise result in disputes.
The Company also monitors regulatory and compliance risks, particularly in relation to changes in environmental legislation, taxation, and licensing across its key markets. The emergence of new rules in certain jurisdictions could affect trade routes or operating permissions, and appropriate legal and operational reviews are regularly undertaken.
Credit risk, primarily in relation to the non-payment or delayed payment by counterparties, is managed through strict credit control procedures, due diligence, and ongoing monitoring. While the global trade environment remains challenging, particularly with rising operational costs expected in 2025, these factors are not anticipated to have a material adverse impact on profitability. The Directors continue to review the risk landscape to ensure appropriate mitigation strategies are in place.
Propeller Fuels Limited
Strategic Report for the Year Ended 31 December 2024
Non-financial and sustainability information
Energy and carbon report
We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. Propeller Fuels Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.
During the year the Group's total annual consumption of energy was less than 20,000 kwh which represents fewer than 4,340 kg C02e of greenhouse gas emissions. This includes all material emission sources required by the regulations for which we deem ourselves to be responsible.
The main areas of energy usage were gas and electricity used in each of the Company offices and fuel for vehicles used for the Company’s operations. The Directors consider energy consumption on an ongoing basis and are committed to increasing energy efficiency in all areas of operations. Energy usage continues to be monitored and changes are implemented as appropriate.
Approved and authorised by the
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Propeller Fuels Limited
Directors' Report for the Year Ended 31 December 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the Company
The Directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The Company uses basic financial instruments, comprising cash and other liquid resources and various other items such as an invoice discounting facility, trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
The liquidity risk is managed by maintaining a balance between the need for continuity of funding and flexibility through the use of the invoice discounting facility. All business cash balances are held in such a way that achieves a competitive rate of interest. The Company also monitors the potential impact of wider economic and geopolitical events on liquidity, particularly in relation to supply chain delays, rising operational costs and access to funding, which are reviewed regularly by the Directors.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to business customers and the regular monitoring of amounts outstanding for both time and credit limits. Credit insurance is obtained for all customers as standard. The amounts presented in the balance sheet are net of allowances for trade debtors. Additional credit risk arises from the potential for non-payment by international buyers, particularly in high-risk jurisdictions. This is mitigated through due diligence, regular reviews and insurance coverage.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The Company trades largely in US$, however as a UK-based entity has a number of overheads which are incurred in GBP. The Company also has a € debtor book and is exposed to currency risks associated with dealing in numerous different currencies. The Directors are aware of the risks and constantly monitor cash levels in each currency ensuring the risk is kept to a minimum. The volatility of fuel prices in global markets also contributes to price risk, which is managed through dynamic pricing models, allowing the Company to pass through relevant costs and protect margins.
Section 172(1) statement
This section of the financial statements includes the Directors considerations and activities in discharging their duties under s172(1) of the Companies Act 2006, in promoting the success of the Company for the benefit of members as a whole.
Along with the information provided in the Strategic Report, the reports include considerations of the likely consequences of the decisions of the Directors in the longer term and how the Directors have taken wider stakeholders needs into account.
Propeller Fuels Limited
Directors' Report for the Year Ended 31 December 2024
Engagement with suppliers, customers and other relationships
Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers and other operational partners. Propeller Fuels Limited seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships.
The Group (which includes Propeller Fuels Ltd, Propeller Fuels Greece Single Member PC and Propeller Fuels Holdings Ltd) continuously assesses the priorities related to customers and those with whom we do business, and the Directors engage with the businesses on these topics, for example, within the context of working safely on site.
Employees remain a key stakeholder for the Group. The Directors recognise the importance of employee engagement, development and wellbeing in supporting the long-term success of the business. Regular communication is maintained through internal meetings and performance reviews, while investment in training and development opportunities continues to support individual and team growth.
Moreover, the Directors of Propeller Fuels Ltd, Propeller Fuels Greece Single Member PC and Propeller Fuels Holdings Ltd receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged and are performing with and on behalf of the Company.
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Propeller Fuels Limited
Statement of Directors' Responsibilities
The Directors acknowledge their responsibilities for preparing the Annual 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 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:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Propeller Fuels Limited
Independent Auditor's Report to the Members of Propeller Fuels Limited
Opinion
We have audited the financial statements of Propeller Fuels Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and 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 31 December 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 auditor 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Propeller Fuels Limited
Independent Auditor's Report to the Members of Propeller Fuels Limited
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 6], 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.
Auditor 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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Discussions with management held, including consideration of known or suspected instances of non-compliance. |
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Challenging assumptions and judgements made within significant accounting estimates and judgements including provisions for bad debts and litigation. |
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Liaising with the company's legal advisors to understand the status and potential outcomes of ongoing claims. |
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Testing of journal entries and potential override of systems. |
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A review of credit card transactions. |
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. The 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 concealement, forgery collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Propeller Fuels Limited
Independent Auditor's Report to the Members of Propeller Fuels 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 an auditor’s 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.
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For and on behalf of
26 South Saint Mary's Gate
North East Lincolnshire
DN31 1LW
Propeller Fuels Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
|
|
|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
(708,517) |
(868,926) |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Retained earnings brought forward |
1,791,671 |
1,972,725 |
|
|
Purchase of own shares |
- |
( |
|
|
Retained earnings carried forward |
1,961,169 |
1,791,671 |
Propeller Fuels Limited
(Registration number: 11011689)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Intangible assets |
|
- |
|
|
Tangible assets |
|
|
|
|
|
|
||
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Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
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Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
|
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
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Propeller Fuels Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
- |
|
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Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
Impairment of intangible assets |
- |
121,582 |
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|
|
|
||
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Working capital adjustments |
|||
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Decrease/(increase) in trade debtors |
|
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
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Decrease in provisions |
- |
( |
|
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Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Acquisition of intangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Payments for purchase of own shares |
- |
( |
|
|
Proceeds from other borrowing draw downs |
- |
|
|
|
Repayment of other borrowing |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
|
- |
|
|
Cash and cash equivalents at 31 December |
326,377 |
185,601 |
|
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in USD, which is the functional currency of the entity and figures are rounded to the nearest Dollar.
Going concern
The financial statements have been prepared on a going concern basis.
Exemption from preparing group accounts
The company has taken advantage of the exemption in section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the basis that no subsidiary undertakings need to be included in the consolidation.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Office equipment |
33.33% straight line |
|
Motor vehicles |
25% reducing balance |
Intangible assets
Internally generated fixed assets such as software development are recognised as an intangible fixed asset when it is probable that future economic benefits will flow to the entity and the cost can be measured reliably. All directly attributable costs are recognised and the cost model is used to write off all amounts over their expected useful economic lives.
Costs incurred in the research phase of generating the assets are written off to the profit and loss account as incurred.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Internal development costs |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The analysis of the Company's Turnover for the year by market is as follows:
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2024 |
2023 |
|
|
UK |
|
|
|
Europe |
|
|
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Rest of world |
|
|
|
|
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Other gains and losses |
The analysis of the Company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Loss on disposal of Tangible assets |
( |
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
- |
|
|
Impairment loss |
- |
|
|
Operating lease expense - property |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Foreign exchange gains |
|
|
|
|
|
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
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Other fees to auditors |
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All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (31 December 2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax credit relating to changes in tax rates or laws |
( |
( |
|
Total tax charge |
|
|
The tax rate in the year has changed following the increase in the main rate of Corporation Tax in the UK to 25% which took effect from 1 April 2023.
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
|
- |
|
|
- |
|
2023 |
Asset |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
- |
|
|
- |
|
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Internally generated software development costs |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
Additions internally developed |
|
|
|
Foreign exchange movements |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Foreign exchange movements |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
- |
( |
( |
|
Foreign exchange movements |
( |
- |
( |
|
At 31 December 2024 |
|
- |
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
Foreign exchange movements |
( |
- |
( |
|
At 31 December 2024 |
|
- |
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
- |
|
|
At 31 December 2023 |
|
|
|
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Investments |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Greece |
|
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
73,569 |
84,621 |
|
|
|
|
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2024 |
( |
( |
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to $
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
$ |
No. |
$ |
|
|
Ordinary shares of £0.00 each |
9,377,272 |
1,159 |
9,377,272 |
1,159 |
|
|
|
129 |
|
129 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Ordinary B shares have the following rights, preferences and restrictions: |
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Reserves |
Called up share capital
Share capital comprises of the value of issued share capital at par.
Retained earnings
Retained earnings consists of profits made by the company.
Capital redemption reserve
The capital redemption reserve is a non-distributable reserve into which amounts were paid following a purchase of own shares.
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Other borrowings |
|
|
Secured creditors
Included within loans and borrowings are invoice finance liabilities of $13,718,159 (2023: $14,278,622) which are secured by way of a fixed and floating charge over the assets of the entity.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Financing cash flows |
Foreign exchange movements |
At 31 December 2024 |
|
|
Cash and cash equivalents |
||||
|
Cash |
(185,601) |
(137,149) |
(3,627) |
(326,377) |
|
Borrowings |
||||
|
Short term borrowings |
14,351,558 |
(603,147) |
(30,252) |
13,718,159 |
|
|
( |
( |
|
|
|
|
||||
Propeller Fuels Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Key management remuneration
Salaries and other short term employee benefits to key management personnel totalled $157,673 (2023: $183,930).
Summary of transactions with entities with joint control or significant interest
Expenditure with and payables to related parties
|
2024 |
Entities with joint control or significant influence |
Total |
|
Purchase of goods |
|
|
|
Transfer pricing |
|
|
|
Amounts payable to related party |
|
|
|
|
||
|
2023 |
Entities with joint control or significant influence |
Total |
|
Purchase of goods |
- |
- |
|
Transfer pricing |
|
|
|
Amounts payable to related party |
- |
- |
|
|
||
Loans from related parties
|
2024 |
Entities with joint control or significant influence |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
Repaid |
( |
( |
|
At end of period |
|
|
|
|
||
|
2023 |
Entities with joint control or significant influence |
Total |
|
At start of period |
( |
( |
|
Advanced |
|
|
|
Repaid |
( |
( |
|
At end of period |
|
|
|
|
||