Caseware UK (AP4) 2023.0.135 2023.0.135 true222024-01-01falsethat of the wholesale, retail and delivery of hydrocarbon oils.23falsefalse 06911463 2024-01-01 2024-12-31 06911463 2023-01-01 2023-12-31 06911463 2024-12-31 06911463 2023-12-31 06911463 2023-01-01 06911463 3 2024-01-01 2024-12-31 06911463 3 2023-01-01 2023-12-31 06911463 5 2024-01-01 2024-12-31 06911463 5 2023-01-01 2023-12-31 06911463 d:Director6 2024-01-01 2024-12-31 06911463 d:Director7 2024-01-01 2024-12-31 06911463 d:Director8 2024-01-01 2024-12-31 06911463 d:RegisteredOffice 2024-01-01 2024-12-31 06911463 e:Buildings 2024-01-01 2024-12-31 06911463 e:Buildings 2024-12-31 06911463 e:Buildings 2023-12-31 06911463 e:Buildings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06911463 e:Buildings e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 06911463 e:PlantMachinery 2024-01-01 2024-12-31 06911463 e:PlantMachinery 2024-12-31 06911463 e:PlantMachinery 2023-12-31 06911463 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06911463 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 06911463 e:MotorVehicles 2024-01-01 2024-12-31 06911463 e:MotorVehicles 2024-12-31 06911463 e:MotorVehicles 2023-12-31 06911463 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06911463 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 06911463 e:FurnitureFittings 2024-01-01 2024-12-31 06911463 e:FurnitureFittings 2024-12-31 06911463 e:FurnitureFittings 2023-12-31 06911463 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06911463 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 06911463 e:OfficeEquipment 2024-01-01 2024-12-31 06911463 e:OfficeEquipment 2024-12-31 06911463 e:OfficeEquipment 2023-12-31 06911463 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06911463 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 06911463 e:ComputerEquipment 2024-01-01 2024-12-31 06911463 e:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 06911463 e:OtherPropertyPlantEquipment 2024-12-31 06911463 e:OtherPropertyPlantEquipment 2023-12-31 06911463 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06911463 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 06911463 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06911463 e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 06911463 e:CurrentFinancialInstruments 2024-12-31 06911463 e:CurrentFinancialInstruments 2023-12-31 06911463 e:Non-currentFinancialInstruments 2024-12-31 06911463 e:Non-currentFinancialInstruments 2023-12-31 06911463 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 06911463 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 06911463 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 06911463 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 06911463 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 06911463 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 06911463 e:ReportableOperatingSegment2 2024-01-01 2024-12-31 06911463 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 06911463 e:UKTax 2024-01-01 2024-12-31 06911463 e:UKTax 2023-01-01 2023-12-31 06911463 e:ShareCapital 2024-12-31 06911463 e:ShareCapital 2023-12-31 06911463 e:ShareCapital 2023-01-01 06911463 e:CapitalRedemptionReserve 2024-12-31 06911463 e:CapitalRedemptionReserve 2023-12-31 06911463 e:CapitalRedemptionReserve 2023-01-01 06911463 e:RevaluationReserve 2024-12-31 06911463 e:RevaluationReserve 2023-12-31 06911463 e:RevaluationReserve 2023-01-01 06911463 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06911463 e:RetainedEarningsAccumulatedLosses 2024-12-31 06911463 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06911463 e:RetainedEarningsAccumulatedLosses 2023-12-31 06911463 e:RetainedEarningsAccumulatedLosses 2023-01-01 06911463 d:OrdinaryShareClass1 2024-01-01 2024-12-31 06911463 d:OrdinaryShareClass1 2024-12-31 06911463 d:OrdinaryShareClass1 2023-12-31 06911463 d:FRS102 2024-01-01 2024-12-31 06911463 d:Audited 2024-01-01 2024-12-31 06911463 d:FullAccounts 2024-01-01 2024-12-31 06911463 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06911463 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 06911463 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 06911463 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 06911463 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 06911463 2 2024-01-01 2024-12-31 06911463 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 06911463 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06911463 e:OtherDeferredTax 2024-12-31 06911463 e:OtherDeferredTax 2023-12-31 06911463 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-12-31 06911463 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 06911463 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 06911463





 
Billericay Fuel Services Limited          
 
Directors' report and financial statements          

For the year ended 31 December 2024          

 
Billericay Fuel Services Limited
 
 
Company Information


Directors
M.A. Porter 
R.J. Platt 
D. Platt 




Registered number
06911463



Registered office
Quaintways Workhouse Lane
Woodham Ferrers

Chelmsford

England

CM3 8RD





 
Billericay Fuel Services Limited
 

Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 24


 
Billericay Fuel Services 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.

Results

The profit for the year, after taxation, amounted to £359,738 (2023 - £140,170).

Further information on the performance of the company during the year and the company's state of affairs at the balance sheet date are noted in the strategic report on page 3. 
 

Dividends

Dividends amounting to £100,000 (2023 - £Nil) were paid during the year. The directors do not recommend the payment of any further dividend.
 

Fixed assets

Details of movements in fixed assets are set out in notes to the accounts.
 

Events since the end of the year

There have been no significant events subsequent to the year end which materially affect the results for the year or the company's state of affairs at 31 December 2024.
 

Directors

The directors who served during the year were:

M.A. Porter 
R.J. Platt 
D. Platt 

 
Future developments

The directors are not aware on any likely future developments which would have a significant effect on the company.
 

Research and development activities

The company is involved in research and development projects relating to fuel product formulae.
 

Close company

The company is a close company within the meaning of S.439 CTA 2010.
 

Page 1

 
Billericay Fuel Services Limited
 
 
Directors' report (continued)
For the year ended 31 December 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.

 
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.

 
Auditors

Under section 487(2) of the Companies Act 2006Clay Ratnage Strevens & Hills 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 on 24 June 2025 and signed on its behalf.
 





D. Platt
Director

Page 2

 
Billericay Fuel Services Limited
 
 
Strategic report
For the year ended 31 December 2024

Introduction
 
The company's principal activity continues to be that of the wholesale, retail and delivery of hydrocarbon oils and there was no change in this activity during the year.

Business review
 
The directors are pleased with the performance of the company, considering the market conditions prevailing during the year under review. 
During the year the company has seen turnover decrease to £19,748,639 
(2023 - £21,596,567) due to a general decline in fuel prices throughout the year under review. The aforementioned decline has put some pressure on the company's margins, together with increased local competition in the market, however the directors are please to confirm that the gross profit margin has increased as noted below. The directors continue to monitor costs closely and the company continues to be profitable.
The directors are pleased with the state of the financial affairs of the company at the balance sheet date. The company has continued to invest in plant and machinery, which contributes to the ongoing success of the company, and has also managed to reduce its liabilities during the course of the year. The company continues to maintain a healthy but sensible level of available funds in order to ensure that the working capital requirements of the business can be met.

Principal risks and uncertainties
 
The principal risks and uncertainties identified by the directors of the company relate to factors concerning the price volatility of fuel and also the effect of climate fluctuations on the demand for heating oil and farm fuels. 
Despite these risks and uncertainties, the company is in an excellent position, both financially and operationally, to purchase raw materials at the best possible price. The company is also able to provide flexibility in the services and products it provides to its customers, in order to ensure that the uncertainties concerning weather and climate dynamics can be mitigated as much as possible

Financial key performance indicator
 
Gross Profit Margin: The directors confirm that the gross profit margin has increased from 6.0% to 6.8% this year and this increase is attributable to retaining a higher margin on sales despite falling oil prices. Gross profit margins typically fluctuate year on year, however, the directors believe that margins will remain at such a level that the company continues to operate profitably for the foreseeable future.


This report was approved by the board on 24 June 2025 and signed on its behalf.



D. Platt
Director

Page 3

 
Billericay Fuel Services Limited
 
 
Independent auditors' report to the members of Billericay Fuel Services Limited
 

Opinion


We have audited the financial statements of Billericay Fuel Services Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, 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 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 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.


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.


Page 4

 
Billericay Fuel Services Limited
 
 
Independent auditors' report to the members of Billericay Fuel Services Limited (continued)

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 2, 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 5

 
Billericay Fuel Services Limited
 
 
Independent auditors' report to the members of Billericay Fuel Services 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:

  • Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in which  they operate. 
  • Obtaining an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries to the company's accounting department and management. 
  • Assessing the susceptibility of the company's financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures: 
         - Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect
           fraud.
         - Understanding how those charged with governance consider and address the potential for override of controls and
            management bias.
         - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
         - Assessing the extent of compliance with the relevant laws and regulations.
         - Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition.
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team.
The inherent limitations of audit present an unavoidable risk the we, the auditors, may not detect some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally,there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements. We take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.


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.


Page 6

 
Billericay Fuel Services Limited
 
 
Independent auditors' report to the members of Billericay Fuel Services Limited (continued)

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.





Clay Ratnage Strevens and Hills
Steven James Garrod (Senior statutory auditor)
  
for and on behalf of Clay Ratnage Strevens & Hill
 
Statutory Auditors
  
Construction House
Runwell Road
Wickford
Essex
SS11 7HQ
 

24 June 2025
Page 7

 
Billericay Fuel Services Limited
 
 
Statement of comprehensive income
For the year ended 31 December 2024

2024
2023
                                                                                                                                        Note
£
£

  

Turnover
 4 
19,749,639
21,596,567

Cost of sales
  
(18,410,120)
(20,307,147)

Gross profit
  
1,339,519
1,289,420

Administrative expenses
  
(915,434)
(1,129,764)

Operating profit
  
424,085
159,656

Interest receivable and similar income
 8 
57,260
35,326

Interest payable and similar expenses
 9 
(3,983)
(11,813)

Profit before tax
  
477,362
183,169

Tax on profit
 10 
(117,624)
(42,999)

Profit for the year
  
359,738
140,170


There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.















The notes on pages 13 to 24 form part of these financial statements.
Page 8

 
Billericay Fuel Services Limited
Registered number:06911463

Balance sheet
As at 31 December 2024


2024

2023 
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 11 
1,524,014
1,539,650

Current assets
  

Stock
 12 
149,218
157,937

Debtors
 13 
1,292,212
1,518,586

Bank and cash balances
  
2,377,675
2,103,392

  
3,819,105
3,779,915

Creditors: amounts falling due within one year
 14 
(1,589,099)
(1,792,084)

Net current assets
  
 
 
2,230,006
 
 
1,987,831

Total assets less current liabilities
  
3,754,020
3,527,481

Creditors: amounts falling due after more than one year
 15 
-
(40,563)

Provisions for liabilities
  

Deferred tax
 17 
(188,816)
(181,452)

Net assets
  
3,565,204
3,305,466


Capital and reserves
  

Called up share capital 
 18 
43,820
43,820

Revaluation reserve
  
557,281
557,281

Capital redemption reserve
  
298,260
298,260

Profit and loss account
  
2,665,843
2,406,105

  
3,565,204
3,305,466


The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 24 June 2025.




D. Platt
Director




The notes on pages 13 to 24 form part of these financial statements.
Page 9

 
Billericay Fuel Services Limited
 

Statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
43,820
298,260
557,281
2,265,935
3,165,296



Profit for the year
-
-
-
140,170
140,170



At 1 January 2024
43,820
298,260
557,281
2,406,105
3,305,466



Profit for the year
-
-
-
359,738
359,738

Dividends: Equity capital
-
-
-
(100,000)
(100,000)


At 31 December 2024
43,820
298,260
557,281
2,665,843
3,565,204




















The notes on pages 13 to 24 form part of these financial statements.
Page 10

 
Billericay Fuel Services Limited
 

Statement of cash flows
For the year ended 31 December 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
359,738
140,170

Adjustments for:

Depreciation of tangible assets
231,932
211,892

Profit on sale of tangible assets
(11,992)
-

Interest paid
3,983
11,813

Interest received
(57,260)
(35,326)

Taxation charge
117,624
42,999

Decrease in stocks
8,719
91,695

Decrease in debtors
226,372
192,650

Decrease in creditors
(261,559)
(507,635)

Corporation tax paid
(34,149)
(84,332)

Net cash generated from operating activities

583,408
63,926


Cash flows from investing activities

Purchase of tangible fixed assets
(238,304)
(218,008)

Sale of tangible fixed assets
34,000
-

Interest received
57,260
35,326

Net cash from investing activities

(147,044)
(182,682)

Cash flows from financing activities

Repayment of finance leases
(58,098)
(86,996)

Dividends paid
(100,000)
-

Interest paid
(3,983)
(11,812)

Net cash used in financing activities
(162,081)
(98,808)

Net increase/(decrease) in cash and cash equivalents
274,283
(217,564)

Cash and cash equivalents at beginning of year
2,103,392
2,320,956

Cash and cash equivalents at the end of year
2,377,675
2,103,392


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,377,675
2,103,392



The notes on pages 13 to 24 form part of these financial statements.
Page 11

 
Billericay Fuel Services Limited
 

Analysis of Net Debt
For the year ended 31 December 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

2,103,392

274,283

2,377,675

Debt due within 1 year

(3,987)

93

(3,894)

Finance leases

(98,662)

58,099

(40,563)


2,000,743
332,475
2,333,218





















The notes on pages 13 to 24 form part of these financial statements.
Page 12

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Billericay Fuel Services Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Quaintways Workhouse Lane, Woodham Ferrers, Chelmsford, England, CM3 8RD. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of freehold property and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. 
The company has applied the exemption available under FRS102 whereby freehold property previously revalued under the previously extant GAAP is no longer revalued. The value of this property as at transition has now been treated as its deemed cost.
 
 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods supplied during the year. 

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

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.

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 profit or loss during the period in which they are incurred.

Page 13

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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

Depreciation is provided at the following rates:

Tractors
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures, fittings and equipment
-
20%
reducing balance
Modular building
-
2%
straight line
Computer equipment
-
20%
straight line
Implements and equipment
-
20%
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.

 
2.4

Stock

Stock is 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.

 
2.5

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.

 
2.6

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.
Page 14

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Page 15

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Pensions

The company operated 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 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 16

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Interest income

Interest income is recognised in profit or loss on an accruals basis.

 
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.

 
2.14

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.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the company's financial statements requires the directors to make judgments when applying 
accounting estimates which give rise to estimation uncertainty. The directors make these judgments having taken into account all available information and using their considerable knowledge of the company's operations. Key estimates include the rate of depreciation of tangible fixed assets and the recoverability of trade debtors. The directors consider that these accounting estimates are fairly stated. 

Page 17

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of hydrocarbon oils
19,749,639
21,471,567

Management charges
-
125,000

19,749,639
21,596,567


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
23,550
18,225

6.


Employees

2024
2023
£
£

Wages and salaries
736,709
763,226

Social security costs
84,571
77,573

Pension contributions
79,985
120,870

901,265
961,669


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


        2024
        2023
            No.
            No.







Directors
3
3



Production and sales
15
14



Office and management
5
5

23
22

Page 18

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
138,339
136,174

Company contributions to defined contribution pension schemes
62,710
100,000

201,049
236,174


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Bank interest receivable
57,260
35,326


9.


Interest payable and similar expenses

2024
2023
£
£


Hire purchase interest payable
3,983
11,813


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
110,260
34,149


Deferred tax


Origination and reversal of timing differences
7,364
8,850


Taxation on profit
117,624
42,999
Page 19

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of25% (2023 -25%). The differences are explained below:

2024
2023
£
£


Profit before tax
477,362
183,169


Profit multiplied by standard rate of corporation tax in the UK of 25%
119,341
45,792

Effects of:


Timing difference between depreciation and capital allowances
(1,698)
(650)

(Decrease)/increase in pension fund accrual leading to an (decrease)/increase in tax
(19)
4

Change in rate of taxation during the year
-
(2,147)

Total tax charge for the year
117,624
42,999


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

11.


Tangible fixed assets





Land and buildings
Tractors
Motor
vehicles
Fixtures, fittings and equipment
Modular building
Implements and 
equipment
Total

£
£
£
£
£
£
£



Cost


At 1 January 2024
726,454
4,724
1,619,352
39,488
54,950
242,506
2,687,474


Additions
-
-
223,489
8,482
-
6,333
238,304


Disposals
-
-
(169,764)
-
-
-
(169,764)



At 31 December 2024

726,454
4,724
1,673,077
47,970
54,950
248,839
2,756,014



Depreciation


At 1 January 2024
-
4,640
960,267
31,629
6,594
144,694
1,147,824


Charge for the year on owned assets
-
21
176,212
3,270
1,099
20,158
200,760


Charge for the year on financed assets
-
-
31,172
-
-
-
31,172


Disposals
-
-
(147,756)
-
-
-
(147,756)



At 31 December 2024

-
4,661
1,019,895
34,899
7,693
164,852
1,232,000



Net book value



At 31 December 2024
726,454
63
653,182
13,071
47,257
83,987
1,524,014



At 31 December 2023
726,454
84
659,085
7,859
48,356
97,812
1,539,650

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
93,516
124,688

Page 21

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

12.


Stock

2024
2023
£
£

Raw materials and consumables
149,218
157,937



13.


Debtors

2024
2023
£
£


Trade debtors
978,486
1,069,697

Other debtors
252,327
442,609

Prepayments and accrued income
61,399
6,280

1,292,212
1,518,586



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Payments received on account
127,690
104,651

Trade creditors
1,115,207
1,450,767

Corporation tax
110,260
34,149

Other taxation and social security
19,270
18,645

Obligations under finance lease and hire purchase contracts
40,563
58,099

Other creditors
68,726
41,254

Accruals and deferred income
107,383
84,519

1,589,099
1,792,084



15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
40,563


Page 22

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
40,563
58,099

Between 1-5 years
-
40,563

40,563
98,662


17.


Deferred taxation




2024
2023


£

£






At beginning of year
181,452
172,602


Charged for the year
7,364
8,850



At end of year
188,816
181,452

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
177,322
169,958

Unrealised surplus on revaluation of freehold property
11,494
11,494

188,816
181,452


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



43,820 (2023 - 43,820) Ordinary shares of £1.00 each
43,820
43,820


Page 23

 
Billericay Fuel Services Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

19.


Pension commitments

The company operates two defined contributions pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension charge represents contributions payable by the company to the funds and amounted to £79,985 (2023 - £120,870). Contributions totalling £3,894 (2023 - £3,987) were payable to the fund at the balance sheet date and are included in creditors.


20.


Related party transactions

During the year £60,000 was incurred from (2023 - £95,000 charged to) related parties in relation to management charges. 
At the balance sheet date, debtors amounting to £76,602 
(2023 - £131,659) were outstanding from related parties. No interest was charged on these loans. 

Page 24