Fuels Industry UK Limited

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2—5

1. General Information

Fuels Industry UK Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 01404376 . The registered office is 1 Castle Lane, London, SW1E 6DR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

The level of members' subscriptions is agreed by the Board and is determined on the basis of planned expenditure. Individual subscriptions are derived by dividing two thirds of the budgeted expenditure equally between the 'A' and 'B' members. The remainder is apportioned in proportion to the relative market share of 'A' members and payable only by the 'A' members. The market share proportion is calculated using the prior year industry data from government.

Contributions are also received from 'Associate' members on the basis of their eligibility for the different tiers of fees.

Any unutilised subscriptions are carried forward to meet planned expenditure arising in subsequent accounting periods.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% straight line
Fixtures & Fittings	33% straight line
Computer Equipment	33% straight line

The gain or loss arising on disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the surplus or deficit within the year.

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement as incurred.

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Fuels Industry UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Financial Instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

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

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

2.9. Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.

2.10. Employee costs

The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination payments are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 16 (2024: 18)

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Fuels Industry UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	20,857	56,921	77,778
Additions	-	3,900	3,900
Disposals	-	(12,335 )	(12,335 )

As at 31 December 2025	20,857	48,486	69,343

Depreciation
As at 1 January 2025	17,830	46,654	64,484
Provided during the period	1,598	6,925	8,523
Disposals	-	(12,335 )	(12,335 )

As at 31 December 2025	19,428	41,244	60,672

Net Book Value
As at 31 December 2025	1,429	7,242	8,671

As at 1 January 2025	3,027	10,267	13,294

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	195	1,037,386
Prepayments and accrued income	49,307	146,639
Other debtors	35,028	35,028

	84,530	1,219,053

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	62,229	91,892
Corporation tax	872	1,014
Other taxes and social security	30,151	46,738
Other creditors	1,014	1,628
Accruals and deferred income	282,373	1,404,906

	376,639	1,546,178

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Fuels Industry UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	140,112	140,112
Later than one year and not later than five years	133,970	274,082

	274,082	414,194

9. Related Party Transactions

Of the Company's turnover during the year, £1,657,111 (2024: £1,580,858) was receivable from the Company's members. The amount outstanding at the year end from the Company's members was £nil (2024: £1,037,386) which is included within trade receivables.

10. Company limited by guarantee

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company, in the event of a winding up, such an amount as may be required not exceeding £100.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		8,671		13,294

			8,671		13,294
CURRENT ASSETS
Debtors	5	84,530		1,219,053
Cash at bank and in hand		283,438		313,831

		367,968		1,532,884
Creditors: Amounts Falling Due Within One Year	6	(376,639 )		(1,546,178 )

NET CURRENT ASSETS (LIABILITIES)			(8,671 )		(13,294 )

NET ASSETS			-		-