Refuels Limited 30/11/2018 iXBRL

Refuels Limited 30/11/2018 iXBRL

REFUELS LIMITED - Company Information

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Company registration number: 06428395
Refuels Limited
Unaudited filleted financial statements
30 November 2018
Refuels Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Refuels Limited
Directors and other information
Directors
Mr Derek Thompson
Mr Leon Brown
Mr Lee Burke
Mr Michael Taylor
Secretary Norman M Brisk
Company number 06428395
Registered office Bank Chambers
Canterbury Road
Lyminge
Nr Folkestone
Kent CT18 8HU
Accountants Norman Brisk & Company Limited
Bank Chambers
Canterbury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
Bankers NatWest
2a Charing Cross Road
London WC2H 0PD
Refuels Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Refuels Limited
Year ended 30 November 2018
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 November 2018 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Norman Brisk & Company Limited
Business Advisers and Taxation Consultants
Bank Chambers
Canterbury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
21 May 2019
Refuels Limited
Statement of financial position
30 November 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 291,306 351,339
Investments 6 176,111 -
_______ _______
467,417 351,339
Current assets
Debtors 7 313,395 483,567
Cash at bank and in hand 626,043 395,982
_______ _______
939,438 879,549
Creditors: amounts falling due
within one year 8 ( 551,234) ( 570,191)
_______ _______
Net current assets 388,204 309,358
_______ _______
Total assets less current liabilities 855,621 660,697
_______ _______
Net assets 855,621 660,697
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 855,619 660,695
_______ _______
Shareholders funds 855,621 660,697
_______ _______
For the year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2019 , and are signed on behalf of the board by:
Mr Michael Taylor
Director
Company registration number: 06428395
Refuels Limited
Statement of changes in equity
Year ended 30 November 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2016 2 499,345 499,347
Profit for the year 245,350 245,350
_______ _______ _______
Total comprehensive income for the year - 245,350 245,350
Dividends paid and payable ( 84,000) ( 84,000)
_______ _______ _______
Total investments by and distributions to owners - ( 84,000) ( 84,000)
_______ _______ _______
At 30 November 2017 and 1 December 2017 2 660,695 660,697
Profit for the year 377,692 377,692
_______ _______ _______
Total comprehensive income for the year - 377,692 377,692
Dividends paid and payable ( 182,768) ( 182,768)
_______ _______ _______
Total investments by and distributions to owners - ( 182,768) ( 182,768)
_______ _______ _______
At 30 November 2018 2 855,619 855,621
_______ _______ _______
Refuels Limited
Notes to the financial statements
Year ended 30 November 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Bank Chambers, Canterbury Road, Lyminge, Nr Folkestone, Kent CT18 8HU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2017: Nil).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 December 2017 905,652 905,652
Additions 2,315 2,315
_______ _______
At 30 November 2018 907,967 907,967
_______ _______
Depreciation
At 1 December 2017 554,313 554,313
Charge for the year 62,348 62,348
_______ _______
At 30 November 2018 616,661 616,661
_______ _______
Carrying amount
At 30 November 2018 291,306 291,306
_______ _______
At 30 November 2017 351,339 351,339
_______ _______
6. Investments
Other loans Total
£ £
Cost
At 1 December 2017 - -
Additions 176,111 176,111
_______ _______
At 30 November 2018 176,111 176,111
_______ _______
Impairment
At 1 December 2017 and 30 November 2018 - -
_______ _______
Carrying amount
At 30 November 2018 176,111 176,111
_______ _______
At 30 November 2017 - -
_______ _______
During the period a loan was made to a trading partner to assist with their business development. The loan has been secured with a debenture over the fixed and floating assets of the company.
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other loans Total
£ £
At 30 November 2018
Aggregate cost 176,411 176,411
Aggregate depreciation - -
_______ _______
Carrying amount 176,411 176,411
_______ _______
At 30 November 2017
Aggregate cost - -
Aggregate depreciation - -
_______ _______
Carrying amount - -
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 282,296 435,419
Other debtors 31,099 48,148
_______ _______
313,395 483,567
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 197,385 155,367
Corporation tax 102,713 74,395
Social security and other taxes 31,219 70,647
Other creditors 219,917 269,782
_______ _______
551,234 570,191
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Derek Thompson ( 14,245) 14,245 -
Mr Michael Taylor ( 604) 604 -
_______ _______ _______
( 14,849) 14,849 -
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Derek Thompson - ( 14,245) ( 14,245)
Mr Michael Taylor ( 3,170) 2,566 ( 604)
_______ _______ _______
( 3,170) ( 11,679) ( 14,849)
_______ _______ _______