Fuellink Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC385225 (Scotland)

Unaudited Financial Statements for the Year Ended 30 November 2020

for

Fuellink Systems Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

J Ashley

R MacInnes

REGISTERED OFFICE:

29 Brandon Street

Hamilton

ML3 6DA

REGISTERED NUMBER:

SC385225 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Intangible assets

5

65,937

66,678

Tangible assets

6

-

-

65,937

66,678

CURRENT ASSETS

Stocks

75,507

111,245

Debtors

7

327,155

373,902

Cash at bank

183,450

2,491

586,112

487,638

CREDITORS

Amounts falling due within one year

8

511,367

498,041

NET CURRENT ASSETS/(LIABILITIES)

74,745

(10,403

)

TOTAL ASSETS LESS CURRENT LIABILITIES

140,682

56,275

CREDITORS

Amounts falling due after more than one year

9

50,000

46,000

NET ASSETS

90,682

10,275

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

90,582

10,175

SHAREHOLDERS' FUNDS

90,682

10,275

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 May 2021 and were signed on its behalf by:

R MacInnes - Director

1.	STATUTORY INFORMATION

Fuellink Systems Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from services and products supplied by the company.

Turnover is measured at the fair value of services and products supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Turnover relating to maintenance contracts are released to income at 50% on the start date of the contract, then the remainder spread evenly over the term of the contract.

Intangible fixed assets

Development expenditure incurred on the development of pumps, will only be written off to match against future revenues.

Intellectual Property rights on the non spill nozzle product have been capitalised at cost.They will be amortised over the expected life of the asset, being 10 years.

The directors will carry out an annual impairment review of intangible assets to ascertain if there is any impairment in their value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Government grants

Grants which are considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 12 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 December 2019

83,619

Additions

8,468

At 30 November 2020

92,087

AMORTISATION

At 1 December 2019

16,941

Charge for year

9,209

At 30 November 2020

26,150

NET BOOK VALUE

At 30 November 2020

65,937

At 30 November 2019

66,678

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

and 30 November 2020

19,403

DEPRECIATION

At 1 December 2019

and 30 November 2020

19,403

NET BOOK VALUE

At 30 November 2020

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

316,870

284,810

Other debtors

10,285

89,092

327,155

373,902

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

41,536

28,861

Taxation and social security

152,122

81,708

Other creditors

317,709

387,472

511,367

498,041

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

50,000

-

Other creditors

-

46,000

50,000

46,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

50,000

-

Factor advance

80,636

153,355

130,636

153,355

The factors current account is secured against the trade debtors of the company.

The bank loan is supported by a 100% guarantee from the UK Government.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is the parent company, Fuellink Holdings (Scotland) Ltd, registered office 29 Brandon Street, Hamilton.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fuellink Systems Ltd for the year ended 30 November 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Fuellink Systems Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fuellink Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Fuellink Systems Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fuellink Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fuellink Systems Ltd. You consider that Fuellink Systems Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fuellink Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

4 May 2021