Refuels Limited 30/11/2021 iXBRL

Refuels Limited 30/11/2021 iXBRL

REFUELS LIMITED - Company Information

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Company registration number: 06428395
Refuels Limited
Unaudited filleted financial statements
30 November 2021
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 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 2021
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 2021 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
14 March 2022
Refuels Limited
Statement of financial position
30 November 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 60,600 -
Tangible assets 6 428,153 428,153
_______ _______
488,753 428,153
Current assets
Debtors 7 374,515 422,205
Cash at bank and in hand 897,287 668,858
_______ _______
1,271,802 1,091,063
Creditors: amounts falling due
within one year 8 ( 772,150) ( 905,095)
_______ _______
Net current assets 499,652 185,968
_______ _______
Total assets less current liabilities 988,405 614,121
Creditors: amounts falling due
after more than one year 9 ( 229,075) ( 249,900)
_______ _______
Net assets 759,330 364,221
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 759,328 364,219
_______ _______
Shareholders funds 759,330 364,221
_______ _______
For the year ending 30 November 2021 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 Section 1A of 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 14 March 2022 , and are signed on behalf of the board by:
Mr Derek Thompson Mr Michael Taylor
Director Director
Company registration number: 06428395
Refuels Limited
Statement of changes in equity
Year ended 30 November 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2019 2 705,614 705,616
Profit/(loss) for the year ( 341,395) ( 341,395)
_______ _______ _______
Total comprehensive income for the year - ( 341,395) ( 341,395)
_______ _______ _______
At 30 November 2020 and 1 December 2020 2 364,219 364,221
Profit/(loss) for the year 395,109 395,109
_______ _______ _______
Total comprehensive income for the year - 395,109 395,109
_______ _______ _______
At 30 November 2021 2 759,328 759,330
_______ _______ _______
Refuels Limited
Notes to the financial statements
Year ended 30 November 2021
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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.
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 7 (2020: 9 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 December 2020 - -
Additions 60,600 60,600
_______ _______
At 30 November 2021 60,600 60,600
_______ _______
Amortisation
At 1 December 2020 and 30 November 2021 - -
_______ _______
Carrying amount
At 30 November 2021 60,600 60,600
_______ _______
At 30 November 2020 - -
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 December 2020 and 30 November 2021 1,091,574 1,091,574
_______ _______
Depreciation
At 1 December 2020 and 30 November 2021 663,421 663,421
_______ _______
Carrying amount
At 30 November 2021 428,153 428,153
_______ _______
At 30 November 2020 428,153 428,153
_______ _______
No depreciation has been charged in this year.
7. Debtors
2021 2020
£ £
Trade debtors 354,225 334,944
Other debtors 20,290 87,261
_______ _______
374,515 422,205
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 364,549 367,397
Corporation tax 491 68,750
Social security and other taxes 18,445 26,106
Other creditors 388,665 442,842
_______ _______
772,150 905,095
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 229,075 249,900
_______ _______