Company No: SC542393 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	12,422		13,674
		12,422		13,674
Current assets
Stocks		57,242		52,723
Debtors	4	30,269		35,675
Cash at bank and in hand		6,590		2,622
		94,101		91,020
Creditors: amounts falling due within one year	5	( 1,121,252)		( 991,574)
Net current liabilities		(1,027,151)		(900,554)
Total assets less current liabilities		(1,014,729)		(886,880)
Creditors: amounts falling due after more than one year	6	0		( 28,196)
Net liabilities		( 1,014,729)		( 915,076)
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		( 1,014,829 )		( 915,176 )
Total shareholders' deficit		( 1,014,729)		( 915,076)

For the financial year ending 31 August 2022 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Fueltone Limited (registered number: SC542393) were approved and authorised for issue by the Director on 02 March 2023. They were signed on its behalf by:

Robert Gray - Director of Cairndon Limited Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fueltone Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Axis Business Centre, Thainstone Business Centre, Inverurie, AB51 5TB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

At the year end the company has net liabilities amounting to £1,014,729 (2021- £915,076). The directors have expressed their willingness to support the company and are confident liabilities will be met as they fall due.

The directors are of the opinion that the company will continue to trade for at least the next twelve months and therefore the accounts should be prepared on a going concern basis.

Turnover

Turnover represents amounts receivable for goods and services net of VAT of the sale and distribution of fuel additive products. Turnover is recognised on an accruals basis dependent on when goods and services are provided.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Computer equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the 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 profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies 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 classified as payable within one year are not amortised.

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

Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Vehicles		Computer equipment		Total
	£		£		£
Cost
At 01 September 2021	24,404		4,013		28,417
Additions	4,900		441		5,341
Disposals	( 6,654)		( 4,013)		( 10,667)
At 31 August 2022	22,650		441		23,091
Accumulated depreciation
At 01 September 2021	12,333		2,410		14,743
Charge for the financial year	3,324		502		3,826
Disposals	( 5,089)		( 2,811)		( 7,900)
At 31 August 2022	10,568		101		10,669
Net book value
At 31 August 2022	12,082		340		12,422
At 31 August 2021	12,071		1,603		13,674

4. Debtors

	2022		2021
	£		£
Trade debtors	29,525		33,898
Other debtors	744		1,777
	30,269		35,675

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	28,218		1,250
Trade creditors	33,230		48,178
Other taxation and social security	1,659		4,116
Other creditors	1,058,145		938,030
	1,121,252		991,574

6. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	0		28,196

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2022		2021
	£		£
Entities with control over the company	1,036,684		919,131
Amounts due (from) / to directors	17,418		0

9. Ultimate controlling party

Parent Company:

The ultimate controlling party is Mr R Gray as a result of his 100% shareholding in parent company, Cairndon Limited, which owns 90% of the share capital in this company.

Cairndon Limited registered at Axis Business Centre, Thainstone, Inverurie, Aberdeenshire, AB51 5TB.