Fuel Active limited - Accounts to registrar (filleted) - small 22.3
Fuel Active limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| FUEL ACTIVE LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2022 |
| FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| FUEL ACTIVE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Tudor House |
| 16 Cathedral Road |
| Cardiff |
| CF11 9LJ |
| FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734) |
| BALANCE SHEET |
| 31ST DECEMBER 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Share premium | 9 |
| Retained earnings | 9 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734) |
| BALANCE SHEET - continued |
| 31ST DECEMBER 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2022 |
| 1. | STATUTORY INFORMATION |
| Fuel Active limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| From 2023 Fuel Active will capitalise work relating to new grants as intangible assets. |
| These assets will be amortised over 5 years on a straight-line basis, in line with the release of the grant income. |
| Tangible fixed assets |
| Assets acquired will be depreciated over their useful economic life, which under normal circumstances will be at the following annual rates: |
| Leasehold improvements - 20% / 5 years |
| Computer, telecoms and IT equipment - 50% / 2 years |
| Fixtures and fittings 33.3% / 3 years |
| Office equipment and tools 33.3% / 3 years. |
| Assets with a purchase price of £1,000 or less will be written off during the year of acquisition and treated as consumables. |
| Where assets are acquired for a specific project, the asset will be written off over the shorter of the life of the project or the useful economic life of the asset. |
| In the event that an asset's life is shortened to a period which is shorter than the original estimate of its useful economic life, depreciation will be accelerated to reflect its decline in value. Such a scenario would include test equipment which is subject to extreme operational conditions which damage the asset in pursuit of test results. |
| Items purchased prior to 2023 will follow the historic policy. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 tax |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2022 |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents and | Development |
| licences | costs | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2022 |
| Additions |
| At 31st December 2022 |
| AMORTISATION |
| At 1st January 2022 |
| Amortisation for year |
| At 31st December 2022 |
| NET BOOK VALUE |
| At 31st December 2022 |
| At 31st December 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1st January 2022 |
| Additions |
| At 31st December 2022 |
| DEPRECIATION |
| At 1st January 2022 |
| Charge for year |
| At 31st December 2022 |
| NET BOOK VALUE |
| At 31st December 2022 |
| At 31st December 2021 |
| FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 315,807 | 309,472 |
| VAT |
| Prepayments and accrued income |
| Prepayments - loan interest |
| Prepayments - S455 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Other creditors - Royalties | 121,720 | 111,950 |
| Tax | ( |
) |
| PAYE and NIC taxes |
| Other creditors - sundry HMRC | 6,425 | 13,054 |
| Other creditors - credit card |
| Accruals and deferred income |
| Accrued expenses |
| Other creditors - accountancy | 4,000 | 3,616 |
| Deferred Grants | 197,942 | - |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | 0.025 | 193,579 | 161,648 |
| FUEL ACTIVE LIMITED (REGISTERED NUMBER: 03896734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2022 |
| 9. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1st January 2022 | ( |
) | 1,830,530 |
| Deficit for the year | ( |
) | ( |
) |
| Cash share issue | - | 1,019,648 | 1,019,648 |
| At 31st December 2022 | ( |
) | 1,636,486 |