Cambrian Fuelcard Services Limited - Limited company accounts 23.1

REGISTERED NUMBER: 01259685 (England and Wales)

Cambrian Fuelcard Services Limited

Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2022

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

6

Balance Sheet

7

Notes to the Financial Statements

8

Directors:

T H Stockton

D T Stockton

L Stockton

Registered office:

Suite 3, Brecon House

William Brown Close

Llantarnam Industrial Park

Cwmbran

Torfaen

NP44 3AB

Registered number:

01259685 (England and Wales)

Auditors:

Haines Watts Wales LLP, Statutory Auditors

7 Neptune Court

Vanguard Way

Cardiff

CF24 5PJ

Bankers:

HSBC

Bute Street

Cardiff

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

Principal activity

The principal activity of the company in the year under review was that of the sale of petroleum and associated commissions and royalties.

Directors

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

T H Stockton

D T Stockton

Other changes in directors holding office are as follows:

L Stockton was appointed as a director after 31 December 2022 but prior to the date of this report.

C J Stockton ceased to be a director after 31 December 2022 but prior to the date of this report.

Statement of directors' responsibilities

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

D T Stockton - Director

28 September 2023

Opinion

We have audited the financial statements of Cambrian Fuelcard Services Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102 Section 1A) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

-

Discussing with Directors and management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities;

-

Obtaining an understanding of the key controls put in place by the company to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally;

-

Assessing the risk of management override and review and testing of journal entries made into the accounting system;

-

Challenging assumptions and judgements made by the company in relation to the significant accounting estimates employed in the preparation of the financial statements;

-

Discussing with Directors and Management the legal and regulatory obligations of the business and whether they have any knowledge or suspicion of non compliance.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Victoria Carter (Senior Statutory Auditor)

for and on behalf of Haines Watts Wales LLP, Statutory Auditors

7 Neptune Court

Vanguard Way

Cardiff

CF24 5PJ

29 September 2023

Turnover

9,254,210

7,084,755

Cost of sales

(8,188,212

)

(6,288,382

)

Gross profit

1,065,998

796,373

Administrative expenses

(529,667

)

(425,285

)

Operating profit

536,331

371,088

Interest receivable and similar income

1,125

6

Profit before taxation

4

537,456

371,094

Tax on profit

(118,709

)

(72,618

)

Profit for the financial year

418,747

298,476

Fixed assets

Intangible assets

6

-

-

Tangible assets

7

74,083

56,758

Investments

8

7,900

7,900

81,983

64,658

Current assets

Stocks

9

65,933

90,037

Debtors

10

471,097

488,086

Cash at bank

760,933

742,924

1,297,963

1,321,047

Creditors

Amounts falling due within one year

11

(811,680

)

(758,511

)

Net current assets

486,283

562,536

Total assets less current liabilities

568,266

627,194

Creditors

Amounts falling due after more than one year

12

(375

)

(2,584

)

Provisions for liabilities

14

(10,190

)

(6,281

)

Net assets

557,701

618,329

Capital and reserves

Called up share capital

15

300

300

Other reserves

950

950

Retained earnings

556,451

617,079

Shareholders' funds

557,701

618,329

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

D T Stockton - Director

1.	Statutory information

Cambrian Fuelcard Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

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

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable net of value added tax, in respect of the sale of petroleum and associated commissions and royalties.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

20% on cost

Office equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of those obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	Employees and directors

The average number of employees during the year was 12 (2021 - 12 ) .

4.	Profit before taxation

The profit is stated after charging:

2022

2021

£

£

Depreciation - owned assets

19,659

14,290

5.

Dividends

2022

2021

£

£

Ordinary A shares of £1 each

Interim

479,375

289,375

6.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2022

and 31 December 2022

32,766

Amortisation

At 1 January 2022

and 31 December 2022

32,766

Net book value

At 31 December 2022

-

At 31 December 2021

-

7.	Tangible fixed assets

Short

Motor

Office

leasehold

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 January 2022

51,603

87,141

41,573

180,317

Additions

-

23,000

16,188

39,188

At 31 December 2022

51,603

110,141

57,761

219,505

Depreciation

At 1 January 2022

51,603

54,463

17,493

123,559

Charge for year

-

12,934

8,929

21,863

At 31 December 2022

51,603

67,397

26,422

145,422

Net book value

At 31 December 2022

-

42,744

31,339

74,083

At 31 December 2021

-

32,678

24,080

56,758

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

Cost

At 1 January 2022

and 31 December 2022

11,018

Depreciation

At 1 January 2022

6,243

Charge for year

2,204

At 31 December 2022

8,447

Net book value

At 31 December 2022

2,571

At 31 December 2021

4,775

8.	Fixed asset investments

Other

investments

£

Cost

At 1 January 2022

and 31 December 2022

7,900

Net book value

At 31 December 2022

7,900

At 31 December 2021

7,900

9.

Stocks

2022

2021

£

£

Stocks

65,933

90,037

10.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

448,870

474,089

Other debtors

5,818

-

Prepayments

16,409

13,997

471,097

488,086

11.

Creditors: amounts falling due within one year

2022

2021

£

£

Hire purchase contracts (see note 13)

2,209

2,210

Trade creditors

504,680

569,685

Corporation Tax

114,800

73,367

Social security and other taxes

-

3,009

VAT

5,203

14,789

Other creditors

8,481

-

Directors' current accounts

133,657

92,801

Accrued expenses

42,650

2,650

811,680

758,511

12.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Hire purchase contracts (see note 13)

375

2,584

13.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

2,209

2,210

Between one and five years

375

2,584

2,584

4,794

Non-cancellable

operating leases

2022

2021

£

£

Within one year

15,353

-

Between one and five years

71,108

-

86,461

-

14.	Provisions for liabilities

2022

2021

£

£

Deferred tax

10,190

6,281

Deferred

tax

£

Balance at 1 January 2022

6,281

Charge to Income Statement during year

3,909

Balance at 31 December 2022

10,190

15.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

240

Ordinary A

£1

270

240

60

Ordinary B

£1

30

60

300

300

16.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022

2021

£

£

D T Stockton

Balance outstanding at start of year

(69,156

)

(103,283

)

Amounts advanced

218,458

174,252

Amounts repaid

(225,459

)

(140,125

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(76,157

)

(69,156

)

T H Stockton

Balance outstanding at start of year

(11,678

)

(11,710

)

Amounts advanced

142,929

42,345

Amounts repaid

(188,751

)

(42,313

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(57,500

)

(11,678

)

C J Stockton

Balance outstanding at start of year

(11,967

)

(16,158

)

Amounts advanced

17,501

42,003

Amounts repaid

(5,534

)

(37,812

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(11,967

)

There is no fixed repayment dates on the loan accounts and no interest is charged.