Fuels Industry UK Limited
Fuels Industry UK Limited
Registered number: 01404376
Unaudited Financial Statements
For The Year Ended 31 December 2023
Fuels Industry UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1 |
| Notes to the Financial Statements | 2—5 |
Fuels Industry UK Limited
Statement of Financial Position
As At
31 December 2023
Statement of Financial Position
Registered number:
01404376
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| NET ASSETS |
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The financial statements were approved by the board of directors on 23 May 2024 and were signed on its behalf by:
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Director
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The notes on pages 2 to 5 form part of these financial statements.
Fuels Industry UK Limited
Notes to the Financial Statements
For The Year Ended 31 December 2023
Notes to the Financial Statements
1.
General Information
Fuels Industry UK Limited
is a private company, limited by guarantee, incorporated in England & Wales, registered number
01404376
. The registered office is 1 Castle Lane, London, SW1E 6DR.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
The level of members' subscriptions is agreed by the Board and is determined on the basis of planned expenditure. Individual subscriptions are derived by dividing two thirds of the budgeted expenditure equally between the 'A' and 'B' members. The remainder is apportioned in proportion to the relative market share of 'A' members and payable only by the 'A' members. The market share proportion is calculated using the prior year industry data from government.
Contributions are also received from 'Associate' members on the basis of their eligibility for the different tiers of fees.
Any unutilised subscriptions are carried forward to meet planned expenditure arising in subsequent accounting periods.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Fixtures & Fittings |
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| Computer Equipment |
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The gain or loss arising on 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 the surplus or deficit within the year.
2.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income and expenditure account as incurred.
Fuels Industry UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
2.6.
Financial Instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's statement of financial position when the Company becomes a party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 rate 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.
Classification of financial liabilities
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 asset of the Company after deducting all liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables and bank loans 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 are classified as payables within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.7.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.9.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the income and expenditure account as they become payable in accordance with the rules of the scheme.
2.10.
Employee costs
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination payments are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2022: 17)
Fuels Industry UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
4.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at 1 January 2023 |
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| Additions |
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| Disposals |
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| As at 31 December 2023 |
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| Depreciation | |||
| As at 1 January 2023 |
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| Provided during the period |
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| Disposals |
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| As at 31 December 2023 |
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| Net Book Value | |||
| As at 31 December 2023 |
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| As at 1 January 2023 |
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5.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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6.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | - |
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| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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Fuels Industry UK Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2023
7.
Obligations Under Finance Leases and Hire Purchase
| 2023 | 2022 | ||
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| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
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| Later than one year and not later than five years | - |
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8.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2023 | 2022 | ||
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| £ | £ | ||
| Not later than one year |
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| Later than one year and not later than five years |
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9.
Related Party Transactions
Of the Company's turnover during the year, £1,377,833 (2022: £1,096,064) was receivable from the Company's members. The amount outstanding at the year end from the Company's members was £1,045,144 (2022: £571,460) which is included within trade receivables.
10.
Company limited by guarantee
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company, in the event of a winding up, such an amount as may be required not exceeding £100.
11.
Change of name
On 25th July 2023, the company's name was changed from United Kingdom Petroleum Industry Association Limited to Fuels Industry UK Limited.
The change reflects its members' ambition to manufacture and supply the biofuels, low carbon hydrogen and other low carbon fuels needed to meet the UK’s ambitious net zero targets. Fuels Industry UK members are increasingly manufacturing and supplying low carbon fuels such as renewable diesel, biofuels and Sustainable Aviation Fuel (SAF), which use non-petroleum feedstocks.
The change in name reflects that the sector is essential to UK Government achieving its net zero targets by manufacturing and supplying the low carbon fuels needed.