Premier Fuels Group Limited - Period Ending 2017-11-30

Registration number: 06418603

Premier Fuels Group Limited Directors' Report and Unaudited Financial Statements for the Year Ended 30 November 2017

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

Premier Fuels Group Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 7

Premier Fuels Group Limited

Company Information

Chairman

G N Lawton

Directors

G N Lawton C Lawton

Company secretary

Mrs M Lawton

Registered office

C/O Howsons Winton House Stoke Road Stoke on Trent Staffordshire ST4 2RW

Accountants

Howsons Chartered Accountants Winton House Stoke Road Stoke on Trent Staffordshire ST4 2RW

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Premier Fuels Group Limited
for the Year Ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Premier Fuels Group Limited for the year ended 30 November 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Premier Fuels Group Limited, as a body, in accordance with the terms of our engagement letter dated 14 February 2013. Our work has been undertaken solely to prepare for your approval the accounts of Premier Fuels Group Limited and state those matters that we have agreed to state to the Board of Directors of Premier Fuels Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Fuels Group Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Premier Fuels Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Premier Fuels Group Limited. You consider that Premier Fuels Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Premier Fuels Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

6 March 2018

Page 2

Premier Fuels Group Limited

(Registration number: 06418603)
Balance Sheet as at 30 November 2017

	Note	2017 £	2016 £
Fixed assets
Investments	3	10	10
Current assets
Debtors	4	361	361
Net assets		371	371
Capital and reserves
Called up share capital		2	3
Profit and loss account		369	368
Total equity		371	371

For the financial year ending 30 November 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 March 2018 and signed on its behalf by:
 

.........................................

G N Lawton

Chairman

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 3

Premier Fuels Group Limited

Statement of Changes in Equity for the Year Ended 30 November 2017

	Share capital £	Profit and loss account £	Total £
At 1 December 2016	3	368	371
Profit for the year	-	262,000	262,000
Total comprehensive income	-	262,000	262,000
Dividends	-	(216,000)	(216,000)
Purchase of own share capital	(1)	(45,999)	(46,000)
At 30 November 2017	2	369	371

	Share capital £	Profit and loss account £	Total £
At 1 December 2015	3	368	371
Profit for the year	-	120,000	120,000
Total comprehensive income	-	120,000	120,000
Dividends	-	(74,000)	(74,000)
Purchase of own share capital	-	(46,000)	(46,000)
At 30 November 2016	3	368	371

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 4

Premier Fuels Group Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
C/O Howsons
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. These financial statements show the results for the individual entity only.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 5

Premier Fuels Group Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other 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 receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
 

Page 6

Premier Fuels Group Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

3	Investments

	2017 £	2016 £
Investments in subsidiaries	10	10

Subsidiaries	£
Cost or valuation
At 1 December 2016 & at 30 November 2017	10
Carrying amount
At 30 November 2017	10
At 30 November 2016	10

4

Debtors

	2017 £	2016 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	361	361
Total current trade and other debtors	361	361

5	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £46,000 (2016 - £92,000). On 6 April 2014, the company entered into an unconditional agreement to acquire 200 ordinary shares of 1 pence each from Mr W B Buckley for £230,000 with multiple completion dates over 5 years, commencing on 6 April 2014.

6	Transition to FRS 102

This is the first year that the company presented its financial statements under Financial Reporting Standard 102 (FRS 102). The last financial statements under the previous UK GAAP were for the year ended 30 November 2016. The date of transition was 1 December 2015.

There have been no changes to the previously reported profit and loss or equity due to the transition to FRS 102.

 

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