Fuel Active Limited Filleted accounts for Companies House (small and micro)

Fuel Active Limited Filleted accounts for Companies House (small and micro)

FUEL ACTIVE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03896734
Fuel Active Limited
Filleted Unaudited Financial Statements
31 December 2017
Fuel Active Limited
Statement of Financial Position
31 December 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
4,005
2
Current assets
Stocks
102,104
82,000
Debtors
6
382,047
307,950
Cash at bank and in hand
268,753
178
---------
---------
752,904
390,128
Creditors: amounts falling due within one year
7
99,648
633,780
---------
---------
Net current assets/(liabilities)
653,256
( 243,652)
---------
---------
Total assets less current liabilities
657,261
( 243,650)
Creditors: amounts falling due after more than one year
8
270,460
21,607
---------
---------
Net assets/(liabilities)
386,801
( 265,257)
---------
---------
Capital and reserves
Called up share capital
78,394
33,456
Share premium account
1,948,542
537,500
Profit and loss account
( 1,640,135)
( 836,213)
------------
---------
Shareholders funds/(deficit)
386,801
( 265,257)
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fuel Active Limited
Statement of Financial Position (continued)
31 December 2017
These financial statements were approved by the board of directors and authorised for issue on 31 May 2018 , and are signed on behalf of the board by:
M Leahy
Director
Company registration number: 03896734
Fuel Active Limited
Notes to the Financial Statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Glan Y Llyn Industrial Park, Taffs Well, Cardiff, CF15 7JD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2016: 4 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2017
1,209
Additions
5,004
-------
At 31 December 2017
6,213
-------
Depreciation
At 1 January 2017
1,207
Charge for the year
1,001
-------
At 31 December 2017
2,208
-------
Carrying amount
At 31 December 2017
4,005
-------
At 31 December 2016
2
-------
6. Debtors
2017
2016
£
£
Trade debtors
11,848
2,814
Other debtors
370,199
305,136
---------
---------
382,047
307,950
---------
---------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
–
91,655
Trade creditors
30,349
28,824
Corporation tax
27,492
50,000
Social security and other taxes
22,824
5,198
Other creditors
18,983
458,103
--------
---------
99,648
633,780
--------
---------
8. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
270,460
21,607
---------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
M J James
116,992
22,185
139,177
M Leahy
130,600
14,815
145,415
C M Leach
( 122,000)
122,000
–
L Samson
( 250,500)
250,500
–
---------
---------
---------
( 124,908)
409,500
284,592
---------
---------
---------
2016
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
M J James
( 11,253)
128,245
116,992
M Leahy
( 73,748)
204,348
130,600
C M Leach
–
( 122,000)
( 122,000)
L Samson
–
( 250,500)
( 250,500)
--------
---------
---------
( 85,001)
( 39,907)
( 124,908)
--------
---------
---------