Street Fuel Limited 30/04/2018 iXBRL

STREET FUEL LIMITED - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of Street Fuel Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 April 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 06874251

Street Fuel Limited

Unaudited filleted abridged financial statements

30 April 2018

Street Fuel Limited

Contents

Directors and other information

Abridged statement of financial position

Statement of changes in equity

Notes to the financial statements

Street Fuel Limited

Directors and other information


	Directors	P A Alexander
		P F Connolly


	Secretary	Ruskin House Company Services Ltd


	Company number	06874251


	Registered office	Ruskin House
		40-41 Museum Street
		London
		WC1A 1LT


	Business address	Berth 6, Basin 3
		Chatham Dockyard
		Gillingham
		Kent
		ME4 4SR


	Accountant	Rame Accountancy Ltd
		Mount Edgcumbe House
		Cremyll
		Torpoint
		Cornwall
		PL10 1HZ




	Bankers	The Royal Bank of Scotland plc
		62-63 Threadneedle Street
		London
		EC2R 8LA


	Solicitors	Hamilton Downing Quinn
		Ruskin House
		40-41 Museum Street
		London
		WC1A 1LT

Street Fuel Limited

Abridged statement of financial position

30 April 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	6	1,100,354		684,706
		_______		_______
			1,100,354		684,706

Current assets
Debtors		2,854,525		2,820,614
Cash at bank and in hand		309,774		46,659
		_______		_______
		3,164,299		2,867,273
Creditors: amounts falling due
within one year	7	( 3,394,507)		( 2,644,613)
		_______		_______
Net current (liabilities)/assets			( 230,208)		222,660
			_______		_______
Total assets less current liabilities			870,146		907,366

Creditors: amounts falling due
after more than one year	8		( 181,607)		( 324,894)
			_______		_______
Net assets			688,539		582,472
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			688,537		582,470
			_______		_______
Shareholders funds			688,539		582,472
			_______		_______

For the year ending 30 April 2018 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.

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 abridged statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 14 January 2019 , and are signed on behalf of the board by:

P A Alexander

Director

Company registration number: 06874251

Street Fuel Limited

Statement of changes in equity

Year ended 30 April 2018

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 May 2016	2	557,168	557,170

Profit for the year		25,302	25,302
	_______	_______	_______
Total comprehensive income for the year	-	25,302	25,302

	_______	_______	_______
At 30 April 2017 and 1 May 2017	2	582,470	582,472

Profit for the year		106,067	106,067
	_______	_______	_______
Total comprehensive income for the year	-	106,067	106,067

	_______	_______	_______
At 30 April 2018	2	688,537	688,539
	_______	_______	_______

Street Fuel Limited

Notes to the financial statements

Year ended 30 April 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ruskin House, 40-41 Museum Street, London, WC1A 1LT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Plant and machinery	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Office equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2017: 20 ).

5. Tax on profit

Major components of tax expense

	2018	2017
	£	£
Current tax:
UK current tax expense	3,887	13,232
	_______	_______
Tax on profit	3,887	13,232
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is lower than (2017: higher than) the standard rate of corporation tax in the UK of 19.00 % (2017: 19.92%).

	2018	2017
	£	£
Profit before taxation	109,954	38,534
	_______	_______

Profit multiplied by rate of tax	20,891	7,676
Effect of expenses not deductible for tax purposes	1,378	-
Effect of capital allowances and depreciation	( 18,382)	25,735
Utilisation of tax losses	-	( 20,179)
	_______	_______
Tax on profit	3,887	13,232
	_______	_______

6. Tangible assets


		£
	Cost
	At 1 May 2017	1,188,249
	Additions	611,864
		_______
	At 30 April 2018	1,800,113
		_______
	Depreciation
	At 1 May 2017	503,543
	Charge for the year	196,216
		_______
	At 30 April 2018	699,759
		_______
	Carrying amount
	At 30 April 2018	1,100,354
		_______
	At 30 April 2017	684,706
		_______

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


		Plant and machinery
		£
	At 30 April 2018	425,442
		_______
	At 30 April 2017	532,998
		_______

7. Creditors: amounts falling due within one year

Security is provided in respect of £261880 (2017 - £221852) of creditors falling due within one year.

8. Creditors: amounts falling due after more than one year

Security is provided in respect of £181607 (2017 - £324894) of creditors falling due after more than one year.

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2018
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	P A Alexander	-	-	-
		_______	_______	_______

2017
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	P A Alexander	( 1,044)	1,044	-
		_______	_______	_______

10. Controlling party

No one individual has control of the company.