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Registration number: 09914485

Fuel Service Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

The Moffatts Partnership LLP
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN

 

Fuel Service Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Fuel Service Ltd

Company Information

Directors

Mrs Sophie El-Assaad

Mr Niall Mark El-Assaad

Registered office

Abbeydale
Orrell Road
Orrell
Wigan
WN5 8QZ

Accountants

The Moffatts Partnership LLP
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN

 

Fuel Service Ltd

(Registration number: 09914485)
Balance Sheet as at 31 December 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

5,303

2,026

Current assets

 

Debtors

4

18,649

14

Cash at bank and in hand

 

8,196

494

 

26,845

508

Creditors: Amounts falling due within one year

5

(75,616)

(30,705)

Net current liabilities

 

(48,771)

(30,197)

Total assets less current liabilities

 

(43,468)

(28,171)

Provisions for liabilities

(1,007)

(405)

Net liabilities

 

(44,475)

(28,576)

Capital and reserves

 

Called up share capital

6

100

100

Profit and loss account

(44,575)

(28,676)

Total equity

 

(44,475)

(28,576)

For the financial 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 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.

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 14 September 2018 and signed on its behalf by:
 

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

Mr Niall Mark El-Assaad
Director

 

Fuel Service Ltd

Notes to the Financial Statements for the Year Ended 31 December 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:
Abbeydale
Orrell Road
Orrell
Wigan
WN5 8QZ
England

These financial statements were authorised for issue by the Board on 14 September 2018.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Fuel Service Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

33% Reducing Balance Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Fuel Service Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2017

3,023

3,023

Additions

5,892

5,892

At 31 December 2017

8,915

8,915

Depreciation

At 1 January 2017

997

997

Charge for the year

2,615

2,615

At 31 December 2017

3,612

3,612

Carrying amount

At 31 December 2017

5,303

5,303

At 31 December 2016

2,026

2,026

 

Fuel Service Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

4

Debtors

2017
£

2016
£

Trade debtors

6,526

-

Other debtors

12,123

14

18,649

14

5

Creditors

Creditors: amounts falling due within one year

2017
£

2016
£

Due within one year

Taxation and social security

425

-

Accruals and deferred income

7,433

-

Other creditors

67,758

30,705

75,616

30,705

6

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary Shares of £ 1 each

100

100

100

100

         

7

Transition to FRS 102

These financial statements for the year ended 31st December 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1st January 2015.

There has been no impact from the transition to FRS 102.