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No description of principal activities is disclosed
2022-06-01
Sage Accounts Production 23.1 - FRS102_2021
xbrli:pure
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NI629375
2022-06-01
2023-05-31
NI629375
2023-05-31
NI629375
2022-05-31
NI629375
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2022-05-31
NI629375
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NI629375
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NI629375
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NI629375
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2023-05-31
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2023-05-31
Company registration number:
NI629375
FLEET DIESEL LTD
Trading as
Fleet Diesel Ltd
Filleted financial statements
31 May 2023
FLEET DIESEL LTD
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
FLEET DIESEL LTD
Directors and other information
|
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Directors |
Mr Gary Nicholl |
|
|
Mr Colin Nicholl |
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Company number |
NI629375 |
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Registered office |
176 Clooney Road |
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Greysteel |
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Co. Derry |
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BT47 3DY |
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Business address |
176 Clooney Road |
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Greysteel |
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Co. Derry |
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BT47 3DY |
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Auditor |
McDaid McCullough Moore |
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28/32 Clarendon Street |
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Derry |
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BT48 7HD |
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Bankers |
First Trust Bank |
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Meadowbank |
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Strand Road |
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Derry |
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BT48 7TN |
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FLEET DIESEL LTD
Directors responsibilities statement
Year ended 31 May 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FLEET DIESEL LTD
Statement of financial position
31 May 2023
|
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2023 |
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2022 |
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Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
- |
|
|
|
- |
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
969,965 |
|
|
|
636,374 |
|
|
Debtors: |
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year |
6 |
1,327,097 |
|
|
|
1,150,387 |
|
|
Cash at bank and in hand |
|
|
5,889,703 |
|
|
|
734,283 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
8,186,765 |
|
|
|
2,521,044 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
8,115,005) |
|
|
|
(
2,494,357) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
71,760 |
|
|
|
26,687 |
|
|
|
|
|
_______ |
|
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|
_______ |
Total assets less current liabilities |
|
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71,760 |
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|
|
26,687 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
71,760 |
|
|
|
26,687 |
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|
|
|
|
_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
8 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
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|
71,660 |
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|
|
26,587 |
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|
|
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|
_______ |
|
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|
_______ |
Shareholders funds |
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71,760 |
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26,687 |
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_______ |
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_______ |
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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 Section 1A of 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 income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
26 February 2024
, and are signed on behalf of the board by:
Mr Gary Nicholl
Director
Company registration number:
NI629375
FLEET DIESEL LTD
Notes to the financial statements
Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Fleet Diesel Ltd, 176 Clooney Road, Greysteel, Co. Derry, BT47 3DY.
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
Fleet Diesel Ltd is a private company limited by shares, incorporated in Northern Ireland. The address of the registered office is 176 Clooney Road, Greysteel, Co. Derry BT47 3DY.The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland' (FRS 102) and the Companies Act 2006.The financial statements have been prepared on a going concern basis under the historical cost convention.The financial statements are presented in sterling which is the functional currency of the company.The significant accounting policies applied in the preparation of these financial statements are set out below.
Going concern
The directors recognise that at the Statement of Financial Position date the Company has both net current liabilities and net liabilities. In making their going concern assessment the directors have considered both cash flow projections prepared for a period of at least 12 months after the date of signing these financial statments and received confirmation from the directors of the Parent Company Nicholls' (Fuel Oils) Limited that they intend to provide certain financial support if required. The directors have made enquiries and have gained assurance that Nicholls' (Fuel Oils) Limited are in a position to provide such support.Having performed this assessment, the directors believe that the Company is well placed to manage its business risks successfully despite having net current and net liabilities at the Statement of Financial Position date and that the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Website Development Costs |
- |
20 % |
straight line |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation 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.
Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula.
Financial instruments
A financial asset or liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4.
Tax on profit
Major components of tax expense
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|
|
2023 |
2022 |
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|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
11,270 |
6,651 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
11,270 |
6,651 |
|
|
|
_______ |
_______ |
|
|
|
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|
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2022: the same as) the
standard rate of corporation tax in the UK
of
25.00
% (2022: 19.00%).
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
56,343 |
35,006 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
14,086 |
6,651 |
|
Change in tax rate during the year |
|
(
2,816) |
- |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
11,270 |
6,651 |
|
|
|
_______ |
_______ |
|
|
|
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|
5.
Intangible assets
|
|
Other intangible assets |
Total |
|
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|
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|
£ |
£ |
|
|
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Cost |
|
|
|
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|
|
At 1 June 2022 and 31 May 2023 |
20,840 |
20,840 |
|
|
|
|
|
|
_______ |
_______ |
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|
|
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Amortisation |
|
|
|
|
|
|
|
At 1 June 2022 and 31 May 2023 |
20,840 |
20,840 |
|
|
|
|
|
|
_______ |
_______ |
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|
Carrying amount |
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At 31 May 2023 |
- |
- |
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|
|
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_______ |
_______ |
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At 31 May 2022 |
- |
- |
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|
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|
_______ |
_______ |
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|
|
|
|
|
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|
|
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6.
Debtors
Debtors falling due within one year are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,175,490 |
983,178 |
|
Other debtors |
|
151,607 |
167,209 |
|
|
|
_______ |
_______ |
|
|
|
1,327,097 |
1,150,387 |
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|
|
_______ |
_______ |
|
|
|
|
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7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
8,092,199 |
2,441,507 |
|
Corporation tax |
|
11,270 |
37,945 |
|
Other creditors |
|
11,536 |
14,905 |
|
|
|
_______ |
_______ |
|
|
|
8,115,005 |
2,494,357 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
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9.
Summary audit opinion
The auditor's report for the year dated
26 February 2024
was unqualified.
The senior statutory auditor was
Michael McCullough
for and on behalf of
McDaid McCullough Moore
10.
Related party transactions
Fleet Diesel Ltd is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited. The company has taken advantage of the exemption available under Financial Reporting Standard 102, Section 33.1A and has not disclosed transactions with other group undertakings. Nicholls' (Fuel Oils) Limited, the parent company, prepares consolidated financial statements which are publicly available and which may be obtained from Companies House, 2nd Floor, The Linenhall, 32 - 38 Linenhall Street, Belfast, BT2 8GB, Northern Ireland.
11.
Controlling party
Fleet Diesel Ltd is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited. Nicholls' (Fuel Oils) Limited is owned by Hugh and Loreen Nicholl. Therefore Hugh and Loreen Nicholl collectively are considered to be the company's ultimate controlling party.
12.
Ultimate Parent Undertaking
Fleet Diesel Ltd is a wholly owned subsidiary of Nicholls' (Fuel Oils) Limited, a company incorporated in Northern Ireland. The largest and smallest group in which the results of the company are consolidated is that headed by Nicholls' (Fuel Oils) Limited. The consolidated financial statements are publicly available and may be obtained from Companies House, 2nd Floor, The Linenhall, 32-38 Linenhall Street, Belfast, BT2 8GB, Northern Ireland.