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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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CONSOLS OILS LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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CONSOLS OILS LIMITED |
CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 12 |
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CONSOLS OILS LIMITED |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
Unit A |
Woodlands Court |
Truro Business Park |
Truro |
Cornwall |
TR4 9NH |
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BANKERS: |
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81 Fore Street |
Redruth |
Cornwall |
TR15 2BW |
CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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ACCRUALS AND DEFERRED INCOME | 12 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDER FUNDS |
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CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Balance Sheet - continued |
31 March 2019 |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director on
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CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Consols Oils Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest pound sterling. |
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The directors, after making enquiries and having considered the company's business, its financial plans |
and the facilities available to finance the business, have a reasonable expectation that the company will |
continue in operational existence for the forseeable future. Accordingly, the going concern basis is |
adopted in preparing the financial statements. |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable, excluding value added |
tax. Revenue is reduced for estimated customer returns, rebates and similar allowances. Revenue from |
the sale of goods is recognised at the point of delivery to its customers. |
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Goodwill |
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CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible assets are initially measured at cost. Such costs includes costs directly attributable to making the |
asset capable of operating as intended. Subsequent to initial recognition, tangible assets such as plant |
and machinery and motor vehicles are stated at cost less accumulated depreciation and accumulated |
impairment. |
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Tangible assets are depreciated as follows: |
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Plant and machinery - at variable rates on reducing balance |
Motor vehicles - 20% on cost and at variable rates on straight line |
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Impairment of fixed assets |
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At each reporting end date, the company reviews the carrying amounts of its intangible and tangible |
assets to determine whether there is any indication that those assets have suffered an impairment loss. If |
any such indication exists, the recoverable amount of the asset is estimated in order to determine the |
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an |
individual asset, the company estimates the recoverable amount of the cash-generating unit to which the |
asset belongs. |
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The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in |
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate |
that reflects current market assessments of the time value of money and the risks specific to the asset for |
which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. |
An impairment loss is recognised immediately in profit or loss. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or |
cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had no |
impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an |
impairment loss is recognised immediately in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete |
and slow moving items. |
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Costs, which comprise direct production costs, are based on the method most appropriate to the type of |
inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as |
incurred. Net realisable value is based on the estimated selling price less any estimated completion or |
selling costs. |
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in |
which the related revenue is recognised. The amount of any write-down of stock to net realisable value |
and all losses of stock are recognised as an expense in the period in which the write-down or loss occurs. |
The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of |
stocks recognised as an expense in the period in which the reversal occurs. |
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CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax |
assets are recognised when tax paid exceeds the tax payable. |
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Current and deferred tax is charged or credited to the profit or loss, except when it relates to items |
charged or credited to other comprehensive income or equity, when the tax follows the transaction or |
event it relates to and is also charged or credited to other comprehensive income, or equity. |
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Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if |
and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle |
on the net basis or to realise the asset and settle the liability simultaneously. |
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Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income |
because it excludes items of income or expense that are taxable or deductible in other periods. Current |
tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by |
the reporting period. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date where transactions or events have occurred at that date that will result in an obligation |
to pay more, or a right to pay less or to receive more, tax. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than |
not that there will be suitable taxable profits from which the future reversal of the underlying timing |
differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted |
at the balance sheet date. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and |
depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements |
are included in creditors net of the finance charge allocated to future periods. The finance element of the |
rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge |
on the net obligations outstanding in each period. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section |
12 "Other Financial Instruments" of FRS102 to all of its financial instruments. |
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Financial assets and liabilities are recognised in the company's statement of financial position when the |
company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are classified into specified categories. The classification depends on the |
nature and purpose of the financial asset or liability and is determined at the time of recognition. |
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Basic financial assets, which include trade and other receivables, including staff loans and cash and bank |
balances, are initially measured at transaction price including transaction costs and are subsequently |
carried at amortised cost using the effective interest method, 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. |
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Basic financial liabilities, which include trade and other payables are initially measured at transaction price, |
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the |
present value of the future payments discounted at a market rate of interest. |
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Financial liabilities are derecognised when, and only when, the company's obligations are discharged, |
cancelled, or they expire. |
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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those |
costs are required to be recognised as part of the cost of stock or fixed assets. |
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The cost of any unused holiday entitlement is recognised in the period in which the employee's services |
are received. |
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Termination benefits are recognised immediately as an expense when the company is demonstrably |
committed to terminate the employment of any employee or to provide termination benefits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Included within the above are assets held under finance leases or hire purchase contracts as follows: |
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2019 | 2018 |
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Net Book
Value |
Depreciation
Charge |
Net Book
Value |
Depreciation
Charge |
£ | £ | £ | £ |
Motor vehicles | 416,810 | 47,260 | 463,650 | 58,935 |
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CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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6. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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The amount of stock recognised as an expense in the profit and loss account for the year ended 31 March |
2019 is £13,339,303 (2018: £11,323,981) |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Purchase ledger debit balances | 1,456 | 2,270 |
Bad & doubtful debt provision | (2,689 | ) | (9,028 | ) |
Other debtors |
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Director's loan account - |
K P Bennetts | 365,256 | 8,957 |
Director's loan account - |
T K Bennetts | 8,778 | - |
VAT |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Sales ledger credit balances | 63,654 | 102,589 |
Corporation tax payable |
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PAYE |
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Other creditors | 9,110 | 15,264 |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 238,003 | 203,687 |
Trade creditors | - | 1,438,744 |
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The hire purchase contracts are secured over the assets to which they relate. |
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DEBENTURE |
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K P Bennetts, a director, has provided a personal guarantee on the debenture secured on his personal |
assets. |
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Included within trade creditors as at 31 March 2019 is a balance due to World Fuel Services Europe |
Limited of £Nil (2018: £1,438,744). This balance is secured by way of a fixed and floating charge over the |
assets of the company. |
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11. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 94,151 | 87,412 |
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Deferred |
tax |
£ |
Balance at 1 April 2018 |
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Arising during the year | 6,739 |
Balance at 31 March 2019 |
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12. | ACCRUALS AND DEFERRED INCOME |
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Deferred income is to be released over a 10 year period which is the length of the contract with World Fuel |
Services Europe Ltd. At the year end this balance is £Nil (2018 : £133,333 ) with £45,834 (2018: £50,000) |
being released to the profit and loss account during the year. |
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13. | PENSION COMMITMENTS |
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The company operates a defined contributions pension scheme. The assets of the scheme are held |
separately from those of the company in an independently administered fund. The pension cost charge |
represents contributions payable by the company to the fund and amounted to £17,729 (2018: £15,730). |
The company owed £81 in respect of it's pension scheme at the year end (2018: £Nil). |
CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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14. | COMMITMENTS |
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The company enters into maintenance contracts to maintain certain plant and machinery and vehicles. |
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Future minimum payments under non-cancellable agreements are as follows; |
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2019 | 2018 |
£ | £ |
Within one year | 21,361 | 18,517 |
Between one and five years | 30,177 | 19,601 |
In more than five years | 4,493 | - |
56,031 | 38,118 |
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15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 March 2019 and |
31 March 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The above loans have interest charged on them at a rate of 2.5%. |
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16. | POST BALANCE SHEET EVENTS |
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On 3 April 2019, 100% of the company's share capital was sold to NWF Fuels Limited, a subsidiary of |
NWF Group plc. |
CONSOLS OILS LIMITED (REGISTERED NUMBER: 02794100) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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17. | ULTIMATE CONTROLLING PARTY |
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The director, Mr K P Bennetts, controls the company by virtue of his 80% shareholding in the company's |
issued ordinary share capital. |
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On the 3 April 2019 the company's share capital was sold to NWF Fuels Limited. From that date, NWF |
Fuels Limited became the company's immediate parent company, with NWF Group plc, a company |
incorporated in Great Britain, becoming the company's ultimate parent company and controlling party. |