Federation of Petroleum Suppliers Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03439922 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

THE FEDERATION OF PETROLEUM SUPPLIERS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N Hayes

D Hodge

M C Nolan

Mrs J A Allan

Mrs J Kettlewell

REGISTERED OFFICE:

Vienna House

International Square

Birmingham International Park

Solihull

B37 7GN

REGISTERED NUMBER:

03439922 (England and Wales)

SENIOR STATUTORY AUDITOR:

A J Hague B Eng FCA

AUDITORS:

Howard Worth

Chartered Accountants

and Registered Auditors

Drake House

Gadbrook Park

Northwich

Cheshire

CW9 7RA

BANKERS:

Royal Bank of Scotland Plc

2 Canute Square

Knutsford

Cheshire

WA16 6BJ

FIXED ASSETS

Tangible assets

4

7,697

9,957

Investment property

5

280,000

280,000

287,697

289,957

CURRENT ASSETS

Debtors

6

143,604

253,517

Cash at bank and in hand

187,029

172,998

330,633

426,515

CREDITORS

Amounts falling due within one year

7

119,992

211,622

NET CURRENT ASSETS

210,641

214,893

TOTAL ASSETS LESS CURRENT LIABILITIES

498,338

504,850

CREDITORS

Amounts falling due after more than one year

8

6,938

9,983

NET ASSETS

491,400

494,867

RESERVES

Retained earnings

491,400

494,867

491,400

494,867

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 May 2019 and were signed on its behalf by:

D Hodge - Director

1.	STATUTORY INFORMATION

The Federation of Petroleum Suppliers Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on

the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, plus subscription income from

members relating to the year under review, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial instruments

FINANCIAL ASSETS

Trade and other debtors

Trade and other debtors (including accrued income) which are receivable within one year and which do

not constitute a financing transaction are initially measured at the transaction price and subsequently

measured at amortised cost, being the transaction price less any amounts settled and any impairment

losses.

A provision for impairment of trade debtors is established where there is objective evidence that the

amounts due will not be collected according to the original terms of the contract. Impairment losses

are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present

value of the future cash flows discounted using the original effective interest rate. Subsequent

reversals of an impairment loss that objectively relate to an event occurring after the impairment loss

was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade and other creditors

Trade and other creditors (including accruals) payable within one year that do not constitute a financing

transaction are initially measured at the transaction price and subsequently measured at amortised

cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or

substantially all the risks and rewards of ownership are transferred to another party, or if some

significant risks and rewards of ownership are retained but control of the asset has transferred to

another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability

(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled

or expires.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2017

23,104

31,487

54,591

Additions

-

7,248

7,248

At 30 September 2018

23,104

38,735

61,839

DEPRECIATION

At 1 October 2017

14,487

30,147

44,634

Charge for year

5,776

3,732

9,508

At 30 September 2018

20,263

33,879

54,142

NET BOOK VALUE

At 30 September 2018

2,841

4,856

7,697

At 30 September 2017

8,617

1,340

9,957

Fixed assets, included in the above, which are held under finance leases are as follows:

Motor

vehicles

£

COST

At 1 October 2017

and 30 September 2018

23,104

DEPRECIATION

At 1 October 2017

14,487

Charge for year

5,776

At 30 September 2018

20,263

NET BOOK VALUE

At 30 September 2018

2,841

At 30 September 2017

8,617

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2017

and 30 September 2018

280,000

NET BOOK VALUE

At 30 September 2018

280,000

At 30 September 2017

280,000

Fair value at 30 September 2018 is represented by:

£

Valuation in 2017

(97,048

)

Cost

377,048

280,000

If the investment property had not been revalued it would have been included at the following historical

cost:

30/9/18

30/9/17

£

£

Cost

377,048

377,048

The investment property was valued on an open market basis on 24 August 2017 by Meller Braggins. .

The directors have reviewed the value of the investment property and are of the opinion that the

valuation at 30 September 2018 has not altered from the valuation produced by Mellor Braggins in

August 2017.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/18

30/9/17

£

£

Trade debtors

68,372

167,212

Other debtors

17,119

9,904

VAT

-

1,015

Prepayments and accrued income

58,113

75,386

143,604

253,517

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/18

30/9/17

£

£

Finance leases

3,045

3,045

Trade creditors

23,565

34,513

Taxation

3,609

5,368

Social security and other taxes

2,534

1,128

VAT

15,539

-

Other creditors

2,010

9,645

Deferred income

51,448

151,984

Accrued expenses

18,242

5,939

119,992

211,622

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/18

30/9/17

£

£

Finance leases

6,938

9,983

9.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/18

30/9/17

£

£

Finance leases

9,983

13,028

The finance lease creditors are secured on the assets to which the finance relates.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

A J Hague B Eng FCA (Senior Statutory Auditor)

for and on behalf of Howard Worth

11.	COMPANY STATUS

The company has no share capital and is limited by guarantee.