Company registration number 04017836 (England and Wales)
CALMORE SERVICE STATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
CALMORE SERVICE STATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CALMORE SERVICE STATION LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
43,741
24,584
Current assets
Stocks
207,065
197,075
Debtors
6
56,800
10,943
Cash at bank and in hand
64,473
99,160
328,338
307,178
Creditors: amounts falling due within one year
7
(49,518)
(28,189)
Net current assets
278,820
278,989
Total assets less current liabilities
322,561
303,573
Creditors: amounts falling due after more than one year
8
(41,421)
(41,047)
Provisions for liabilities
(7,404)
(3,578)
Net assets
273,736
258,948
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
273,636
258,848
Total equity
273,736
258,948
CALMORE SERVICE STATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 October 2023
Mr R Dalton
Director
Company Registration No. 04017836
CALMORE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Calmore Service Station Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128-132 Calmore Road, Totton, Southampton, Hampshire, England, SO40 8GQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover represents income receivable for the sale of motor vehicles which is recognised when the significant risks and rewards of ownership of the vehicle have transferred to the buyer.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the aquisition of a business in 2006, is being amortised evenly over its estimated useful life of fifteen years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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.
Land and buildings Leasehold
10% Straight Line
Plant & machinery
15% Reducing Balance
Fixtures, fittings & equipment
15% Reducing Balance
Computer equipment
15% Reducing Balance
Motor vehicles
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CALMORE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CALMORE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.11
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
CALMORE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
11
4
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
211,672
Amortisation and impairment
At 1 February 2022 and 31 January 2023
211,672
Carrying amount
At 31 January 2023
At 31 January 2022
CALMORE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
5
Tangible fixed assets
Land and buildings Leasehold
Plant & machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2022
9,841
47,250
17,588
7,073
3,000
84,752
Additions
23,912
1,629
25,541
At 31 January 2023
9,841
71,162
17,588
8,702
3,000
110,293
Depreciation and impairment
At 1 February 2022
4,086
36,661
13,516
5,717
188
60,168
Depreciation charged in the year
984
3,741
611
345
703
6,384
At 31 January 2023
5,070
40,402
14,127
6,062
891
66,552
Carrying amount
At 31 January 2023
4,771
30,760
3,461
2,640
2,109
43,741
At 31 January 2022
5,755
10,589
4,072
1,356
2,812
24,584
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,204
2,628
Other debtors
53,596
Prepayments and accrued income
8,315
56,800
10,943
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,243
5,114
Obligations under finance leases
1,126
Trade creditors
21,769
29,730
Corporation tax
10,387
Other taxation and social security
17,969
19,720
Other creditors
511
(40,037)
Accruals and deferred income
2,900
3,275
49,518
28,189
CALMORE SERVICE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,803
41,047
Other creditors
5,618
41,421
41,047
9
Directors' transactions
Dividends totalling £2,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to/(from) its directors as follows:
CALMORE SERVICE STATION LIMITED
SCHEDULES TO THE PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
- 9 -
2023
2022
£
£
Administrative expenses
Wages and salaries
42,400
40,100
Social security costs
4,812
4,315
Staff welfare
1,172
1,685
Staff training
220
2,188
Staff pension costs defined contribution
1,081
1,016
Directors' remuneration
13,091
12,844
Directors' social security costs
562
553
Directors' pension costs - defined contribution scheme
202
198
Rent re licences and other
32,000
32,000
Rates
10,508
6,026
Cleaning
1,068
945
Power, light and heat
5,485
4,787
Property repairs and maintenance
5,034
8,363
Premises insurance
11,653
12,349
Computer running costs
5,502
3,576
Hire of equipment (not operating lease)
2,155
2,098
Motor running expenses
373
2,501
Travelling expenses
3,718
3,136
Postage, courier and delivery charges
954
-
Professional subscriptions
635
627
Legal and professional fees
-
200
Accountancy
6,064
6,182
Charitable donations
-
149
Bank charges
527
493
Credit card charges
6,171
3,763
Printing and stationery
5,084
4,932
Advertising
26,614
25,330
Telecommunications
3,399
2,795
Entertaining
4,648
4,347
Sundry expenses
374
176
Depreciation
6,384
3,546
201,890
191,220
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