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Company No: 02031709 (England and Wales)

LESWIDDEN COMMON FUEL DEPOT LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

LESWIDDEN COMMON FUEL DEPOT LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

LESWIDDEN COMMON FUEL DEPOT LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
LESWIDDEN COMMON FUEL DEPOT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTORS Mr A M Semmens
Mr S N Semmens
SECRETARY Mr S N Semmens
REGISTERED OFFICE Leswidden Common
St Just
Penzance
United Kingdom
COMPANY NUMBER 02031709 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
LESWIDDEN COMMON FUEL DEPOT LIMITED

BALANCE SHEET

As at 31 August 2023
LESWIDDEN COMMON FUEL DEPOT LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 4,668
Tangible assets 4 909,189 450,098
Investment property 5 428,598 209,490
1,337,787 664,256
Current assets
Stocks 6 412,124 731,147
Debtors 7 221,089 239,036
Cash at bank and in hand 4,486,880 4,006,462
5,120,093 4,976,645
Creditors: amounts falling due within one year 8 ( 723,841) ( 629,379)
Net current assets 4,396,252 4,347,266
Total assets less current liabilities 5,734,039 5,011,522
Provision for liabilities ( 43,487) ( 37,764)
Net assets 5,690,552 4,973,758
Capital and reserves
Called-up share capital 120 120
Share premium account 23,963 23,963
Profit and loss account 5,666,469 4,949,675
Total shareholders' funds 5,690,552 4,973,758

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Leswidden Common Fuel Depot Limited (registered number: 02031709) were approved and authorised for issue by the Board of Directors on 25 October 2023. They were signed on its behalf by:

Mr S N Semmens
Director
LESWIDDEN COMMON FUEL DEPOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
LESWIDDEN COMMON FUEL DEPOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Leswidden Common Fuel Depot Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leswidden Common, St Just, Penzance, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer and turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 20

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2022 65,680 65,680
At 31 August 2023 65,680 65,680
Accumulated amortisation
At 01 September 2022 61,012 61,012
Charge for the financial year 4,668 4,668
At 31 August 2023 65,680 65,680
Net book value
At 31 August 2023 0 0
At 31 August 2022 4,668 4,668

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2022 356,120 504,481 495,846 5,338 1,361,785
Additions 439,895 0 0 58,372 498,267
At 31 August 2023 796,015 504,481 495,846 63,710 1,860,052
Accumulated depreciation
At 01 September 2022 63,020 448,090 395,239 5,338 911,687
Charge for the financial year 0 14,075 25,101 0 39,176
At 31 August 2023 63,020 462,165 420,340 5,338 950,863
Net book value
At 31 August 2023 732,995 42,316 75,506 58,372 909,189
At 31 August 2022 293,100 56,391 100,607 0 450,098

5. Investment property

Investment property
£
Valuation
As at 01 September 2022 209,490
Additions 219,108
As at 31 August 2023 428,598

Valuation

Investment property is carried at cost which is considered by the directors to be fair value.

6. Stocks

2023 2022
£ £
Stocks 412,124 731,147

7. Debtors

2023 2022
£ £
Trade debtors 110,378 174,617
Other debtors 110,711 64,419
221,089 239,036

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 356,953 189,508
Corporation tax 242,890 164,882
Other taxation and social security 3,666 7,464
Other creditors 120,332 267,525
723,841 629,379

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £18,006 (2022 - £44,112). Of that amount, £12,000 relates to a 6 month lease commitment for storage facilities. The remaining £6,006 relates to a 36 month lease commitment for a vehicle.