REGISTERED NUMBER: 11064535 (England and Wales) |
COUNTY OIL HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
REGISTERED NUMBER: 11064535 (England and Wales) |
COUNTY OIL HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Statement of Financial Position | 12 |
Company Statement of Financial Position | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Statement of Cash Flows | 17 |
Notes to the Consolidated Financial Statements | 18 |
COUNTY OIL HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
Lancashire |
BL9 0DN |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2023 |
The directors present their strategic report of the company and the group for the year ended 30 April 2023. |
The primary activity of the group is the wholesale distribution of commercial and domestic fuel, oils and lubricants. |
REVIEW OF BUSINESS |
The directors are satisfied with the results for the year, the group has traded very profitably and has significantly exceeded targets set by the board at the beginning of the year. |
We have long term supply contracts in place, aiding stability and forecasting and we continue to prioritise our long term loyal customer base with commercial customers at the core of our business activities. |
The impact of shortages in oil and price volatility which followed with the ongoing conflict in Ukraine and the desire to cease the importation of Russian oil by all major suppliers, led to a higher value placed on service and availability of fuel. With the core values of the group based on quality service, the group prioritised its existing customer base whilst taking advantage of short term opportunities. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Liquidity Risk |
The group continues to build a significant cash balance which is invested safely and profitably. There is no intention to change this policy. |
Credit Risk |
The group operates a strict credit control policy, with credit limits set and monitored regularly by management, taking into consideration a combination of, payment history, 3rd party credit references and commercial credit insurance availability. The majority higher value accounts are debt insured. |
Competition |
Fuel oil and lubricant distribution remains a highly competitive market. There are enough competitors in the market for it to be self-regulating. We are able to operate competitively utilising our experienced sales team, wet depot storage, terminal collect facilities and our owned fleet of evolving vehicles. |
Major Disruption |
The group's disaster recovery plan utilises the two owned wet depots available and the network of fuel terminals available in the northwest of England and beyond. This policy is reviewed regularly. |
Environmental and Regulatory Risk |
The group is exposed to environmental risks due to the nature of the products that it stores, transports and delivers. The group operates in a highly regulated industry which ensures that it complies with all relevant laws and standards and has procedures and policies in place to manage this. The group operates a Quality and Environmental framework to ISO level which is annually audited and certified, this is also subject to monthly internal audits. Insurance policies are also in place to mitigate the risk of any unforeseen events. |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2023 |
KEY PERFORMANCE INDICATORS |
The group has made good progress throughout the year in relation to key elements of its strategy. The board monitors the progress of County Oil Group using the following Key Performance Indicators: |
- | Number of orders taken |
- | Quantity of product delivered by location |
- | Debtor days and debtors aging profile |
- | Creditor days and creditor aging profile |
- | Gross and net profit margin per product line |
- | Overall balance sheet strength |
Performance is measured against prior month, quarter and year for each of these measures and has been good for the current year. Management continues to monitor these KPI's on a monthly basis and any significant variance is acted upon promptly. |
CARBON AND ENERGY |
The group utilises a combination of ISO Management systems and the Ecovardis management system to monitor and amend its carbon and energy usage. In an effort to mitigate the group's carbon emissions and use resources more responsibly, County Oil Group has implemented or committed to the following initiatives: |
- | All offices and depots supplied by carbon neutral electricity supplier |
- | Investment in a clean, modern delivery fleet for maximum efficiency |
- | Supplying an increasing number of customers with HVO (Hydrogenated Vegetable Oil) where market conditions allow |
- | Recycling of waste oil, metal, computer and electrical equipment |
- | Installation of LED lighting throughout offices and depots |
- | On truck computers to minimise miles travelled and paper used |
- | Reduce the amount of paper used during the day to day running of the business |
- | Electronic storage of relevant statutory HMRC requirements |
- | Recycle bulk product containers |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2023 |
DEVELOPMENTS AND FUTURE OUTLOOK |
The group has continued its aim of strengthening both its infrastructure and staff resource throughout the year and will continue to do so into the future. Further appointments will be made in a range of specific rolls. This is a process that will continue with the organic growth of the group in future years. |
The board accepts that the sector with innovative alternative products in which it trades, is considered a polluting but necessary one. Efforts have been made to help reduce this impact. County Oil Group has continued investment into the supply and use of renewable and sustainable fuels to meet legislated change, more specifically Hydrotreated Vegetable oil (HVO). The board appreciates the considerable environmental benefits with a significant reduction of Greenhouse gas emissions and reduced NOx, PM and CO emissions. |
High level customer service remains key to our core beliefs and our success in this competitive market place. We supply quality products in a timely manner that meets or surpasses our customer's expectation. This is re-enforced by our knowledgeable sales, support and delivery teams. |
The directors positively engage with all staff involved in the group. We have developed a culture of safety that invests in our staff and provides information on matters that concerns them. Employee involvement in the group is encouraged, as an awareness of the financial and economic factors affecting the group play a significant part in its performance. |
We actively engage with suppliers of all our products, ensuring that strong relationships are maintained. Through our management systems we ensure that high standards are maintained. Compliance is ensured with Modern slavery policy, anti-bribery policy, diversity and inclusion via our supply chain. |
ON BEHALF OF THE BOARD: |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023. |
PRINCIPAL ACTIVITY |
The primary activity of the group is the wholesale distribution of commercial and domestic fuel, oils and lubricants. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2023 will be £2,941,132. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2023 |
AUDITORS |
DTE Business Advisers Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUNTY OIL HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of County Oil Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUNTY OIL HOLDINGS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
The comparative figures within the financial statements of the group and company as at 30 April 2022 were unaudited. |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our planning process: |
- | We enquired of management the systems and controls the group has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud. |
- | We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 2015, Employment Act 2008, Control of Substances Hazardous to Health 2002 and General Data Protection Regulations (GDPR). |
- | We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. |
- | Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
COUNTY OIL HOLDINGS LIMITED |
The key procedures we undertook to detect irregularities including fraud during the course of the audit included: |
- | Identifying and testing journal entries, in particular those that were significant and unusual. |
- | Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. |
- | Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, such as the provisions for inventories and bad debts. |
- | Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation. |
- | Testing key revenue lines, in particular cut-off and walk-through, for evidence of management bias. |
- | Reviewing and testing control procedures. |
- | Performing a physical verification of key assets. |
- | Obtaining third-party confirmation of material bank and loan balances. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
Lancashire |
BL9 0DN |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
REVENUE | 3 | 53,365,804 | 34,601,964 |
Cost of sales | (46,269,956 | ) | (28,964,294 | ) |
GROSS PROFIT | 7,095,848 | 5,637,670 |
Distribution costs | (298,121 | ) | (357,819 | ) |
Administrative expenses | (1,481,547 | ) | (1,194,735 | ) |
5,316,180 | 4,085,116 |
Other operating income | 19,433 | - |
OPERATING PROFIT | 5 | 5,335,613 | 4,085,116 |
Interest receivable and similar income | 12,541 | 4,668 |
5,348,154 | 4,089,784 |
Interest payable and similar expenses | 6 | (1,548 | ) | (8,486 | ) |
PROFIT BEFORE TAXATION | 5,346,606 | 4,081,298 |
Tax on profit | 7 | (1,020,515 | ) | (808,965 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 4,326,091 | 3,272,333 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR | 4,326,091 | 3,272,333 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
4,326,091 |
3,272,333 |
Total comprehensive income attributable to: |
Owners of the parent | 4,326,091 | 3,272,333 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 APRIL 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 10 | 1,306,247 | 1,176,803 |
Investments | 11 | - | - |
1,306,247 | 1,176,803 |
CURRENT ASSETS |
Inventories | 12 | 341,122 | 481,781 |
Debtors | 13 | 2,409,794 | 3,652,034 |
Cash at bank and in hand | 7,559,837 | 7,852,065 |
10,310,753 | 11,985,880 |
CREDITORS |
Amounts falling due within one year | 14 | (4,923,800 | ) | (7,853,293 | ) |
NET CURRENT ASSETS | 5,386,953 | 4,132,587 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,693,200 |
5,309,390 |
CREDITORS |
Amounts falling due after more than one year |
15 |
- |
(13,438 |
) |
PROVISIONS FOR LIABILITIES | 18 | (136,429 | ) | (124,140 | ) |
NET ASSETS | 6,556,771 | 5,171,812 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 38 | 38 |
Share premium | 20 | 7,492 | 7,492 |
Revaluation reserve | 20 | - | 89,758 |
Consolidation reserve | 20 | 2,318,345 | 2,318,345 |
Retained earnings | 20 | 4,230,896 | 2,756,179 |
SHAREHOLDERS' FUNDS | 6,556,771 | 5,171,812 |
The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by: |
N Musgrave - Director |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 APRIL 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,034,353 | 1,275,626 |
The financial statements were approved by the Board of Directors and authorised for issue on |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 May 2021 | 38 | 790,946 | 7,492 |
Changes in equity |
Dividends | - | (1,307,100 | ) | - |
Total comprehensive income | - | 3,272,333 | - |
Balance at 30 April 2022 | 38 | 2,756,179 | 7,492 |
Changes in equity |
Dividends | - | (2,941,132 | ) | - |
Total comprehensive income | - | 4,326,091 | - |
Reserves transfer | - | 89,758 | - |
Balance at 30 April 2023 | 38 | 4,230,896 | 7,492 |
Revaluation | Consolidation | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 May 2021 | 89,758 | 2,318,345 | 3,206,579 |
Changes in equity |
Dividends | - | - | (1,307,100 | ) |
Total comprehensive income | - | - | 3,272,333 |
Balance at 30 April 2022 | 89,758 | 2,318,345 | 5,171,812 |
Changes in equity |
Dividends | - | - | (2,941,132 | ) |
Total comprehensive income | - | - | 4,326,091 |
Reserves transfer | (89,758 | ) | - | - |
Balance at 30 April 2023 | - | 2,318,345 | 6,556,771 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 APRIL 2023 |
2023 | 2022 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,992,070 | 8,320,963 |
Interest paid | - | (4,696 | ) |
Interest element of hire purchase payments paid |
(1,548 |
) |
(3,790 |
) |
Tax paid | (1,527,618 | ) | (896,519 | ) |
Net cash from operating activities | 1,462,904 | 7,415,958 |
Cash flows from investing activities |
Purchase of property, plant & equipment | (321,252 | ) | (62,711 | ) |
Sale of property, plant & equipment | - | 17,500 |
Interest received | 12,541 | 4,668 |
Net cash from investing activities | (308,711 | ) | (40,543 | ) |
Cash flows from financing activities |
Capital repayments in year | (53,451 | ) | (60,596 | ) |
Amount introduced by directors | (100,419 | ) | - |
Amounts paid to directors | (377,422 | ) | - |
Amounts advanced from associate company | 1,599,000 | - |
Equity dividends paid | (2,514,129 | ) | (1,307,100 | ) |
Net cash from financing activities | (1,446,421 | ) | (1,367,696 | ) |
(Decrease)/increase in cash and cash equivalents | (292,228 | ) | 6,007,719 |
Cash and cash equivalents at beginning of year |
2 |
7,852,065 |
1,844,346 |
Cash and cash equivalents at end of year | 2 | 7,559,837 | 7,852,065 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Profit before taxation | 5,346,606 | 4,081,298 |
Depreciation charges | 132,059 | 155,680 |
Loss/(profit) on disposal of fixed assets | 59,749 | (4,040 | ) |
Finance costs | 1,548 | 8,486 |
Finance income | (12,541 | ) | (4,668 | ) |
5,527,421 | 4,236,756 |
Decrease/(increase) in inventories | 140,659 | (304,450 | ) |
Decrease/(increase) in trade and other debtors | 1,321,468 | (1,861,921 | ) |
(Decrease)/increase in trade and other creditors | (3,997,478 | ) | 6,250,578 |
Cash generated from operations | 2,992,070 | 8,320,963 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 7,559,837 | 7,852,065 |
Year ended 30 April 2022 |
30.4.22 | 1.5.21 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 7,852,065 | 1,844,346 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.22 | Cash flow | At 30.4.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 7,852,065 | (292,228 | ) | 7,559,837 |
7,852,065 | (292,228 | ) | 7,559,837 |
Debt |
Finance leases | (66,891 | ) | 53,451 | (13,440 | ) |
(66,891 | ) | 53,451 | (13,440 | ) |
Total | 7,785,174 | (238,777 | ) | 7,546,397 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
County Oil Holdings Limited is a private company, limited by shares, registered in England and Wales, registered number 11064535. The registered office is Beca House, Ashville Way, Sutton Weaver, Runcorn, Cheshire, WA7 3EZ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Since the year end the group has continued to trade profitably and maintains a strong financial position. |
Having considered all the relevant business risks the directors remain satisfied that the group is a going concern and that the financial statements are correctly prepared on this basis. |
Basis of consolidation |
The group financial statements consolidate those of County Oil Holdings Limited and its subsidiary undertakings made up to 30 April 2023. |
Subsidiary undertakings acquired are accounted for under the acquisition method and their results included from the acquisition date. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
Estimating the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge. |
In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the group as lessee. |
Making judgement based on historical experience on the level of provision required for bad debts. Further information received after the statement of financial position date may impact on the level of provision required. |
Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required. |
Revenue |
Revenue represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts. Revenue from the sale of goods is recognised when the customer collects the goods or company has delivered goods to the customer and collectability of the related receivables is fairly stated. |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Net realisable value is estimated selling price less costs to complete and sell. |
Cost includes any expenditure incurred in bringing the inventory to its present location and condition. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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. |
Fixed asset investments |
Fixed asset investments are recognised at cost less any permanent diminution in value. |
Income from fixed asset investments is received in the form of dividends and is credited to the income statement when received. |
Dividends |
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company. |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the group. |
All revenue has been generated within the UK and Ireland. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Wages and salaries | 777,400 | 686,931 |
Social security costs | 64,972 | 47,732 |
Other pension costs | 11,108 | 17,972 |
853,480 | 752,635 |
The average number of employees during the year was as follows: |
2023 | 2022 |
(Unaudited) |
Directors | 2 | 2 |
Drivers | 5 | 5 |
Admin | 12 | 11 |
The average number of employees by undertakings that were proportionately consolidated during the year was 19 (2022 - 18 ) . |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
(Unaudited) |
£ | £ |
Directors' remuneration | 18,200 | 22,013 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
(Unaudited) |
£ | £ |
Depreciation - owned assets | 132,059 | 155,680 |
Loss/(profit) on disposal of fixed assets | 59,750 | (4,040 | ) |
Auditors' remuneration | 25,000 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
(Unaudited) |
£ | £ |
Interest on overdue tax | - | 4,696 |
Hire purchase | 1,548 | 3,790 |
1,548 | 8,486 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax | 1,008,226 | 798,223 |
Deferred tax | 12,289 | 10,742 |
Tax on profit | 1,020,515 | 808,965 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
(Unaudited) |
£ | £ |
Profit before tax | 5,346,606 | 4,081,298 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
1,015,855 |
775,447 |
Effects of: |
Expenses not deductible for tax purposes | 8,437 | 4,721 |
Capital allowances in excess of depreciation | (3,644 | ) | - |
Depreciation in excess of capital allowances | - | 29,808 |
Utilisation of tax losses | - | (3 | ) |
NTLR credits | - | (887 | ) |
Group relief | - | (102 | ) |
Qualifying charitable donations | - | (19 | ) |
Effects of change in tax rate | 25,507 | - |
R&D enhanced deductions | (25,640 | ) | - |
Total tax charge | 1,020,515 | 808,965 |
Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2021 (on 24 May 2021). These included an increase in the main rate to 25% from 1 April 2023. Deferred taxes at the statement of financial position date have been measured using the enacted tax rates where appropriate and reflected in these financial statements. |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
(Unaudited) |
£ | £ |
Ordinary shares of £0.01 each |
Interim | 2,941,132 | 1,307,100 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2022 | 402,476 | 325,796 | 707,287 | 965,039 | 2,400,598 |
Additions | 56,090 | - | 4,629 | 260,533 | 321,252 |
Disposals | - | - | (108,007 | ) | (119,150 | ) | (227,157 | ) |
At 30 April 2023 | 458,566 | 325,796 | 603,909 | 1,106,422 | 2,494,693 |
DEPRECIATION |
At 1 May 2022 | 30,476 | 26,061 | 550,900 | 616,358 | 1,223,795 |
Charge for year | 8,891 | 6,516 | 13,964 | 102,688 | 132,059 |
Eliminated on disposal | - | - | (52,233 | ) | (115,175 | ) | (167,408 | ) |
At 30 April 2023 | 39,367 | 32,577 | 512,631 | 603,871 | 1,188,446 |
NET BOOK VALUE |
At 30 April 2023 | 419,199 | 293,219 | 91,278 | 502,551 | 1,306,247 |
At 30 April 2022 | 372,000 | 299,735 | 156,387 | 348,681 | 1,176,803 |
The net book value of plant and machinery held under hire purchase is £54,043 (2022: £115,012). |
Company |
Freehold | Long |
property | leasehold | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Beca House, Ashville Way, Sutton Weaver, Runcorn, WA7 3EZ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Beca House, Ashville Way, Sutton Weaver, Runcorn, WA7 3EZ |
Nature of business: |
% |
Class of shares: | holding |
12. | INVENTORIES |
Group |
2023 | 2022 |
(Unaudited |
£ | £ |
Inventories | 341,122 | 481,781 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
(Unaudited) |
£ | £ | £ | £ |
Trade debtors | 2,235,906 | 3,516,672 |
Amounts owed by group undertakings | - | - |
Other debtors | - | 82,915 |
VAT | 47,313 | - |
Prepayments | 126,575 | 52,447 |
2,409,794 | 3,652,034 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
(Unaudited) |
£ | £ | £ | £ |
Hire purchase contracts (see note 16) | 13,440 | 53,453 |
Trade creditors | 2,651,073 | 6,402,135 |
Amounts owed to group undertakings | - | - |
Amounts owed to associates | 1,599,000 | - | 1,599,000 | - |
Corporation tax | 63,515 | 582,907 |
Social security and other taxes | 16,675 | 20,669 |
Other creditors | 341,892 | 369,485 |
Directors' current accounts | 150,000 | 100,419 | 150,000 | 100,419 |
Accruals and deferred income | 88,205 | 324,225 |
4,923,800 | 7,853,293 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
(Unaudited |
£ | £ |
Hire purchase contracts (see note 16) | - | 13,438 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year | 13,440 | 53,453 |
Between one and five years | - | 13,438 |
13,440 | 66,891 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
(Unaudited |
£ | £ |
Hire purchase contracts | 13,440 | 66,891 |
Hire purchase contracts are secured on the assets concerned. |
18. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
(Unaudited |
£ | £ |
Deferred tax |
Accelerated capital allowances | 136,429 | 124,140 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2022 | 124,140 |
Provided during year | 12,289 |
Balance at 30 April 2023 | 136,429 |
COUNTY OIL HOLDINGS LIMITED (REGISTERED NUMBER: 11064535) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
19. | CALLED UP SHARE CAPITAL |
Number: | Class: | Nominal value: | 2023 | 2022 |
£ | £ |
1,948 | Ordinary | £0.01 | 19.48 | 19.48 |
300 | Ordinary A | £0.01 | 30.00 | 30.00 |
752 | Ordinary B | £0.01 | 7.52 | 7.52 |
750 | Ordinary C | £0.01 | 7.50 | 7.50 |
37.50 | 37.50 |
Each share is entitled to one vote in any circumstance, and all share classes rank equally. |
20. | RESERVES |
Share premium | Premiums paid on issue of share capital. |
Revaluation reserve | Non-distributable reserve containing unrealised profits on revaluations of property, plant and equipment. |
Consolidation reserve | Non-distributable reserve arising on revaluation of assets to fair value on acquisition and consolidation of subsidiary undertakings. |
Retained earnings | All other distributable, accumulated profits or losses. |
21. | RELATED PARTY DISCLOSURES |
As at 30 April 2023, an amount of £150,000 (2022: £100,419) was owed by the group to directors. This amount is unsecured, interest free and repayable on demand. |
As at 30 April 2023, an amount of £1,599,000 (2022: £nil) was owed by the group to an associate company which holds a participating interest in County Oil Holdings Limited. This amount is unsecured, interest free and repayable on demand. |
22. | ULTIMATE CONTROLLING PARTY |
The directors consider that by virtue of their shareholding in the group, the ultimate controlling parties are Neil and Margaret Musgrave. |