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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: N Musgrave
M Musgrave





SECRETARY: M Musgrave





REGISTERED OFFICE: Beca House
Ashville Way
Sutton Weaver
Runcorn
WA7 3EZ





REGISTERED NUMBER: 11064535 (England and Wales)





AUDITORS: DTE Business Advisers Limited
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:





N Musgrave - Director


2 November 2023

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.

N Musgrave
M Musgrave

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:





N Musgrave - Director


2 November 2023

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.




Richard Taylor (Senior Statutory Auditor)
for and on behalf of DTE Business Advisers Limited
Chartered Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

2 November 2023

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 4,326,091 3,272,333
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 10 712,418 671,735
Investments 11 30 30
712,448 671,765

CURRENT ASSETS
Debtors 13 1,135,825 51,000
Cash at bank 736,195 1,036,822
1,872,020 1,087,822
CREDITORS
Amounts falling due within one year 14 (2,482,246 ) (1,750,586 )
NET CURRENT LIABILITIES (610,226 ) (662,764 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

102,222

9,001

CAPITAL AND RESERVES
Called up share capital 19 38 38
Share premium 7,492 7,492
Retained earnings 94,692 1,471
SHAREHOLDERS' FUNDS 102,222 9,001

Company's profit for the financial year 3,034,353 1,275,626

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 38 32,945 7,492 40,475

Changes in equity
Dividends - (1,307,100 ) - (1,307,100 )
Total comprehensive income - 1,275,626 - 1,275,626
Balance at 30 April 2022 38 1,471 7,492 9,001

Changes in equity
Dividends - (2,941,132 ) - (2,941,132 )
Total comprehensive income - 3,034,353 - 3,034,353
Balance at 30 April 2023 38 94,692 7,492 102,222

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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - 2% on cost
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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
19 18

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 402,476 325,796 728,272
Additions 56,090 - 56,090
At 30 April 2023 458,566 325,796 784,362
DEPRECIATION
At 1 May 2022 30,476 26,061 56,537
Charge for year 8,891 6,516 15,407
At 30 April 2023 39,367 32,577 71,944
NET BOOK VALUE
At 30 April 2023 419,199 293,219 712,418
At 30 April 2022 372,000 299,735 671,735

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 30
NET BOOK VALUE
At 30 April 2023 30
At 30 April 2022 30

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

County Oil Group Limited
Registered office: Beca House, Ashville Way, Sutton Weaver, Runcorn, WA7 3EZ
Nature of business: Wholesale of fuel, oil and lubricants
%
Class of shares: holding
Ordinary 100.00

County Fuels Limited
Registered office: Beca House, Ashville Way, Sutton Weaver, Runcorn, WA7 3EZ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


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 - - 1,135,825 -
Other debtors - 82,915 - 51,000
VAT 47,313 - - -
Prepayments 126,575 52,447 - -
2,409,794 3,652,034 1,135,825 51,000

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 - - 433,246 1,350,025
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 341,892 369,485 300,000 300,142
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 2,482,246 1,750,586

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.