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REGISTERED NUMBER: 02007756 (England and Wales)















COUNTY OIL GROUP LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023






COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


COUNTY OIL GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: K Eltringham
A Musgrave
M Musgrave
N Musgrave
P Coxhead





SECRETARY: M Musgrave





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





REGISTERED NUMBER: 02007756 (England and Wales)





AUDITORS: DTE Business Advisers Limited
Chartered Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023


The directors present their strategic report for the year ended 30 April 2023.

The primary activity of the business 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 company 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 company based on quality service, the company prioritised its existing customer base whilst taking advantage of short term opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity Risk
The company continues to build a significant cash balance which is invested safely and profitably. There is no intention to change this policy.

Credit Risk
The company 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 of 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 company'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
County Oil Group is exposed to environmental risks due to the nature of the products that it stores, transports and delivers. County Oil 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. County Oil 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 GROUP LIMITED (REGISTERED NUMBER: 02007756)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

KEY PERFORMANCE INDICATORS
The company 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
County Oil 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 company'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 GROUP LIMITED (REGISTERED NUMBER: 02007756)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

DEVELOPMENTS AND FUTURE OUTLOOK
The company 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 company 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 business. We have developed a culture of safety that invests in our staff and provides information on matters that concerns them. Employee involvement in the company is encouraged, as an awareness of the financial and economic factors affecting the company 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 GROUP LIMITED (REGISTERED NUMBER: 02007756)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


The directors present their report with the financial statements of the company for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of 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 £3,050,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

K Eltringham
A Musgrave
M Musgrave
N Musgrave

Other changes in directors holding office are as follows:

P Coxhead was appointed as a director after 30 April 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

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 GROUP LIMITED (REGISTERED NUMBER: 02007756)


Opinion
We have audited the financial statements of County Oil Group Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 30 April 2023 and of its 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 company 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006
The comparative figures within the financial statements of the 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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 company 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 company did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. 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 company, 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 company, together with the discussions held with the company 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 GROUP LIMITED (REGISTERED NUMBER: 02007756)

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
BL9 0DN

2 November 2023

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

STATEMENT OF COMPREHENSIVE
INCOME
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 (1,465,900 ) (1,180,361 )
5,331,827 4,099,490

Other operating income 500 -
OPERATING PROFIT 5 5,332,327 4,099,490

Interest receivable and similar income 12,541 4,668
5,344,868 4,104,158

Interest payable and similar expenses 6 (1,548 ) (8,486 )
PROFIT BEFORE TAXATION 5,343,320 4,095,672

Tax on profit 7 (1,020,515 ) (808,965 )
PROFIT FOR THE FINANCIAL YEAR 4,322,805 3,286,707

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,322,805

3,286,707

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

2023 2022
(Unaudited)
Notes £    £   
FIXED ASSETS
Property, plant and equipment 9 593,829 505,068

CURRENT ASSETS
Inventories 10 341,122 481,781
Debtors 11 2,409,794 4,916,906
Cash at bank and in hand 6,823,622 6,815,223
9,574,538 12,213,910
CREDITORS
Amounts falling due within one year 12 (3,611,532 ) (7,433,799 )
NET CURRENT ASSETS 5,963,006 4,780,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,556,835

5,285,179

CREDITORS
Amounts falling due after more than one
year

13

-

(13,438

)

PROVISIONS FOR LIABILITIES 16 (136,429 ) (124,140 )
NET ASSETS 6,420,406 5,147,601

CAPITAL AND RESERVES
Called up share capital 17 6,020 6,020
Revaluation reserve 18 - 89,758
Capital redemption reserve 18 3,010 3,010
Retained earnings 18 6,411,376 5,048,813
SHAREHOLDERS' FUNDS 6,420,406 5,147,601

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 GROUP LIMITED (REGISTERED NUMBER: 02007756)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   

Balance at 1 May 2021 - 3,052,106 89,758 3,010 3,144,874

Changes in equity
Issue of share capital 6,020 - - - 6,020
Dividends - (1,290,000 ) - - (1,290,000 )
Total comprehensive income - 3,286,707 - - 3,286,707
Balance at 30 April 2022 6,020 5,048,813 89,758 3,010 5,147,601

Changes in equity
Dividends - (3,050,000 ) - - (3,050,000 )
Total comprehensive income - 4,322,805 - - 4,322,805
Reserves transfer - 89,758 (89,758 ) - -
Balance at 30 April 2023 6,020 6,411,376 - 3,010 6,420,406

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

County Oil Group Limited is a private company, limited by shares, registered in England and Wales, registered number 02007756. 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 company has continued to trade profitably and maintains a strong financial position.

Having considered all the relevant business risks the directors remain satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company'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 company 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, 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 collection of the related receivables is anticipated.

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

NOTES TO THE 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.
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. The cost comprises of actual purchase price.

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 Statement of Comprehensive Income, 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 GROUP LIMITED (REGISTERED NUMBER: 02007756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

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.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

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 4 4
Drivers 5 5
Administrative 10 9
19 18

2023 2022
(Unaudited)
£    £   
Directors' remuneration 18,200 22,013

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
(Unaudited)
£    £   
Depreciation - owned assets 116,652 141,546
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 interest 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 GROUP LIMITED (REGISTERED NUMBER: 02007756)

NOTES TO THE 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 5,343,320 4,095,672
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

1,015,231

778,178

Effects of:
Expenses not deductible for tax purposes 12,034 4,721
Capital allowances in excess of depreciation (6,571 ) -
Depreciation in excess of capital allowances - 27,077
Utilisation of tax losses - (3 )
NTLR credits - (887 )
Group relief (46 ) (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. DIVIDENDS
2023 2022
(Unaudited)
£    £   
Ordinary shares shares of £1 each
Interim 3,050,000 1,290,000

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


9. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2022 707,287 965,039 1,672,326
Additions 4,629 260,533 265,162
Disposals (108,007 ) (119,150 ) (227,157 )
At 30 April 2023 603,909 1,106,422 1,710,331
DEPRECIATION
At 1 May 2022 550,900 616,358 1,167,258
Charge for year 13,964 102,688 116,652
Eliminated on disposal (52,233 ) (115,175 ) (167,408 )
At 30 April 2023 512,631 603,871 1,116,502
NET BOOK VALUE
At 30 April 2023 91,278 502,551 593,829
At 30 April 2022 156,387 348,681 505,068

The net book value of plant and machinery held under hire purchase is £54,043 (2022: £115,012).

10. INVENTORIES
2023 2022
(Unaudited)
£    £   
Inventories 341,122 481,781

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Trade debtors 2,235,906 3,516,672
Amounts owed by group undertakings - 1,315,872
Other debtors - 31,915
VAT 47,313 -
Prepayments 126,575 52,447
2,409,794 4,916,906

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(Unaudited)
£    £   
Hire purchase contracts (see note 14) 13,440 53,453
Trade creditors 2,651,073 6,402,135
Amounts owed to group undertakings 736,732 -
Corporation tax 63,515 582,907
Social security and other taxes 16,675 20,669
Other creditors 41,892 50,410
Accruals and deferred income 88,205 324,225
3,611,532 7,433,799

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
(Unaudited)
£    £   
Hire purchase contracts (see note 14) - 13,438

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
(Unaudited
£    £   
Net obligations repayable:
Within one year 13,440 53,453
Between one and five years - 13,438
13,440 66,891

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
(Unaudited)
£    £   
Hire purchase contracts 13,440 66,891

Hire purchase contracts are secured on the assets concerned.

COUNTY OIL GROUP LIMITED (REGISTERED NUMBER: 02007756)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


16. PROVISIONS FOR LIABILITIES
2023 2022
(Unaudited)
£    £   
Deferred tax
Accelerated capital allowances 136,429 124,140

Deferred
tax
£   
Balance at 1 May 2022 124,140
Provided during year 12,289
Balance at 30 April 2023 136,429

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6,020 Ordinary shares £1 6,020 6,020

18. RESERVES

Revaluation reserveNon-distributable reserve containing unrealised profits on revaluations
of property, plant and equipment.
Capital redemption reserveNon-distributable reserve arising out of the purchase of the company's
own shares out of distributable profits.
Retained earningsAll other distributable, accumulated profits or losses.

19. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is County Oil Holdings Limited. Consolidated financial statements are available to the public and may be obtained from County Oil Holdings Limited, Beca House, Ashville Way, Sutton Weaver, Runcorn, Cheshire, WA7 3EZ.

20. ULTIMATE CONTROLLING PARTY

The directors consider that by virtue of their shareholding in the ultimate parent company, the ultimate controlling parties are Neil and Margaret Musgrave.