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Company Registration number: 05137463

Holmrook Service Station Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 September 2023

 

Holmrook Service Station Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Holmrook Service Station Ltd

Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,250

2,500

Tangible assets

5

516,418

521,030

 

517,668

523,530

Current assets

 

Stocks

6

158,870

141,075

Debtors

7

46,553

32,662

Cash at bank and in hand

 

57,426

44,026

 

262,849

217,763

Creditors: Amounts falling due within one year

8

(187,389)

(185,073)

Net current assets

 

75,460

32,690

Total assets less current liabilities

 

593,128

556,220

Creditors: Amounts falling due after more than one year

8

(11,092)

(2,455)

Provisions for liabilities

(16,482)

(15,120)

Net assets

 

565,554

538,645

Capital and reserves

 

Called up share capital

100

100

Retained earnings

565,454

538,545

Shareholders' funds

 

565,554

538,645

 

Holmrook Service Station Ltd

Balance Sheet as at 30 September 2023 (continued)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 January 2024 and signed on its behalf by:
 

.........................................
Mr H G Flynn
Director

Company registration number: 05137463

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Holmrook Service Station Ltd

Notes to the financial statements for the Year Ended 30 September 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Walkmill Gardens
Gosforth
CA20 1EF

These financial statements were authorised for issue by the Board on 25 January 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared on the historical cost basis and in accordance with the applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Holmrook Service Station Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements

The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the amounts reported. These estimates and judgements are continually
reviewed and are based on experience and other factors, including expectations of future events that
are believed to be reasonable under the circumstances. Actual results may differ from these
estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Freehold property

50 years straight line

 

Holmrook Service Station Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Holmrook Service Station Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 14).

 

Holmrook Service Station Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

25,000

25,000

At 30 September 2023

25,000

25,000

Amortisation

At 1 October 2022

22,500

22,500

Amortisation charge

1,250

1,250

At 30 September 2023

23,750

23,750

Carrying amount

At 30 September 2023

1,250

1,250

At 30 September 2022

2,500

2,500

5

TANGIBLE ASSETS

Land and buildings
£

Equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

499,619

282,364

28,212

810,195

Additions

-

3,315

33,235

36,550

Disposals

-

-

(28,213)

(28,213)

At 30 September 2023

499,619

285,679

33,234

818,532

Depreciation

At 1 October 2022

59,954

212,555

16,657

289,166

Charge for the year

9,992

12,966

6,647

29,605

Eliminated on disposal

-

-

(16,657)

(16,657)

At 30 September 2023

69,946

225,521

6,647

302,114

Carrying amount

At 30 September 2023

429,673

60,158

26,587

516,418

At 30 September 2022

439,665

69,810

11,555

521,030

 

Holmrook Service Station Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

5

TANGIBLE ASSETS (continued)

Included within the net book value of land and buildings above is £429,673 (2022 - £439,665) in respect of freehold land and buildings.
 

6

STOCKS

2023
£

2022
£

Stock on hand

158,870

141,075

7

DEBTORS

Current

2023
£

2022
£

Trade debtors

42,556

28,929

Prepayments

3,997

3,733

 

46,553

32,662

8

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

3,510

19,091

Trade creditors

 

99,499

91,554

Taxation and social security

 

80,667

68,248

Accruals and deferred income

 

3,400

5,311

Other creditors

 

313

869

 

187,389

185,073

Creditors include hire purchase and finance lease agreements which are secured on the tangible fixed assets of the company £3,510 (2022 - £5,687).

 

Holmrook Service Station Ltd

Notes to the financial statements for the Year Ended 30 September 2023 (continued)

8

CREDITORS (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

11,092

2,455

Creditors include hire purchase and finance lease agreements which are secured on the tangible fixed assets of the company £11,092 (2022 - £2,455).

9

LOANS AND BORROWINGS

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

11,092

2,455

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

13,404

Hire purchase contracts

3,510

5,687

3,510

19,091