Silverfin false false 30/06/2023 01/01/2023 30/06/2023 Andrew John Baker 02/05/2023 James Warren Harben Valentine 02/05/2023 07/10/2016 Allan John Vodden 02/05/2023 Andrew Martin George Wotton 02/05/2023 07/10/2016 11 March 2024 The principal activity of the Company during the financial year was the sale and installation of range cookers and stoves. 10416578 2023-06-30 10416578 bus:Director1 2023-06-30 10416578 bus:Director2 2023-06-30 10416578 bus:Director3 2023-06-30 10416578 bus:Director4 2023-06-30 10416578 2022-12-31 10416578 core:CurrentFinancialInstruments 2023-06-30 10416578 core:CurrentFinancialInstruments 2022-12-31 10416578 core:ShareCapital 2023-06-30 10416578 core:ShareCapital 2022-12-31 10416578 core:RetainedEarningsAccumulatedLosses 2023-06-30 10416578 core:RetainedEarningsAccumulatedLosses 2022-12-31 10416578 core:Goodwill 2022-12-31 10416578 core:OtherResidualIntangibleAssets 2022-12-31 10416578 core:Goodwill 2023-06-30 10416578 core:OtherResidualIntangibleAssets 2023-06-30 10416578 core:PlantMachinery 2022-12-31 10416578 core:Vehicles 2022-12-31 10416578 core:FurnitureFittings 2022-12-31 10416578 core:OfficeEquipment 2022-12-31 10416578 core:PlantMachinery 2023-06-30 10416578 core:Vehicles 2023-06-30 10416578 core:FurnitureFittings 2023-06-30 10416578 core:OfficeEquipment 2023-06-30 10416578 2021-12-31 10416578 bus:OrdinaryShareClass1 2023-06-30 10416578 bus:OrdinaryShareClass2 2023-06-30 10416578 bus:OrdinaryShareClass3 2023-06-30 10416578 bus:OrdinaryShareClass4 2023-06-30 10416578 core:WithinOneYear 2023-06-30 10416578 core:WithinOneYear 2022-12-31 10416578 core:BetweenOneFiveYears 2023-06-30 10416578 core:BetweenOneFiveYears 2022-12-31 10416578 2023-01-01 2023-06-30 10416578 bus:FilletedAccounts 2023-01-01 2023-06-30 10416578 bus:SmallEntities 2023-01-01 2023-06-30 10416578 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-06-30 10416578 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-06-30 10416578 bus:Director1 2023-01-01 2023-06-30 10416578 bus:Director2 2023-01-01 2023-06-30 10416578 bus:Director3 2023-01-01 2023-06-30 10416578 bus:Director4 2023-01-01 2023-06-30 10416578 core:Goodwill core:TopRangeValue 2023-01-01 2023-06-30 10416578 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-06-30 10416578 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-06-30 10416578 core:Vehicles core:TopRangeValue 2023-01-01 2023-06-30 10416578 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-06-30 10416578 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-06-30 10416578 2022-01-01 2022-12-31 10416578 core:PlantMachinery 2023-01-01 2023-06-30 10416578 core:Vehicles 2023-01-01 2023-06-30 10416578 core:FurnitureFittings 2023-01-01 2023-06-30 10416578 core:OfficeEquipment 2023-01-01 2023-06-30 10416578 1 2023-01-01 2023-06-30 10416578 1 2022-01-01 2022-12-31 10416578 bus:OrdinaryShareClass1 2023-01-01 2023-06-30 10416578 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 10416578 bus:OrdinaryShareClass2 2023-01-01 2023-06-30 10416578 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 10416578 bus:OrdinaryShareClass3 2023-01-01 2023-06-30 10416578 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 10416578 bus:OrdinaryShareClass4 2023-01-01 2023-06-30 10416578 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10416578 (England and Wales)

WEST COUNTRY STOVES 2016 LIMITED

Unaudited Financial Statements
For the financial period from 01 January 2023 to 30 June 2023
Pages for filing with the registrar

WEST COUNTRY STOVES 2016 LIMITED

Unaudited Financial Statements

For the financial period from 01 January 2023 to 30 June 2023

Contents

WEST COUNTRY STOVES 2016 LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
WEST COUNTRY STOVES 2016 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 30.06.2023 31.12.2022
£ £
Fixed assets
Tangible assets 4 2,330 11,863
2,330 11,863
Current assets
Stocks 176,012 151,903
Debtors 5 156,067 27,254
Cash at bank and in hand 29,322 98,821
361,401 277,978
Creditors: amounts falling due within one year 6 ( 233,127) ( 203,869)
Net current assets 128,274 74,109
Total assets less current liabilities 130,604 85,972
Provision for liabilities 7 0 ( 2,276)
Net assets 130,604 83,696
Capital and reserves
Called-up share capital 8 400 400
Profit and loss account 130,204 83,296
Total shareholder's funds 130,604 83,696

For the financial period ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of West Country Stoves 2016 Limited (registered number: 10416578) were approved and authorised for issue by the Board of Directors on 11 March 2024. They were signed on its behalf by:

Andrew John Baker
Director
Allan John Vodden
Director
WEST COUNTRY STOVES 2016 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2023 to 30 June 2023
WEST COUNTRY STOVES 2016 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 January 2023 to 30 June 2023
1. Accounting policies

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

General information and basis of accounting

West Country Stoves 2016 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Airfield, Torrington Road, Winkleigh, EX19 8DW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Reporting period length

These financial statements have been prepared for a period of 6 months so that the year end coincides with other members of the group. As a result of this, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

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

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

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

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

Goodwill 5 years straight line
Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. During the year, the Company changed the method of depreciating its assets from reducing balance to straight line as it better reflects the entity's replacement cycle. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

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

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

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

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

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

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Period from
01.01.2023 to
30.06.2023
Year ended
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 13 13

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2023 60,500 2,555 63,055
At 30 June 2023 60,500 2,555 63,055
Accumulated amortisation
At 01 January 2023 60,500 2,555 63,055
At 30 June 2023 60,500 2,555 63,055
Net book value
At 30 June 2023 0 0 0
At 31 December 2022 0 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 1,000 23,195 2,035 2,798 29,028
At 30 June 2023 1,000 23,195 2,035 2,798 29,028
Accumulated depreciation
At 01 January 2023 934 13,265 1,371 1,595 17,165
Charge for the financial period 66 8,200 623 644 9,533
At 30 June 2023 1,000 21,465 1,994 2,239 26,698
Net book value
At 30 June 2023 0 1,730 41 559 2,330
At 31 December 2022 66 9,930 664 1,203 11,863

5. Debtors

30.06.2023 31.12.2022
£ £
Trade debtors 22,284 24,400
Amounts owed by Group undertakings 112,929 0
Prepayments and accrued income 17,147 1,082
VAT recoverable 3,307 1,605
Other debtors 400 167
156,067 27,254

6. Creditors: amounts falling due within one year

30.06.2023 31.12.2022
£ £
Trade creditors 51,973 27,537
Amounts owed to directors 0 4,252
Accruals 3,750 2,800
Taxation and social security 32,502 19,090
Other creditors 144,902 150,190
233,127 203,869

7. Deferred tax

30.06.2023 31.12.2022
£ £
At the beginning of financial period/year ( 2,276) ( 3,137)
Credited to the Statement of Income and Retained Earnings 2,276 0
Utilisation of provision 0 861
At the end of financial period/year 0 ( 2,276)

8. Called-up share capital

30.06.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary C shares of £ 1.00 each 100 100
100 Ordinary J shares of £ 1.00 each 100 100
400 400

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

30.06.2023 31.12.2022
£ £
within one year 27,000 0
between one and five years 54,000 0
81,000 0

10. Related party transactions

Transactions with owners holding a participating interest in the entity

30.06.2023 31.12.2022
£ £
Amounts owed by Rangemoors Limited, parent company 112,929 0

The company has taken the exemption in section 1AC.35 of FRS102 from disclosing related party transactions with 100% owned group companies.

Transactions with the entity's directors

30.06.2023 31.12.2022
£ £
Amounts owed to the Directors 0 4,252

No interest is charged on these amounts and there are no fixed repayment terms.