Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Dominic Avery 01/05/2007 Michael Avery Peter Avery 06 August 2024 no description of principal activity 00723405 2023-12-31 00723405 bus:Director1 2023-12-31 00723405 2022-12-31 00723405 core:CurrentFinancialInstruments 2023-12-31 00723405 core:CurrentFinancialInstruments 2022-12-31 00723405 core:Non-currentFinancialInstruments 2023-12-31 00723405 core:Non-currentFinancialInstruments 2022-12-31 00723405 core:ShareCapital 2023-12-31 00723405 core:ShareCapital 2022-12-31 00723405 core:RevaluationReserve 2023-12-31 00723405 core:RevaluationReserve 2022-12-31 00723405 core:RetainedEarningsAccumulatedLosses 2023-12-31 00723405 core:RetainedEarningsAccumulatedLosses 2022-12-31 00723405 core:ComputerSoftware 2022-12-31 00723405 core:ComputerSoftware 2023-12-31 00723405 core:LandBuildings 2022-12-31 00723405 core:PlantMachinery 2022-12-31 00723405 core:ComputerEquipment 2022-12-31 00723405 core:LandBuildings 2023-12-31 00723405 core:PlantMachinery 2023-12-31 00723405 core:ComputerEquipment 2023-12-31 00723405 core:MoreThanFiveYears 2023-12-31 00723405 core:MoreThanFiveYears 2022-12-31 00723405 2023-01-01 2023-12-31 00723405 bus:FilletedAccounts 2023-01-01 2023-12-31 00723405 bus:SmallEntities 2023-01-01 2023-12-31 00723405 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00723405 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00723405 bus:Director1 2023-01-01 2023-12-31 00723405 bus:Director2 2023-01-01 2023-12-31 00723405 bus:Director3 2023-01-01 2023-12-31 00723405 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 00723405 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 00723405 core:PlantMachinery 2023-01-01 2023-12-31 00723405 core:ComputerEquipment core:BottomRangeValue 2023-01-01 2023-12-31 00723405 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 00723405 2022-01-01 2022-12-31 00723405 core:ComputerSoftware 2023-01-01 2023-12-31 00723405 core:LandBuildings 2023-01-01 2023-12-31 00723405 core:ComputerEquipment 2023-01-01 2023-12-31 00723405 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 00723405 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 00723405 (England and Wales)

LANEHOUSE SERVICE STATION LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

LANEHOUSE SERVICE STATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

LANEHOUSE SERVICE STATION LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
LANEHOUSE SERVICE STATION LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Dominic Avery
Michael Avery
Peter Avery
SECRETARY Michael Avery
REGISTERED OFFICE 1 Avon Close
Granby Industrial Estate
Weymouth
DT4 9UX
United Kingdom
COMPANY NUMBER 00723405 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Maltravers House
Petters Way
Yeovil
Somerset
BA20 1SH
LANEHOUSE SERVICE STATION LIMITED

BALANCE SHEET

As at 31 December 2023
LANEHOUSE SERVICE STATION LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 667 1,667
Tangible assets 4 2,924,096 2,939,058
2,924,763 2,940,725
Current assets
Stocks 801,954 982,756
Debtors 5 637,161 295,867
Cash at bank and in hand 125,886 230,780
1,565,001 1,509,403
Creditors: amounts falling due within one year 6 ( 1,510,574) ( 1,439,063)
Net current assets 54,427 70,340
Total assets less current liabilities 2,979,190 3,011,065
Creditors: amounts falling due after more than one year 7 ( 1,298,546) ( 1,363,858)
Provision for liabilities ( 339,971) ( 339,528)
Net assets 1,340,673 1,307,679
Capital and reserves
Called-up share capital 5,729 5,729
Revaluation reserve 783,846 783,846
Profit and loss account 551,098 518,104
Total shareholders' funds 1,340,673 1,307,679

For the financial year ending 31 December 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 Lanehouse Service Station Limited (registered number: 00723405) were approved and authorised for issue by the Board of Directors on 06 August 2024. They were signed on its behalf by:

Peter Avery
Director
LANEHOUSE SERVICE STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
LANEHOUSE SERVICE STATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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

General information and basis of accounting

Lanehouse Service Station 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 1 Avon Close, Granby Industrial Estate, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Balance Sheet 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:

Computer software 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 years straight line
15 - 25 % reducing balance
Computer equipment 4 - 10 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 Profit and Loss Account 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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account 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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 Balance Sheet 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 42 40

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 4,000 4,000
At 31 December 2023 4,000 4,000
Accumulated amortisation
At 01 January 2023 2,333 2,333
Charge for the financial year 1,000 1,000
At 31 December 2023 3,333 3,333
Net book value
At 31 December 2023 667 667
At 31 December 2022 1,667 1,667

4. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 2,742,921 891,916 27,879 3,662,716
Additions 0 25,561 0 25,561
Disposals 0 ( 40,266) 0 ( 40,266)
At 31 December 2023 2,742,921 877,211 27,879 3,648,011
Accumulated depreciation
At 01 January 2023 0 715,384 8,274 723,658
Charge for the financial year 0 36,298 2,919 39,217
Disposals 0 ( 38,960) 0 ( 38,960)
At 31 December 2023 0 712,722 11,193 723,915
Net book value
At 31 December 2023 2,742,921 164,489 16,686 2,924,096
At 31 December 2022 2,742,921 176,532 19,605 2,939,058

Freehold land and buildings were valued on 16 January 2024 by Symonds & Sampson not connected with the company, on the basis of market value. The carrying amount reflected on the balance sheet at that time was £2,742,921. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The valuation undertaken was deemed to be lower than the carrying amount reflected on the balance sheet and was solely used for funding purposes.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been £1,775,209 (2022- £1,775,209).

5. Debtors

2023 2022
£ £
Trade debtors 571,983 229,955
Other debtors 65,178 65,912
637,161 295,867

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 135,840 142,091
Trade creditors 802,777 660,659
Taxation and social security 259,626 368,451
Obligations under finance leases and hire purchase contracts 6,328 15,403
Other creditors 306,003 252,459
1,510,574 1,439,063

The bank loans are secured by way of fixed and floating charges over the company.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 786,341 913,956
Obligations under finance leases and hire purchase contracts 3,164 9,493
Other creditors 509,041 440,409
1,298,546 1,363,858

The bank loans are secured by way of fixed and floating charges over the company.

Whilst the bank loans are due for refinancing in the 2024 financial year, the analysis below reflects the existing terms of the loans as at the balance sheet date.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 377,356 442,467

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 54,486 29,583