Silverfin false false 31/01/2024 01/02/2023 31/01/2024 A Duder C Duder 28/03/2013 J Duder 28/03/2013 17 September 2024 The principal activity of the Company during the financial year was that of petrol filling station operators. 00943364 2024-01-31 00943364 bus:Director2 2024-01-31 00943364 bus:Director3 2024-01-31 00943364 2023-01-31 00943364 core:CurrentFinancialInstruments 2024-01-31 00943364 core:CurrentFinancialInstruments 2023-01-31 00943364 core:Non-currentFinancialInstruments 2024-01-31 00943364 core:Non-currentFinancialInstruments 2023-01-31 00943364 core:ShareCapital 2024-01-31 00943364 core:ShareCapital 2023-01-31 00943364 core:CapitalRedemptionReserve 2024-01-31 00943364 core:CapitalRedemptionReserve 2023-01-31 00943364 core:RetainedEarningsAccumulatedLosses 2024-01-31 00943364 core:RetainedEarningsAccumulatedLosses 2023-01-31 00943364 core:LandBuildings 2023-01-31 00943364 core:OtherPropertyPlantEquipment 2023-01-31 00943364 core:LandBuildings 2024-01-31 00943364 core:OtherPropertyPlantEquipment 2024-01-31 00943364 core:CostValuation 2023-01-31 00943364 core:AdditionsToInvestments 2024-01-31 00943364 core:RevaluationsIncreaseDecreaseInInvestments 2024-01-31 00943364 core:CostValuation 2024-01-31 00943364 2023-02-01 2024-01-31 00943364 bus:FilletedAccounts 2023-02-01 2024-01-31 00943364 bus:SmallEntities 2023-02-01 2024-01-31 00943364 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 00943364 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00943364 bus:Director1 2023-02-01 2024-01-31 00943364 bus:Director2 2023-02-01 2024-01-31 00943364 bus:Director3 2023-02-01 2024-01-31 00943364 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-31 00943364 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-02-01 2024-01-31 00943364 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 00943364 2022-02-01 2023-01-31 00943364 core:LandBuildings 2023-02-01 2024-01-31 00943364 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 00943364 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 00943364 (England and Wales)

COUNTY STORES (SOMERSET) HOLDINGS LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

COUNTY STORES (SOMERSET) HOLDINGS LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

COUNTY STORES (SOMERSET) HOLDINGS LTD

BALANCE SHEET

As at 31 January 2024
COUNTY STORES (SOMERSET) HOLDINGS LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 416,766 430,193
Investment property 4 579,176 579,176
Investments 5 236,917 221,784
1,232,859 1,231,153
Current assets
Stocks 140,369 141,870
Debtors 6 93,101 72,709
Cash at bank and in hand 433,937 237,273
667,407 451,852
Creditors: amounts falling due within one year 7 ( 297,757) ( 279,393)
Net current assets 369,650 172,459
Total assets less current liabilities 1,602,509 1,403,612
Creditors: amounts falling due after more than one year 8 ( 20,706) ( 30,706)
Provision for liabilities ( 7,071) ( 41,923)
Net assets 1,574,732 1,330,983
Capital and reserves
Called-up share capital 72,506 72,506
Capital redemption reserve 11,494 11,494
Profit and loss account 1,490,732 1,246,983
Total shareholders' funds 1,574,732 1,330,983

For the financial year ending 31 January 2024 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 County Stores (Somerset) Holdings Ltd (registered number: 00943364) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

J Duder
Director
COUNTY STORES (SOMERSET) HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
COUNTY STORES (SOMERSET) HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
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

County Stores (Somerset) Holdings Ltd (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 Curry Rivel Filling Station, Honeylands, Curry Rivel, TA10 0EP, 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 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 Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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. Tax is recognised in the profit and loss account, 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.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 50 years straight line
Plant and machinery etc. 5 - 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.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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. 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 20

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 523,800 186,678 710,478
At 31 January 2024 523,800 186,678 710,478
Accumulated depreciation
At 01 February 2023 108,101 172,184 280,285
Charge for the financial year 9,406 4,021 13,427
At 31 January 2024 117,507 176,205 293,712
Net book value
At 31 January 2024 406,293 10,473 416,766
At 31 January 2023 415,699 14,494 430,193

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 579,176
As at 31 January 2024 579,176

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 221,784 221,784
Additions 5,621 5,621
Movement in fair value 9,512 9,512
At 31 January 2024 236,917 236,917
Carrying value at 31 January 2024 236,917 236,917
Carrying value at 31 January 2023 221,784 221,784

6. Debtors

2024 2023
£ £
Other debtors 93,101 72,709

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 151,186 210,583
Taxation and social security 123,733 45,306
Other creditors 12,838 13,504
297,757 279,393

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

2024 2023
£ £
Bank loans 20,706 30,706

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

J Duder

At 1 February 2023, the balance owed by the director was £30,434. During the year, £38,689 was advanced to the director and £36,974, was repaid by the director. At 31 January 2024 the balance owed by the director was £32,149.

At 1 February 2022, the balance owed by the director was £28,436. During the year, £1,998 was advanced to the director. At 31 January 2023, the balance owed by the director was £30,434.

C Duder

At 1 February 2023, the balance owed by the director was £39,171. During the year, £57,774 was advanced to the director and £40,904 was repaid by the director. At 31 January 2024 the balance owed by the director was £56,041.

At 1 February 2022, the balance owed by the director was £35,446. During the year, £3,725 was advanced to the director. At 31 January 2023, the balance owed by the director was £39,171.

A Duder

At 1 February 2023, the balance owed by the director was £nil. During the year, £2,250 was advanced to the director and £1,612 was repaid by the director. At 31 January 2024 the balance owed by the director was £638.