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Registered number: 01979520










CONSERVATION SHOP LIMITED (THE)








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CONSERVATION SHOP LIMITED (THE)
REGISTERED NUMBER: 01979520

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,800
12,150

Tangible assets
 5 
1,944,660
1,989,814

  
1,955,460
2,001,964

Current assets
  

Stocks
  
88,389
92,678

Debtors: amounts falling due within one year
 6 
104,554
84,891

Cash at bank and in hand
  
130,667
120,996

  
323,610
298,565

Creditors: amounts falling due within one year
 7 
(6,290,181)
(5,904,278)

Net current liabilities
  
 
 
(5,966,571)
 
 
(5,605,713)

Total assets less current liabilities
  
(4,011,111)
(3,603,749)

  

Net liabilities
  
(4,011,111)
(3,603,749)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(4,011,211)
(3,603,849)

  
(4,011,111)
(3,603,749)


Page 1

 
CONSERVATION SHOP LIMITED (THE)
REGISTERED NUMBER: 01979520
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr W Jordan
Director

Date: 24 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Conservation Shop Limited (The) is a private company limited by shares and incorporated in England and Wales, registration number 01979520. The registered office is Pensthorpe, Fakenham Road, Fakenham, Norfolk, NR21 0LN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

At 31 December 2023, the Company’s current liabilities exceeded its current assets by £5,960,265. The Company meets its financing requirements through an informal loan facility provided by its parent company, Porter and Makins Limited. At the year end, the loan amounted to £6,101,482. The directors have received assurances in writing from the directors of Porter and Makins Limited that Porter and Makins Limited will continue to provide financial support to Conservation Shop Limited (The) to allow it to meet its liabilities as they fall due for a period of at least 12 months from date of signing these accounts and therefore allow it to continue to trade.
As part of their assessment of going concern, the directors have considered the Group and Company’s position at the time of signing the financial statements, and in particular the current issues impacting the wider economy. As part of their assessment, the directors have prepared forecasts for the next 12 months.
Based on this, the directors have concluded that they have a reasonable expectations that the Company will have adequate resources to continue in operational existence for the foreseeable future, and based on the economic environment recovering within the timeframe currently being widely anticipated, at least twelve months from the date of signing these financial statements, they continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.



 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

The Company operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are administered in a fund fully independent from the Company. The pension costs charged in the year represent the contributions payable by the Company in the year.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Land & buildings
-
over the remainder of the lease
Plant and machinery
-
20% reducing balance
Fixtures, fittings & other equipment
-
20% reducing balance
Office equipment
-
20% reducing balance
Restaurant equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value.



Page 5

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 46 (2022 - 44).

Page 6

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Website

£



Cost


At 1 January 2023
13,500



At 31 December 2023

13,500



Amortisation


At 1 January 2023
1,350


Charge for the year on owned assets
1,350



At 31 December 2023

2,700



Net book value



At 31 December 2023
10,800



At 31 December 2022
12,150



Page 7

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Leasehold land & buildings
Plant & machinery
Fixtures, fittings & equipment
Office equipment
Restaurant equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
3,953,514
125,010
437,788
108,221
121,798


Additions
93,894
1,417
46,137
37,569
11,109



At 31 December 2023

4,047,408
126,427
483,925
145,790
132,907



Depreciation


At 1 January 2023
2,130,039
87,048
355,358
80,391
103,681


Charge for the year on owned assets
177,768
7,936
25,606
17,575
6,395



At 31 December 2023

2,307,807
94,984
380,964
97,966
110,076



Net book value



At 31 December 2023
1,739,601
31,443
102,961
47,824
22,831



At 31 December 2022
1,823,475
37,962
82,430
27,830
18,117
Page 8

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
4,746,331


Additions
190,126



At 31 December 2023

4,936,457



Depreciation


At 1 January 2023
2,756,517


Charge for the year on owned assets
235,280



At 31 December 2023

2,991,797



Net book value



At 31 December 2023
1,944,660



At 31 December 2022
1,989,814


6.


Debtors

2023
2022
£
£


Trade debtors
17,860
4,794

Other debtors
32,578
38,384

Prepayments and accrued income
54,116
41,713

104,554
84,891


Page 9

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
28,490
21,902

Amounts owed to group undertakings
6,104,785
5,772,095

Other taxation and social security
74,349
46,127

Other creditors
17,910
13,724

Accruals and deferred income
64,647
50,430

6,290,181
5,904,278



8.


Pension commitments

The Company operates a defined contributions pension scheme for the benefit of its employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The Company's commitment at the year end totalled £3,933 (2022 - £3,786). The pension cost charge represents contributions payable by the Company to the fund and amounted to £23,575 (2022 - £23,732).


9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
6,000
6,000

Later than 1 year and not later than 5 years
24,000
24,000

Later than 5 years
48,000
54,000

78,000
84,000


10.


Related party transactions

The Company has taken advantage of the exemptions available under FRS 102 not to disclose balance and transactions with other wholly owned group undertakings including its parent company.
 

Page 10

 
CONSERVATION SHOP LIMITED (THE)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Controlling party

The ultimate parent company of Conservation Shop Limited (The) is Porter and Makins Limited, a company incorporated in England and Wales, registered office Pensthorpe, Fakenham Road, Fakenham, Norfolk NR21 0LN. The accounts of Porter and Makins Limited are available from Companies House, Cardiff, CF14 3UZ.
The ultimate controlling parties are Mr and Mrs W Jordan.

 
Page 11