Coalisland Filling Station Ltd NI641668 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Retail convenience Store Digita Accounts Production Advanced 6.30.9574.0 true true NI641668 2022-08-01 2023-07-31 NI641668 2023-07-31 NI641668 bus:Director1 1 2023-07-31 NI641668 bus:OrdinaryShareClass1 2023-07-31 NI641668 core:CurrentFinancialInstruments 2023-07-31 NI641668 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 NI641668 core:Non-currentFinancialInstruments 2023-07-31 NI641668 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 NI641668 core:FurnitureFittingsToolsEquipment 2023-07-31 NI641668 core:OtherPropertyPlantEquipment 2023-07-31 NI641668 core:OtherRelatedParties 2023-07-31 NI641668 1 2023-07-31 NI641668 bus:SmallEntities 2022-08-01 2023-07-31 NI641668 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 NI641668 bus:FilletedAccounts 2022-08-01 2023-07-31 NI641668 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 NI641668 bus:RegisteredOffice 2022-08-01 2023-07-31 NI641668 bus:Director1 2022-08-01 2023-07-31 NI641668 bus:Director1 1 2022-08-01 2023-07-31 NI641668 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 NI641668 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 NI641668 core:FurnitureFittings 2022-08-01 2023-07-31 NI641668 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 NI641668 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 NI641668 core:PlantMachinery 2022-08-01 2023-07-31 NI641668 core:OtherRelatedParties 2022-08-01 2023-07-31 NI641668 1 2022-08-01 2023-07-31 NI641668 countries:NorthernIreland 2022-08-01 2023-07-31 NI641668 2022-07-31 NI641668 bus:Director1 1 2022-07-31 NI641668 core:FurnitureFittingsToolsEquipment 2022-07-31 NI641668 core:OtherPropertyPlantEquipment 2022-07-31 NI641668 core:OtherRelatedParties 2022-07-31 NI641668 2021-08-01 2022-07-31 NI641668 2022-07-31 NI641668 bus:Director1 1 2022-07-31 NI641668 bus:OrdinaryShareClass1 2022-07-31 NI641668 core:CurrentFinancialInstruments 2022-07-31 NI641668 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 NI641668 core:Non-currentFinancialInstruments 2022-07-31 NI641668 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 NI641668 core:FurnitureFittingsToolsEquipment 2022-07-31 NI641668 core:OtherPropertyPlantEquipment 2022-07-31 NI641668 core:OtherRelatedParties 2022-07-31 NI641668 1 2022-07-31 NI641668 bus:Director1 1 2021-08-01 2022-07-31 NI641668 core:OtherRelatedParties 2021-08-01 2022-07-31 NI641668 2021-07-31 NI641668 bus:Director1 1 2021-07-31 NI641668 core:OtherRelatedParties 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI641668

Coalisland Filling Station Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Coalisland Filling Station Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Coalisland Filling Station Ltd

Company Information

Director

Mr Sean Farrell

Registered office

1 Ballynakilly Road
Coalisland
Dungannon
County Tyrone
BT71 4HU

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors & Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Coalisland Filling Station Ltd

(Registration number: NI641668)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

20,030

Current assets

 

Stocks

5

-

65,000

Debtors

6

397,231

146,074

Cash at bank and in hand

 

56,412

242,288

 

453,643

453,362

Creditors: Amounts falling due within one year

7

(103,314)

(283,162)

Net current assets

 

350,329

170,200

Total assets less current liabilities

 

350,329

190,230

Creditors: Amounts falling due after more than one year

7

(18,333)

(28,333)

Provisions for liabilities

-

(3,805)

Net assets

 

331,996

158,092

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

331,995

158,091

Shareholders' funds

 

331,996

158,092

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 October 2024
 

 

Coalisland Filling Station Ltd

(Registration number: NI641668)
Balance Sheet as at 31 July 2023

.........................................
Mr Sean Farrell
Director

   
     
 

Coalisland Filling Station Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
1 Ballynakilly Road
Coalisland
Dungannon
County Tyrone
BT71 4HU
Northern Ireland

These financial statements were authorised for issue by the director on 29 October 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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

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 income 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.

 

Coalisland Filling Station Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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

Plant and machinery

20% Straight Line Basis

Furniture, fittings and equipment

20% Reducing Balance Basis

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Coalisland Filling Station Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 18 (2022 - 21).

 

Coalisland Filling Station Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

8,315

88,936

97,251

Disposals

(8,315)

(88,936)

(97,251)

At 31 July 2023

-

-

-

Depreciation

At 1 August 2022

4,378

72,843

77,221

Eliminated on disposal

(4,378)

(72,843)

(77,221)

At 31 July 2023

-

-

-

Carrying amount

At 31 July 2023

-

-

-

At 31 July 2022

3,937

16,093

20,030

5

Stocks

2023
£

2022
£

Other inventories

-

65,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

(13,458)

-

Amounts owed by related parties

10

142,381

132,106

Prepayments

 

-

1,386

Other debtors

 

268,308

12,582

   

397,231

146,074

7

Creditors

Creditors: amounts falling due within one year

 

Coalisland Filling Station Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

26,522

Trade creditors

 

4,614

207,588

Taxation and social security

 

64,737

19,860

Accruals and deferred income

 

1,800

5,627

Other creditors

 

22,163

23,565

 

103,314

283,162

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

18,333

28,333

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,333

28,333

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

26,522

Bank borrowings

Bounceback loan is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 12 May 2026. The carrying amount at year end is £28,333 (2022 - £38,333).

10

Related party transactions

 

Coalisland Filling Station Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr Sean Farrell

Directors Loan repayable on demand

20,180

-

1,780

21,960

2022

At 1 August 2021
£

At 31 July 2022
£

Mr Sean Farrell

Directors Loan repayable on demand

20,180

20,180

 

Coalisland Filling Station Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

132,106

132,106

Advanced

43,000

43,000

Repaid

(32,725)

(32,725)

At end of period

142,381

142,381

2022

Other related parties
£

Total
£

At start of period

91,400

91,400

Advanced

50,000

50,000

Repaid

(9,294)

(9,294)

At end of period

132,106

132,106