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Registered number: 11064535
County Oil Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 April 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Contents
Page
Strategic Report 1—3
Directors' Report 4—5
Independent Auditor's Report 6—9
Consolidated Statement of Comprehensive Income 10
Consolidated Statement of Financial Position 11
Company Statement of Financial Position 12—13
Consolidated Statement of Changes in Equity 14
Consolidated Statement of Cash Flows 15
Notes to the Consolidated Statement of Cash Flows 16
Notes to the Financial Statements 17—26
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 April 2024.
Principal Activity
The prncipal activity of the group is the wholesale distribution of commercial and domestic fuel, oils and lubricants.
The principal activity of the company is that of a holding company.
Review of the Business
The directors are satisfied with the results for the year, the group has traded very profitably and has achieved targets set by the board at the beginning of the year. All areas targeted for growth by the board have been successfully achieved.
Turnover has returned to more normal levels in 2024 following the exceptional trading levels in 2023. 2023 trading figures included a significant amount of turnover from one customer who temporarily required our products following the invasion of Ukraine.
We have long term supply contracts in place, aiding stability and forecasting and we continue to prioritise our long term loyal customer base with commercial customers at the core of our business activities. 
The core values of the group are based on a quality service, the group has prioritised its existing customer base whilst taking advantage of short term opportunities.
Key performance indicators are described further in this report.
Principal Risks and Uncertainties
Liquidity Risk
The group continues to hold a significant cash balance which is invested safely and profitably. There is no intention to change this policy.
Credit Risk
The group operates a strict credit control policy, with credit limits set and monitored regularly by management, taking into consideration a combination of, payment history, 3rd party credit references and commercial credit insurance availability. The majority of higher value accounts are debt insured.
Competition
Fuel oil and lubricant distribution remains a highly competitive market. There are enough competitors in the market for it to be self-regulating. We are able to operate competitively utilising our experienced sales team, wet depot storage, terminal collect facilities and our owned fleet of evolving vehicles.
Major Disruption
The group’s disaster recovery plan utilises the two owned wet depots available and the network of fuel terminals available in the northwest of England and beyond. This policy is reviewed regularly. 
Environmental and Regulatory Risk
The group is exposed to environmental risks due to the nature of the products that it stores, transports and delivers. The group operates in a highly regulated industry which ensures that it complies with all relevant laws and standards and has procedures and policies in place to manage this. The group operates a Quality and Environmental framework to ISO level which is annually audited and certified, this is also subject to monthly internal audits. Insurance policies are also in place to mitigate the risk of any unforeseen events.
Employee Engagement Statement
The directors positively engage with all staff involved in the business. We have developed a culture of safety that invests in our staff and provides information on matters that concerns them. Employee involvement in the group is encouraged, as an awareness of the financial and economic factors affecting the group play a significant part in its performance.
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group
High level customer service remains key to our core beliefs and our success in this competitive market place. We supply quality products in a timely manner that meets or surpasses our customers' expectations. This is re-enforced by our knowledgeable sales, support and delivery teams.
We actively engage with suppliers of all our products, ensuring that strong relationships are maintained. Through our management systems we ensure that high standards are maintained. Compliance is ensured with modern slavery policy, anti-bribery policy, diversity and inclusion via our supply chain.
Page 1
Page 2
Carbon and energy
The group utilises a combination of ISO Management systems and the Ecovardis management system to monitor and amend its carbon and energy usage. In an effort to mitigate the group’s carbon emissions and use resources more responsibly the group has implemented or committed to the following initiatives:
• All offices and depots supplied by carbon neutral electricity supplier
• Investment in a clean, modern delivery fleet for maximum efficiency
• Supplying an increasing number of customers with HVO (hydrogenated vegetable oil) where market conditions allow
• Recycling of waste oil, metal, computer and electrical equipment
• Installation of LED lighting throughout offices and depots
• On truck computers to minimise miles travelled and paper used
• Reduce the amount of paper used during the day to day running of the business
• Electronic storage of relevant statutory HMRC requirements
• Recycle bulk product containers
Developments and future outlook
The group has continued its aim of strengthening both its infrastructure and staff resource throughout the year and will continue to do so into the future. Further appointments will be made in a range of specific roles. This is a process that will continue with the organic growth of the group in future years.
The board accepts that the sector with innovative alternative products in which it trades, is considered a polluting but necessary one. Efforts have been made to help reduce this impact. The group has continued investment into the supply and use of renewable and sustainable fuels to meet legislated change, more specifically hydrotreated vegetable oil (HVO). The board appreciates the considerable environmental benefits with a significant reduction of greenhouse gas emissions and reduced NOx, PM and CO emissions.
Page 2
Page 3
Key Performance Indicators
The group has made good progress throughout the year in relation to key elements of its strategy. The board monitors the progress of the company using the following Key Performance Indicators:
• Number of orders taken
• Quantity of product delivered by location 
• Debtor days and debtors ageing profile
• Creditor days and creditor ageing profile
• Gross and net profit margin per product line
• Overall balance sheet strength
Performance is measured against prior month, quarter and year for each of these measures and has been good for the current year. Management continues to monitor these KPIs on a monthly basis and any significant variance is acted upon promptly.
A summary of certain KPIs are shown below:
2024
2023
Debtor days
33
image
15
image
Creditor days
50
image
21
image
Gross profit percentage
11.66%
image
13.30%
image
Net profit percentage
5.16%
image
8.11%
image
Net assets
7,815,266
image
6,556,771
image
On behalf of the board
Mr Neil Musgrave
Director
26th November 2024
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors
The directors who held office during the year were as follows:
Mr Neil Musgrave
Mrs Margaret Musgrave
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Page 4
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Independent Auditors
The auditors, Ascendis Audit Limited, who were appointed during the year, are recommended for reappointment under section 485 of Companies Act 2006.
On behalf of the board
Mr Neil Musgrave
Director
26th November 2024
Page 5
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Independent Auditor's Report
Opinion
We have audited the financial statements of County Oil Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 6
Page 7
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4—5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Control of Substances Hazardous to Health Regulations 2022, The Dangerous Substances and Explosive Regulations 2002, the Health & Safety at Work etc Act 1974, and the Employment Act 2022, and we considered the extent to which non-compliance might have a material effect on the financial statements.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and in fraudulent revenue recognition.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• assessing the extent of compliance, or lack of, with relevant laws and regulations, in particular those that are central to the ability to continue in operation;
• enquiring of management about actual and potential litigation and claims;
• performing sample testing of all sales categories and sales cut off testing;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
• addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries;
assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)
for and on behalf of Ascendis Audit Limited , Statutory Auditor
28th November 2024
...CONTINUED
Page 8
Page 9
Ascendis Audit Limited
Unit 3, Building 2, The Colony
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Page 9
Page 10
Consolidated Statement of Comprehensive Income
2024 2023
Notes £ £
TURNOVER 3 35,391,541 53,365,804
Cost of sales (31,265,028 ) (46,269,956 )
GROSS PROFIT 4,126,513 7,095,848
Distribution costs (334,175 ) (298,121 )
Administrative expenses (1,651,266 ) (1,421,797 )
Other operating income - 19,433
OPERATING PROFIT 5 2,141,072 5,395,363
Income from other fixed asset investments 30,334 -
Loss on disposal of fixed assets - (59,750 )
Other interest receivable and similar income 10 154,093 12,541
Interest payable and similar charges (122 ) (1,548 )
PROFIT BEFORE TAXATION 2,325,377 5,346,606
Tax on Profit 11 (500,695 ) (1,020,515 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,824,682 4,326,091
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,824,682 4,326,091
The notes on pages 16 to 26 form part of these financial statements.
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Consolidated Statement of Financial Position
Registered number: 11064535
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 1,510,898 1,306,247
Investments 13 85,000 -
1,595,898 1,306,247
CURRENT ASSETS
Stocks 14 249,476 341,122
Debtors 15 4,077,439 2,409,794
Investments 16 1,944,305 -
Cash at bank and in hand 4,713,402 7,559,837
10,984,622 10,310,753
Creditors: Amounts Falling Due Within One Year 17 (4,572,901 ) (4,923,800 )
NET CURRENT ASSETS (LIABILITIES) 6,411,721 5,386,953
TOTAL ASSETS LESS CURRENT LIABILITIES 8,007,619 6,693,200
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (192,349 ) (136,429 )
NET ASSETS 7,815,270 6,556,771
CAPITAL AND RESERVES
Called up share capital 21 38 38
Share premium account 7,492 7,492
Consolidation reserve 2,318,345 2,318,345
Income Statement 5,489,395 4,230,896
SHAREHOLDERS' FUNDS 7,815,270 6,556,771
On behalf of the board
Mr Neil Musgrave
Director
26th November 2024
The notes on pages 16 to 26 form part of these financial statements.
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Company Statement of Financial Position
Registered number: 11064535
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 696,731 712,418
Investments 13 85,030 30
781,761 712,448
CURRENT ASSETS
Debtors 15 401,000 1,135,825
Investments 16 1,944,305 -
Cash at bank and in hand 87,001 736,195
2,432,306 1,872,020
Creditors: Amounts Falling Due Within One Year 17 (249,657 ) (2,482,246 )
NET CURRENT ASSETS (LIABILITIES) 2,182,649 (610,226 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,964,410 102,222
NET ASSETS 2,964,410 102,222
CAPITAL AND RESERVES
Called up share capital 21 38 38
Share premium account 7,492 7,492
Income Statement 2,956,880 94,692
SHAREHOLDERS' FUNDS 2,964,410 102,222
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 3,428,371 (2023: £ 3,034,353 profit).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Neil Musgrave
Director
26th November 2024
The notes on pages 16 to 26 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Share Premium Revaluation reserve Consolidation reserve
£ £ £ £
As at 1 May 2022 38 7,492 89,758 2,318,345
Profit for the year and total comprehensive income - - - -
Dividends paid - - - -
Transfer from revaluation reserve - - - -
Transfer to/from Profit & Loss Account - - (89,758 ) -
As at 30 April 2023 and 1 May 2023 38 7,492 - 2,318,345
Profit for the year and total comprehensive income - - - -
Dividends paid - - - -
As at 30 April 2024 38 7,492 - 2,318,345
Income Statement Total
£ £
As at 1 May 2022 2,756,179 5,171,812
Profit for the year and total comprehensive income 4,326,091 4,326,091
Dividends paid (2,941,132) (2,941,132)
Transfer from revaluation reserve 89,758 89,758
Transfer to/from Profit & Loss Account - (89,758)
As at 30 April 2023 and 1 May 2023 4,230,896 6,556,771
Profit for the year and total comprehensive income 1,824,682 1,824,682
Dividends paid (566,183) (566,183)
As at 30 April 2024 5,489,395 7,815,270
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,487,719 2,992,070
Interest paid (122 ) (1,548 )
Tax paid (375,935 ) (1,527,618 )
Net cash generated from operating activities 2,111,662 1,462,904
Cash flows from investing activities
Purchase of tangible assets (383,596 ) (321,252 )
Purchase of other fixed asset investments (85,000 ) -
Purchase of current asset investments (1,944,305 ) -
Interest received 154,093 12,541
Dividends received 30,334 -
Loan made to associated company (401,000) -
Net cash used in investing activities (2,629,474 ) (308,711 )
Cash flows from financing activities
Equity dividends paid (566,183 ) (2,514,129 )
Proceeds from new other loans - 1,599,000
Repayment of other loans (1,599,000) -
Repayment of finance leases (13,440 ) (53,451 )
Amount withdrawn by directors (150,000) (477,841)
Net cash used in financing activities (2,328,623 ) (1,446,421 )
Decrease in cash and cash equivalents (2,846,435 ) (292,228 )
Cash and cash equivalents at beginning of year 2 7,559,837 7,852,065
Cash and cash equivalents at end of year 2 4,713,402 7,559,837
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,824,682 4,326,091
Adjustments for:
Tax on profit 500,695 1,020,515
Interest expense 122 1,548
Interest income (154,093 ) (12,541 )
Income from investments (30,334) -
Depreciation of tangible assets 178,945 132,059
Loss on disposal of tangible assets - 59,749
Movements in working capital:
Decrease in stocks 91,646 140,659
(Increase)/decrease in trade and other debtors (1,266,645 ) 1,321,468
Increase/(decrease) in trade and other creditors 1,342,701 (3,997,478 )
Net cash generated from operations 2,487,719 2,992,070
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 4,713,402 7,559,837
3. Analysis of changes in net funds
As at 1 May 2023 Cash flows As at 30 April 2024
£ £ £
Cash at bank and in hand 7,559,837 (2,846,435) 4,713,402
Finance leases (13,440) 13,440 -
7,546,397 (2,832,995) 4,713,402
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Notes to the Financial Statements
1. General Information
County Oil Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11064535 . The registered office is Beca House, Ashville Way, Sutton Weaver, Runcorn, Cheshire, WA7 3EZ. The group has no single principal place of business.
The presentational currency of the financial statements is Pound Sterling (£).
Amounts in these financial statements arre rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together made up to 30 April 2024.
Subsidiary undertakings acquired are accounted for under the acquisition method and their results are included from the acquisition date.
2.3. Going Concern Disclosure
Since the year end the group has continued to trade profitably and maintains a strong financial position.
Having considered the relevant business risks the directors remain satisfied that the group and company are going concerns and that the financial statements are correctly prepared on this basis.
2.4. Significant judgements and estimations
In the application of the group's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:-
Estimating the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge.
2.5. Turnover
Turnover represents the aggregate of the fair value of goods, net of value added tax, rebates and discounts. Turnover from the sale of goods is recognised when the customer collects or the group has delivered goods to the customer and collection of the related receivables is anticipated.
2.6. Research and Development
Expenditure on research and development is written off in the year in which it is incurred
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% per annum on a straight line basis
Leasehold 2% per annum on a straight line basis
Plant & Machinery 10% per annum on a reducing balance basis
Motor Vehicles 25% per annum on a reducing balance basis
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.
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2.8. Investments
Listed investments are measured at market value.
Investments in subsidiaries are measured at cost less impairment.
2.9. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Comprehensive Income as incurred.
2.10. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.
Net realisable value is estimated selling price less costs to complete and sell.
The cost comprises of actual purchase price.
2.11. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.12. Financial Instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilites such as trade and other accounts receivable and payable and related party loans.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, and impairment loss is recognised in the income statement.
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.
Listed investments are measured at market value.
2.13. Interest Receivable
Interest receivable is accounted for on an accruals basis.
2.14. Taxation
Income tax expense represents the sum of corporation tax and deferred tax.
Corporation tax is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.14. Taxation - continued
Current or deferred tax for the year is recognised in the Statement of Comprehensive Income, except when they relate to items that are recognised directly in equity, in which case, the current and deferred tax is also recognised directly in equity respectively.
2.15. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the Statement of Comprehensive Income as they become payable in accordance with the rules of the scheme.
2.16. Dividends
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
3. Turnover
The turnover and profit before taxation are attributable to the one principal activity of the group.
All turnover has been generated within the United Kingdom.
4. Other Operating Income
2024 2023
£ £
Other operating income - 19,433
- 19,433
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets 178,945 132,059
Research and development expenditure for 2024 amounting to £313,249 is included within the cost categories to which they relate.
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the group and company's financial statements 17,000 25,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 886,050 620,413
Social security costs 90,020 64,972
Other pension costs 187,416 168,095
1,163,486 853,480
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8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
Group Company
2024 2023 2024 2023
Directors 3 2 - -
Drivers 5 5 - -
Administrative 11 12 - -
19 19 - -
9. Directors' remuneration
2024 2023
£ £
Emoluments 359,969 18,200
Company contributions to money purchase pension schemes 177,500 156,987
537,469 175,187
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 4 3
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 123,144 -
Company contributions to money purchase pension schemes 32,500 -
155,644 -
10. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 97,088 12,541
Other interest receivable from HMRC 57,005 -
Dividends from other fixed asset investments - listed 30,334 -
184,427 12,541
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11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 464,355 1,008,226
Prior period adjustment (19,580 ) -
444,775 1,008,226
Deferred Tax
Deferred taxation 55,920 12,289
Total tax charge for the period 500,695 1,020,515
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 2,325,377 5,346,606
Tax on profit at 25% (UK standard rate) 573,761 1,015,855
Goodwill/depreciation not allowed for tax 44,736 36,444
Expenses not deductible for tax purposes 9,942 10,674
Capital allowances (96,603 ) (52,505 )
Short term timing differences (132 ) 98
Research and Development tax credit (67,349 ) (26,511 )
Prior period adjustment (19,580 ) -
Difference in tax rates - 24,171
Deferred tax from unrecognised tax loss or credit 55,920 12,289
Total tax charge for the period 500,695 1,020,515
12. Tangible Assets
Group
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £ £
Cost
As at 1 May 2023 458,566 325,796 603,909 1,106,422 2,494,693
Additions - - 3,614 379,982 383,596
As at 30 April 2024 458,566 325,796 607,523 1,486,404 2,878,289
Depreciation
As at 1 May 2023 39,367 32,577 512,631 603,871 1,188,446
Provided during the period 9,171 6,516 9,462 153,796 178,945
As at 30 April 2024 48,538 39,093 522,093 757,667 1,367,391
...CONTINUED
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Net Book Value
As at 30 April 2024 410,028 286,703 85,430 728,737 1,510,898
As at 1 May 2023 419,199 293,219 91,278 502,551 1,306,247
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery - 54,043
Company
Land & Property
Freehold Leasehold Total
£ £ £
Cost
As at 1 May 2023 458,566 325,796 784,362
As at 30 April 2024 458,566 325,796 784,362
Depreciation
As at 1 May 2023 39,367 32,577 71,944
Provided during the period 9,171 6,516 15,687
As at 30 April 2024 48,538 39,093 87,631
Net Book Value
As at 30 April 2024 410,028 286,703 696,731
As at 1 May 2023 419,199 293,219 712,418
13. Investments
Group
Other
£
Cost
As at 1 May 2023 -
Additions 85,000
As at 30 April 2024 85,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 85,000
As at 1 May 2023 -
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Company
Subsidiaries Other Total
£ £ £
Cost
As at 1 May 2023 30 - 30
Additions - 85,000 85,000
As at 30 April 2024 30 85,000 85,030
Provision
As at 1 May 2023 - - -
As at 30 April 2024 - - -
Net Book Value
As at 30 April 2024 30 85,000 85,030
As at 1 May 2023 30 - 30
14. Stocks
2024 2023
£ £
Stock 249,476 341,122
There were no stock provisions at either 30 April 2024 or 30 April 2023.
15. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 3,165,358 2,235,906 - -
Prepayments and accrued income 321,521 126,575 - -
VAT 189,560 47,313 - -
Amounts owed by group undertakings - - - 1,135,825
Amounts owed by associated companies 401,000 - 401,000 -
4,077,439 2,409,794 401,000 1,135,825
There were no bad debt provisions at either 30 April 2024 or 30 April 2023.
16. Current Asset Investments
Group Company
2024 2023 2024 2023
£ £ £ £
Unlisted investments 1,944,305 - 1,944,305 -
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17. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts - 13,440 - -
Trade creditors 4,258,833 2,651,073 - -
Amounts owed to group undertakings - - 249,416 433,246
Amounts owed to participating interests - 1,599,000 - 1,599,000
Other creditors 61,057 491,892 - 450,000
Corporation tax 132,355 63,515 241 -
Taxation and social security 19,367 16,675 - -
Accruals and deferred income 101,289 88,205 - -
4,572,901 4,923,800 249,657 2,482,246
Of the creditors the following amounts are secured.
Group
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 13,440
The net obligations under hire purchase contracts were secured over the assets to which they related.
18. Obligations Under Finance Leases and Hire Purchase
Group
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 13,440
19. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 192,349 136,429
20. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 May 2023 136,429 136,429
Additions 55,920 55,920
Balance at 30 April 2024 192,349 192,349
The analysis of deferred tax is shown below:
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2024
2023
£
£
Accelerated capital allowances
192,523
136,734
Short term timing differences
(174)
(305)
image
image
Total
192,349
image
136,429
image
21. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,948 Ordinary Shares of £ 0.01 each 19 19
300 Ordinary A shares of £ 0.01 each 3 3
752 Ordinary B shares of £ 0.01 each 8 8
750 Ordinary C shares of £ 0.01 each 8 8
38 38
Each share is entitled to one vote in any circumstance and all share classes rank equally.
22. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 660 -
Later than one year and not later than five years 1,320 -
1,980 -
23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £187,416 (2023: £168,095).
At the statement of financial position date contributions of £5,620 (2023: £2,849) were due to the fund and are included in creditors.
24. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 566,183 2,941,132
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25. Reserves
Group
Share premium account - this reserve represents the excess of consideration received above the nominal value of shares issued.
Consolidation reserve -  this reserve represents the non-distributable reserve arising on revaluation of assets to fair value on acquisition and consolidation of the subsidiary undertakings.
Profit and loss loss reserve - this reserve represents the accumulated profits and losses, less distributions, of the group.
Company
Share premium account - this reserve represents the excess of consideration received above the nominal value of shares issued.
Profit and loss loss reserve - this reserve represents the accumulated profits and losses, less distributions, of the company.
26. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
At the reporting date £nil (2023: £150,000) was owed by the group to directors. This amount was unsecured, interest free and repayable on demand.
At the reporting date an amount of £401,000 was owed by (2023: £1,599,000 owed to) County Oil Investments Limited which holds a participating interest in County Oil Holdings Limited. These amounts are unsecured, interest free and repayable on demand.
Included within trade debtors is an amount of £79 (2023: £nil) due from the directors.
During the year dividends of £437,794 (2023: £941,132) were paid to the directors.
During the year dividends of £128,389 (2023: £2,000,000) were paid to County Oil Investments Limited.
27. Controlling Parties
The directors consider that the ultimate controlling parties are Neil Musgrave and Margaret Musgrave by virtue of their shareholding in the group.
Page 26