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REGISTERED NUMBER: 06823855 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MAY 2024

FOR

ROMSLEY COUNTRY STORE LIMITED

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


ROMSLEY COUNTRY STORE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







Directors: M A Hodgetts
M M Hodgetts





Registered office: Back Lane Farm
St. Kenelms Road
Romsley
Halesowen
B62 0PG





Registered number: 06823855 (England and Wales)

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

BALANCE SHEET
31ST MAY 2024

31.5.24 31.5.23
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 1,144,536 1,032,926
1,144,536 1,032,926

Current assets
Stocks 6 154,164 152,176
Debtors 7 63,313 59,917
Cash at bank and in hand 332,932 254,865
550,409 466,958
Creditors
Amounts falling due within one year 8 306,361 242,434
Net current assets 244,048 224,524
Total assets less current liabilities 1,388,584 1,257,450

Creditors
Amounts falling due after more than one
year

9

(303,744

)

(331,581

)

Provisions for liabilities 12 (39,500 ) (49,900 )
Net assets 1,045,340 875,969

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

BALANCE SHEET - continued
31ST MAY 2024

31.5.24 31.5.23
Notes £ £ £ £
Capital and reserves
Called up share capital 13 10,002 10,000
Fair value reserve - 58,143
Retained earnings 1,035,338 807,826
Shareholders' funds 1,045,340 875,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd December 2024 and were signed on its behalf by:





M M Hodgetts - Director


ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. Statutory information

Romsley Country Store Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.
Depreciation is provided at the following rates on the straight line or reducing balance method in order to write off each asset over its estimated useful life:

Freehold property0%
Improvements to property 10% SL
Plant & machinery 25% RB
Fixtures & fittings15% RB
Motor vehicles25% RB

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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 deducing all of its liabilities.

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


2. Accounting policies - continued
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase & leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees (including officers)

The average number of employees during the year was 5 (2023 - 5 ) .

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


4. Intangible fixed assets
Goodwill
£
Cost
At 1st June 2023
and 31st May 2024 135,000
Amortisation
At 1st June 2023
and 31st May 2024 135,000
Net book value
At 31st May 2024 -
At 31st May 2023 -

5. Tangible fixed assets
Freehold Improvmts Plant &
property to property machinery
£ £ £
Cost or valuation
At 1st June 2023 810,000 188,152 269,070
Additions 897,665 12,415 19,733
Disposals (810,000 ) (33,158 ) -
At 31st May 2024 897,665 167,409 288,803
Depreciation
At 1st June 2023 - 64,176 192,057
Charge for year - 14,252 24,190
Eliminated on disposal - (23,211 ) -
At 31st May 2024 - 55,217 216,247
Net book value
At 31st May 2024 897,665 112,192 72,556
At 31st May 2023 810,000 123,976 77,013

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


5. Tangible fixed assets - continued

Fixtures & Motor
fittings vehicles Totals
£ £ £
Cost or valuation
At 1st June 2023 31,865 16,624 1,315,711
Additions - 58,666 988,479
Disposals - - (843,158 )
At 31st May 2024 31,865 75,290 1,461,032
Depreciation
At 1st June 2023 15,135 11,417 282,785
Charge for year 2,510 15,970 56,922
Eliminated on disposal - - (23,211 )
At 31st May 2024 17,645 27,387 316,496
Net book value
At 31st May 2024 14,220 47,903 1,144,536
At 31st May 2023 16,730 5,207 1,032,926

Cost or valuation at 31st May 2024 is represented by:

Freehold Improvmts Plant &
property to property machinery
£ £ £
Valuation in 2018 55,250 - -
Valuation in 2021 22,443 - -
Cost 819,972 167,409 288,803
897,665 167,409 288,803

Fixtures & Motor
fittings vehicles Totals
£ £ £
Valuation in 2018 - - 55,250
Valuation in 2021 - - 22,443
Cost 31,865 75,290 1,383,339
31,865 75,290 1,461,032

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


6. Stocks
31.5.24 31.5.23
£ £
Stocks 154,164 152,176

7. Debtors: amounts falling due within one year
31.5.24 31.5.23
£ £
Amounts owed by related parties 63,313 59,271
Other debtors - 646
63,313 59,917

8. Creditors: amounts falling due within one year
31.5.24 31.5.23
£ £
Bank loans & overdrafts 32,952 35,682
Trade creditors 123,910 122,171
Amounts owed to related parties 31,630 11,131
Corporation tax 44,600 29,400
Social security & other taxes 5,524 5,304
Other creditors 18,250 16,507
Directors' current accounts 49,495 22,239
306,361 242,434

9. Creditors: amounts falling due after more than one year
31.5.24 31.5.23
£ £
Bank loans - two to five years 129,019 152,668
Bank loans more 5 years 174,725 178,913
303,744 331,581

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 years 174,725 178,913

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


10. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£ £
Within one year - 744
Between one and five years - 2,976
- 3,720

11. Secured debts

The following secured debts are included within creditors:

31.5.24 31.5.23
£ £
Bank loans 336,696 367,263

The bank loan amounting to £324,272 is secured against property owned by the company.

12. Provisions for liabilities
31.5.24 31.5.23
£ £
Deferred tax
Deferred tax 39,500 30,400
Property revalue - 19,500
39,500 49,900

Deferred tax
£
Balance at 1st June 2023 49,900
Accelerated capital allowances 9,100
Revaluation (19,500 )
Balance at 31st May 2024 39,500

ROMSLEY COUNTRY STORE LIMITED (REGISTERED NUMBER: 06823855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


13. Called up share capital

Allotted, issued and fully paid: 31.5.24 31.5.23
Nominal
Number Class Value £ £
4,000 Ordinary A shares £1 4,000 4,000
4,000 Ordinary B shares £1 4,000 4,000
2,000 Ordinary C shares £1 2,000 2,000
1 Ordinary I1 shares £1 1 -
1 Ordinary I2 shares £1 1 -
10,002 10,000

1 ordinary I1 share and 1 ordinary I2 share were issued on 22nd January 2024 .

14. Contingent liabilities & lease commitments

There were no contingent liabilities or lease commitments as at 31st May 2024.

15. Directors' advances, credits and guarantees

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. Loans and advances totalling £50,072 and repayments of £50,072 were made during the year. The balance at the year end was £49,495 owed by the company (2023: £22,239) .

The loans and advances were made interest free and were repayable on demand.

16. Related party disclosures

The following transactions with related parties, on normal commercial terms, took place during the year:



Purchases

Loans
Debtor
balance
Creditor
balance
£ £ £ £
Entities with common key management personnel209,58324,73463,31331,630