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Registered number: 05675117










Countrystyle Group Limited










Annual Report and Financial Statements

For the year ended 30 April 2024

 
Countrystyle Group Limited
 

Company Information


Directors
M L Heathcote 
T L Heathcote 




Registered number
05675117



Registered office
Stanford Bridge Farm
Station Road

Pluckley

Ashford

Kent

TN27 0RU




Independent auditors
Kreston Reeves LLP
Statutory Auditor & Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Countrystyle Group Limited
 

Contents



Page
Strategic Report
 
1 - 4
Directors' Report
 
5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 20


 
Countrystyle Group Limited
 

Strategic Report
For the Year Ended 30 April 2024

Introduction
 
The principal activities of the company is as a holding company whose investments are in subsidiaries who provide waste collection, resource management, recycling and treatment services predominantly in the UK.

Business review
 
During the year, the company continued to hold its investment in Countrystyle Recycling Limited.
The only activity in the company related to interest received on loans to related parties. 
Further information in respect of the performance of the company's investment held in the relevant financial statements of Countrystyle Recycling. Limited.

Principal risks and uncertainties
 
The main risks and uncertainties affecting the company are consistent with those affecting its investment and hence the value of that investment.

Financial key performance indicators
 
As the company is only a holding company and not a trading company, the board does not rely on any financial key performance indicators.

Future developments
 
The company is expected to receive investment income from its investment.

Page 1

 
Countrystyle Group Limited
 

Strategic Report (continued)
For the Year Ended 30 April 2024

Directors' statement of compliance with duty to promote the success of the Company
 
Duty to promote the success of the Company
A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so he must have regard to the matters set out in the Companies Act 2006, section 172(1) and a company must include a statement in its strategic report describing how the directors have had regard to the matters set out in this section. These matters along with an explanation of how the directors have had regard to them are summarised below as the company’s section 172(1) statement: 
(a) the likely consequences of any decision in the long term
Boards of large companies invariably delegate day-to-day management and decision-making to executive management. Directors should maintain oversight of a company’s performance and ensure that management is acting in accordance with the strategy and plans agreed by a board and its delegated authorities. The culture, values and standards that underpin this delegation should help ensure that when decisions are made their wider impact has been considered. A board should also reserve certain matters for its own consideration so that it can exercise judgement directly when making major decisions, and in doing so promote the success of the company whilst having regard to all necessary matters. A board needs assurance that a company’s financial reporting, risk management, governance and internal control processes, including policies mandating procedural requirements and standards, are operating effectively. 
Overview of how the Board discharges its duties
The strategy and governance of the company is set at Board meetings held regularly throughout the year. The strategy agreed forms the basis of the budget for the forthcoming year as well as informing the capital and investment plans for the period. 
The financial performance of the company is reviewed by management account information. These management accounts are prepared monthly and provided to the directors on a timely basis by the Finance Director along with detailed commentary.
The Board is mindful of the risks the Company faces when making its strategic decisions. As well as the general risks facing every company in terms of the general economy, the directors have agreed that the main risks facing the Company are:
 
Current macro-economic factors such as rising inflation
Reliability of the supply of goods/services especially vehicles, plant & equipment and fuel
Lack of succession in key managerial staff
The ability of larger companies to compete aggressively on price
The reality of the use of environmental taxes by HM Government to change attitudes to recycling in the UK and the limited ability to pass these onto customers
The costs of compliance in a highly regulated industry

The company’s strategy has been designed to limit these risks as far as practicable. 
(b) the interests of the company’s employees 
Employees are central to the long-term success of a company, as such, a board should consider their interests, and, to assist in doing so, have means of engaging with and understanding their views. 
 
Page 2

 
Countrystyle Group Limited
 

Strategic Report (continued)
For the Year Ended 30 April 2024


Overview of how the Board performed its duties: 
The directors are fortunate that they are in a position to have regular contact with all employees, not just managers. Directors regularly attend operational sites and are available to discuss issues with staff members. Various media platforms are used to keep employees informed with any company news and other relevant advice. 
We value the feedback from our employees, and regular contact with Union representatives takes place where relevant. 
Previously, the company has undertaken employee surveys, and this is a method of engagement that will be employed again in the future. Managers have update meetings with their staff on a regular basis. 
The directors have a responsibility of overseeing how the company deals with employees that fall short of our required standards. At least one director will be involved in any disciplinary procedures.
The company has a continuous review programme for its Employee Handbook especially the sections on ethics, standards and grievances. These policies are reviewed regularly to ensure their effectiveness. 
The company has started a newsletter called “In the Loop” to enhance engagement with employees and continues to explore other opportunities such as a staff forum.
(c) the need to foster the company’s business relationships with suppliers, customers and others 
Fostering business relationships with key stakeholders, such as customers and suppliers, is important to a company’s success. A board should have visibility of these relationships so that it is able to take stakeholder considerations into account when making decisions. 
Overview of how the Board performed its duties: 
Suppliers 
The company has regular meetings with key suppliers such as our main vehicle and plant & machinery dealerships as part of ongoing repairs & maintenance arrangements in place with these companies. We also have regular contact with many of our smaller suppliers and can be flexible with our invoice payment policy. Wherever possible, the company likes to engage with local suppliers. 
Customers 
The company has contractual obligations with its main local authority customers to report and meet with the appointed local authority representatives on a minimum monthly basis. This regular reporting and meeting arrangements also apply to what the company classifies as its key corporate and off-take customers.  Other customer complaints are reviewed by at least one director and responded to as quickly as possible. Feedback is used to improve our service to all customers. 
(d) the impact of the company’s operations on the community and the environment
In their decision-making, directors need to have regard to the impact of a company’s operations on the community and environment. 
Overview of how the Board performed its duties 
Any company has an important social responsibility to both its local community and the wider environment. The directors take this responsibility seriously and are mindful of it when making decisions. 
Furthermore, the company has a contractual commitment to assist its local authority customers in meeting their obligations under the Public Services (Social Value) Act 2012 and it is fully committed to delivering social value under these contracts and more widely to the communities in which many of its staff and customers live.
 
Page 3

 
Countrystyle Group Limited
 

Strategic Report (continued)
For the Year Ended 30 April 2024

The company’s activities have an obvious impact on the environment and we are committed to operating our recycling processes strictly in accordance with our environmental permits and all other consents issued pursuant to regulations that control the way we undertake our business. The company is committed to investing in new cleaner technology and is looking to introduce fully electric mobile plant at some of its operating centres during the course of the coming financial year.
(e) the desirability of the company maintaining a reputation for high standards of business contact 
Culture, values and standards underpin how a company creates and sustains value over the longer term and are key elements of how it maintains a reputation for high standards of business conduct. They also guide and assist in decision making and thereby help promote a company’s success, recognising, amongst other things, the likely consequences of any decision in the long term and wider stakeholder considerations. The standards set by a board mandate certain requirements and behaviours with regards to the activities of its directors, employees and others associated with it. 
Overview of how the Board discharged its duties 
The Board helps to shape the values and culture of the company through our engagement with all its stakeholders, including employees, customers and regulators. Key to the company’s identify is that it is family-owned. The long-term success of the company is derived from its relationships with its employees and its customers. 
(f) the need to act fairly between members of the company 
A board should communicate effectively with its shareholders and understand their views, and also act fairly as between different members. 
Overview of how the Board discharged its duties 
The company is part of a larger group which is effectively family owned.  Members of this family are directors of the company and attend Board meetings on a regular basis.  They also have an active role in the day-to-day running of the company.
Accordingly, the Board of Directors of the company consider, both individually and together, that they have acted in the way they consider would be for the benefits of its members as a whole, in the decisions they have made in the year ended 30th April 2024.


This report was approved by the board and signed on its behalf.



T L Heathcote
Director
Date: 24 January 2025

Page 4

 
Countrystyle Group Limited
 

 
Directors' Report
For the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Results and dividends

The profit for the year, after taxation, amounted to £4,477 (2023 - £7,023).

Directors

The directors who served during the year were:

M L Heathcote 
T L Heathcote 

Future developments

See Strategic report. 

Engagement with suppliers, customers and others

The Directors engagement with employees, suppliers, customers and others is detailed in the strategic report on pages 1 to 4.
Greenhouse gas emissions, energy consumption and energy efficiency action 
Disclosures relating to energy have been included in the consolidated financial statements of Heathcote Holdings Limited. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsKreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





T L Heathcote
Director
Date: 24 January 2025

Page 5

 
Countrystyle Group Limited
 

Directors' Responsibilities Statement
For the Year Ended 30 April 2024

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards 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's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6

 
Countrystyle Group Limited
 

 
Independent Auditors' Report to the Members of Countrystyle Group Limited
 

Opinion


We have audited the financial statements of Countrystyle Group Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Company's ability to continue as a going concern for a period of at least twelve 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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 7

 
Countrystyle Group Limited
 

 
Independent Auditors' Report to the Members of Countrystyle Group Limited (continued)


Opinion 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and 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 6, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
Countrystyle Group Limited
 

 
Independent Auditors' Report to the Members of Countrystyle Group Limited (continued)


Auditors' 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 Auditors' 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company/group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. 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 the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 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 judgemental areas of the financial statements such as the valuation of investments. Audit procedures performed by the engagement included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management;
Assessment of identified fraud risk factors;
Challenging assumptions and judgements made by management in its significant accounting estimates;
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud;
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business;
Physical inspection of tangible assets susceptible to fraud or irregularity;
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 9

 
Countrystyle Group Limited
 

 
Independent Auditors' Report to the Members of Countrystyle Group Limited (continued)


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





Tracey Becker (Senior Statutory Auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Statutory Auditor
  
Canterbury

27 January 2025
Page 10

 
Countrystyle Group Limited
 

Statement of Comprehensive Income
For the Year Ended 30 April 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(185)
(253)

Operating loss
  
(185)
(253)

Interest receivable and similar income
 6 
6,008
7,276

Profit before tax
  
5,823
7,023

Tax on profit
 7 
(1,346)
-

Profit for the financial year
  
4,477
7,023

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 20 form part of these financial statements.

Page 11

 
Countrystyle Group Limited
Registered number: 05675117

Balance Sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 8 
18,374,356
18,374,356

Current assets
  

Debtors
 9 
3,108,293
3,102,470

Creditors: amounts falling due within one year
 10 
(443,261)
(441,915)

Net current assets
  
 
 
2,665,032
 
 
2,660,555

Net assets
  
21,039,388
21,034,911


Capital and reserves
  

Called up share capital 
 11 
19
19

Profit and loss account
 12 
21,039,369
21,034,892

  
21,039,388
21,034,911


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




T L Heathcote
Director
Date: 24 January 2025

The notes on pages 14 to 20 form part of these financial statements.

Page 12

 
Countrystyle Group Limited
 

Statement of Changes in Equity
For the Year Ended 30 April 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
19
21,027,869
21,027,888


Comprehensive income for the year

Profit for the year
-
7,023
7,023
Total comprehensive income for the year
-
7,023
7,023



At 1 May 2023
19
21,034,892
21,034,911


Comprehensive income for the year

Profit for the year
-
4,477
4,477
Total comprehensive income for the year
-
4,477
4,477


At 30 April 2024
19
21,039,369
21,039,388


Page 13

 
Countrystyle Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.


General information

Countrystyle Group Limited is a private company limited by shares and is incorporated in England and Wales with registration number 0510381. The address of the registered office Stanford Bridge Farm, Station Road, Pluckley, Ashford, TN27 0RU.
The principal activity of the company is that of a holding company who holds investments in companies which provide  waste collection, resource management, recycling and treatment services predominately in the UK.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Heathcote Holdings Limited  as at 30 April 2024 and these financial statements may be obtained from Stanford Bridge Farm, Station Road, Ashford, TN27 0RU.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 14

 
Countrystyle Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Going concern

The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Because of this, the financial statements have been prepared on a going concern basis.
The directors, and their connected companies, will also not draw upon their loans to the detriment of the company's ability to meet its day to day working capital requirements.

 
2.5

Interest income

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

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.
 
Page 15

 
Countrystyle Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 16

 
Countrystyle Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
.
Investment in subsidiaries
The company has recognised investments in subsidiaries with a carry value of £18,374,356 (2023: £18,374,356) at the reporting date (see note 8). These assets are stated at their cost less provision for impairment. 
The company considers whether these investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires the estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present values of those cash flows.  


4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
8,418
5,665

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 17

 
Countrystyle Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

5.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
2
2


6.


Interest receivable

2024
2023
£
£


Other interest receivable
6,008
7,276


7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,346
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,823
7,023


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
1,456
1,369

Effects of:


Group relief
-
(1,369)

Marginal relief
(110)
-

Total tax charge for the year
1,346
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
Countrystyle Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
18,374,356



At 30 April 2024
18,374,356





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Countrystyle Recycling Limited
Ridham Dock, Iwade, Sittingbourne, Kent ME9 8SR
Ordinary
100%


9.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by joint ventures and associated undertakings
1,515,015
1,515,015

Due within one year

Trade debtors
3,089
3,089

Amounts owed by group undertakings
90,182
84,359

Amounts owed by joint ventures and associated undertakings
1,500,007
1,500,007

3,108,293
3,102,470



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
441,915
441,915

Corporation tax
1,346
-

443,261
441,915


Page 19

 
Countrystyle Group Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 April 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,000 (2023 - 12,000) Ordinary shares of £0.001 each
12
12
6,800 (2023 - 6,800) A Ordinary shares of £0.001 each
7
7

19

19



12.


Reserves

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.


13.Other financial commitments

On 21 December 2021, an unlimited composite guarantee was given by Countrystyle Group Limited and other companies within the Heathcote Holdings group to HSBC Plc, by way of a fixed and floating charge over the assets of the group. 
At 30 April 2024, the total exposure amounted to £21,975,000 (2023: £7,875,000). 


14.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. The following are related party transactions outside of the group:


2024
2023
£
£

Amounts due to entities of which the entity has control, joint control or significant interest
3,015,022
3,015,022


15.


Controlling party

The ultimate parent company is Heathcote Holdings Limited due to its 100% shareholding. The ultimate controlling party is T L Heathcote by virtue of his majority shareholding.
Countrystyle Group Limited are included in the consolidated financial statements of Heathcote Holdings Limited which are available from Stanford Bridge Farm, Station Road, Pluckley, Ashford, Kent, TN27 0RU.

Page 20