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31 January 2025
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No description of principal activity
2023-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
01647795
2023-05-01
2024-04-30
01647795
2024-04-30
01647795
2023-04-30
01647795
2022-05-01
2023-04-30
01647795
2023-04-30
01647795
2022-04-30
01647795
core:LandBuildings
2023-05-01
2024-04-30
01647795
bus:Director1
2023-05-01
2024-04-30
01647795
core:LandBuildings
2023-04-30
01647795
core:PlantMachinery
2023-04-30
01647795
core:LandBuildings
2024-04-30
01647795
core:PlantMachinery
2024-04-30
01647795
core:WithinOneYear
2024-04-30
01647795
core:WithinOneYear
2023-04-30
01647795
core:ShareCapital
2024-04-30
01647795
core:ShareCapital
2023-04-30
01647795
core:RevaluationReserve
2024-04-30
01647795
core:RevaluationReserve
2023-04-30
01647795
core:CapitalRedemptionReserve
2024-04-30
01647795
core:CapitalRedemptionReserve
2023-04-30
01647795
core:RetainedEarningsAccumulatedLosses
2024-04-30
01647795
core:RetainedEarningsAccumulatedLosses
2023-04-30
01647795
core:PlantMachinery
2023-05-01
2024-04-30
01647795
core:LandBuildings
2023-04-30
01647795
core:PlantMachinery
2023-04-30
01647795
bus:SmallEntities
2023-05-01
2024-04-30
01647795
bus:Audited
2023-05-01
2024-04-30
01647795
bus:SmallCompaniesRegimeForAccounts
2023-05-01
2024-04-30
01647795
bus:PrivateLimitedCompanyLtd
2023-05-01
2024-04-30
01647795
bus:FullAccounts
2023-05-01
2024-04-30
COMPANY REGISTRATION NUMBER:
01647795
Filleted Financial Statements |
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
4 |
|
5,097,554 |
6,072,650 |
|
|
|
|
|
Current assets
Stocks |
58,846 |
|
63,288 |
Debtors |
5 |
585,898 |
|
269,771 |
Cash at bank and in hand |
427,624 |
|
233,617 |
|
------------ |
|
--------- |
|
1,072,368 |
|
566,676 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
515,385 |
|
379,821 |
|
------------ |
|
--------- |
Net current assets |
|
556,983 |
186,855 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
5,654,537 |
6,259,505 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
798,789 |
1,067,940 |
|
|
------------ |
------------ |
Net assets |
|
4,855,748 |
5,191,565 |
|
|
------------ |
------------ |
|
|
|
|
Statement of Financial Position (continued) |
|
30 April 2024
Capital and reserves
Called up share capital |
|
100 |
100 |
Revaluation reserve |
|
2,827,199 |
3,786,175 |
Capital redemption reserve |
|
50,427 |
50,427 |
Profit and loss account |
|
1,978,022 |
1,354,863 |
|
|
------------ |
------------ |
Shareholders funds |
|
4,855,748 |
5,191,565 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
30 January 2025
, and are signed on behalf of the board by:
Company registration number:
01647795
Notes to the Financial Statements |
|
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Hollies, Chorleywood Road, Rickmansworth, WD3 4ER, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Recoverability of intercompany debtor Amounts owed from group companies are assessed for their recoverability at each year end. The director believes these balances to be recoverable due to the companies continuing to trade profitably and having a net asset position at the year end. Valuation of property The property held within tangible fixed assets did not have any external valuation in the year and was valued using the director's valuation at year-end, on the same basis as the independent valuation completed on group properties in previous years. The director's valuation is based upon a FMOP multiple method, supplemented by the director's industry experience and economic factors. Depreciation on freehold building The company recognises depreciation at 2% straight line on its freehold building. The land value attributed to the company's property has been estimated at 10%, therefore depreciation is only charged on the remaining 90% which is the estimated cost of the building. This estimate is based on the expected value of the land element of the property based on the remedial work required and restrictions on development meaning the inherent value is significantly less than that of the building. Deferred tax Deferred tax is calculated at the expected future tax rate. Tax rates are subject to change and thus this estimate is subject to change in future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land and buildings |
- |
2% straight line |
|
Plant and machinery |
- |
20% and 25% reducing balance |
|
|
|
|
Stocks
The stock figure per the accounts is comprised of wet stock, i.e. fuel. Wet stock is valued at the most recent purchase cost, based on prevailing fuel prices at the year end. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4.
Tangible assets
|
Land and buildings |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost or valuation |
|
|
|
At 1 May 2023 |
6,097,471 |
542,342 |
6,639,813 |
Revaluations |
(
1,068,730) |
– |
(
1,068,730) |
|
------------ |
--------- |
------------ |
At 30 April 2024 |
5,028,741 |
542,342 |
5,571,083 |
|
------------ |
--------- |
------------ |
Depreciation |
|
|
|
At 1 May 2023 |
109,754 |
457,409 |
567,163 |
Charge for the year |
– |
16,120 |
16,120 |
Revaluations |
(
109,754) |
– |
(
109,754) |
|
------------ |
--------- |
------------ |
At 30 April 2024 |
– |
473,529 |
473,529 |
|
------------ |
--------- |
------------ |
Carrying amount |
|
|
|
At 30 April 2024 |
5,028,741 |
68,813 |
5,097,554 |
|
------------ |
--------- |
------------ |
At 30 April 2023 |
5,987,717 |
84,933 |
6,072,650 |
|
------------ |
--------- |
------------ |
|
|
|
|
The freehold properties were valued by the director at 30 April 2024 on the same basis as historic, independent valuations using the FMOP multiple method, supplemented by the director's industry experience and economic factors. Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have be £1,124,357 (2023: £1,151,276), being cost £1,495,475 (2023: £1,495,475) and depreciation £371,118 (2023: £344,199).
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
17,082 |
35,619 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
540,489 |
182,967 |
Other debtors |
28,327 |
51,185 |
|
--------- |
--------- |
|
585,898 |
269,771 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
337,180 |
251,337 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
– |
39,788 |
Social security and other taxes |
162,407 |
75,961 |
Other creditors |
15,798 |
12,735 |
|
--------- |
--------- |
|
515,385 |
379,821 |
|
--------- |
--------- |
|
|
|
7.
Other financial commitments
There is a fixed and floating charge over the company's freehold land and building in favour of the company's bank, who is also the lender to the immediate parent company. The company forms part of a composite guarantee with its parent company, J Bros (Investments) Limited and fellow subsidiary company, R. O'Leary Limited. At 30 April 2024 the loan in J Bros (Investments) Limited accounts for which
Linvick Limited
are providing a composite guarantee is £5,676,986 (2023: £6,095,823).
8.
Summary audit opinion
The auditor's report dated
31 January 2025
was
unqualified
.
The senior statutory auditor was
Jonathan Day
, for and on behalf of
Streets Audit LLP
.
9.
Controlling party
The ultimate parent undertaking is
Platinum Retail Limited,
a company incorporated in the United Kingdom, whose registered office address is The Hollies, Chorleywood Road, Rickmansworth, Hertfordshire, WD3 4ER. The immediate parent undertaking is J Bros (Investments) Limited, a company incorporated in the United Kingdom, whose registered office address is The Hollies, Chorleywood Road, Rickmansworth, England, WD3 4ER. The ultimate controlling party is S R Sejpal. The results of the company are included in the consolidated accounts of Platinum Retail Limited, which are publicly available from Companies House.