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Company No: 10416578 (England and Wales)

WEST COUNTRY STOVES 2016 LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

WEST COUNTRY STOVES 2016 LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

WEST COUNTRY STOVES 2016 LIMITED

CHAIRMAN'S STATEMENTS

For the financial year ended 30 June 2024
WEST COUNTRY STOVES 2016 LIMITED

CHAIRMAN'S STATEMENTS (continued)

For the financial year ended 30 June 2024

This business was acquired in May 2023, and this is my first Chairman's statement for a full trading year.

It has performed in line with expectations and covered management charges to both Rangemoors Limited and Chimney Holdings Limited. After these charges there was a small retained profit to increase shareholders funds to £136k.

It remains a well-established business in South Devon with an excellent catchment area. I pay thanks to the vendors for their support and help post-acquisition, and the staff who have seamlessly embraced the new ownership.

WEST COUNTRY STOVES 2016 LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
WEST COUNTRY STOVES 2016 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 30.06.2024 30.06.2023
£ £
Fixed assets
Tangible assets 4 30,351 2,330
30,351 2,330
Current assets
Stocks 242,521 176,012
Debtors 5 54,970 156,067
Cash at bank and in hand 6 95 29,322
297,586 361,401
Creditors: amounts falling due within one year 7 ( 191,959) ( 233,127)
Net current assets 105,627 128,274
Total assets less current liabilities 135,978 130,604
Net assets 135,978 130,604
Capital and reserves
Called-up share capital 8 400 400
Profit and loss account 135,578 130,204
Total shareholder's funds 135,978 130,604

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of West Country Stoves 2016 Limited (registered number: 10416578) were approved and authorised for issue by the Board of Directors on 17 March 2025. They were signed on its behalf by:

Andrew John Baker
Director
Allan John Vodden
Director
WEST COUNTRY STOVES 2016 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
WEST COUNTRY STOVES 2016 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

West Country Stoves 2016 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Airfield, Torrington Road, Winkleigh, EX19 8DW, United Kingdom. The principal place of business is Avon Bridge, Aveton Gifford, Nr Kingsbridge, TQ7 4NT.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The prior year financial statements were prepared for a period of 6 months so that the year end coincides with other members of the group. As a result of this, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. During the year, the Company changed the method of depreciating its assets from reducing balance to straight line as it better reflects the entity's replacement cycle. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
30.06.2024
Period from
01.01.2023 to
30.06.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 13

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 July 2023 60,500 2,555 63,055
At 30 June 2024 60,500 2,555 63,055
Accumulated amortisation
At 01 July 2023 60,500 2,555 63,055
At 30 June 2024 60,500 2,555 63,055
Net book value
At 30 June 2024 0 0 0
At 30 June 2023 0 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 July 2023 1,000 23,195 2,035 2,798 29,028
Additions 0 9,869 27,852 1,034 38,755
Disposals 0 ( 6,795) 0 0 ( 6,795)
At 30 June 2024 1,000 26,269 29,887 3,832 60,988
Accumulated depreciation
At 01 July 2023 1,000 21,465 1,994 2,239 26,698
Charge for the financial year 0 1,932 2,849 291 5,072
Disposals 0 ( 1,133) 0 0 ( 1,133)
At 30 June 2024 1,000 22,264 4,843 2,530 30,637
Net book value
At 30 June 2024 0 4,005 25,044 1,302 30,351
At 30 June 2023 0 1,730 41 559 2,330

5. Debtors

30.06.2024 30.06.2023
£ £
Trade debtors 49,524 22,284
Amounts owed by Group undertakings 0 112,929
Prepayments and accrued income 4,355 17,147
VAT recoverable 1,021 3,307
Other debtors 70 400
54,970 156,067

6. Cash and cash equivalents

30.06.2024 30.06.2023
£ £
Cash at bank and in hand 95 29,322
Less: Bank overdrafts ( 43,476) 0
(43,381) 29,322

7. Creditors: amounts falling due within one year

30.06.2024 30.06.2023
£ £
Bank overdrafts 43,476 0
Trade creditors 29,163 51,973
Amounts owed to Group undertakings 5,793 0
Accruals and deferred income 94,783 147,177
Taxation and social security 15,486 32,502
Other creditors 3,258 1,475
191,959 233,127

8. Called-up share capital

30.06.2024 30.06.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary C shares of £ 1.00 each 100 100
100 Ordinary J shares of £ 1.00 each 100 100
400 400

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

30.06.2024 30.06.2023
£ £
within one year 27,000 27,000
between one and five years 27,000 54,000
54,000 81,000

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

As the Company is a 100% subsidiary of Rangemoors Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and has therefore not disclosed transactions or balances with its parent company.