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Company No: 02031709 (England and Wales)

LESWIDDEN COMMON FUEL DEPOT LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

LESWIDDEN COMMON FUEL DEPOT LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

LESWIDDEN COMMON FUEL DEPOT LIMITED

BALANCE SHEET

As at 31 August 2024
LESWIDDEN COMMON FUEL DEPOT LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 230,742 909,189
Investment property 5 773,119 428,598
1,003,861 1,337,787
Current assets
Stocks 6 212,934 412,124
Debtors 7 3,941,900 221,089
Cash at bank and in hand 1,317,890 4,486,880
5,472,724 5,120,093
Creditors: amounts falling due within one year 8 ( 569,036) ( 723,841)
Net current assets 4,903,688 4,396,252
Total assets less current liabilities 5,907,549 5,734,039
Provision for liabilities ( 65,597) ( 43,487)
Net assets 5,841,952 5,690,552
Capital and reserves
Called-up share capital 120 120
Share premium account 23,963 23,963
Profit and loss account 5,817,869 5,666,469
Total shareholders' funds 5,841,952 5,690,552

For the financial year ending 31 August 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 Leswidden Common Fuel Depot Limited (registered number: 02031709) were approved and authorised for issue by the Board of Directors on 20 March 2025. They were signed on its behalf by:

Mr S N Semmens
Director
LESWIDDEN COMMON FUEL DEPOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
LESWIDDEN COMMON FUEL DEPOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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 year, unless otherwise stated.

General information and basis of accounting

Leswidden Common Fuel Depot 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 Leswidden Common, St Just, Penzance, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer and turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

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.

Impairment of assets

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

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 20

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2023 65,680 65,680
At 31 August 2024 65,680 65,680
Accumulated amortisation
At 01 September 2023 65,680 65,680
At 31 August 2024 65,680 65,680
Net book value
At 31 August 2024 0 0
At 31 August 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2023 796,015 504,481 495,846 63,710 1,860,052
Additions 7,264 0 110,000 6,809 124,073
Transfers ( 707,938) 0 0 ( 65,181) ( 773,119)
At 31 August 2024 95,341 504,481 605,846 5,338 1,211,006
Accumulated depreciation
At 01 September 2023 63,020 462,165 420,340 5,338 950,863
Charge for the financial year 0 10,562 18,839 0 29,401
At 31 August 2024 63,020 472,727 439,179 5,338 980,264
Net book value
At 31 August 2024 32,321 31,754 166,667 0 230,742
At 31 August 2023 732,995 42,316 75,506 58,372 909,189

5. Investment property

Investment property
£
Valuation
As at 01 September 2023 428,598
Additions 773,119
Disposals (428,598)
As at 31 August 2024 773,119

Valuation

Investment property is carried at cost which is considered by the directors to be fair value.

6. Stocks

2024 2023
£ £
Stocks 212,934 412,124

7. Debtors

2024 2023
£ £
Trade debtors 85,952 110,378
Amounts owed by directors 98,187 0
Prepayments and accrued income 149,128 73,557
VAT recoverable 21,141 37,154
Other debtors 3,587,492 0
3,941,900 221,089

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 274,075 356,953
Corporation tax 180,285 242,890
Other taxation and social security 3,591 3,666
Other creditors 111,085 120,332
569,036 723,841

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £12,000 (2023 - £18,006). This relates to a 6 month lease commitment for storage facilities.

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Elestren Ltd 3,586,692 0

The above balance is included within other debtors and relates to an interest free loan due to Elestren Ltd, the parent company.

During the year, four investment properties were transferred by distribution in specie at their net book values totalling £428,598, from Leswidden to Elestren. Their net book value was deemed to be market value.

Transactions with the entity's directors

2024 2023
£ £
Mr S N Semmens 54,525 0
Mr A M Semmens 43,662 0

The above balances are loans due to be paid to the company by the directors. Interest has been charged at the HMRC official rate.

Other related party transactions

2024 2023
£ £
Farrar Cottage Ltd 800 0

The above balance is included within other debtors and relates to an interest free loan due to Farrar Cottage Ltd, a company under common control.