Company registration number 09026566 (England and Wales)
COUNTRYWIDE COMMERCIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COUNTRYWIDE COMMERCIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COUNTRYWIDE COMMERCIAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,226
162,027
Current assets
Stocks
490,033
60,243
Debtors
5
18,752
110,881
Cash at bank and in hand
336
5,802
509,121
176,926
Creditors: amounts falling due within one year
6
(1,756,355)
(1,542,601)
Net current liabilities
(1,247,234)
(1,365,675)
Total assets less current liabilities
(1,243,008)
(1,203,648)
Provisions for liabilities
258,309
249,940
Net liabilities
(984,699)
(953,708)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(984,799)
(953,808)
Total equity
(984,699)
(953,708)
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
COUNTRYWIDE COMMERCIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr S D Hannah
Director
Company registration number 09026566 (England and Wales)
COUNTRYWIDE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Countrywide Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dissington Hall, Dalton, Newcastle upon Tyne, NE18 0AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on a going concern basis.true
The company meets its day to day working capital requirements via cash generated from operations and borrowings from directors. The directors have confirmed that they will continue to provide support to the company for the foreseeable future and therefore consider that the going concern basis of preparation is an appropriate basis of preparation for these accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods, services and rents provided in the normal course of business, and is shown net of VAT.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection of the acquisition of a business in 2017, is being amortised evenly over its useful economic life of 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
COUNTRYWIDE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Costs includes all direct expenditure incurred to bring items up to their current condition.
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.
1.8
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
COUNTRYWIDE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
400,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
400,000
Carrying amount
At 31 December 2024
At 31 December 2023
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
226,838
12,035
238,873
Disposals
(226,838)
(226,838)
At 31 December 2024
12,035
12,035
Depreciation and impairment
At 1 January 2024
69,783
7,063
76,846
Depreciation charged in the year
746
746
Eliminated in respect of disposals
(69,783)
(69,783)
At 31 December 2024
7,809
7,809
Carrying amount
At 31 December 2024
4,226
4,226
At 31 December 2023
157,055
4,972
162,027
COUNTRYWIDE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
81
5,255
Other debtors
18,671
105,626
18,752
110,881
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,482
8,455
Amounts owed to group undertakings
555,444
133,359
Other creditors
1,164,429
1,400,787
1,756,355
1,542,601
7
Related party transactions
Transactions with related parties
The company has elected not to disclose related party transactions with group companies in accordance with Section 33.1A of FRS 102.
8
Parent company
The company's immediate and ultimate parent is Countrywide Property Group Limited, whose registered office is Dissington Hall, Dalton, Newcastle upon Tyne, NE18 0AD.