Company No:
Contents
Note | 2024 | 2023 | ||
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Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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1,003,861 | 1,337,787 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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5,472,724 | 5,120,093 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 4,903,688 | 4,396,252 | ||
Total assets less current liabilities | 5,907,549 | 5,734,039 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account |
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Total shareholders' funds |
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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:
Mr S N Semmens
Director |
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.
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 £.
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.
Goodwill |
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Land and buildings | not depreciated |
Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 September 2023 |
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At 31 August 2024 |
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Accumulated amortisation | |||
At 01 September 2023 |
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At 31 August 2024 |
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Net book value | |||
At 31 August 2024 |
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At 31 August 2023 |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 September 2023 |
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Additions |
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Transfers | (
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At 31 August 2024 |
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Accumulated depreciation | |||||||||
At 01 September 2023 |
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Charge for the financial year |
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At 31 August 2024 |
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Net book value | |||||||||
At 31 August 2024 |
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At 31 August 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 September 2023 |
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Additions | 773,119 |
Disposals | (428,598) |
As at 31 August 2024 |
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Valuation
Investment property is carried at cost which is considered by the directors to be fair value.
2024 | 2023 | ||
£ | £ | ||
Stocks |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by directors |
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Prepayments and accrued income |
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VAT recoverable |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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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.
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.