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Registered number: 07785022









Whitfield Service Station Limited









Annual report and financial statements

For the Period Ended 31 March 2024

 
Whitfield Service Station Limited
 
 
Company Information


Director
RAJASEELAN, Kanagaratnam 




Registered number
07785022



Registered office
A2 Sandwich Road
Whitfield

Dover

Kent

CT16 3LF




Independent auditors
Mantax Lynton
Chartered Accountants & Statutory Auditors

2nd Floor Equitable House

7 General Gordon Square

London

United Kingdom

SE18 6FH





 
Whitfield Service Station Limited
 

Contents



Page
Strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10 - 11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 29


 
Whitfield Service Station Limited
 
 
Strategic report
For the Period Ended 31 March 2024

Introduction
 
The director presents the strategic report for the year ended 31 March 2024.

Business review
 
The Company delivered a strong financial performance during the period, demonstrating growth despite difficult trading conditions. Turnover increased from £11.2 million in 2022 to £15.8 million in 2024. Similarly, operating profits increased from £616k in 2022 to  £979k in the current year. Profit before tax increased from £518k in 2022 to £703k in the current year. At the balance sheet date, the company had net assets of £3 millions indicating a sound financial position of the company. 
The director is satisfied with the Company’s performance and remains optimistic about steady growth in revenue and  profitability in the foreseeable future.

Principal risks and uncertainties
 
The director has identified the following principal risks for the operation of the company:
The Company is financed through bank debt and remains exposed to fluctuations in interest rates. The base rate has increased from 0.5% in 2022 to 5.25% in March 2024. While the interest rates are trending downward, the director continues to actively monitor the exposure and re-assess the financial impact.
The Company maintains a strong cash position, effectively managing bank balances and debt to ensure liquidity and the availability of sufficient funds. Cash flow forecasts are closely monitored and funds are maintained on demand to meet working capital requirements. 
The Company is committed to prioritise the health and safety of its customers, its employees and all others affected by its business activities. The environment risk awareness regarding the storage, handling and distribution of fuel remains a key focus. The Company conducts regular staff training programs ensuring employees are well-trained to oversee and manage all health, safety and environmental matters.
 

Financial key performance indicators
 
EBITDA and operating cash flow are considered to be financial KPIs for the business. The management monitors these KPIs on regular basis. 


This report was approved by the board on 21 March 2025 and signed on its behalf.



RAJASEELAN, Kanagaratnam
Director

Page 1

 
Whitfield Service Station Limited
 
 
 
Director's report
For the Period Ended 31 March 2024

The director presents his report and the financial statements for the period ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £438,697 (2022 - £438,667).

During the year, the Company paid interim dividends of £68,500 (2022 - £24,500).

Director

The director who served during the period was:

RAJASEELAN, Kanagaratnam 

Future developments

The Company is also exploring the roll-out of electric car charging points and sustainable fuel sources to align with the UK government's net-zero strategy. The company aims to establish long-term profitability while maintaining high customer service and regulatory compliance.

Page 2

 
Whitfield Service Station Limited
 
 
 
Director's report (continued)
For the Period Ended 31 March 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMantax Lyntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 March 2025 and signed on its behalf.
 





RAJASEELAN, Kanagaratnam
Director

Page 3

 
Whitfield Service Station Limited
 
 
 
Independent auditors' report to the members of Whitfield Service Station Limited
 

Opinion


We have audited the financial statements of Whitfield Service Station Limited (the 'Company') for the period ended 31 March 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
Whitfield Service Station Limited
 
 
 
Independent auditors' report to the members of Whitfield Service Station Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
Whitfield Service Station Limited
 
 
 
Independent auditors' report to the members of Whitfield Service Station Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition, carrying value of intangibles and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

In the previous accounting period, the directors of the company took advantage of audit exemption under section 477 of the Companies Act 2006. Hence, the prior period Financial Statements as shown in comparatives were not subject to audit.


Page 6

 
Whitfield Service Station Limited
 
 
 
Independent auditors' report to the members of Whitfield Service Station Limited (continued)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Janak Raj Pokhrel (Senior statutory auditor)
  
for and on behalf of
Mantax Lynton
 
Chartered Accountants & Statutory Auditors
  
2nd Floor Equitable House
7 General Gordon Square
London
United Kingdom
SE18 6FH

21 March 2025
Page 7

 
Whitfield Service Station Limited
 
 
Statement of comprehensive income
For the Period Ended 31 March 2024

2024
Unaudited 2022
Note
£
£

  

Turnover
  
15,810,376
11,224,843

Cost of sales
  
(13,370,658)
(9,872,312)

Gross profit
  
2,439,718
1,352,531

Administrative expenses
  
(1,460,329)
(736,146)

Operating profit
  
979,389
616,385

Interest receivable and similar income
  
46,442
-

Interest payable and similar expenses
  
(322,084)
(98,373)

Profit before tax
  
703,747
518,012

Tax on profit
  
(265,050)
(79,345)

Profit for the financial period
  
438,697
438,667

There were no recognised gains and losses for 2024 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2022:£NIL).

The notes on pages 14 to 29 form part of these financial statements.

Page 8

 
Whitfield Service Station Limited
Registered number: 07785022

Statement of financial position
As at 31 March 2024

31 March
As restated
30 September
2024
2022
Note
£
Unaudited £

Fixed assets
  

Tangible assets
 12 
3,734,611
3,319,076

  
3,734,611
3,319,076

Current assets
  

Stocks
 13 
200,876
156,898

Debtors: amounts falling due within one year
 14 
2,733,650
2,396,136

Cash at bank and in hand
 15 
1,713,260
1,185,842

  
4,647,786
3,738,876

Creditors: amounts falling due within one year
 16 
(1,448,496)
(1,370,230)

Net current assets
  
 
 
3,199,290
 
 
2,368,646

Total assets less current liabilities
  
6,933,901
5,687,722

Creditors: amounts falling due after more than one year
 17 
(3,216,881)
(2,524,278)

Provisions for liabilities
  

Deferred tax
 19 
(680,161)
(496,782)

  
 
 
(680,161)
 
 
(496,782)

Net assets
  
3,036,859
2,666,662


Capital and reserves
  

Called up share capital 
 20 
303
303

Share premium account
  
268,689
268,689

Revaluation reserve
  
1,993,146
2,326,952

Profit and loss account
  
774,721
70,718

  
3,036,859
2,666,662


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2025.

RAJASEELAN, Kanagaratnam
Director

The notes on pages 14 to 29 form part of these financial statements.

Page 9

 
Whitfield Service Station Limited
 

Statement of changes in equity
For the Period Ended 31 March 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022 (as previously stated)
303
268,689
2,326,952
567,500
3,163,444

Prior year adjustment - correction of error
-
-
-
(496,782)
(496,782)

At 1 October 2022 (as restated)
303
268,689
2,326,952
70,718
2,666,662


Comprehensive income for the period

Profit for the period

-
-
-
438,697
438,697


Other comprehensive income for the period
-
-
-
-
-


Total comprehensive income for the period
-
-
-
438,697
438,697


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(68,500)
(68,500)

Movement between P& L and Revaluation reserve
-
-
(333,806)
333,806
-


Total transactions with owners
-
-
(333,806)
265,306
(68,500)


At 31 March 2024
303
268,689
1,993,146
774,721
3,036,859


The notes on pages 14 to 29 form part of these financial statements.

Page 10

 
Whitfield Service Station Limited
 

Statement of changes in equity
For the Period Ended 30 September 2022


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2021 (as previously stated)
303
268,689
2,326,952
153,333
2,749,277

Prior year adjustment - correction of error
-
-
-
(496,782)
(496,782)

At 1 October 2021 (as restated)
303
268,689
2,326,952
(343,449)
2,252,495


Comprehensive income for the year

Profit for the year

-
-
-
438,667
438,667


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
438,667
438,667


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(24,500)
(24,500)


Total transactions with owners
-
-
-
(24,500)
(24,500)


At 30 September 2022
303
268,689
2,326,952
70,718
2,666,662


The notes on pages 14 to 29 form part of these financial statements.

Page 11

 
Whitfield Service Station Limited
 

Statement of cash flows
For the Period Ended 31 March 2024

31 March
Unaudited  30 Sep
2024
2022
£
£

Cash flows from operating activities

Profit for the financial period
703,747
518,012

Adjustments for:

Depreciation of tangible assets
281,292
152,351

Interest paid
322,084
98,373

Interest received
(46,442)
-

(Increase) in stocks
(43,978)
(83,432)

Decrease/(increase) in debtors
131,705
(239,553)

(Increase)/decrease in amounts owed by companies under common control
(470,519)
151,955

Increase in creditors
28,295
395,218

Corporation tax (paid)
(79,345)
(57,751)

Net cash generated from operating activities

826,839
935,173


Cash flows from investing activities

Purchase of tangible fixed assets
(696,827)
(402,092)

Interest received
46,442
-

Net cash from investing activities

(650,385)
(402,092)

Cash flows from financing activities

New secured loans
741,548
155,148

Dividends paid
(68,500)
(24,500)

Interest paid
(322,084)
(98,373)

Net cash used in financing activities
350,964
32,275

Net increase in cash and cash equivalents
527,418
565,356

Cash and cash equivalents at beginning of period
1,185,842
620,486

Cash and cash equivalents at the end of period
1,713,260
1,185,842


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
1,713,260
1,185,842

1,713,260
1,185,842


Page 12

 
Whitfield Service Station Limited
 

Analysis of Net Debt
For the Period Ended 31 March 2024




At 1 October 2022
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,185,842

527,418

1,713,260

Debt due after 1 year

(2,524,278)

(692,603)

(3,216,881)

Debt due within 1 year

(122,245)

(48,945)

(171,190)


(1,460,681)
(214,130)
(1,674,811)

The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

1.


General information

Whitfield Service Station Limited is a company, limited by shares, registered in England and Wales. The company registered number is 07785022 and has its registered office address at A2 Sandwich Road, Whitfield, Dover, Kent, England, CT16 3LF.
The principal activity of the Company is fuel retailing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 15

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Reducing balance method
Motor vehicles
-
20%
Reducing balance method
Fixtures and fittings
-
15%
Reducing balance method
Office equipment
-
15%
Reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 16

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 17

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

Page 18

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2022
£
£

Retail sale of automotive fuel
13,168,936
9,424,760

Retail sales from shop
2,503,193
1,719,978

Others
138,247
80,105

15,810,376
11,224,843


Analysis of turnover by country of destination:

2024
2022
£
£

United Kingdom
15,810,376
11,224,843

15,810,376
11,224,843



5.


Auditors' remuneration

2024
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,000
Page 19

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

6.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2022
£
£

Wages and salaries
510,763
300,281

Social security costs
49,512
23,373

Cost of defined contribution scheme
9,768
4,720

570,043
328,374


The average monthly number of employees, including the director, during the period was as follows:


        2024
        2022
            No.
            No.







Employee
18
18


7.


Director's remuneration

2024
2022
£
£

Director's emoluments
54,000
48,000

Company contributions to defined contribution pension schemes
1,054
724

55,054
48,724


During the period retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2022
£
£


Other interest receivable
46,442
-

46,442
-

Page 20

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

9.


Interest payable and similar expenses

2024
2022
£
£


Bank interest payable
322,084
98,373

322,084
98,373


10.


Taxation


2024
2022
£
£

Corporation tax


Current tax on profits for the year
87,152
79,345

Adjustments in respect of previous periods
(5,481)
-


81,671
79,345


Total current tax
81,671
79,345

Deferred tax


Accelerated capital allowances
183,379
-

Total deferred tax
183,379
-


Tax on profit
265,050
79,345


Page 21

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024
 
10.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% up to 31 March 2023 and 25% thereafter (2022 - 19%). The differences are explained below:

2024
2022
£
£


Profit on ordinary activities before tax
703,747
518,012


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
161,862
98,422

Effects of:


Capital allowances for period/year in excess of depreciation
(74,710)
(19,077)

Deferred tax due to accelerated capital allowance
183,379
-

Under/ (over) provision of tax provision in prior years
(5,481)
-

Total tax charge for the period/year
265,050
79,345


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

31 March
30 September
2024
2022
£
£


Final dividends
68,500
24,500

68,500
24,500

Page 22

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

12.


Tangible fixed assets







Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
3,114,893
20,000
920,494
7,642
4,063,029


Additions
104,940
-
550,406
41,481
696,827



At 31 March 2024

3,219,833
20,000
1,470,900
49,123
4,759,856



Depreciation


At 1 October 2022
334,489
16,645
389,264
3,555
743,953


Charge for the period on owned assets
84,521
939
180,125
15,707
281,292



At 31 March 2024

419,010
17,584
569,389
19,262
1,025,245



Net book value



At 31 March 2024
2,800,823
2,416
901,511
29,861
3,734,611




The net book value of land and buildings may be further analysed as follows:


31 March
30 September
2024
2022
£
£

Freehold
2,800,823
2,780,404

2,800,823
2,780,404


Cost or valuation at 31 March 2024 is as follows:

Land and buildings
£


At cost
892,881
At valuation:

Revaluation of land and buildings
2,326,952



3,219,833

Page 23

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

           12.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

31 March
30 September
2024
2022
£
£



Cost
892,881
787,941

Accumulated depreciation
(85,204)
(61,360)

Net book value
807,677
726,581

The freehold property was revalued at open market value by Chartered Surveyors, Matthews and Goodman on 9 November 2025. The Company has taken advantage of the transitional provisions available on the introduction of FRS102 to carry those assets at the value less depreciation in subsequent years. Subsequent additions to freehold property were included at cost.
There were no capital commitments at the balance sheet date.


13.


Stocks

31 March
30 September
2024
2022
£
£

Finished goods
200,876
156,898

200,876
156,898



14.


Debtors

31 March
30 September
2024
2022
£
£


Trade debtors
48,218
189,089

Amounts owed by group undertakings
268,692
268,692

Amounts owed by companies under common control
2,325,336
1,854,817

Other debtors
41,696
32,267

Prepayments and accrued income
49,708
51,271

2,733,650
2,396,136


Page 24

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

15.


Cash and cash equivalents

31 March
30 September
2024
2022
£
£

Cash at bank and in hand
1,713,260
1,185,842

1,713,260
1,185,842



16.


Creditors: Amounts falling due within one year

31 March
30 September
2024
2022
£
£

Bank loans
171,190
122,245

Trade creditors
1,124,008
1,135,670

Corporation tax
87,152
84,826

Other taxation and social security
46,782
19,610

Other creditors
2,585
1,575

Accruals and deferred income
16,779
6,304

1,448,496
1,370,230


31 March
30 September
2024
2022
£
£

Other taxation and social security

PAYE/NI control
6,705
4,392

VAT control
40,077
15,218

46,782
19,610


Page 25

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

17.


Creditors: Amounts falling due after more than one year

31 March
30 September
2024
2022
£
£

Bank loans
3,216,881
2,524,278

3,216,881
2,524,278


Bank loans are secured by a debenture and fixed legal  charge over the property known as Whitfield Service Station, Sandwich Road, Whitfield, Dover CT16 3LF. These loans are repayable in monthly installments with varying interest rates. 


18.


Loans


Analysis of the maturity of loans is given below:


31 March
30 September
2024
2022
£
£

Amounts falling due within one year

Bank loans
171,190
122,245


171,190
122,245

Amounts falling due 1-2 years

Bank loans
171,190
142,523


171,190
142,523

Amounts falling due 2-5 years

Bank loans
3,045,691
2,381,755


3,045,691
2,381,755


3,388,071
2,646,523


Page 26

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

19.


Deferred taxation






2024


£






At beginning of year
(496,782)


Charged to profit or loss
(183,379)



At end of year
(680,161)

The provision for deferred taxation is made up as follows:

31 March
30 September
2024
2022
£
£


Accelerated capital allowances
(183,379)
-

Revaluation gain on freehold property
(496,782)
(496,782)

(680,161)
(496,782)

Deferred tax liability arising on revaluation gain on freehold property is not expected to reverse until the gain is materialised.


20.


Share capital

31 March
30 September
2024
2022
£
£
Allotted, called up and fully paid



303 (2022 - 303) Ordinary shares of £1.00 each
303
303


Page 27

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

21.


Reserves

Share premium account

Share premium represents the premium received on issue of new shares. This is not distributable reserve.

Revaluation reserve

Revaluation reserve represents surplus on revaluation of the freehold property. This is non-distributable reserve.

Profit and loss account

Profit and loss account represents accumulated retained earnings and is a distributable reserve.


22.


Prior year adjustment

Deferred tax provision due to revaluation gain on freehold property was not recognised in the prior period financial statements. Due to this error, retained earnings were overstated and deferred tax provison was understated by £496,782 in prior period financial statements. Comparatives have been restated to reflect the correct position of retained earnings and deferred tax provision. 


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,768 (2022: £4,720). No Contributions were payable to the fund at the reporting date.


24.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 for "Related Party Disclosures" not to disclose transactions with parent and wholly owned subsidiaries in the group which are eliminated on consolidation. The ultimate parent company, Whitfield Service Station Holdings Limited, prepares group accounts. Copy of the group accounts are available from Tudor Lodge Care Home, 18-20 Manor Road, Folkestone, United Kingdom, CT20 2SA.
During the year, the Company provided various advances to the companies under common control as shown below. These advances are unsecured, interest free and are repayable on demand.


Opening
Payments
Receipts
Closing
£
£
£
£

Amount owed by companies under common control
1,854,817
931,597
(461,078)
2,325,336
1,854,817
931,597
(461,078)
2,325,336

Page 28

 
Whitfield Service Station Limited
 
 
 
Notes to the financial statements
For the Period Ended 31 March 2024

25.


Controlling party

The company is controlled by Mr K Rajaseelan.


26.


Comparatives

During the period, the Company has extended its accounting period from 30 September 2023 to 31 March 2024. Hence, the accounts for the period ending 31 March 2024 reflect the trading results for the period of 18 months where as the comparatives show the trading results covering 12 months period ending on 30 September 2022.

 
Page 29