| Registered number |
| L&B Blackmoor Company Plc | |
| Report and accounts | |
| Contents | |
| Page | |
| Company information | 1 |
| Directors' report | 2 |
| Strategic report | 4 |
| Independent auditor's report | 5 |
| Income statement | 7 |
| Statement of comprehensive income | 8 |
| Statement of financial position | 9 |
| Statement of changes in equity | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 |
| Company Information |
| Directors |
| Secretary |
| Auditors |
| 1 Parliament Street |
| Hull |
| Yorkshire |
| HU1 2AS |
| Accountants |
| 12 Culm Close |
| Bideford |
| Devon |
| EX39 4AX |
| Registered office |
| Barton House |
| Bishop's Nympton |
| Devon |
| EX36 4PJ |
| Registered number |
| Registered number: | |||||||
| Directors' Report | |||||||
| The directors present their report and financial statements for the year ended | |||||||
| Principal activities | |||||||
| Financial instrument risk | |||||||
| Dividends | |||||||
| No dividend has been paid and the directors do not recommend the payment of a final dividend. | |||||||
| Directors | |||||||
| The following persons served as directors during the year: | |||||||
| R.B. Auger (appointed 15 May 2024) | |||||||
| J.C. Griffiths (appointed 15 May 2024) | |||||||
| Directors' responsibilities | |||||||
| The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations. | |||||||
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to: | |||||||
| ● | select suitable accounting policies and then apply them consistently; | ||||||
| ● | make judgements and estimates that are reasonable and prudent; | ||||||
| ● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; | ||||||
| ● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||
| The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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. | |||||||
| Disclosure of information to auditors | |||||||
| Each person who was a director at the time this report was approved confirms that: | |||||||
| ● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
| ● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. | ||||||
| This report was approved by the board on | |||||||
| I.P. Cowling | |||||||
| Director | |||||||
| Strategic Report | ||
| The company's performance is as detailed in the Profit & Loss account. The profit for the year before tax was £12,460 (2023 - £12,264). The directors are satisfied with the performance of the company during the year. With the acquisition of The Old Station Inn the company's net assets show a position of £1,494,082 (2023 - £1,310,073). The principal external risk facing the company relates to the cost of living crisis and the effect this has on people's disposable incomes. The company has taken steps to cross market its services to visitors to The Lynton & Barnstaple Railway. The wider economy is now showing signs of recovery, which should help the business increase its turnover and control its fixed costs. The directors consider that further analysis using key performance indicators is not necessary to gain an understanding of the performance or position of the company. The company assesses its opportunities and risks in the market place including areas such as competition, market trends, and health and safety policies in order to extend and maintain its business activities. | ||
| This report was approved by the board on 25 March 2025 and signed on its behalf. | ||
| I.P. Cowling | ||
| Director | ||
| L&B Blackmoor Company Plc | ||
| Independent auditor's report | ||
| to the members of L&B Blackmoor Company Plc | ||
| Opinion | ||
| We have audited the financial statements of L&B Blackmoor Company Plc (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The 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 the 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 December 2024 and of its profit for the year then ended; | |
| ● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
| ● | 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 Auditor’s 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 UK, including the FRC’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 directors' 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 directors with respect to going concern are described in the relevant sections of this report. | ||
| Other information | ||
| The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our 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. | ||
| Opinions 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and | |
| ● | the strategic report and the directors’ 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 directors’ 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 directors’ 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 directors’ responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | ||
| Auditor’s 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 auditor’s 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. | ||
| A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. | ||
| 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 2006. Our 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 auditor's 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. | ||
| (Senior Statutory Auditor) | 1 Parliament Street | |
| for and on behalf of | Hull | |
| Statutory Auditor | Yorkshire | |
| HU1 2AS | ||
| Income Statement | ||||||||
| for the year ended | ||||||||
| Notes | 2024 | 2023 | ||||||
| £ | £ | |||||||
| Turnover | 2 | |||||||
| Cost of sales | ( | ( | ||||||
| Gross profit | ||||||||
| Administrative expenses | ( | ( | ||||||
| Other operating income | ||||||||
| Operating profit | 3 | |||||||
| Loss on sale of fixed assets | - | ( | ||||||
| Interest receivable | ||||||||
| Interest payable | 5 | ( | ( | |||||
| Profit on ordinary activities before taxation | ||||||||
| Tax on profit on ordinary activities | 6 | ( | ( | |||||
| Profit for the financial year | ||||||||
| Statement of Comprehensive Income | |||||||
| for the year ended | |||||||
| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Profit for the financial year | |||||||
| Other comprehensive income | |||||||
| Total comprehensive income for the year | |||||||
| Statement of Financial Position | |||||||
| as at | |||||||
| Notes | 2024 | 2023 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Tangible assets | 7 | ||||||
| Current assets | |||||||
| Stocks | 8 | ||||||
| Debtors | 9 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 10 | ( | ( | ||||
| Net current liabilities | ( | ( | |||||
| Total assets less current liabilities | |||||||
| Creditors: amounts falling due after more than one year | 11 | ( | ( | ||||
| Provisions for liabilities | |||||||
| Deferred taxation | 13 | ( | ( | ||||
| Net assets | |||||||
| Capital and reserves | |||||||
| Called up share capital | 14 | ||||||
| Profit and loss account | 15 | ||||||
| Total equity | |||||||
| I.P. Cowling | |||||||
| Director | |||||||
| Approved by the board on | |||||||
| Statement of Changes in Equity | |||||||
| for the year ended | |||||||
| Share | Profit | Total | |||||
| capital | and loss | ||||||
| account | |||||||
| £ | £ | £ | |||||
| At 1 January 2023 | - | ||||||
| Profit for the financial year | 8,290 | 8,290 | |||||
| Shares issued | |||||||
| At 31 December 2023 | 1,301,783 | 8,290 | 1,310,073 | ||||
| At 1 January 2024 | |||||||
| Profit for the financial year | |||||||
| Shares issued | |||||||
| At 31 December 2024 | |||||||
| Statement of Cash Flows | |||||
| for the year ended | |||||
| Notes | 2024 | 2023 | |||
| £ | £ | ||||
| Operating activities | |||||
| Profit for the financial year | 8,009 | 8,290 | |||
| Adjustments for: | |||||
| Loss on sale of fixed assets | - | 322 | |||
| Interest receivable | (1,236) | (13,208) | |||
| Interest payable | 28,452 | 33,038 | |||
| Tax on profit on ordinary activities | 4,451 | 3,974 | |||
| Depreciation | 21,469 | 11,126 | |||
| Increase in stocks | (4,679) | (11,050) | |||
| Decrease/(increase) in debtors | 8,409 | (15,585) | |||
| Increase/(decrease) in creditors | 19,658 | (1,017) | |||
| Interest received | |||||
| Interest paid | ( | ( | |||
| Cash generated by/(used in) operating activities | ( | ||||
| Investing activities | |||||
| Payments to acquire tangible fixed assets | ( | ( | |||
| Cash used in investing activities | ( | ( | |||
| Financing activities | |||||
| Proceeds from the issue of shares | |||||
| Repayment of loans | ( | ||||
| Cash generated by financing activities | |||||
| Net cash generated/(used) | |||||
| Cash generated by/(used in) operating activities | ( | ||||
| Cash used in investing activities | ( | ( | |||
| Cash generated by financing activities | |||||
| Net cash generated/(used) | ( | ||||
| Cash and cash equivalents at 1 January | 73,379 | 1,566,793 | |||
| Cash and cash equivalents at 31 December | 115,905 | 73,379 | |||
| Cash and cash equivalents comprise: | |||||
| Cash at bank | |||||
| L&B Blackmoor Company Plc | ||||||||
| Notes to the Accounts | ||||||||
| for the year ended 31 December 2024 | ||||||||
| 1 | Summary of significant accounting policies | |||||||
| Basis of preparation | ||||||||
| Turnover | ||||||||
| Intangible fixed assets | ||||||||
| Tangible fixed assets | ||||||||
| Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | ||||||||
| Freehold buildings | over 50 years | |||||||
| Plant and machinery | over 5 years | |||||||
| Fixtures, fittings, tools and equipment | over 7 years | |||||||
| Freehold land is not depreciated. | ||||||||
| Investment property | ||||||||
| Stocks | ||||||||
| Taxation | ||||||||
| Provisions | ||||||||
| Pensions | ||||||||
| 2 | Analysis of turnover | 2024 | 2023 | |||||
| £ | £ | |||||||
| Sale of goods | ||||||||
| By geographical market: | ||||||||
| UK | ||||||||
| 3 | Operating profit | 2024 | 2023 | |||||
| £ | £ | |||||||
| This is stated after charging: | ||||||||
| Depreciation of owned fixed assets | ||||||||
| Auditors' remuneration for audit services | ||||||||
| Carrying amount of stock sold | ||||||||
| 4 | Staff costs | 2024 | 2023 | |||||
| £ | £ | |||||||
| Wages and salaries | ||||||||
| Social security costs | ||||||||
| Other pension costs | ||||||||
| Average number of employees during the year | Number | Number | ||||||
| Administration | ||||||||
| Sales | ||||||||
| 5 | Interest payable | 2024 | 2023 | |||||
| £ | £ | |||||||
| Loans and overdrafts | ||||||||
| Other interest | ||||||||
| 6 | Taxation | 2024 | 2023 | |||||
| £ | £ | |||||||
| Analysis of charge in period | ||||||||
| Current tax: | ||||||||
| UK corporation tax on profits of the period | - | |||||||
| Deferred tax: | ||||||||
| Origination and reversal of timing differences | ||||||||
| Tax on profit on ordinary activities | ||||||||
| Factors affecting tax charge for period | ||||||||
| The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | ||||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Profit on ordinary activities before tax | ||||||||
| £ | £ | |||||||
| Profit on ordinary activities multiplied by the standard rate of corporation tax | ||||||||
| Effects of: | ||||||||
| Expenses not deductible for tax purposes | ||||||||
| Capital allowances for period in excess of depreciation | ( | ( | ||||||
| Utilisation of tax losses | ( | - | ||||||
| Current tax charge for period | - | |||||||
| 7 | Tangible fixed assets | |||||||
| Land and buildings | Plant and machinery | Fixtures, fittings, tools and equipment | Total | |||||
| At cost | At cost | At cost | ||||||
| £ | £ | £ | £ | |||||
| Cost or valuation | ||||||||
| At 1 January 2024 | ||||||||
| Additions | - | |||||||
| At 31 December 2024 | ||||||||
| Depreciation | ||||||||
| At 1 January 2024 | ||||||||
| Charge for the year | ||||||||
| At 31 December 2024 | ||||||||
| Carrying amount | ||||||||
| At 31 December 2024 | ||||||||
| At 31 December 2023 | ||||||||
| 8 | Stocks | 2024 | 2023 | |||||
| £ | £ | |||||||
| Finished goods and goods for resale | ||||||||
| 9 | Debtors | 2024 | 2023 | |||||
| £ | £ | |||||||
| Trade debtors | ||||||||
| Prepayments and accrued income | ||||||||
| 10 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Other loans | ||||||||
| Trade creditors | ||||||||
| Corporation tax | - | |||||||
| Other taxes and social security costs | ||||||||
| Other creditors | ||||||||
| Accruals and deferred income | ||||||||
| 11 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
| £ | £ | |||||||
| Bank loans | ||||||||
| 12 | Loans | 2024 | 2023 | |||||
| £ | £ | |||||||
| Loans not wholly repayable within five years: | ||||||||
| Analysis of maturity of debt: | ||||||||
| Within one year or on demand | ||||||||
| Between one and two years | ||||||||
| Between two and five years | ||||||||
| After five years | ||||||||
| 13 | Deferred taxation | 2024 | 2023 | |||||
| £ | £ | |||||||
| Accelerated capital allowances | ||||||||
| Tax losses carried forward | ( | ( | ||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| At 1 January | - | |||||||
| Charged to the profit and loss account | ||||||||
| At 31 December | ||||||||
| 14 | Share capital | Nominal | 2024 | 2024 | 2023 | |||
| value | Number | £ | £ | |||||
| Allotted, called up and fully paid: | ||||||||
| £ | ||||||||
| £ | ||||||||
| Nominal | Number | Amount | ||||||
| value | £ | |||||||
| Shares issued during the period: | ||||||||
| £ | ||||||||
| 15 | Profit and loss account | 2024 | 2023 | |||||
| £ | £ | |||||||
| At 1 January | - | |||||||
| Profit for the financial year | ||||||||
| At 31 December | ||||||||
| 16 | Related party transactions | |||||||
At the reporting date, the balance due to The Lynton & Barnstaple Railway Trust was £225,000 (2023 - £225,000). The Lynton & Barnstaple Railway Trust is the controlling shareholder of the company. M.J. Grimoldby extended the company a loan of £579,000. The loan is repayable over three years from inception. Interest is charged on the loan at 6%. The loan is secured by a charge on the freehold land and buildings owned by the company. Interest of £17,202 (2023 - £24,270) was paid on the loan. At the reporting date, the balance due to M.J. Grimoldby was £219,000 (2023 - £379,000). M.J. Grimoldby is a director and a "B" shareholder of the company. | ||||||||
| 17 | Controlling party | |||||||
The L&B Blackmoor Company Plc is controlled by The Lynton and Barnstaple Railway Trust by virtue of the enhanced voting rights of the "A" shares in the company held by the charity. Day to day management of the company is delegated to its own board of directors. The registered office address of The Lynton and Barnstaple Railway Trust is Woody Bay Station Martinhoe Cross, Parracombe, Barnstaple, Devon, EX31 4RA. | ||||||||
| 18 | Presentation currency | |||||||
| 19 | Legal form of entity and country of incorporation | |||||||
| L&B Blackmoor Company Plc is a company limited by shares and incorporated in England. | ||||||||
| 20 | Principal place of business | |||||||
| The address of the company's principal place of business is: | ||||||||
| The Old Station Inn | ||||||||
| Blackmoor Gate | ||||||||
| Kentisbury | ||||||||
| Devon | ||||||||
| Ex31 4NW | ||||||||
| Detailed profit and loss account | ||||
| for the year ended | ||||
| This schedule does not form part of the statutory accounts | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Sales | ||||
| Cost of sales | ( | ( | ||
| Gross profit | ||||
| Administrative expenses | ( | ( | ||
| Other operating income | ||||
| Operating profit | ||||
| Loss on sale of fixed assets | - | ( | ||
| Interest receivable | ||||
| Interest payable | ( | ( | ||
| Profit before tax | ||||
| Detailed profit and loss account | ||||
| for the year ended | ||||
| This schedule does not form part of the statutory accounts | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Sales | ||||
| Sale of goods | ||||
| Cost of sales | ||||
| Purchases | 266,465 | 215,212 | ||
| Increase in stocks | ( 4,679 ) | ( 11,050 ) | ||
| Other direct costs | 15,143 | 7,867 | ||
| 276,929 | 212,029 | |||
| Administrative expenses | ||||
| Employee costs: | ||||
| Wages and salaries | 408,245 | 263,391 | ||
| Pensions | 4,489 | 2,197 | ||
| Employer's NI | 24,170 | 15,927 | ||
| Temporary staff and recruitment | 4,258 | 3,415 | ||
| Staff training and welfare | 450 | 95 | ||
| Travel and subsistence | 2,382 | 1,434 | ||
| Entertaining | 582 | 363 | ||
| 444,576 | 286,822 | |||
| Premises costs: | ||||
| Rates | 4,989 | 3,093 | ||
| Light and heat | 50,839 | 30,902 | ||
| Cleaning | 3,767 | 3,685 | ||
| 59,595 | 37,680 | |||
| General administrative expenses: | ||||
| Telephone and internet | 1,822 | 2,005 | ||
| Subscriptions | 1,546 | - | ||
| Bank charges | 16,635 | 13,132 | ||
| Insurance | 7,062 | 5,523 | ||
| Equipment expensed | - | 180 | ||
| Equipment hire | 936 | 2,319 | ||
| Repairs and maintenance | 20,975 | 11,629 | ||
| Depreciation | 21,469 | 11,126 | ||
| Sundry expenses | 391 | 1,250 | ||
| 70,836 | 47,164 | |||
| Legal and professional costs: | ||||
| Audit fees | 3,000 | 3,000 | ||
| Accountancy fees | 4,100 | 2,500 | ||
| Payroll bureau costs | 3,172 | 2,043 | ||
| Solicitors fees | - | 1,800 | ||
| Advertising and PR | 1,006 | 989 | ||
| Other legal and professional | 662 | 2,075 | ||
| 11,940 | 12,407 | |||
| 586,947 | 384,073 | |||
| Other operating income | ||||
| Other operating income | 92,349 | 58,583 | ||