BrightAccountsProduction v1.0.0 v1.0.0 2023-10-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is retail sale of food, beverages and tobacco with a connecting fuel station. 20 June 2025 54 60 NI055938 2024-09-30 NI055938 2023-09-30 NI055938 2022-09-30 NI055938 2023-10-01 2024-09-30 NI055938 2022-10-01 2023-09-30 NI055938 uk-bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI055938 uk-curr:PoundSterling 2023-10-01 2024-09-30 NI055938 uk-bus:FullAccounts 2023-10-01 2024-09-30 NI055938 uk-bus:Director1 2023-10-01 2024-09-30 NI055938 uk-bus:Director2 2023-10-01 2024-09-30 NI055938 uk-bus:Director3 2023-10-01 2024-09-30 NI055938 uk-bus:Director4 2023-10-01 2024-09-30 NI055938 uk-bus:RegisteredOffice 2023-10-01 2024-09-30 NI055938 uk-bus:Agent1 2023-10-01 2024-09-30 NI055938 uk-bus:Audited 2023-10-01 2024-09-30 NI055938 uk-core:ShareCapital 2024-09-30 NI055938 uk-core:ShareCapital 2023-09-30 NI055938 uk-core:RetainedEarningsAccumulatedLosses 2024-09-30 NI055938 uk-core:RetainedEarningsAccumulatedLosses 2023-09-30 NI055938 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-09-30 NI055938 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-09-30 NI055938 uk-core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 NI055938 uk-bus:FRS102 2023-10-01 2024-09-30 NI055938 uk-core:LandBuildings 2023-10-01 2024-09-30 NI055938 uk-core:PlantMachinery 2023-10-01 2024-09-30 NI055938 uk-core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 NI055938 uk-core:MotorVehicles 2023-10-01 2024-09-30 NI055938 uk-core:IntangibleAssetsOtherThanGoodwill 2023-10-01 2024-09-30 NI055938 uk-core:IntangibleAssetsOtherThanGoodwill 2022-10-01 2023-09-30 NI055938 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2023-10-01 2024-09-30 NI055938 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-10-01 2023-09-30 NI055938 uk-core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 NI055938 uk-core:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 NI055938 uk-core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 NI055938 uk-core:CurrentFinancialInstruments 2024-09-30 NI055938 uk-core:CurrentFinancialInstruments 2023-09-30 NI055938 uk-core:WithinOneYear 2024-09-30 NI055938 uk-core:WithinOneYear 2023-09-30 NI055938 uk-core:WithinOneYear 2024-09-30 NI055938 uk-core:WithinOneYear 2023-09-30 NI055938 uk-core:AfterOneYear 2024-09-30 NI055938 uk-core:AfterOneYear 2023-09-30 NI055938 uk-core:BetweenOneTwoYears 2024-09-30 NI055938 uk-core:BetweenOneTwoYears 2023-09-30 NI055938 uk-core:BetweenTwoFiveYears 2024-09-30 NI055938 uk-core:BetweenTwoFiveYears 2023-09-30 NI055938 uk-core:EmployeeBenefits 2023-09-30 NI055938 uk-core:EmployeeBenefits 2023-10-01 2024-09-30 NI055938 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-09-30 NI055938 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-09-30 NI055938 uk-core:OtherDeferredTax 2024-09-30 NI055938 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-09-30 NI055938 uk-core:EmployeeBenefits 2024-09-30 NI055938 uk-bus:OrdinaryShareClass1 2023-10-01 2024-09-30 NI055938 uk-bus:OrdinaryShareClass1 2024-09-30 NI055938 uk-bus:Director1 2024-09-30 NI055938 uk-bus:Director2 2024-09-30 NI055938 uk-bus:Director3 2024-09-30 NI055938 uk-bus:Director4 2024-09-30 NI055938 uk-bus:Director1 2023-09-30 NI055938 uk-bus:Director2 2023-09-30 NI055938 uk-bus:Director3 2023-09-30 NI055938 uk-bus:Director4 2023-09-30 NI055938 2023-10-01 2024-09-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI055938
 
 
Classic Service Station Limited
 
Reports and Financial Statements
 
for the financial year ended 30 September 2024
Classic Service Station Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Jonathan McCullagh
Terence Daniel McCullagh
Terence McCullagh
Susan Bridget McCullagh
 
 
Company Registration Number NI055938
 
 
Registered Office and Business Address 14 Dromore Road
Omagh
Co Tyrone
BT78 1QZ
 
 
Independent Auditors Jones Peters
Chartered Accountants and Statutory Auditors
6 Church Street
Banbridge
BT32 4AA
Northern Ireland
 
 
Bankers Ulster Bank
  14 High Street
  Omagh
  Co Tyrone
  BT78 1BJ



Classic Service Station Limited
STRATEGIC REPORT
for the financial year ended 30 September 2024

 
The directors present their strategic report on the company for the financial year ended 30 September 2024.
 
Review of the Business
The principal activity of the company is retail sale of food, beverages and tobacco with a connecting fuel station.
       
Principal Risks and Uncertainties
The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management.
Compliance with regulation, legal and ethical standards is a high priority for the company and the Directors take on an important overview in this regard.
       
Results and Performance
The directors are satisfied with the positive and profitable results achieved for the year ended 30 September 2024.  Turnover increased by £381,725 from £18,698,515 in the year ended 30 September 2023 to £19,080,240 in the year ended 30 September 2024.  The gross profit margin increased from 12.4% in 2023 to 12.6% in 2024, with overall gross profit increasing from £2,318,612 to £2,402,563.  Administration expenses have increased in the year, mostly due to pension contributions of £520,005, resulting in an operating profit for the year of £399,684 against £900,920 in the previous year.

The company has a sound financial position at the year end with net assets of £3,335,081 (2023: £2,964,569) and net current assets of £2,218,345 (2023: £1,782,931).
 
Key Performance Indicators
The Key Performance Indicators during the financial year were as follows:
       
    2024 2023
    £ £
Turnover   19,080,240 18,698,515
Gross profit   2,402,563 2,318,612
Profit before taxation   510,172 906,137
EBITDA   515,894 1,030,707
       
Business Environment
The local grocery and petrol retailing market is highly competitive with multiple large supermarkets operating in the surrounding area as well as independent retailers. Despite difficult trading conditions, the company has managed to maintain consistent levels of turnover, gross profit and EBITDA year on year.
       
Cost of living crisis
The company is exposed to the uncertainties that the cost of living crisis and inflation may bring to its customers. However, the company is in good financial shape and the directors have plans to mitigate any potential risks which should leave it well positioned to deal with any disruption and benefit from any potential opportunities that arise.
       
Financial risk management objectives and policies
The main risks to the company's operations are business interruption, customer proposition, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years.

Business interruption
Distribution and systems infrastructures are fundamental to ensuring the normal continuity of trading in the stores. The systems and infrastructure are constantly reviewed to ensure that the company can continue to operate effectively.

Customer proposition
The company operates in a very competitive industry, and its customers’ shopping habits are influenced by broader economic factors that the company cannot control. The board carries out regular strategic reviews including assessments of competitor activity and market trends and keeps the company’s proposition aligned with customer’s expectations, to ensure they continue to shop with the business.

Liquidity risk
The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.



Interest rate risk
The company finances its operations through a mixture of retained profits, cash and bank loans.  The company has negotiated competitive loan rates to limit its exposure to interest rate fluctuations.
       
Strategy and development
The company's success is dependent on understanding and meeting the developing needs of customers and developing innovative solutions for their needs.

The company will continue to consolidate its position and concentrate on achieving maximum growth in its market sector while at the same time continuing to improve efficiency in all areas of its operations. With its strong capital base and proven track record the company believes it will be well placed to retain existing customers and generate new business.
       
       
On behalf of the board
       
       
___________________________      
Jonathan McCullagh      
Director      
       
20 June 2025      



Classic Service Station Limited
DIRECTORS' REPORT
for the financial year ended 30 September 2024

 
The directors present their report and the audited financial statements for the financial year ended 30 September 2024.
 
Principal Activity
The principal activity of the company is retail sale of food, beverages and tobacco with a connecting fuel station.
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £374,512 (2023 - £706,597).
The directors have paid a final dividend amounting to £4,000.
     
Directors
The directors who served during the financial year are as follows:
     
Jonathan McCullagh
Terence Daniel McCullagh
Terence McCullagh
Susan Bridget McCullagh
   
There were no changes in shareholdings between 30 September 2024 and the date of signing the financial statements.
     
In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election.
     
Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.

Financial instruments
The main risks arising from the company's operations are business interruption, customer proposition, liquidity risk and interest rate risk.  The directors review and agree policies for managing each of these risks and they are summarised in the strategic report.  The policies have remained unchanged from previous years.
     
Post-Balance Sheet Events
There have been no significant events affecting the company since the financial year-end.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Auditors
The auditors, Jones Peters, (Chartered Accountants and Statutory Auditors) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
Jonathan McCullagh
Director
     
20 June 2025



Classic Service Station Limited
STATEMENT OF DIRECTORS' RESPONSIBILITIES
for the financial year ended 30 September 2024

 
The directors are responsible for preparing the Strategic Report, Directors' Report and the 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 (United Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 apply them consistently;
-make judgements 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 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 Auditor
Each persons who are directors at the date of approval of this report confirms that:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
     
On behalf of the board
     
     
___________________________
Jonathan McCullagh
Director
     
20 June 2025



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Classic Service Station Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Classic Service Station Limited ('the company') for the financial year ended 30 September 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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 30 September 2024 and of its profit for the financial year 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 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 the date 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.
 
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 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept; 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 for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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 they 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 has 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.
 
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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.  We considered the significant laws and regulations to be the Companies Act 2006, Financial Reporting Standards (FRS102) and UK tax legislation.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry, control environment and business performance;
- the results of our enquiries of management about their own identification of the risk of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures; and
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.  We also discussed the potential for non-compliance with laws and regulations.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements.

Our tests included, but were not limited to:
- agreement of the financial statement disclosures to underlying supporting documentation;
- in response to the risk of management override of controls, identifying and testing journal entries and other adjustments, in particular unusual account combinations and journals posted by unexpected users;
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
- challenging assumptions and judgements made by management in their significant accounting estimates and judgements; and
- enquiries with the company's solicitors and management regarding any actual or potential litigation and claims.





Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 
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 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.
 
 
 
__________________________________
Paul Cummings (Senior Statutory Auditor)
for and on behalf of
JONES PETERS
Chartered Accountants and Statutory Auditors
6 Church Street
Banbridge
BT32 4AA
Northern Ireland
 
20 June 2025



Classic Service Station Limited
PROFIT AND LOSS ACCOUNT
for the financial year ended 30 September 2024
2024 2023
Notes £ £

Turnover 4 19,080,240 18,698,515
 
Cost of sales (16,677,677) (16,379,903)
───────── ─────────
Gross profit 2,402,563 2,318,612
 
Administrative expenses (2,042,121) (1,462,638)
Other operating income 39,242 44,946
───────── ─────────
Operating profit 5 399,684 900,920
 
Interest receivable and similar income 6 111,077 6,052
Interest payable and similar expenses 7 (589) (835)
───────── ─────────
Profit before taxation 510,172 906,137
 
Tax on profit 9 (135,660) (199,540)
───────── ─────────
Profit for the financial year 374,512 706,597
───────── ─────────
Total comprehensive income 374,512 706,597
    ═════════   ═════════



Classic Service Station Limited
Company Registration Number: NI055938
BALANCE SHEET
as at 30 September 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 11 102,321 107,193
Tangible assets 12 1,021,087 1,093,462
───────── ─────────
Fixed Assets 1,123,408 1,200,655
───────── ─────────
 
Current Assets
Stocks 13 209,342 283,413
Debtors 14 472,628 464,036
Cash and cash equivalents 15 2,392,507 2,126,330
───────── ─────────
3,074,477 2,873,779
───────── ─────────
Creditors: amounts falling due within one year 16 (856,132) (1,090,848)
───────── ─────────
Net Current Assets 2,218,345 1,782,931
───────── ─────────
Total Assets less Current Liabilities 3,341,753 2,983,586
 
Creditors:
amounts falling due after more than one year 17 (6,672) (16,730)
 
Provisions for liabilities 19 - (2,287)
───────── ─────────
Net Assets 3,335,081 2,964,569
═════════ ═════════
 
Capital and Reserves
Called up share capital 20 20 20
Retained earnings 3,335,061 2,964,549
───────── ─────────
Equity attributable to owners of the company 3,335,081 2,964,569
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 20 June 2025 and signed on its behalf by
           
           
________________________________          
Jonathan McCullagh          
Director          
           



Classic Service Station Limited
STATEMENT OF CHANGES IN EQUITY
as at 30 September 2024

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 October 2022 20 2,269,952 2,269,972
───────── ───────── ─────────
Profit for the financial year - 706,597 706,597
───────── ───────── ─────────
Dividends payable - (12,000) (12,000)
  ───────── ───────── ─────────
At 30 September 2023 20 2,964,549 2,964,569
  ───────── ───────── ─────────
Profit for the financial year - 374,512 374,512
  ───────── ───────── ─────────
Dividends payable - (4,000) (4,000)
  ───────── ───────── ─────────
At 30 September 2024 20 3,335,061 3,335,081
  ═════════ ═════════ ═════════



Classic Service Station Limited
STATEMENT OF CASH FLOWS
for the financial year ended 30 September 2024
2024 2023
Notes £ £

Cash flows from operating activities
Profit for the financial year 374,512 706,597
Adjustments for:
Interest receivable and similar income (111,077) (6,052)
Interest payable and similar expenses 589 835
Tax on profit on ordinary activities 135,660 199,540
Depreciation 116,210 129,787
Movement on reserves (4,000) (12,000)
───────── ─────────
511,894 1,018,707
Movements in working capital:
Movement in stocks 74,071 (30,260)
Movement in debtors (8,592) (14,898)
Movement in creditors (195,390) 167,415
───────── ─────────
Cash generated from operations 381,983 1,140,964
Interest paid (589) (835)
Tax paid (177,272) (310,520)
Tax repaid - 796
───────── ─────────
Net cash generated from operating activities 204,122 830,405
───────── ─────────
Cash flows from investing activities
Interest received   111,077 6,052
Payments to acquire tangible assets   (38,962) (183,531)
    ───────── ─────────
Net cash generated from/(used in) investment activities   72,115 (177,479)
    ───────── ─────────
Cash flows from financing activities
Repayment of short term loan   (10,060) (10,648)
    ───────── ─────────
       
Net increase in cash and cash equivalents   266,177 642,278
Cash and cash equivalents at beginning of financial year   2,126,330 1,484,052
    ───────── ─────────
Cash and cash equivalents at end of financial year 15 2,392,507 2,126,330
    ═════════ ═════════



Classic Service Station Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 September 2024

   
1. General Information
 
Classic Service Station Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI055938. The registered office of the company is 14 Dromore Road, Omagh, Co Tyrone, BT78 1QZ which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 September 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Liquor licence
Liquor licence are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 25 years.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Leashold land and buildings - 2% Straight line
  Plant and machinery - 25% Straight line
  Fixtures, fittings and equipment - 25% Straight line
  Motor vehicles - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
The directors consider the accounting estimates and assumptions below to be its critical accounting estimates and judgements:

Useful lives of tangible fixed assets:
Tangible fixed assets represent a significant portion of total assets.  The annual depreciation charge depends primarily on the estimated lives of assets and, in certain circumstances, estimates of residual values.  The directors regularly review these useful lives and change them if necessary to reflect current conditions.  In determining these useful lives, management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets.  Changes in the useful lives can have a significant impact on the depreciation charge for the financial year.


Going concern:
The directors believe that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern.  On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.  Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.
       
4. Turnover
 
The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of retail sale of food, beverages and tobacco with a connecting fuel station.
       
5. Operating profit 2024 2023
  £ £
Operating profit is stated after charging:
Amortisation of intangible assets 4,872 4,873
Depreciation of tangible assets 111,338 124,914
Auditor's remuneration
- audit services 4,750 4,500
  ═════════ ═════════
       
6. Interest receivable and similar income 2024 2023
  £ £
 
Bank interest 111,077 5,578
Other interest - 474
  ───────── ─────────
  111,077 6,052
  ═════════ ═════════
       
7. Interest payable and similar expenses 2024 2023
  £ £
 
On bank loans and overdrafts 589 835
  ═════════ ═════════
       
8. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial year was as follows:
 
  2024 2023
  Number Number
 
Staff 54 60
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: 2024 2023
  £ £
 
Wages and salaries 832,062 783,463
Social security costs 57,517 50,612
Pension costs 534,391 13,400
  ───────── ─────────
  1,423,970 847,475
  ═════════ ═════════
       
9. Tax on profit
  2024 2023
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 25.00% (2023 - 22.01%) (Note 9 (b)) 137,947 177,272
  ───────── ─────────
 
Deferred tax:
Origination and reversal of timing differences (2,287) 22,268
  ───────── ─────────
Total deferred tax (2,287) 22,268
  ═════════ ═════════
Tax on profit  (Note 9 (b)) 135,660 199,540
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2023 - 22.01%). The differences are explained below:
  2024 2023
  £ £
 
Profit taxable at 25.00% 510,172 906,137
  ═════════ ═════════
Profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 25.00% (2023 - 22.01%) 127,543 199,441
Effects of:
Depreciation in excess of capital allowances for period 10,404 (22,169)
Deferred tax (2,287) 22,268
  ───────── ─────────
Total tax charge for the financial year (Note 9 (a)) 135,660 199,540
  ═════════ ═════════
 
       
10. Dividends 2024 2023
  £ £
Dividends on equity shares:
 
Ordinary - Final accrued 4,000 12,000
  ═════════ ═════════
       
11. Intangible assets
  Liquor  
  licence Total
  £ £
Cost
At 1 October 2023 121,810 121,810
  ───────── ─────────
 
At 30 September 2024 121,810 121,810
  ───────── ─────────
Amortisation
At 1 October 2023 14,617 14,617
Charge for financial year 4,872 4,872
  ───────── ─────────
At 30 September 2024 19,489 19,489
  ───────── ─────────
Net book value
At 30 September 2024 102,321 102,321
  ═════════ ═════════
At 30 September 2023 107,193 107,193
  ═════════ ═════════
             
12. Tangible assets
  Leashold Plant and Fixtures, Motor Total
  land and machinery fittings and vehicles  
  buildings   equipment    
  £ £ £ £ £
Cost
At 1 October 2023 966,548 196,412 831,046 4,792 1,998,798
Additions - 33,777 5,185 - 38,962
  ───────── ───────── ───────── ───────── ─────────
At 30 September 2024 966,548 230,189 836,231 4,792 2,037,760
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 October 2023 57,993 79,718 762,833 4,792 905,336
Charge for the financial year 19,331 48,139 43,867 - 111,337
  ───────── ───────── ───────── ───────── ─────────
At 30 September 2024 77,324 127,857 806,700 4,792 1,016,673
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 30 September 2024 889,224 102,332 29,531 - 1,021,087
  ═════════ ═════════ ═════════ ═════════ ═════════
At 30 September 2023 908,555 116,694 68,213 - 1,093,462
  ═════════ ═════════ ═════════ ═════════ ═════════
       
13. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 209,342 283,413
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
14. Debtors 2024 2023
  £ £
 
Trade debtors 503 5,757
Amounts owed by related parties 3,715 644
Other debtors 6,819 801
Directors' current accounts (Note 22) 410,933 408,656
Prepayments and accrued income 50,658 48,178
  ───────── ─────────
  472,628 464,036
  ═════════ ═════════
       
15. Cash and cash equivalents 2024 2023
  £ £
 
Cash and bank balances 142,767 203,259
Cash equivalents 2,249,740 1,923,071
  ───────── ─────────
  2,392,507 2,126,330
  ═════════ ═════════
       
16. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 10,648 10,649
Trade creditors 507,675 721,139
Taxation  (Note 18) 216,561 232,363
Directors' current accounts (Note 22) 8,800 39,861
Other creditors 28,239 9,559
Accruals 84,209 77,277
  ───────── ─────────
  856,132 1,090,848
  ═════════ ═════════
       
17. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 6,672 16,730
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 16) 10,648 10,649
Repayable between one and two years 6,672 10,648
Repayable between two and five years - 6,082
  ───────── ─────────
  17,320 27,379
  ═════════ ═════════
 
       
18. Taxation 2024 2023
  £ £
 
Creditors:
VAT 64,418 46,057
Corporation tax 137,947 177,272
PAYE / NI 14,196 9,034
  ───────── ─────────
  216,561 232,363
  ═════════ ═════════
         
19. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 2,287 2,287 (19,981)
Charged to profit and loss (2,287) (2,287) 22,268
  ───────── ───────── ─────────
At financial year end - - 2,287
  ═════════ ═════════ ═════════
           
20. Share capital     2024 2023
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary 20 £1.00 each 20 20
 
      ═════════ ═════════
       
21. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 September 2024.
       
22. Directors' remuneration and transactions 2024 2023
  £ £
 
Directors' remuneration
Remuneration 34,061 14,681
Pension contributions 520,005 -
  ───────── ─────────
  554,066 14,681
  ═════════ ═════════
           
The following advances were made to the directors:
 
  Balance at Movement Balance at Maximum
  30/09/24 in year 30/09/23 in year
  £ £ £ £
 
Jonathan McCullagh 410,740 2,084 408,656 -
Terence Daniel McCullagh 193 193 - -
  ───────── ───────── ───────── ═════════
  410,933 2,277 408,656  
  ═════════ ═════════ ═════════  
 
The following amounts are repayable to the directors:
      2024 2023
      £ £
 
Terence Daniel McCullagh     - 2,661
Terence McCullagh     7,800 34,200
Susan Bridget McCullagh     1,000 3,000
      ───────── ─────────
      8,800 39,861
      ═════════ ═════════
 
Net balances with the directors:
      2024 2023
      £ £
 
Jonathan McCullagh     410,740 408,656
Terence Daniel McCullagh     193 (2,661)
Terence McCullagh     (7,800) (34,200)
Susan Bridget McCullagh     (1,000) (3,000)
      ───────── ─────────
      402,133 368,795
      ═════════ ═════════
 
Rent of £20,000 (2023: £15,600) was paid to a director in relation to land that the company’s premises are built on.
   
23. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
           
24 Reconciliation of Net Cash Flow to Movement in Net Debt
  Opening Cash Other Closing
  balance flows changes balance
         
  £ £ £ £
 
Long-term borrowings (17,320) - 10,648 (6,672)
Short-term borrowings (10,648) 10,060 (10,060) (10,648)
  ───────── ───────── ───────── ─────────
Total liabilities from financing activities (27,968) 10,060 588 (17,320)
  ═════════ ═════════ ═════════ ─────────
Total Cash and cash equivalents (Note 15)       2,392,507
        ─────────
Total net cash       2,375,187
        ═════════



Classic Service Station Limited
SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS
TRADING STATEMENT
for the financial year ended 30 September 2024
2024 2023
£ £

Sales 19,080,240 18,698,515
───────── ─────────
       
Cost of sales
Opening stock 283,413   253,153
Purchases 16,603,606 16,410,163
  ─────────   ─────────
  16,887,019   16,663,316
Closing stock (209,342)   (283,413)
  ─────────   ─────────
  16,677,677   16,379,903
  ─────────   ─────────
       
Gross profit 2,402,563   2,318,612
  ─────────   ─────────
Gross profit Percentage 12.6%   12.4%
  ─────────   ─────────
       
Administrative expenses
Wages and salaries 798,001   768,782
Director's Remuneration 34,061   14,681
Social security costs 57,517   50,612
Directors' defined contribution pension costs 520,005 -
Staff defined contribution pension costs 14,386 13,400
Staff training 3,547 2,789
Rent payable 25,400 16,600
Rates 52,589 40,606
Insurance 19,693 16,278
Light and heat 110,320 135,444
Cleaning 17,478 15,906
Repairs and maintenance 49,041 41,749
Printing, postage and stationery 4,613 3,916
Advertising 14,307 14,376
Telephone 3,975 4,770
Computer costs 7,870 6,535
Hire of equipment 61,263 54,660
Motor expenses 2,807 3,641
Travelling and entertainment 482 416
Legal and professional 9,422 8,941
Accountancy 26,047 31,530
Bank charges 8,302 7,899
Credit card charges 56,992 55,784
General expenses 19,326 14,946
Auditor's remuneration 4,750   4,500
Depreciation of tangible assets 111,338   124,914
Amortisation of intangible assets 4,872   4,873
Charitable donations 3,717   4,090
  ─────────   ─────────
  2,042,121   1,462,638
  ─────────   ─────────
       
Finance
Bank interest paid 589 835
  ─────────   ─────────
       
Miscellaneous income
Sundry income 17,002 15,532
Commission received as other operating income 22,240 29,414
Other interest -   474
Bank interest 111,077   5,578
  ─────────   ─────────
  150,319   50,998
  ─────────   ─────────
       
Net profit 510,172   906,137
  ═════════   ═════════