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REGISTERED NUMBER: 00274715















PROPANE COMPANY LIMITED(THE)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROPANE COMPANY LIMITED(THE)

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: J F Corrin
Mrs R M M Sternberg
Ms J R Harris Sternberg
Miss F N Sternberg
G R Sternberg Allen





SECRETARY: Ms J R Harris Sternberg





REGISTERED OFFICE: Frenchay Farm
Appledore Road
Tenterden
TN30 7DJ





REGISTERED NUMBER: 00274715





ACCOUNTANTS: Spurling Cannon
King Arthur's Court
Maidstone Road
Charing
Kent
TN27 0JS

PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 32,991,624 32,873,364
Investments 6 63,748 89,186
Investment property 7 15,850,949 15,333,345
48,906,321 48,295,895

CURRENT ASSETS
Stocks 8 643,569 530,072
Debtors 9 160,495 105,159
Cash at bank 35,696 17,042
839,760 652,273
CREDITORS
Amounts falling due within one year 10 (693,422 ) (1,178,248 )
NET CURRENT ASSETS/(LIABILITIES) 146,338 (525,975 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,052,659

47,769,920

CREDITORS
Amounts falling due after more than one year 11 (6,776,737 ) (5,766,737 )

PROVISIONS FOR LIABILITIES (4,476,441 ) (4,352,419 )
NET ASSETS 37,799,481 37,650,764

PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)

BALANCE SHEET - continued
31 DECEMBER 2024

2024 2023
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 14 291,900 291,900
Revaluation reserve 15 26,712,708 26,712,708
Retained earnings 15 10,794,873 10,646,156
SHAREHOLDERS' FUNDS 37,799,481 37,650,764

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2025 and were signed on its behalf by:





Ms J R Harris Sternberg - Director


PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

The Propane Company Limited is a limited liability company incorporated in England, registration number 00274715. The company's registered off is Estate Office, Frenchay Farm, Appledore Road, Tenterden, Kent, TN30 7DL.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - at variable rates on reducing balance
Motor vehicles - at variable rates on reducing balance

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid. Investments in unlisted company shares, which have been classified as fixed asset investments as the company intends to hold them on a continuing basis are measured at their historic cost less any provision for impairment. The directors are unable to obtain an estimate of these investments' fair value and thus have adopted the historic cost model.
Investments in listed company shares, which have been classified as fixed asset investments,are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement arerecognised in the Profit and loss account.

Investment property
Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate. This is adjusted as necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2024
and 31 December 2024 45,132
AMORTISATION
At 1 January 2024
and 31 December 2024 45,132
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Asset
Freehold under Plant and Motor
property construction machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 31,256,887 1,618,908 1,310,354 147,382 34,333,531
Additions - 197,833 - - 197,833
Disposals - - (133,602 ) - (133,602 )
At 31 December 2024 31,256,887 1,816,741 1,176,752 147,382 34,397,762
DEPRECIATION
At 1 January 2024 330,317 - 1,008,774 121,076 1,460,167
Charge for year - - 50,750 9,452 60,202
Eliminated on disposal - - (114,231 ) - (114,231 )
At 31 December 2024 330,317 - 945,293 130,528 1,406,138
NET BOOK VALUE
At 31 December 2024 30,926,570 1,816,741 231,459 16,854 32,991,624
At 31 December 2023 30,926,570 1,618,908 301,580 26,306 32,873,364

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2024 89,186
Revaluations (25,438 )
At 31 December 2024 63,748
NET BOOK VALUE
At 31 December 2024 63,748
At 31 December 2023 89,186

Cost or valuation at 31 December 2024 is represented by:

Other
investments
£   
Valuation in 2024 63,748

PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. FIXED ASSET INVESTMENTS - continued

If listed investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 202,606 202,606

Listed investments were valued on an open market basis on 31 December 2024 by the directors. .

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 15,333,345
Revaluations 517,604
At 31 December 2024 15,850,949
NET BOOK VALUE
At 31 December 2024 15,850,949
At 31 December 2023 15,333,345

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2024 15,850,949

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 12,247,537 12,247,537

Investment property was valued on an open market basis basis on 31 December 2024 by the directors. .

8. STOCKS
2024 2023
£    £   
Stocks 643,569 530,072

PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 118,909 48,721
Sundry debtors - 7,166
VAT 41,586 49,272
160,495 105,159

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 12) 246,980 668,880
Other loans (see note 12) 130,428 123,600
Hire purchase contracts - 3,901
Trade creditors 211,248 361,755
Social security and other taxes 2,643 4,122
Sundry creditors 4,990 4,990
Accrued expenses 97,133 11,000
693,422 1,178,248

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 12) 6,776,737 5,766,737

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 246,980 668,880
Other loans 130,428 123,600
377,408 792,480

Amounts falling due between two and five years:
Bank loans - 2-5 years 6,776,737 5,766,737

PROPANE COMPANY LIMITED(THE) (REGISTERED NUMBER: 00274715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 6,776,737 5,766,737

The bank loan is secured by way of a legal charge over 115.524 acres at Coleham Green Farm,Woodchurch, Kent and by way of a debenture comprising of a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.
An additional bank loan is secured by way of a legal charge over the freehold property at Harlakenden Farm, Plurendon Road, Woodchurch, Ashford, Kent and the freehold property at Maynard Farm, Appledore Road, Tenterden, Kent and by way of a debenture comprising of a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,459,500 Ordinary 20p 291,900 291,900

15. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2024 10,646,156 26,712,708 37,358,864
Profit for the year 148,717 148,717
At 31 December 2024 10,794,873 26,712,708 37,507,581