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Registered number: 05053561
Countryside Art Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Appleleaf Chartered Certified Accountants
ACCA
5 Town Hall Street
Grimsby
Lincolnshire
DN31 1HN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—9
Page 1
Balance Sheet
Registered number: 05053561
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,514,038 1,562,137
1,514,038 1,562,137
CURRENT ASSETS
Stocks 6 338,943 391,093
Debtors 7 366,771 423,263
Cash at bank and in hand 60,038 47,762
765,752 862,118
Creditors: Amounts Falling Due Within One Year 8 (704,952 ) (800,528 )
NET CURRENT ASSETS (LIABILITIES) 60,800 61,590
TOTAL ASSETS LESS CURRENT LIABILITIES 1,574,838 1,623,727
Creditors: Amounts Falling Due After More Than One Year 9 (242,257 ) (294,474 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 12 (258,947 ) (264,720 )
NET ASSETS 1,073,634 1,064,533
CAPITAL AND RESERVES
Called up share capital 13 81 81
Revaluation reserve 15 227,396 227,396
Profit and Loss Account 846,157 837,056
SHAREHOLDERS' FUNDS 1,073,634 1,064,533
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lawrence Chapman
Director
28 October 2025
The notes on pages 3 to 9 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Countryside Art Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05053561 . The registered office is Vale Court, Vale Industrial Estate, Spilsby, Lincolnshire, PE23 5HE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It has been amortised over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Plant & Machinery 20% reducing balance
Fixtures & Fittings 15% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 63 (2024: 72)
63 72
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 350,000
As at 31 March 2025 350,000
Amortisation
As at 1 April 2024 350,000
As at 31 March 2025 350,000
Net Book Value
As at 31 March 2025 -
As at 1 April 2024 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 April 2024 975,000 1,519,641 67,902 2,562,543
Additions - 71,701 - 71,701
As at 31 March 2025 975,000 1,591,342 67,902 2,634,244
...CONTINUED
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Page 6
Depreciation
As at 1 April 2024 - 960,136 40,270 1,000,406
Provided during the period - 115,655 4,145 119,800
As at 31 March 2025 - 1,075,791 44,415 1,120,206
Net Book Value
As at 31 March 2025 975,000 515,551 23,487 1,514,038
As at 1 April 2024 975,000 559,505 27,632 1,562,137
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2025 2024
£ £
Plant & Machinery 191,714 239,642
Cost or valuation as at 31 March 2025 represented by:
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
At cost 815,503 1,591,342 67,902 2,474,747
At valuation 159,497 - - 159,497
975,000 1,591,342 67,902 2,634,244
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 815,502
Accumulated depreciation and impairment 178,677
Carrying amount 636,825
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6. Stocks
2025 2024
£ £
Stock 338,943 391,093
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 350,330 408,452
Prepayments and accrued income 16,372 13,540
Other debtors 69 1,271
366,771 423,263
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 84,765 86,623
Trade creditors 273,596 276,512
Bank loans and overdrafts 22,253 21,444
Corporation tax 3,401 -
Other taxes and social security 47,161 48,626
VAT 34,142 67,257
Other creditors 2,512 1,943
Accruals and deferred income 43,032 46,963
Capital grants 4,932 1,089
Directors' loan accounts 189,158 250,071
704,952 800,528
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 70,776 115,000
Bank loans 142,755 165,816
Capital grants 28,726 13,658
242,257 294,474
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10. Secured Creditors
Of the creditors the following amounts are secured.
2025 2024
£ £
Bank loans and overdrafts 151,674 163,926
11. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 84,765 86,623
Later than one year and not later than five years 70,776 115,000
155,541 201,623
155,541 201,623
12. Deferred Taxation
The provision for deferred tax is made up as follows:
2025 2024
£ £
Other timing differences 258,947 264,720
13. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 81 81
14. Directors Advances, Credits and Guarantees
Dividends paid to directors
2025 2024
£ £
Mr Lawrence Chapman 1,300 5,000
Mrs Kathryn Brookes 1,300 5,000
Mrs Anita Chapman 650 2,500
Mr John Chapman 11,962 16,900
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15. Reserves
Revaluation Reserve
£
As at 1 April 2024 227,396
As at 31 March 2025 227,396
16. Ultimate Controlling Party
The company's ultimate controlling party is it's directors who by virtue of their ownership of 100% of the issued share capital in the company.
17. Directors Loan Accounts
Interest is payable by the Company on balances owed to the directors throughout the year at the HMRC official rate of interest 2.25%.
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