Muskham Services Limited 31/10/2017 iXBRL

Muskham Services Limited 31/10/2017 iXBRL

MUSKHAM SERVICES LIMITED - Company Information

Print Friendly Version

31/10/2017 2017-10-31 false false false false true false false false false false false false false true false false true false false false false false true false false No description of principal activities is disclosed 2016-11-01 Sage Accounts Production 18.11 - FRS xbrli:pure xbrli:shares iso4217:GBP 06631867 2016-11-01 2017-10-31 06631867 2017-10-31 06631867 2016-10-31 06631867 2015-11-01 2016-10-31 06631867 2016-10-31 06631867 2015-10-31 06631867 core:NetGoodwill 2016-11-01 2017-10-31 06631867 core:PlantMachinery 2016-11-01 2017-10-31 06631867 bus:RegisteredOffice 2016-11-01 2017-10-31 06631867 bus:OrdinaryShareClass1 2016-11-01 2017-10-31 06631867 bus:Director1 2016-11-01 2017-10-31 06631867 bus:Director2 2016-11-01 2017-10-31 06631867 bus:Director3 2016-11-01 2017-10-31 06631867 bus:Director4 2016-11-01 2017-10-31 06631867 bus:Director5 2016-11-01 2017-10-31 06631867 bus:Director6 2016-11-01 2017-10-31 06631867 core:WithinOneYear 2016-10-31 06631867 core:NetGoodwill 2016-10-31 06631867 core:LandBuildings core:ShortLeaseholdAssets 2016-10-31 06631867 core:FurnitureFittingsToolsEquipment 2016-10-31 06631867 core:DeferredTaxation 2016-11-01 2017-10-31 06631867 core:LandBuildings core:ShortLeaseholdAssets 2016-11-01 2017-10-31 06631867 core:FurnitureFittingsToolsEquipment 2016-11-01 2017-10-31 06631867 core:RetainedEarningsAccumulatedLosses 2015-11-01 2016-10-31 06631867 core:RetainedEarningsAccumulatedLosses 2016-11-01 2017-10-31 06631867 core:UKTax 2016-11-01 2017-10-31 06631867 core:UKTax 2015-11-01 2016-10-31 06631867 bus:AllOrdinaryShares 2015-11-01 2016-10-31 06631867 core:ShareCapital 2017-10-31 06631867 core:ShareCapital 2016-10-31 06631867 core:RetainedEarningsAccumulatedLosses 2017-10-31 06631867 core:RetainedEarningsAccumulatedLosses 2016-10-31 06631867 core:ShareCapital 2015-10-31 06631867 core:RetainedEarningsAccumulatedLosses 2015-10-31 06631867 bus:OrdinaryShareClass1 core:ShareCapital 2017-10-31 06631867 bus:OrdinaryShareClass1 core:ShareCapital 2016-10-31 06631867 core:BetweenOneFiveYears 2016-10-31 06631867 core:MoreThanFiveYears 2016-10-31 06631867 core:NetGoodwill 2016-10-31 06631867 core:AcceleratedTaxDepreciationDeferredTax 2016-10-31 06631867 core:LandBuildings core:ShortLeaseholdAssets 2016-10-31 06631867 core:FurnitureFittingsToolsEquipment 2016-10-31 06631867 core:DeferredTaxation 2016-10-31 06631867 bus:FRS102 2016-11-01 2017-10-31 06631867 bus:Audited 2016-11-01 2017-10-31 06631867 bus:FullAccounts 2016-11-01 2017-10-31 06631867 bus:LargeMedium-sizedCompaniesRegimeForAccounts 2016-11-01 2017-10-31 06631867 bus:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 06631867 core:KeyManagementIndividualGroup1 2016-11-01 2017-10-31 06631867 1 2016-11-01 2017-10-31
Company registration number: 06631867
Muskham Services Limited
Financial statements
31 October 2017
Muskham Services Limited
Contents
Directors and other information
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Muskham Services Limited
Directors and other information
Directors Mr M F Carsley (Resigned 6 October 2017)
Mrs S Carsley (Resigned 6 October 2017)
Mr S J MacKay (Resigned 6 October 2017)
Mrs H D Ward (Resigned 6 October 2017)
Mr J Barrett (Appointed 6 October 2017)
Mr J M Diviney (Appointed 6 October 2017)
Company number 06631867
Registered office 200 Strand
London
England
WC2R 1DJ
Auditor Hobsons CA Limited
Chartered Accountants
Statutory Auditor
Alexandra House
43 Alexandra Street
Nottingham
NG5 1AY
Muskham Services Limited
Strategic report
Year ended 31 October 2017
This report was approved by the board of directors on 25 October 2018 and signed on behalf of the board by:
Mr J M Diviney
Director
Muskham Services Limited
Directors report
Year ended 31 October 2017
The directors present their report and the financial statements of the company for the year ended 31 October 2017.
Directors
The directors who served the company during the year were as follows:
Mr M F Carsley (Resigned 6 October 2017)
Mrs S Carsley (Resigned 6 October 2017)
Mr S J MacKay (Resigned 6 October 2017)
Mrs H D Ward (Resigned 6 October 2017)
Mr J Barrett (Appointed 6 October 2017)
Mr J M Diviney (Appointed 6 October 2017)
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Financial risk management objectives and policies
Prior to the cessation of trade, the principal risks and uncertainties of the company largely related to stock control. Stock control and management was considered to be the most significant risk, in order for the company to provide a full range of products to its customers.
Credit risk was assessed as being lower given the nature of the business, with products purchased either for cash or on credit cards prior to the goods leaving the service station.
The company's financial risks are now managed and monitored at Petrogas Group UK Limited level, the immediate parent company of the UK group.
Events after the end of the reporting period
Since the financial year end the company has been non-trading. This is not expected to change in the foreseeable future.
Disclosure of information in the strategic report.
The company has taken advantage of the exemption in section 414A(2) of the Companies Act 2006 from the requirement to prepare a strategic report on the basis that it would be entitled to prepare accounts for the year in accordance with the small companies regime but for being a member of an ineligible group.
Directors responsibilities statement
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). 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 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 judgments and accounting 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; and - 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves 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 of directors on 25 October 2018 and signed on behalf of the board by:
Mr J M Diviney
Director
Muskham Services Limited
Independent auditor's report to the members of
Muskham Services Limited
Year ended 31 October 2017
Opinion
We have audited the financial statements of Muskham Services Limited for the year ended 31 October 2017 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. 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). 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 auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 October 2017 and of its profit for the 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.
Material uncertainty related to going concern
In forming our opinion, which is not modified in this respect, we have considered the adequacy of the disclosures made in note 3 of the financial statements concerning the going concern status of company.
The company ceased trading immediately following its acquisition by the Petrogas Group UK Limited group on 2 October 2017. The trade and assets of the company were hived up into Petrogas Group UK Limited on that date and the company became non-trading.
We draw attention to the fact that the accounts have been prepared on a non-going concern basis.
Emphasis of matter - unaudited comparatives
We emphasise that the company qualified as a small company in the year ended 31 October 2016 and the directors took advantage of audit exemption in that year. The comparatives were thus not subject to audit.
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. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 has 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 where 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 the 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Steven Newman LLB FCA (Senior Statutory Auditor)
For and on behalf of
Hobsons CA Limited
Chartered Accountants and Statutory Auditor
Alexandra House
43 Alexandra Street
Nottingham
NG5 1AY
25 October 2018
Muskham Services Limited
Statement of comprehensive income
Year ended 31 October 2017
2017 2016
Note £ £
Turnover 4 7,647,464 7,729,630
Cost of sales ( 7,029,374) ( 7,113,834)
_______ _______
Gross profit 618,090 615,796
Administrative expenses ( 453,976) ( 427,860)
Other operating income 5 5,845 7,770
_______ _______
Operating profit 6 169,959 195,706
Interest payable and similar expenses 9 ( 65) ( 660)
_______ _______
Profit before taxation 169,894 195,046
Tax on profit 10 ( 38,734) ( 40,278)
_______ _______
Profit for the financial year and total comprehensive income 131,160 154,768
_______ _______
All the activities of the company are from discontinued operations.
Muskham Services Limited
Statement of financial position
31 October 2017
2017 2016
Note £ £ £ £
Fixed assets
Intangible assets 12 - 7,200
Tangible assets 13 - 134,218
_______ _______
- 141,418
Current assets
Stocks 14 - 76,334
Debtors 15 700,010 403,141
Cash at bank and in hand - 308,219
_______ _______
700,010 787,694
Creditors: amounts falling due
within one year 16 - ( 348,833)
_______ _______
Net current assets 700,010 438,861
_______ _______
Total assets less current liabilities 700,010 580,279
Provisions for liabilities 17 - ( 11,429)
_______ _______
Net assets 700,010 568,850
_______ _______
Capital and reserves
Called up share capital 20 100 100
Profit and loss account 21 699,910 568,750
_______ _______
Shareholders funds 700,010 568,850
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 25 October 2018 , and are signed on behalf of the board by:
Mr J M Diviney
Director
Company registration number: 06631867
Muskham Services Limited
Statement of changes in equity
Year ended 31 October 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 November 2015 100 473,982 474,082
Profit for the year 154,768 154,768
_______ _______ _______
Total comprehensive income for the year - 154,768 154,768
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______
Total investments by and distributions to owners - ( 60,000) ( 60,000)
_______ _______ _______
At 31 October 2016 and 1 November 2016 100 568,750 568,850
Profit for the year 131,160 131,160
_______ _______ _______
Total comprehensive income for the year - 131,160 131,160
_______ _______ _______
At 31 October 2017 100 699,910 700,010
_______ _______ _______
Muskham Services Limited
Notes to the financial statements
Year ended 31 October 2017
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is 200 Strand, London, England, WC2R 1DJ. The principal activity of the company, prior to it ceasing to trade as part of a group re-organisation following its acquisition by Petrogas Group UK Limited on 2 October 2017, was the operation of a motoring service station. In the year ended 31 October 2016 the company took advantage of audit exemption as it qualified as a small company. As such, the comparative figures were not subject to audit in that year.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity rounded to the nearest £.The company has taken advantage of the exemption from the requirement to produce a cashflow statement because it is a wholly owned subsidiary of a company preparing publicly available financial statements.
Going concern
On 2 October 2017 the company was acquired by Petrogas Group UK Limited, and on that date the trade and assets of the company were hived up into that company at book value. With effect from the date of acquisition, Muskham Services Limited ceased to trade. Given that the company no longer trades, these accounts have been prepared on a non-going concern basis.The directors have assessed the statement of financial position at 31 October 2017 and consider that no adjustments are necessary to write balances down to their recoverable amount.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 25.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements (prior to the cessation of trade):Stock valuations and recoverability of trading assets - these involve judgements as to the extent to which provisions are required to account for the risk of irrecoverability or obsolescence.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.The company's revenue is earned from fuel, shop and food sales from the service station it operated. Sales of goods are recognised when the company sells a product to the customer. Retail sales are usually in cash or by credit card. Due to the nature of the products sold, the company does not experience material levels of returns.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the term of the lease
Computers - 33 % straight line
Fittings fixtures and equipment - 10-20% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price. Cost includes all costs of purchase and other costs incurred in bringing the inventories to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Turnover
Turnover arises from:
2017 2016
£ £
Sale of goods 7,647,464 7,729,630
_______ _______
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2017 2016
£ £
Other operating income 5,845 7,770
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
2017 2016
£ £
Amortisation of intangible assets 3,300 3,600
Depreciation of tangible assets 23,545 29,011
Cost of stocks recognised as an expense 6,715,206 6,824,686
Operating lease rentals 68,756 79,200
_______ _______
Auditor's remuneration has been borne by a parent undertaking.
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2017 2016
Service station staff 14 13
Management staff 1 1
_______ _______
15 14
_______ _______
The aggregate payroll costs incurred during the year were:
2017 2016
£ £
Wages and salaries 184,213 168,124
Other pension costs 725 -
_______ _______
184,938 168,124
_______ _______
8. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2017 2016
£ £
Remuneration 11,000 8,060
_______ _______
9. Interest payable and similar expenses
2017 2016
£ £
Bank interest 65 660
_______ _______
10. Tax on profit
Major components of tax expense
2017 2016
£ £
Current tax:
UK current tax expense 41,847 41,050
Adjustments in respect of previous periods ( 30) ( 39)
_______ _______
Total current tax 41,817 41,011
Deferred tax:
Origination and reversal of timing differences ( 3,083) ( 733)
_______ _______
Tax on profit 38,734 40,278
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2016: higher than) the standard rate of corporation tax in the UK of 19.00 % (2016: 20.00%).
2017 2016
£ £
Profit before taxation 169,894 195,046
_______ _______
Profit multiplied by rate of tax 32,280 39,009
Adjustments in respect of prior periods ( 30) ( 39)
Effect of expenses not deductible for tax purposes 4,932 ( 770)
Effect of capital allowances and depreciation 4,635 2,811
Movement in deferred taxation ( 3,083) ( 733)
_______ _______
Tax on profit 38,734 40,278
_______ _______
11. Dividends
Equity dividends
2017 2016
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) - 60,000
_______ _______
12. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2016 36,000 36,000
Disposals through business combinations ( 36,000) ( 36,000)
_______ _______
At 31 October 2017 - -
_______ _______
Amortisation
At 1 November 2016 28,800 28,800
Charge for the year 3,300 3,300
Disposals through business combinations ( 32,100) ( 32,100)
_______ _______
At 31 October 2017 - -
_______ _______
Carrying amount
At 31 October 2017 - -
_______ _______
At 31 October 2016 7,200 7,200
_______ _______
13. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 November 2016 120,111 271,201 391,312
Disposals through business combinations ( 120,111) ( 271,201) ( 391,312)
_______ _______ _______
At 31 October 2017 - - -
_______ _______ _______
Depreciation
At 1 November 2016 35,122 221,972 257,094
Charge for the year 7,093 16,452 23,545
Disposals through business combinations ( 42,215) ( 238,424) ( 280,639)
_______ _______ _______
At 31 October 2017 - - -
_______ _______ _______
Carrying amount
At 31 October 2017 - - -
_______ _______ _______
At 31 October 2016 84,989 49,229 134,218
_______ _______ _______
14. Stocks
2017 2016
£ £
Finished goods and goods for resale - 76,334
_______ _______
15. Debtors
2017 2016
£ £
Trade debtors - 40,339
Amounts owed by group undertakings 700,010 -
Prepayments and accrued income - 2,802
Other debtors - 360,000
_______ _______
700,010 403,141
_______ _______
16. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts - 6,667
Trade creditors - 119,406
Accruals and deferred income - 11,220
Corporation tax - 41,050
Social security and other taxes - 25,184
Dividends payable - 70,000
Director loan accounts - 74,906
Other creditors - 400
_______ _______
- 348,833
_______ _______
17. Provisions
Deferred tax (note 18) Total
£ £
At 1 November 2016 11,429 11,429
Additions ( 3,083) ( 3,083)
Transfer following business combination ( 8,346) ( 8,346)
_______ _______
At 31 October 2017 - -
_______ _______
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017 2016
£ £
Included in provisions (note 17) - 11,429
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2017 2016
£ £
Accelerated capital allowances - 11,429
_______ _______
19. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 725 (2016: £- ).
20. Called up share capital
Issued, called up and fully paid
2017 2016
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
21. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
22. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 79,200
Later than 1 year and not later than 5 years - 316,800
Later than 5 years - 547,800
_______ _______
- 943,800
_______ _______
23. Related party transactions
The company has taken advantage of the exemption available from disclosing transactions and balances with other group companies.Included in creditors at 31 October 2017 were balances of £nil (2016 - £37,453) owed to S J MacKay and £nil (2016 - £37,453) owed to H D Ward. The loans were repaid during the year, and these directors both resigned on 6 October 2017.No dividends were payable to the directors during the year (2016 - £60,000).
24. Controlling party
The immediate parent company is Petrogas Group UK Limited, a company incorporated in England. The Registered Office of that company is 200 Strand, London, England, WC2R 1DJ. The Petrogas Group UK group is controlled by B & J Holdings Limited (incorporated in Malta), which owns 52.6% of the issued share capital of Applegreen plc, an intermediate holding company. The group's ultimate controlling parties are Joseph Barrett and Robert Etchingham who own 100% of the shares in B & J Holdings Limited. Applegreen plc, a company incorporated in Ireland, is the smallest group to consolidate these financial statements from the date of acquisition. B & J Holdings Limited is the largest group to consolidate these financial statements. Copies of Applegreen plc's consolidated financial statements can be found on its website: www.applegreenstores.com.The Registered Office of Applegreen plc is 17 Joyce Way, Parkwest Business Park, Dublin 12, D12 F2V3, Ireland.
25. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.