Company registration number 02686908 (England and Wales)
MINERAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
MINERAL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr P J Orrock
Mrs C A Orrock
Secretary
Mrs C A Orrock
Company number
02686908
Registered office
c/o Whittles
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
Accountants
Whittles
Whittle & Partners LLP
The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
Business address
PO Box 10523
Stoke-by-Nayland
Suffolk
CO6 4WJ
Bankers
C Hoare & Co
37 Fleet Street
London
EC4P 4DQ
MINERAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MINERAL SERVICES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,661
12,554
Investment properties
4
905,000
1,547,500
916,661
1,560,054
Current assets
Debtors
5
46,600
34,886
Cash at bank and in hand
11,947
26,084
58,547
60,970
Creditors: amounts falling due within one year
6
(6,618)
(11,887)
Net current assets
51,929
49,083
Total assets less current liabilities
968,590
1,609,137
Creditors: amounts falling due after more than one year
7
-
0
(634,400)
Net assets
968,590
974,737
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
968,588
974,735
Total equity
968,590
974,737

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MINERAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2022
28 February 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 August 2022 and are signed on its behalf by:
Mr P J Orrock
Director
Company Registration No. 02686908
MINERAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 3 -
1
Accounting policies
Company information

Mineral Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Whittles, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of services is recognised when the work has been completed and the amount of revenue the company is entitled to can be measured reliably.

 

Revenue from royalties is recognised on receipt.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance
Office fixtures and equipment
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

MINERAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

MINERAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees
2022
2021
Number
Number
Total
2
2
MINERAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2021
30,394
Disposals
(15,625)
At 28 February 2022
14,769
Depreciation and impairment
At 1 March 2021
17,840
Depreciation charged in the year
664
Eliminated in respect of disposals
(15,396)
At 28 February 2022
3,108
Carrying amount
At 28 February 2022
11,661
At 28 February 2021
12,554
4
Investment property
2022
£
Fair value
At 1 March 2021
1,547,500
Disposals
(642,500)
At 28 February 2022
905,000
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
6,107
2,277
Other debtors
24,445
30,202
Prepayments and accrued income
16,048
2,407
46,600
34,886
MINERAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
-
0
3,275
Other taxation and social security
2,501
-
0
Other creditors
96
4,967
Accruals and deferred income
4,021
3,645
6,618
11,887
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
-
0
634,400
MINERAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 8 -
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
718
2,155
10
Ultimate controlling party

By virtue of his shareholding the director, P J Orrock, controls the company.

2022-02-282021-03-01false10 August 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityMr P J OrrockMrs C A OrrockMrs C A Orrock026869082021-03-012022-02-2802686908bus:Director12021-03-012022-02-2802686908bus:CompanySecretaryDirector12021-03-012022-02-2802686908bus:CompanySecretary12021-03-012022-02-2802686908bus:Director22021-03-012022-02-2802686908bus:RegisteredOffice2021-03-012022-02-2802686908bus:Agent12021-03-012022-02-28026869082022-02-28026869082021-02-2802686908core:OtherPropertyPlantEquipment2022-02-2802686908core:OtherPropertyPlantEquipment2021-02-2802686908core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2802686908core:CurrentFinancialInstrumentscore:WithinOneYear2021-02-2802686908core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2802686908core:Non-currentFinancialInstrumentscore:AfterOneYear2021-02-2802686908core:CurrentFinancialInstruments2022-02-2802686908core:CurrentFinancialInstruments2021-02-2802686908core:ShareCapital2022-02-2802686908core:ShareCapital2021-02-2802686908core:RetainedEarningsAccumulatedLosses2022-02-2802686908core:RetainedEarningsAccumulatedLosses2021-02-2802686908core:PlantMachinery2021-03-012022-02-2802686908core:FurnitureFittings2021-03-012022-02-28026869082020-03-012021-02-2802686908core:OtherPropertyPlantEquipment2021-02-2802686908core:OtherPropertyPlantEquipment2021-03-012022-02-28026869082021-02-2802686908core:Non-currentFinancialInstruments2022-02-2802686908core:Non-currentFinancialInstruments2021-02-2802686908bus:PrivateLimitedCompanyLtd2021-03-012022-02-2802686908bus:SmallCompaniesRegimeForAccounts2021-03-012022-02-2802686908bus:FRS1022021-03-012022-02-2802686908bus:AuditExemptWithAccountantsReport2021-03-012022-02-2802686908bus:FullAccounts2021-03-012022-02-28xbrli:purexbrli:sharesiso4217:GBP