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REGISTERED NUMBER: 06024939 (England and Wales)












Mount Wellington Mine Ltd

Unaudited Financial Statements

for the Year Ended 30th April 2023






Mount Wellington Mine Ltd (Registered number: 06024939)






Contents of the Financial Statements
for the Year Ended 30th April 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mount Wellington Mine Ltd

Company Information
for the Year Ended 30th April 2023







DIRECTOR: R S Freeborn





SECRETARY: Ms M C Freeborn-Swan





REGISTERED OFFICE: 1 The Dry, Mount Wellington Mine
Fernsplatt
Chacewater
Truro
Cornwall
TR4 8RJ





REGISTERED NUMBER: 06024939 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Mount Wellington Mine Ltd (Registered number: 06024939)

Statement of Financial Position
30th April 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 11,393 11,689
Investments 5 1 1
Investment property 6 2,833,596 2,831,796
2,844,990 2,843,486

CURRENT ASSETS
Stocks 5,680 19,951
Debtors 7 39,103 84,102
Cash at bank 8,573 -
53,356 104,053
CREDITORS
Amounts falling due within one year 8 (782,360 ) (812,628 )
NET CURRENT LIABILITIES (729,004 ) (708,575 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,115,986

2,134,911

CREDITORS
Amounts falling due after more than one
year

9

(854,084

)

(939,402

)

PROVISIONS FOR LIABILITIES (273,795 ) (267,697 )
NET ASSETS 988,107 927,812

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 988,105 927,810
SHAREHOLDERS' FUNDS 988,107 927,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Mount Wellington Mine Ltd (Registered number: 06024939)

Statement of Financial Position - continued
30th April 2023


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 director and authorised for issue on 9th November 2023 and were signed by:





R S Freeborn - Director


Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements
for the Year Ended 30th April 2023

1. STATUTORY INFORMATION

Mount Wellington Mine Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements cover a single entity.

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at fair value. Any gains or losses arising on revaluation are recognised in the income statement.

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

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

2. ACCOUNTING POLICIES - continued

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 - 10% and 25% on cost, and straight line over 15 years
Office equipment - 25% on cost
Motor vehicles - 33% on cost

Going concern
At the statement of financial position date the company had net current liabilities. The directors believe that the company will continue to meet its liabilities as they fall due with the continued support of its directors and other creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1st May 2022 55,999 5,916 61,915
Additions - 4,693 4,693
Disposals - (483 ) (483 )
At 30th April 2023 55,999 10,126 66,125
DEPRECIATION
At 1st May 2022 47,033 3,193 50,226
Charge for year 2,544 2,083 4,627
Eliminated on disposal - (121 ) (121 )
At 30th April 2023 49,577 5,155 54,732
NET BOOK VALUE
At 30th April 2023 6,422 4,971 11,393
At 30th April 2022 8,966 2,723 11,689

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1st May 2022
and 30th April 2023 1
NET BOOK VALUE
At 30th April 2023 1
At 30th April 2022 1

Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st May 2022 2,831,796
Additions 1,800
At 30th April 2023 2,833,596
NET BOOK VALUE
At 30th April 2023 2,833,596
At 30th April 2022 2,831,796

Fair value at 30th April 2023 is represented by:
£   
Valuation in 2012 517,160
Valuation in 2015 388,991
Valuation in 2019 154,479
Valuation in 2020 (667 )
Valuation in 2021 (141,569 )
Cost 1,915,202
2,833,596

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

2023 2022
£    £   
Cost 1,913,402 1,913,402

Investment property was valued on an open market basis on 30th November 2020 by Vickery Holman Property Consultants .

The director estimates the value of the property at 30 April 2023 to be the market value included in the above professional valuation adjusted for capital costs incurred since the valuation.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,775 33,046
Amounts owed by group undertakings 15,226 14,821
Other debtors 681 30,681
Tax - 3,828
Prepayments 2,421 1,726
39,103 84,102

Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 93,751 108,053
Trade creditors 5,474 8,286
Tax 2,853 8,139
VAT 12,799 5,313
Other creditors 4,262 1,058
Directors' current accounts 654,485 674,233
Accrued expenses 8,736 7,546
782,360 812,628

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 10) 854,084 939,402

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 499,603 546,228

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 5,043
Bank loans 93,751 103,010
93,751 108,053

Amounts falling due between two and five years:
Bank loans 354,481 393,174

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 499,603 546,228

Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 947,835 1,042,412

The bank loans are secured by way of a fixed and floating charge over all of the company's assets and a legal mortgage over the the company's investment property.