REGISTERED NUMBER: |
Mount Wellington Mine Ltd |
Unaudited Financial Statements |
for the Year Ended 30th April 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
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. | TANGIBLE FIXED ASSETS |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1st May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
At 1st May 2022 |
and 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
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 |
Additions |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
Tax |
Prepayments |
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) |
Trade creditors |
Tax |
VAT | 12,799 | 5,313 |
Other creditors |
Directors' current accounts | 654,485 | 674,233 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
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 |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
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 |
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. |