Caseware UK (AP4) 2022.0.179 2022.0.179 34682022-01-01falseNo description of principal activitytruetrue 10767029 2022-01-01 2022-12-31 10767029 2021-01-01 2021-12-31 10767029 2022-12-31 10767029 2021-12-31 10767029 2021-01-01 10767029 c:Director1 2022-01-01 2022-12-31 10767029 c:Director4 2022-01-01 2022-12-31 10767029 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 10767029 d:Buildings d:LongLeaseholdAssets 2022-12-31 10767029 d:Buildings d:LongLeaseholdAssets 2021-12-31 10767029 d:PlantMachinery 2022-01-01 2022-12-31 10767029 d:PlantMachinery 2022-12-31 10767029 d:PlantMachinery 2021-12-31 10767029 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10767029 d:MotorVehicles 2022-01-01 2022-12-31 10767029 d:MotorVehicles 2022-12-31 10767029 d:MotorVehicles 2021-12-31 10767029 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10767029 d:OfficeEquipment 2022-01-01 2022-12-31 10767029 d:OfficeEquipment 2022-12-31 10767029 d:OfficeEquipment 2021-12-31 10767029 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10767029 d:ComputerEquipment 2022-01-01 2022-12-31 10767029 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10767029 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 10767029 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 10767029 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 10767029 d:CurrentFinancialInstruments 2022-12-31 10767029 d:CurrentFinancialInstruments 2021-12-31 10767029 d:Non-currentFinancialInstruments 2022-12-31 10767029 d:Non-currentFinancialInstruments 2021-12-31 10767029 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10767029 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 10767029 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10767029 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 10767029 d:ShareCapital 2022-12-31 10767029 d:ShareCapital 2021-12-31 10767029 d:ShareCapital 2021-01-01 10767029 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10767029 d:RetainedEarningsAccumulatedLosses 2022-12-31 10767029 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 10767029 d:RetainedEarningsAccumulatedLosses 2021-12-31 10767029 d:RetainedEarningsAccumulatedLosses 2021-01-01 10767029 c:OrdinaryShareClass1 2022-01-01 2022-12-31 10767029 c:OrdinaryShareClass1 2022-12-31 10767029 c:OrdinaryShareClass1 2021-12-31 10767029 c:FRS102 2022-01-01 2022-12-31 10767029 c:Audited 2022-01-01 2022-12-31 10767029 c:FullAccounts 2022-01-01 2022-12-31 10767029 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10767029 d:WithinOneYear 2022-12-31 10767029 d:WithinOneYear 2021-12-31 10767029 d:BetweenOneFiveYears 2022-12-31 10767029 d:BetweenOneFiveYears 2021-12-31 10767029 d:MoreThanFiveYears 2022-12-31 10767029 d:MoreThanFiveYears 2021-12-31 10767029 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 10767029 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 10767029 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 10767029 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 10767029 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 10767029 2 2022-01-01 2022-12-31 10767029 4 2022-01-01 2022-12-31 10767029 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10767029 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 10767029 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 10767029 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 10767029 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 10767029 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-12-31 10767029 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10767029










Subcoal Production TSP Ltd










Financial statements

For the year ended 31 December 2022

 
Subcoal Production TSP Ltd
Registered number: 10767029

Balance sheet
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 6 
1,664,685
1,860,527

Tangible assets
 7 
18,191,050
16,256,837

  
19,855,735
18,117,364

Current assets
  

Stocks
 8 
1,045,031
113,447

Debtors: amounts falling due after more than one year
 9 
4,412,559
4,479,292

Debtors: amounts falling due within one year
 9 
5,945,223
2,828,724

Bank and cash balances
  
493,089
66,216

  
11,895,902
7,487,679

Creditors: amounts falling due within one year
 10 
(54,335,520)
(39,120,650)

Net current liabilities
  
 
 
(42,439,618)
 
 
(31,632,971)

Total assets less current liabilities
  
(22,583,883)
(13,515,607)

Creditors: amounts falling due after more than one year
 11 
(75,922)
(376,696)

  

Net liabilities
  
(22,659,805)
(13,892,303)


Capital and reserves
  

Called up share capital 
 14 
100
100

Profit and loss account
  
(22,659,905)
(13,892,403)

  
(22,659,805)
(13,892,303)


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 November 2023.




J Jennissen
L Jennissen
Director
Director

The notes on pages 3 to 16 form part of these financial statements.

Page 1

 
Subcoal Production TSP Ltd
 

Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
100
(7,376,382)
(7,376,282)


Comprehensive income for the year

Loss for the year
-
(6,516,021)
(6,516,021)



At 1 January 2022
100
(13,892,403)
(13,892,303)


Comprehensive income for the year

Loss for the year
-
(8,767,502)
(8,767,502)


At 31 December 2022
100
(22,659,905)
(22,659,805)


The notes on pages 3 to 16 form part of these financial statements.

Page 2

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

Subcoal Production TSP Ltd is a private company limited by shares and is incorporated in England with the registration number 10767029. The address of the registered office is N+P Group First Floor, 4-8 Ludgate Circus, London, ECM4 7LF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 4).

The financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through loans from fellow subsidiaries within the N&P Group. These fellow subsidiaries will continue to financially support the company for its working capital requirements until the company is able to pay its own obligations in the ordinary course of business. 
After making enquiries and considering the uncertainties, the directors have formed a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 5

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Development expenditure
-
10%

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Plant and machinery
-
10%
Motor vehicles
-
25%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.15

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.20

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Page 8

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 10 November 2023 by Mark Attwood FCCA (senior statutory auditor) on behalf of Kreston Reeves LLP.

Page 9

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

4.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Development expenditure
The company has adopted a policy of capitalising development expenditure, as permitted by FRS102. This approach is dependent upon the directors’ judgement that the project’s technical and economic feasibility is assured. In doing so the directors make assumptions regarding the future cash flows that the project is expected to generate, the discount rates to be applied and the expected period over which the project to expected to generate benefits.
Deferred tax
Provision has been made in the financial statements for a deferred tax asset amounting to £4,412,559 (2021 - £4,479,292) at the reporting date (see note 13). This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.


5.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Staff
68
34

Page 10

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

6.


Intangible assets




Development expenditure

£



Cost


At 1 January 2022
1,954,316



At 31 December 2022

1,954,316



Amortisation


At 1 January 2022
93,789


Charge for the year on owned assets
195,842



At 31 December 2022

289,631



Net book value



At 31 December 2022
1,664,685



At 31 December 2021
1,860,527



Page 11

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

7.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 January 2022
708,688
16,270,659
50,662
126,135
17,156,144


Additions
2,800
3,712,346
-
56,843
3,771,989



At 31 December 2022

711,488
19,983,005
50,662
182,978
20,928,133



Depreciation


At 1 January 2022
50,321
790,961
37,608
20,417
899,307


Charge for the year on owned assets
50,525
1,747,120
11,454
28,677
1,837,776



At 31 December 2022

100,846
2,538,081
49,062
49,094
2,737,083



Net book value



At 31 December 2022
610,642
17,444,924
1,600
133,884
18,191,050



At 31 December 2021
658,367
15,479,698
13,054
105,718
16,256,837

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Plant and machinery
1,614,374
1,788,435


8.


Stocks

2022
2021
£
£

Raw materials and consumables
1,045,031
113,447

1,045,031
113,447


Page 12

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

9.


Debtors

2022
2021
£
£

Due after more than one year

Deferred tax asset
4,412,559
4,479,292

4,412,559
4,479,292


2022
2021
£
£

Due within one year

Trade debtors
1,718,516
1,450,790

Amounts owed by group undertakings
1,462,992
107,376

Other debtors
2,036,330
114,022

Prepayments and accrued income
727,385
1,156,536

5,945,223
2,828,724



10.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
1,611,585
1,113,641

Amounts owed to group undertakings
51,406,060
37,038,413

Other taxation and social security
63,843
55,115

Obligations under finance lease and hire purchase contracts
315,230
278,183

Other creditors
17,645
1,117

Accruals and deferred income
921,157
634,181

54,335,520
39,120,650



11.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Net obligations under finance leases and hire purchase contracts
75,922
376,696

75,922
376,696


Page 13

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
315,230
278,183

Between 1-5 years
75,922
376,696

391,152
654,879


13.


Deferred taxation




2022
2021


£

£






At beginning of year
4,479,292
1,345,078


Credited to profit or loss
(66,733)
3,134,214



At end of year
4,412,559
4,479,292

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(897,703)
(638,942)

Tax losses carried forward
5,310,262
5,118,234


The net deferred tax asset expected to reverse in the year following the reporting period is £Nil (2021: £nil), primarily due to the utilisation of tax losses carried forward.

Page 14

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

14.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1 each
100
100



15.


Contingent liabilities

At 31 December 2022, the company has a contingent liability in respect of road repairs.  The exposure to this liability is uncertain at the year end.


16.


Capital commitments


At 31 December 2022 the company had capital commitments as follows:

2022
2021
£
£


Contracted for but not provided in these financial statements
-
1,215,432


17.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
786,380
750,030

Later than 1 year and not later than 5 years
2,607,197
2,600,000

Later than 5 years
-
379,167

3,393,577
3,729,197


18.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
All other related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.

Page 15

 
Subcoal Production TSP Ltd
 

 
Notes to the financial statements
For the year ended 31 December 2022

19.


Controlling party

The company is a wholly owned subsidiary of N&P TSP Holdings Ltd, a company incorporated in England.
The directors regard N&P Beheer BV, a company incorporated in The Netherlands, to be the company's ultimate parent undertaking. N&P Beheer BV is the smallest and largest group for which consolidated financial statements are prepared. Copies of the consolidated financial statements are publicly available from the company's registered office at  Berkstraat 28, 5854GW Bergen, The Netherlands.
In the opinion of the directors there is no controlling party.


Page 16