18 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,746,066 2,145,918 3,358,491 837,460 10,696,033 10,696,033 12,746,066 xbrli:pure xbrli:shares iso4217:GBP 00364719 2022-04-01 2023-03-31 00364719 2023-03-31 00364719 2022-03-31 00364719 2021-04-01 2022-03-31 00364719 2022-03-31 00364719 2021-03-31 00364719 bus:Director1 2022-04-01 2023-03-31 00364719 bus:Director4 2022-04-01 2023-03-31 00364719 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 00364719 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 00364719 core:PlantMachinery 2022-03-31 00364719 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00364719 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 00364719 core:PlantMachinery 2023-03-31 00364719 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00364719 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-03-31 00364719 core:PlantMachinery 2022-04-01 2023-03-31 00364719 core:WithinOneYear 2023-03-31 00364719 core:WithinOneYear 2022-03-31 00364719 core:ShareCapital 2023-03-31 00364719 core:ShareCapital 2022-03-31 00364719 core:RetainedEarningsAccumulatedLosses 2023-03-31 00364719 core:RetainedEarningsAccumulatedLosses 2022-03-31 00364719 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 00364719 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 00364719 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-03-31 00364719 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 00364719 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 00364719 core:Non-currentFinancialInstruments 2023-03-31 00364719 core:Non-currentFinancialInstruments 2022-03-31 00364719 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00364719 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 00364719 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 00364719 core:RevaluationInvestmentPropertyDeferredTax 2022-03-31 00364719 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 00364719 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 00364719 core:PlantMachinery 2022-03-31 00364719 bus:SmallEntities 2022-04-01 2023-03-31 00364719 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00364719 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00364719 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00364719 bus:FullAccounts 2022-04-01 2023-03-31 00364719 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-03-31 00364719 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2022-03-31 00364719 core:LandBuildings 2022-03-31 00364719 core:LandBuildings 2022-04-01 2023-03-31 00364719 core:LandBuildings 2023-03-31
COMPANY REGISTRATION NUMBER: 00364719
Castle Hill Quarry Co., Limited
Filleted Unaudited Financial Statements
31 March 2023
Castle Hill Quarry Co., Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
3,679,285
3,531,423
Investments
7
10,696,033
12,746,066
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
14,375,318
16,277,489
Current assets
Stocks
262,838
191,814
Debtors
8
1,267,190
926,746
Cash at bank and in hand
1,237,172
1,753,559
ÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄ
2,767,200
2,872,119
Creditors: amounts falling due within one year
9
586,834
2,949,003
ÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄ
Net current assets/(liabilities)
2,180,366
( 76,884)
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities
16,555,684
16,200,605
Provisions
Taxation including deferred tax
1,133,640
1,283,447
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
Net assets
15,422,044
14,917,158
ÍÍÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍÍÍ
Capital and reserves
Called up share capital
500
500
Profit and loss account
12
15,421,544
14,916,658
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
Shareholders funds
15,422,044
14,917,158
ÍÍÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍÍÍ
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Castle Hill Quarry Co., Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr MJ King
Mr S Ford
Director
Director
Company registration number: 00364719
Castle Hill Quarry Co., Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cannington, Bridgwater, Somerset, TA5 2QF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Principal activity
The company's principal activity continued to be that of quarrying and sale of limestone carried out on land owned by the company and the WG King 1997 Settlement. Farming is conducted on adjoining land.
4. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors consider there to be no material uncertainties about the company's ability to continue to trade on a going concern basis.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short term highly liquid investments.
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT, aggregates levy and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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 pay or recover 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold Property (Estate)
-
See notes
Freehold Property (Quarry)
-
See notes
Plant and Machinery
-
5 - 20% Straight line
Property Improvements
-
2% Straight line
No depreciation is provided on freehold property other than quarry resources, which are depleted on the basis of the annual tonnage extracted. Provisions for the cost of quarry restoration are recorded once a present legal or constructive obligation exists. It is probable that an outflow of economic benefits will be required to settle the obligation and the financial cost of restoration work can be reliably measured.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 20 ).
6. Tangible assets
Freehold property (Estate)
Freehold property (quarry)
Plant and machinery
Freehold improvem'ts
Total
£
£
£
£
£
Cost or valuation
At 1 April 2022
1,537,954
42,950
6,461,528
548,292
8,590,724
Additions
438,497
30,843
469,340
Disposals
( 154,248)
( 3,736)
( 157,984)
Revaluations
138,197
138,197
ÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄ
At 31 March 2023
1,676,151
42,950
6,745,777
575,399
9,040,277
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
Depreciation
At 1 April 2022
1,625
7,452
4,949,334
100,872
5,059,283
Charge for the year
8,619
430,960
11,508
451,087
Disposals
( 148,106)
( 1,272)
( 149,378)
ÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄ
At 31 March 2023
1,625
16,071
5,232,188
111,108
5,360,992
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2023
1,674,526
26,879
1,513,589
464,291
3,679,285
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
At 31 March 2022
1,536,329
35,498
1,512,194
447,420
3,531,441
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
Tangible assets held at valuation
Freehold Property includes three rented houses which are Investment Properties. Property 1 was purchased as part of a larger holding, but cost is calculated to have been £66,000. The property has been revalued at £280,000 by the Directors. Property 2 was introduced to the company many years ago at no cost, and has been revalued by the Directors at £350,000. Property 3 cost £469,563, but has been valued by the Directors at £450,000.
7. Investments
Other investments other than loans
£
Cost
At 1 April 2022
12,746,066
Additions
2,145,918
Disposals
( 3,358,491)
Revaluations
( 837,460)
ÄÄÄÄÄÄÄÄÄÄÄÄÄ
At 31 March 2023
10,696,033
ÍÍÍÍÍÍÍÍÍÍÍÍÍ
Impairment
At 1 April 2022 and 31 March 2023
ÍÍÍÍÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2023
10,696,033
ÍÍÍÍÍÍÍÍÍÍÍÍÍ
At 31 March 2022
12,746,066
ÍÍÍÍÍÍÍÍÍÍÍÍÍ
The historic cost of the investments is £7,892,479 (2022: £9,107,399).
8. Debtors
2023
2022
£
£
Trade debtors
707,879
767,601
Other debtors
559,311
159,145
ÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
1,267,190
926,746
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
159,396
101,396
Corporation tax
141,745
Social security and other taxes
72,480
261,164
Other creditors
2,200,000
Other creditors
213,213
386,443
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄ
586,834
2,949,003
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
1,886
ÍÍÍÍ
ÍÍÍÍÍÍ
The company holds a machine with an estimated useful life of 5 years under a finance lease, which is expected to run for 5 years. At the end of the lease, the company can retain 98% of any proceeds.The lease comprises a two-year period covering the cost of the asset, with further secondary rentals of £1,920 per annum.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
1,133,640
1,283,447
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
335,024
310,564
Fair value adjustment of financial assets
700,851
909,667
Fair value adjustment of investment property
97,765
63,216
ÄÄÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄÄÄ
1,133,640
1,283,447
ÍÍÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍÍÍ
12. Reserves
The profit and loss reserve includes an undistributable balance of £445,352 (2022 £341,704) being a gains on revaluation of Investment properties of £543,117(2022:£404,920) less a deferred tax provision on the revaluation of £97,765 (2022:£63,216).
13. Related party transactions
There are no transactions with Related Parties that need to be discclosed under FRS102A.