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REGISTERED NUMBER: 02848746 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

INGREBOURNE VALLEY LIMITED

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12 to 27


INGREBOURNE VALLEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: A S Clark
C J Pryor
R G Pryor
P R Scott
K S Benge


SECRETARY: K S Benge


REGISTERED OFFICE: Cecil House
Foster Street
Harlow Common
Harlow
Essex
CM17 9HY


REGISTERED NUMBER: 02848746 (England and Wales)


SENIOR STATUTORY AUDITOR: Andrew Green LLB FCA


AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ


BANKERS: HSBC Bank PLC
7B The Water Gardens
South Gate
Harlow
Essex
CM20 1AB


SOLICITORS: Tollhurst Fisher
Whitelands
Terling Road
Hatfield Peverel
Essex
CM3 2AG

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023


The directors present their strategic report for the year ended 30 June 2023.

REVIEW OF BUSINESS
The Directors are pleased to report a continuation in the strong post -Covid recovery, with turnover, gross profit
margins and operating profits all showing significant increase on the previous year.

The Company has continued with its core work, that being the restoration of historic brown field sites throughout the
wider London area as well as the development of new sites. This work is coupled with the extraction of sand and
gravel which will provide additional restoration opportunities in the longer term.

On 29 June 2023 the company revalued its freehold land at Harmondsworth by £9,950,000, prior to the transfer of that land into a new trading subsidiary.

Overall 2022/23 was another successful year for the business, both in terms of financial performance during the
period and the financial position as at the balance sheet date.

With the continued opening of the sites the Directors remain confident of the ongoing financial performance of the business.

The Company's key performance indicators are as follows:

30 June 2023 30 June 2022
£ £
Turnover 18,991,862 13,203,998
Gross profit 5,831,621 3,001,243
Operating profit 3,857,087 1,585,350
Net current assets 26,370,054 8,448,382

The strong trading performance has enabled the Company to continue to invest in fixed assets and new sites.

The net assets of the Company are £65.7m at the balance sheet date, up from £53.9m in 2022. This reflects the solid position of the Company from a solvency and liquidity point of view, and this strong balance sheet is the foundation on which the Company can continue to grow and prosper.


INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the company's strategy are subject to a number of risks.

The Directors have set out below the principal risks facing the business.

The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.

Liquidity Risk
Due to the capital intensive nature of the work that the Company undertakes, the Directors consider liquidity and cash flow risk to be the major risk facing the business. The Company makes use of bank and asset finance facilities in order to finance long term capital expenditure. The Directors also continually monitor cash flow forecasts in order to further manage liquidity risk. The adjusted debt service ratio at the year end was 2.58 (2022: 1.35).

Interest rate risk
Due to the debt profile of the company, the increase in interest rates during the year present a risk to profitability and cashflow. The Company is in the process of renegotiating the repayment profile of its bank debt in order to mitigate this impact. The Company also makes use of fixed interest rate debt where possible and has a continued policy of regular rate monitoring and ongoing dialogue with our lenders to help mitigate this risk.

Credit Risk
As with most businesses the Company is exposed to the credit risk of customers and their ability to pay debts on a timely basis. The Directors have continued to be prudent in status checks for new and existing customers, keeping debtor days as low as possible and limiting the dominance of any single customer in the overall turnover of the Company. The Company also takes out credit insurance to further mitigate this risk.

Regulatory Risk
Due to the nature of the Company's operations there are a number of operational risks it is exposed to, including non-compliance with Environmental and Health and Safety Legislation and adhering to the terms of planning permissions and royalty agreements. The Directors conduct regular appraisals of compliance in this area and are continually reviewing site procedures to ensure compliance.

Wages Cost Inflation
The Company is continually affected by wage cost inflation and pressures within the labour market. The Company monitors the market to ensure complete compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies and recognise the value and contribution provided by employees, as well as providing colleagues with fulfilling career opportunities which offer progression. The Company regularly reviews pay and benefits. As with most UK based employers there remain ongoing challenges in terms of recruiting and retaining sufficiently capable staff.

Other inflationary factors
The Company is also subject to inflationary pressures across its cost base, particularly in the areas of fuel costs and energy.

ON BEHALF OF THE BOARD:





A S Clark - Director


5 March 2024

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


The directors present their report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of managers and operators of inert and non-hazardous restoration schemes and quarrying.

DIVIDENDS
There were no interim or final dividends declared in the current or previous year, as profits are reinvested into the business and the focus being on paying down unpaid dividends from previous years.

FUTURE DEVELOPMENTS
The Company continues to search for suitable sites for future development and where inert or non-hazardous waste can be tipped.

The Directors are confident that focus on the key management policies and the core trading activities will continue to maintain and develop the financial position of the Company during the next financial year.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

A S Clark
C J Pryor
R G Pryor
P R Scott
K S Benge

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


AUDITORS
The auditors, THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A S Clark - Director


5 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INGREBOURNE VALLEY LIMITED


Opinion
We have audited the financial statements of Ingrebourne Valley Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INGREBOURNE VALLEY LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the directors and other
management, and from our commercial knowledge and experience of the sector in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, health and safety legislation and the requirements of royalty agreements and planning permissions;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3
were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and any other relevant regulators as required.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations
are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INGREBOURNE VALLEY LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

5 March 2024

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

TURNOVER 18,991,862 13,203,998

Cost of sales 13,160,241 10,202,755
GROSS PROFIT 5,831,621 3,001,243

Administrative expenses 2,730,223 2,206,224
3,101,398 795,019

Other operating income 4 755,689 790,331
OPERATING PROFIT 6 3,857,087 1,585,350

Gain on mineral and void valuation 7 2,817,216 2,833,432
Amortisation of mineral and void reserves 7 (1,676,036 ) (974,736 )
4,998,267 3,444,046

Interest receivable and similar income 151,497 295,051
5,149,764 3,739,097

Interest payable and similar expenses 8 566,647 364,873
PROFIT BEFORE TAXATION 4,583,117 3,374,224

Tax on profit 9 2,652,395 546,637
PROFIT FOR THE FINANCIAL YEAR 1,930,722 2,827,587

OTHER COMPREHENSIVE INCOME

Revaluation of mineral and void reserves 2,817,216 2,833,432
Revaluation shown in profit and loss (2,817,216 ) (2,833,432 )
Revaluation of freehold land 9,950,001 -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

9,950,001

-
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

11,880,723

2,827,587

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 58,772,826 60,383,581
Investments 11 3 3
Investment property 12 3,340,000 3,340,000
62,112,829 63,723,584

CURRENT ASSETS
Debtors: amounts falling due within one year 13 13,709,506 14,177,651
Debtors: amounts falling due after more than
one year

13

28,606,377

7,888,108
Cash at bank 455,263 275,645
42,771,146 22,341,404
CREDITORS
Amounts falling due within one year 14 16,401,092 13,893,022
NET CURRENT ASSETS 26,370,054 8,448,382
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,482,883

72,171,966

CREDITORS
Amounts falling due after more than one year 15 (11,942,713 ) (10,164,914 )

PROVISIONS FOR LIABILITIES 19 (10,828,888 ) (8,176,493 )
NET ASSETS 65,711,282 53,830,559

CAPITAL AND RESERVES
Called up share capital 20 200 200
Share premium 21 433,333 433,333
Retained earnings - non-distributable 21 31,682,701 32,213,829
Retained earnings 21 33,595,048 21,183,197
SHAREHOLDERS' FUNDS 65,711,282 53,830,559

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:




K S Benge - Director



A S Clark - Director


INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up Retained
share Retained Share earnings Total
capital earnings premium - non-distributable equity
£    £    £    £    £   
Balance at 1 July 2021 200 16,657,110 433,333 33,912,329 51,002,972

Changes in equity
Total comprehensive income - 4,526,087 - (1,698,500 ) 2,827,587
Balance at 30 June 2022 200 21,183,197 433,333 32,213,829 53,830,559

Changes in equity
Total comprehensive income - 12,411,851 - (531,128 ) 11,880,723
Balance at 30 June 2023 200 33,595,048 433,333 31,682,701 65,711,282

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Ingrebourne Valley Limited 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 (£).


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Ingrebourne Valley Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ingrebourne Valley Holdings Limited, .

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entity's accounting policies

There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.

(i) Valuation of Freehold Land and Investment Properties
The management use their professional judgement to determine the valuation of the Company's freehold land and investment properties in light of the available evidence and using management experts where necessary.

(ii) Valuation of Mineral Reserves
The valuation of mineral reserves is based on cost plus a value per cubic metre attributed to the void space on the site and a value per tonne attributed to the value of minerals that are available for extraction.

(iii) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(iv) Impairment of debtors
The company makes an estimate of the recoverable value of trade, group and other debtors. When assessing their impairment, the management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

(v) Provisions for future costs
The accounts include provisions for site reinstatement and development costs, as explained in the accounting policies below.

Revenue recognition
Revenue is measured at the fair value of consideration received and represents net invoiced sales of inert and non-hazardous waste tipping fees, excluding value added tax.

Tipping fees are recognised at the point when the materials enter the relevant site operated by the company.

Sale of minerals are recognised when goods are delivered to the customer, such that the risks and rewards of ownership have passed to them.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
(i) Restoration schemes
Restoration schemes are included within tangible fixed assets at cost less accumulated depreciation. Cost includes the cost of acquiring, developing and engineering sites, but does not include interest. The cost of the asset, less any residual value, is depreciated over the estimated life of the site on the basis of the usage of the void space.

(ii) Other tangible fixed assets.
Fixed assets are included historical cost less accumulated depreciation.

(iii) Mineral and void reserves
Mineral reserves and related void space are shown at fair value. This value is derived by placing a nominal value per tonne of the expected volume of minerals in the ground on acquisition and and the expected return on the related void space.

Any surplus or deficit arising from a change in fair value, is recognised initially in profit or loss as this is necessary to show a true and fair view. The balance, net of deferred tax, is then transferred to a non-distributable reserve called the 'revaluation reserve'.

(iv) Freehold land represents land assets from which the company carries out its principal activities and is included at fair value, measured on an open market basis.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery-12.5% on cost
Fixtures and fittings-12.5%-20% on cost
Motor vehicles-25% on cost
Mineral Rights- In line with the usage of the site

High value washing plant assets are depreciated in line with their usage.

Mineral and void reserves are amortised over their estimated commercial life on a site by site basis on a unit of production basis. Freehold land is not depreciated.

Items costing less than £1,000 are not capitalised but written off to the Profit and Loss Account as incurred.

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

Investment properties
Investment property represents land or property assets held for investment purposes of capital growth and/or rental income. Commercial properties are valued at their open market value. Any surplus or deficit arising from changes in fair value is recognised initially in profit or loss. The balance, net of deferred tax, is then transferred to a non-distributable retained earnings reserve.

Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet represent cash at bank and in hand.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss under operating expenses.

The carrying value of all short-term financial assets and liabilities are measured at amortised cost.


INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan.

(i) Short Term Benefits

Short term benefits, including holiday pay (where material) and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Pension Scheme

The company operates a defined contribution pension scheme for its employees. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the company in independently administered funds.

Licence fees
Licence fees paid in advance for use of a site are charged to the profit and loss account over the economic life of the site.

Site reinstatement costs
Provision for the cost of reinstating sites is made over the operational life of each individual site and charged to the profit and loss account on the basis of the usage of the space.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. ACCOUNTING POLICIES - continued

Deferred site development costs
Site development costs incurred are deferred on the balance sheet until the site is fully operational. Once it is, they are then written off over the life of the site, at a pre-determined rate, in line with the anticipated load capacity to match against future income streams generated therefrom. Development costs in relation to new phases on existing sites are accounted for in the same manner.

The expected total site development costs to bring new sites into operation under new planning and environmental legislation, whether freehold or leasehold, are charged to the profit and loss account evenly over the expected period prior to the site achieving pre-planning conditions.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received 81,465 121,163
Government grants - 1,523
Management fees 674,224 667,645
755,689 790,331

5. EMPLOYEES AND DIRECTORS

20232022
££
Wages and salaries 3,615,3192,985,342
Social security costs 498,968376,730
Other pension costs 132,075 153,972
4,246,3623,516,044

The average number of employees during the period was as follows:

NumberNumber

Administration3027
Site operatives6662
Total9689

2023 2022
£    £   
Directors' remuneration 338,879 355,146
Directors' pension contributions to money purchase schemes 12,852 32,667

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 188,302 194,796
Pension contributions to money purchase schemes 9,415 29,056

The Directors are considered to be the key management for the purposes of disclosure under FRS102.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. OPERATING PROFIT

The operating profit is stated after charging(crediting):

20232022
££
Depreciation - owned assets781,600353,251
Depreciation - assets on hire purchase agreements760,616824,773
Licence and royalty fees2,129,4281,598,090
Profit on disposal of fixed assets(213,511)(187,442)
Auditors' remuneration19,68818,750
Auditors' remuneration for non-audit work18,54327,575

7. EXCEPTIONAL ITEMS
2023 2022
£    £   
Gain on mineral and void valuation 2,817,216 2,833,432
Amortisation of mineral and void reserves (1,676,036 ) (974,736 )
1,141,180 1,858,696

The value of minerals and void space is revalued on a periodic basis by the Directors.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 363,272 220,018
Hire purchase interest 203,375 144,855
566,647 364,873

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Under/(over) provision in
prior year - (42 )

Deferred tax 2,652,395 546,679
Tax on profit 2,652,395 546,637

UK corporation tax has been charged at 19% (2022 - 19%).

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 4,583,117 3,374,224
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

870,792

641,103

Effects of:
Expenses not deductible for tax purposes (33,641 ) (27,200 )
Income not taxable for tax purposes (535,271 ) (538,352 )
Capital allowances in excess of depreciation (269,812 ) (443,571 )
Utilisation of tax losses (32,068 ) 368,020
Adjustments to tax charge in respect of previous periods - (42 )
Deferred tax - accelerated capital allowances 847,207 557,337
Deferred tax - revaluation gains 1,821,927 165,036
Deferred tax - trading losses (16,739 ) (175,694 )
Total tax charge 2,652,395 546,637

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of mineral and void reserves 2,817,216 - 2,817,216
Revaluation shown in profit and loss (2,817,216 ) - (2,817,216 )
Revaluation of freehold land 9,950,001 - 9,950,001
9,950,001 - 9,950,001

2022
Gross Tax Net
£    £    £   
Revaluation of mineral reserve 2,833,432 - 2,833,432
Mineral reserve shown in profit and loss (2,833,432 ) - (2,833,432 )
- - -

The Company has corporation tax losses of £769,732 (2022: £857,045) available to offset against future trading profits.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


10. TANGIBLE FIXED ASSETS
Mineral
Freehold and void Plant and
land reserve machinery
£    £    £   
COST OR VALUATION
At 1 July 2022 11,817,199 42,801,464 15,228,241
Additions - - 3,163,758
Disposals (12,700,000 ) (936,319 ) (2,885,583 )
Revaluations 9,950,000 2,817,216 -
At 30 June 2023 9,067,199 44,682,361 15,506,416
DEPRECIATION
At 1 July 2022 - 3,661,534 6,209,916
Charge for year - 1,676,035 1,401,983
Eliminated on disposal - (350,701 ) (1,711,523 )
At 30 June 2023 - 4,986,868 5,900,376
NET BOOK VALUE
At 30 June 2023 9,067,199 39,695,493 9,606,040
At 30 June 2022 11,817,199 39,139,930 9,018,325

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 257,982 540,586 70,645,472
Additions 17,285 121,603 3,302,646
Disposals - (49,411 ) (16,571,313 )
Revaluations - - 12,767,216
At 30 June 2023 275,267 612,778 70,144,021
DEPRECIATION
At 1 July 2022 147,864 242,577 10,261,891
Charge for year 20,137 120,096 3,218,251
Eliminated on disposal - (46,723 ) (2,108,947 )
At 30 June 2023 168,001 315,950 11,371,195
NET BOOK VALUE
At 30 June 2023 107,266 296,828 58,772,826
At 30 June 2022 110,118 298,009 60,383,581

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


10. TANGIBLE FIXED ASSETS - continued

The Directors consider that the above valuations, determined by them on an open market basis and with the assistance of external valuers, including mineral deposits and void space, represent the fair value as at 30 June 2023.

Items are fair value at 30 June 2023 are represented by:

Freehold LandMineral Reserves
££
Cost7,111,5292,734,998
Revaluations1,955,67041,947,363
Fair value cost9,067,19944,682,361

All other assets are stated at original cost.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2022 9,592,933 - - 9,592,933
Additions 3,059,443 - 97,103 3,156,546
Transfer to ownership (3,935,348 ) - - (3,935,348 )
Reclassification (36,075 ) 36,075 - -
At 30 June 2023 8,680,953 36,075 97,103 8,814,131
DEPRECIATION
At 1 July 2022 2,466,255 - - 2,466,255
Charge for year 741,680 4,510 14,426 760,616
Transfer to ownership (1,761,423 ) - - (1,761,423 )
Reclassification/transfer (1,277 ) 1,277 - -
At 30 June 2023 1,445,235 5,787 14,426 1,465,448
NET BOOK VALUE
At 30 June 2023 7,235,718 30,288 82,677 7,348,683
At 30 June 2022 7,126,678 - - 7,126,678

11. FIXED ASSET INVESTMENTS
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 2 1 3
NET BOOK VALUE
At 30 June 2023 2 1 3
At 30 June 2022 2 1 3

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


11. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Aveley Leisure Ltd
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Golf course operator
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (713,902 ) (532,930 )
(Loss)/profit for the year (180,972 ) 229,049

The parent company has given a statutory guarantee, in favour of Aveley Leisure Limited (Company number 07674755), under section 479C of the Companies Act 2006, of all its outstanding liabilities to which the company is subject to as at 30 June 2023. This guarantee has enabled Aveley Leisure Limited to claim exemption from statutory audit.

Ingrebourne PFA Ltd
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Mineral extraction
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 398,377 1,158,145
Loss for the year (759,769 ) (1,312,429 )

The company made an operating profit of £25,973 (2022: £2,105). The losses for the past two years are due to the write down and usage of the mineral reserve of £848,514 (2022:£1,542,147).

Joint venture

Harleyford Valley Limited
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Mineral extraction and tipping
%
Class of shares: holding
Ordinary 50.00
2023 2022
£    £   
Aggregate capital and reserves 6,452,571 6,487,263
(Loss)/profit for the year (34,692 ) 3,061,489

The company made an operating profit of £487,197 (2022: £396,106). The profit for the prior year included an exceptional revaluation of the mineral reserves of £4,040,638.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 3,340,000
NET BOOK VALUE
At 30 June 2023 3,340,000
At 30 June 2022 3,340,000

The Directors consider that the above valuation, determined by them on an open market basis and with the assistance of external valuers, represents the fair value of the Investment Land and Property as at 30 June 2023.

Fair value at 30 June 2023 is represented by:

£
Cost 4,483,341
Revaluations (1,143,341 )
Fair value 3,340,000

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 3,520,758 2,560,899
Amounts owed by group undertakings 2,597,547 7,445,518
Amounts owed by related parties 1,652,590 1,699,783
Amounts owed by joint ventures 665,002 1,324,250
Deferred site costs 640,608 672,391
Directors' current accounts - 3,620
Prepayments and accrued income 4,633,001 471,190
13,709,506 14,177,651

Amounts falling due after more than one year:
Amounts owed by group undertakings 17,991,771 -
Deferred site costs 10,144,606 7,619,775
Prepayments and accrued income 470,000 268,333
28,606,377 7,888,108

Aggregate amounts 42,315,883 22,065,759

£268,333 of prepayments in relation to royalties have been reclassified in the prior year to amounts due in more than 1 year, in order to reflect the expected timescale that this asset will be realised.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans (see note 16) 1,455,852 1,099,649
Hire purchase contracts (see note 17) 2,169,131 1,980,396
Trade creditors 4,467,482 3,217,881
Amounts owed to group undertakings 687,184 848,578
Amounts owed to related parties 976,725 1,116,865
Social security and other taxes 1,145,002 850,526
VAT 62,638 238,210
Proposed dividends 482,346 881,103
Sales invoice financing 2,302,056 1,865,765
Directors' current accounts - 660
Accruals 2,652,676 1,793,389
16,401,092 13,893,022

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 16) 7,189,383 6,700,582
Hire purchase contracts (see note 17) 3,760,323 2,585,892
Site reinstatement provisions 88,696 197,758
Accruals 904,311 680,682
11,942,713 10,164,914

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 year 1,455,852 1,099,649

Amounts falling due between one and two years:
Bank loans 1,471,595 1,136,581

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,176,481 3,081,247

Amounts falling due in more than five years:

Repayable by instalments
Bank loans >5 years payable
by instalments 1,541,307 2,482,754
1,541,307 2,482,754

The bank loans are subject to fixed and variable rates of interest of between 1.45% and 3.30% above the Bank of England's base rate and are repayable over a total of 10-15 years in equal monthly instalments.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,169,131 1,980,396
Between one and five years 3,760,323 2,585,892
5,929,454 4,566,288

Non-cancellable operating leases
2023 2022
£    £   
Within one year 781,500 734,750
Between one and five years 2,425,300 2,254,000
In more than five years 3,520,000 3,520,000
6,726,800 6,508,750

The above commitments predominantly relate to royalties payable on operational sites.

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 8,645,235 7,800,231
Hire purchase contracts 5,929,454 4,566,288
Invoice financing arrangement 2,302,056 1,865,765
16,876,745 14,232,284

The bank loans and sales invoice financing are secured by way of fixed and floating charges over the company's assets.

Hire purchase contracts are secured on the assets to which they relate.

Advances under the invoice financing arrangement are secured on the sales ledger balances to which they relate.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Tax losses carried forward (192,433 ) (175,694 )
Accelerated capital allowances 1,911,433 1,064,226
Revaluation gains 9,109,888 7,287,961
10,828,888 8,176,493

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2022 8,176,493
Accelerated capital allowances 847,207
Revaluation gains 1,821,927
Trading losses (16,739 )
Balance at 30 June 2023 10,828,888

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 'A' Ordinary £1 100 100
100 'B' Ordinary £1 100 100
200 200

The 'A' and 'B' shares allow the holders to elect 'A' and 'B' directors respectively. In all other respects the shares rank pari passu.

21. RESERVES
Retained
Retained Share earnings
earnings premium - non-distributable Totals
£    £    £    £   

At 1 July 2022 21,183,197 433,333 32,213,829 53,830,359
Profit for the year 1,930,722 1,930,722
Transfer of revaluation on disposal 9,704,163 - (9,704,163 ) -
Revaluation of freehold land - - 9,950,000 9,950,000
Transfer of revaluation gain (net of
deferred tax)

776,966

-

(776,965

)

1

At 30 June 2023 33,595,048 433,333 31,682,701 65,711,082

22. ULTIMATE PARENT COMPANY

Ingrebourne Valley Holdings Limited is regarded by the directors as being the company's ultimate parent company.

The registered office of Ingrebourne Valley Holdings Limited is Cecil House, Foster Street, Harlow, Essex, CM17 9HY. Copies of the consolidated accounts of Ingrebourne Valley Holdings Limited may be obtained from Companies House.

23. CONTINGENT LIABILITIES

There is a composite company unlimited multilateral guarantee between Ingrebourne Valley Limited and Harleyford Valley Limited.

There is also a composite company unlimited multilateral guarantee between Ingrebourne Valley Holdings Limited, Ingrebourne Valley Limited, R.J.D. Ltd, Aveley Leisure Limited and Ingrebourne PFA Limited.

The company has given guarantees in the form of bonds totalling £879,848 (2022: £859,143) to third parties in respect of existing sites. These bonds have been guaranteed by the principal bankers.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


24. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 2,074,950 1,780,250

The commitments relate to purchases of plant and machinery that the company will 90% finance via hire purchase agreements.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
C J Pryor
Balance outstanding at start of year 3,620 3,413
Amounts advanced - 207
Amounts repaid (3,620 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,620

26. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

INGREBOURNE VALLEY LIMITED (REGISTERED NUMBER: 02848746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


26. RELATED PARTY DISCLOSURES - continued

C J Pryor (Plant) Limited (in liquidation) - a company in which C J Pryor and R G Pryor were Directors and Shareholders.
Following their appointment as administrators on 1 March 2016, on 1 March 2017 FRP Advisory LLP were subsequently appointed as liquidators in order to wind the company up.

At the balance sheet date the Company was owed £1,652,590 (2022: £1,699,783) by the above company.

During the prior year, a settlement was reached between the Company and C J Pryor and R G Pryor to repay the debt, plus interest, in full. R G Pryor has settled the agreed element during the year.

Interest of £90,452 (2022: £45,379) was charged on the outstanding balance in the year.

Harleyford Valley Limited (HVL) - a company in which Ingrebourne Valley Limited holds 50% of the issued share capital
During the year the Company made sales of £782,608 (2022: £578,642) to HVL and made purchases of £804,502 (2022: £1,382,513) from HVL. At the balance sheet date the Company was owed £665,002 (2022: £1,324,250).

This balance is repayable on demand and interest of £60,150 (2022: £27,277) was charged in the year.

Ahern Land Reclamation Limited - a company with common Directors and Shareholders
During the year the Company was charged £nil (2022: £nil) in land management charges and at the balance sheet date owed £956,000 (2022: £1,080,000) to Ahern Land Reclamation Limited.

C.J Pryor (Plant) Limited 1984 Retirement Benefits Scheme - a pension scheme for the benefit of certain Directors of the company
During the year the Company paid rent of £62,962 (2022: £60,000) to the scheme and at the balance sheet date the Company was owed £nil (2022: £nil).

PF Ahern (London) Limited - a company with common Directors and Shareholders
During the year the Company made purchases of £83,252 (2022: £53,125) from PF Ahern (London) Limited. The company made sales of £12,578 (2022: £nil) to PF Ahern (London) Limited. At the year end the Company owed them £20,725 (2022: £36,865).

Company Directors
At the year end the company owed certain Directors £nil (2022: £660) in expenses that have yet to be reimbursed.

27. POST BALANCE SHEET EVENTS

On 25 August 2023 the Company transferred the investment property and its associated assets to a group company at their book value of £3,514,798.

28. ULTIMATE CONTROLLING PARTY

The ultimate parent company that draws up consolidated accounts is Ingrebourne Valley Holdings Limited, whose registered office and place of business is the same as Ingrebourne Valley Limited. Copies of the consolidated accounts are available at Companies House.

There is no overall controlling party.