IRIS Accounts Production v23.3.1.45 09955457 Board of Directors Board of Directors 1.7.22 30.6.23 30.6.23 5.3.2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099554572022-06-30099554572023-06-30099554572022-07-012023-06-30099554572021-06-30099554572021-07-012022-06-30099554572022-06-3009955457ns10:Originalns15:EnglandWales2022-07-012023-06-3009955457ns14:PoundSterlingns10:Original2022-07-012023-06-3009955457ns10:Originalns10:Director12022-07-012023-06-3009955457ns10:Original2022-07-012023-06-3009955457ns10:Originalns10:Director22022-07-012023-06-3009955457ns10:Original2023-06-3009955457ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3009955457ns10:Originalns10:SmallEntities2022-07-012023-06-3009955457ns10:Originalns10:Audited2022-07-012023-06-3009955457ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3009955457ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3009955457ns10:Originalns10:FullAccounts2022-07-012023-06-3009955457ns10:Originalns10:Director32022-07-012023-06-3009955457ns10:Originalns10:Director42022-07-012023-06-3009955457ns10:Originalns10:Director52022-07-012023-06-3009955457ns10:Originalns10:RegisteredOffice2022-07-012023-06-3009955457ns10:Original2022-06-3009955457ns10:Originalns5:CurrentFinancialInstruments2023-06-3009955457ns10:Originalns5:CurrentFinancialInstruments2022-06-3009955457ns10:Originalns5:Non-currentFinancialInstruments2023-06-3009955457ns10:Originalns5:Non-currentFinancialInstruments2022-06-3009955457ns5:ShareCapitalns10:Original2023-06-3009955457ns5:ShareCapitalns10:Original2022-06-3009955457ns10:Originalns5:RevaluationReserve2023-06-3009955457ns10:Originalns5:RevaluationReserve2022-06-3009955457ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3009955457ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3009955457ns10:Original2021-07-012022-06-3009955457ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-06-3009955457ns10:Originalns5:PlantMachinery2022-06-3009955457ns10:Original2022-06-3009955457ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-07-012023-06-3009955457ns10:Originalns5:PlantMachinery2022-07-012023-06-3009955457ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2023-06-3009955457ns10:Originalns5:PlantMachinery2023-06-3009955457ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-06-3009955457ns10:Originalns5:PlantMachinery2022-06-3009955457ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-06-3009955457ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-07-012023-06-3009955457ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-06-3009955457ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-06-3009955457ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3009955457ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3009955457ns5:Securedns10:Original2023-06-3009955457ns5:Securedns10:Original2022-06-3009955457ns10:Originalns5:DeferredTaxation2022-06-3009955457ns10:Originalns5:DeferredTaxation2022-07-012023-06-3009955457ns10:Originalns5:DeferredTaxation2023-06-3009955457ns10:Originalns5:RevaluationReserve2022-06-30
REGISTERED NUMBER: 09955457 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

INGREBOURNE PFA LTD

INGREBOURNE PFA LTD (REGISTERED NUMBER: 09955457)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INGREBOURNE PFA LTD

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



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



REGISTERED NUMBER: 09955457 (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

INGREBOURNE PFA LTD (REGISTERED NUMBER: 09955457)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,163,335 2,098,513

CURRENT ASSETS
Debtors 6 1,210,187 1,543,511
Cash at bank 626 374
1,210,813 1,543,885
CREDITORS
Amounts falling due within one year 7 1,437,358 1,862,523
NET CURRENT LIABILITIES (226,545 ) (318,638 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

936,790

1,779,875

CREDITORS
Amounts falling due after more than one year 8 (323,059 ) (297,997 )

PROVISIONS FOR LIABILITIES 10 (215,354 ) (323,733 )
NET ASSETS 398,377 1,158,145

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings - non-distributable 11 416,635 1,158,299
Retained earnings (18,259 ) (155 )
SHAREHOLDERS' FUNDS 398,377 1,158,145

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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




A S Clark - Director



K S Benge - Director


INGREBOURNE PFA LTD (REGISTERED NUMBER: 09955457)

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


1. STATUTORY INFORMATION

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

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


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The Company continued to generate significant operating cash flows and continued to increase operations year-on-year. Despite this, the balance sheet as at 30 June 2023 shows a net current liability position of £226,545 (2022: £318,638) due to the significant investment in capital equipment required to commence operations at the site. The remaining minerals available for extraction were reduced in the year due to the expected impact of the new Lower Thames Crossing.

The Company continues to meet its day to day working capital requirements through operating cash flows and finances all significant capital additions via hire purchase agreements.

Having considered all the relevant facts the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery-12.5% on cost
Fixtures and fittings-15%-20% on cost

Mineral reserves are amortised over their estimated commercial life on a site by site basis on a unit of production basis.

Mineral reserves 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.

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.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


INGREBOURNE PFA LTD (REGISTERED NUMBER: 09955457)

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


3. ACCOUNTING POLICIES - continued
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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Deferred site costs
Site development costs incurred are deferred on the balance sheet until the site is 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Mineral
and void Plant and
reserves machinery Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 2,376,852 1,019,966 3,396,818
Additions - 129,940 129,940
Disposals - (118,000 ) (118,000 )
Revaluations 88,229 - 88,229
At 30 June 2023 2,465,081 1,031,906 3,496,987
DEPRECIATION
At 1 July 2022 946,852 351,453 1,298,305
Charge for year 962,716 124,994 1,087,710
Eliminated on disposal - (52,363 ) (52,363 )
At 30 June 2023 1,909,568 424,084 2,333,652
NET BOOK VALUE
At 30 June 2023 555,513 607,822 1,163,335
At 30 June 2022 1,430,000 668,513 2,098,513

INGREBOURNE PFA LTD (REGISTERED NUMBER: 09955457)

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


5. 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 gravel deposits and void space, represent the fair value as at 30 June 2023.

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

Mineral Reserves
£
Cost-
Revaluations2,465,081
Fair value2,465,081

All other assets are stated at original cost.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 July 2022 972,000
Additions 129,940
Disposals (118,000 )
At 30 June 2023 983,940
DEPRECIATION
At 1 July 2022 318,912
Charge for year 121,998
Eliminated on disposal (52,363 )
At 30 June 2023 388,547
NET BOOK VALUE
At 30 June 2023 595,393
At 30 June 2022 653,088

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 346,856 434,074
Amounts owed by group undertakings 687,184 848,578
Deferred site costs 161,058 193,972
VAT - 51,856
Prepayments and accrued income 15,089 15,031
1,210,187 1,543,511

INGREBOURNE PFA LTD (REGISTERED NUMBER: 09955457)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 181,888 139,704
Trade creditors 1,019,335 1,162,239
Social security and other taxes 10,210 4,465
VAT 22,966 -
Other creditors - 302,925
Accruals 202,959 253,190
1,437,358 1,862,523

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 323,059 297,997

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 504,947 437,701
Invoice financing arrangement - 300,872
504,947 738,573

The principal bankers hold a fixed and floating charge over the assets of the Company and the other members of the Group.

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

The invoice discounting facility was closed during the year. It was secured against specific customer balances.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 76,476 52,033
Revaluation gains 138,878 271,700
215,354 323,733

Deferred
tax
£   
Balance at 1 July 2022 323,733
Credit to Income Statement during year (108,379 )
Balance at 30 June 2023 215,354

INGREBOURNE PFA LTD (REGISTERED NUMBER: 09955457)

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


11. RESERVES
Retained
earnings
- non-distributable
£   
At 1 July 2022 1,158,299
Amortisation of mineral
reserve (net of deferred tax) (741,664 )

At 30 June 2023 416,635

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited

13. 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.

14. ULTIMATE CONTROLLING PARTY

The immediate parent company is Ingrebourne Valley Limited. 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 PFA Limited. Copies of the consolidated accounts are available at Companies House.

There is no overall controlling party.