REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
INGREBOURNE PFA LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings - non-distributable | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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. | TANGIBLE FIXED ASSETS |
Mineral |
and void | Plant and |
reserves | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 | - |
Revaluations | 2,465,081 |
Fair value | 2,465,081 |
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 |
Additions |
Disposals | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Deferred site costs |
VAT |
Prepayments and accrued income |
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 |
Trade creditors |
Social security and other taxes |
VAT | 22,966 | - |
Other creditors |
Accruals |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
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 |
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 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2023 |
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 |
Amortisation of mineral |
reserve (net of deferred tax) | (741,664 | ) |
At 30 June 2023 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |