REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
HARLEYFORD VALLEY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
HARLEYFORD VALLEY LIMITED |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Statement of Directors' Responsibilities | 10 |
Independent Chartered Accountants' Review Report | 11 |
HARLEYFORD VALLEY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
BALANCE SHEET - continued |
30 JUNE 2023 |
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 |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Harleyford Valley Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services supplied, net of returns, discounts and value added taxes. |
Sales of minerals are recognised when the goods are delivered to the customer, such that the risks and rewards of ownership have been passed to them. |
Tangible fixed assets |
Depreciation is provided at the following annual rates from the date of use in order to write off each asset over its estimated useful life: |
Plant and machinery | 12.5% on cost |
Fixtures, fittings and equipment | 12.5% on cost |
Motor vehicles | 25% on cost |
High value washing plant assets are depreciated in line with their usage. |
Mineral reserves |
Mineral reserves are amortised over their estimated commercial life on a site by site basis on a unit of production basis. |
Depreciation commences in the month of acquisition. |
Minerals 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'. |
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. |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | 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 development 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Mineral | Plant and | and | Motor |
reserve | machinery | fittings | vehicles | 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 |
The Directors consider that the above mineral reserve 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 | 10,202,417 |
Fair value | 10,202,417 |
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 |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by related parties | 298,307 | 38,825 |
Deferred site costs | 761,800 | 740,292 |
Prepayments |
Amounts falling due after more than one year: |
Deferred site costs | 4,467,454 | 4,478,114 |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to related parties | - | 23,445 |
Corporation tax |
Social security and other taxes |
VAT | 271,907 | 190,761 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
Amounts owed to related parties | 2,194,855 | 2,489,997 |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | LEASING AGREEMENTS - continued |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The above commitment relates to royalties payable on operational sites. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 1,154,733 | 1,043,200 |
Hire purchase liability is secured on the fixed assets as disclosed in note 7. |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Tax losses carried forward | ( |
) | ( |
) |
Accelerated capital allowances | 557,779 | 479,419 |
Deferred tax on mineral valuation | 1,903,626 | 1,553,834 |
2,193,918 | 1,798,378 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Charge to Income Statement during year |
Balance at 30 June 2023 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2022 |
Revaluation transfer | (314,968 | ) |
At 30 June 2023 |
12. | RELATED PARTY DISCLOSURES |
At the year end, the amount owed to the joint shareholders was £1,896,548 (2022: £2,474,617). These loans are payable on demand and interest has been charged at 2% above base rate totalling £123,829 (2022: £59,057) was charged in the year. |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
13. | ULTIMATE CONTROLLING PARTY |
The Company operates as a joint venture between Ingrebourne Valley Limited and Harleyford Aggregates Limited. As such there is no overall controlling party. |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 30 JUNE 2023 |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
The directors are responsible for preparing 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. |
ON BEHALF OF THE BOARD: |
5 March 2024 |
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
HARLEYFORD VALLEY LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
We have reviewed the financial statements of Harleyford Valley Limited for the year ended 30 June 2023, which comprise the Income Statement, 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 (United Kingdom Generally Accepted Accounting Practice). |
Directors' responsibility for the financial statements |
As explained more fully in the Statement of Directors' Responsibilities set out on page eleven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
Accountants' responsibility |
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable. |
Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements. |
Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
- | so as to give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its loss for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
Use of our report |
This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer's report 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 directors as a body for our work, for this report, or for the conclusions we have formed. |
Chartered Accountants |
34-40 High Street |
Wanstead |
London |
E11 2RJ |