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REGISTERED NUMBER: 08257384 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

INGREBOURNE VALLEY HOLDINGS LTD

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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










Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16 to 33


INGREBOURNE VALLEY HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: A S Clark
P R Scott
C J Pryor
R G Pryor
D P G Rees
L B Scott
P B Ahern
K S Benge


SECRETARY: E L Rees


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


REGISTERED NUMBER: 08257384 (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 HOLDINGS LTD (REGISTERED NUMBER: 08257384)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023


The directors present their strategic report of the company and the group 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.

In the prior year, the profit before tax benefited from an exceptional gain on mineral valuations in the year of £1,570,284 as the Directors re-appraised the available volumes of minerals and void spaces and the expected revenue that will be achieved. The Group results in 2022 also benefitted from a significant increase in the net assets of its joint venture, Harleyford Valley Limited, which was also mainly due to the revaluation of mineral rights.

Trading at the Ingrebourne Links Golf Course and Clubhouse, operated through the subsidiary company Aveley Leisure Limited, continued to improve and is now producing an operating profit before group charges. The Directors have implemented a plan to continue to deliver profits from this activity in the the medium term.

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.

The Group continues to strive to ensure that only non-hazardous waste is accepted onto any of the sites under its control. We also seek to charge competitive market rate on all waste and quarrying operations, to ensure each site is profitable.

The Group 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.

The Directors are pleased to report that the sale of the mineral Pulverised Fly Ash through its subsidiary company Ingrebourne PFA Ltd is trading in line with expectations, which is being impacted by the proposed new Lower Thames Crossing.

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

Overall, with the continued strong trade in the Group's core businesses, coupled with the opening of new sites and income streams, the Directors remain confident of the ongoing financial performance of the business.

The Group's key performance indicators are as follows:

30 June 2023 30 June 2022
£ £
Turnover 24,665,772 19,039,628
Gross profit 7,301,559 4,906,838
Operating profit 3,457,254 1,813,759
Net current assets/(liabilities) 5,247,122 769,755

The strong trading performance has enabled the Group to continue to invest in fixed assets and new investment land, quarry and property sites.

The net assets of the Group are £65.2m at the balance sheet date, up from £57.1m in 2022. This reflects the solid position of the Group from a solvency and liquidity point of view, and this strong balance sheet is the foundation on which the Group can continue to grow and prosper.


INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

GROUP 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 Group undertakes, the Directors consider liquidity and cash flow risk to be the major risk facing the business. The Group 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 (when applied to the accounts of Ingrebourne Valley Limited) at the year end was 2.58 (2022: 1.35).

Interest rate risk
Due to the debt profile of the Group, the increase in interest rates during the year present a risk to profitability and cashflow. The Group is in the process of renegotiating the repayment profile of its bank debt in order to mitigate this impact. The Group 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 Group 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 Group. The Group also takes out credit insurance to further mitigate this risk.

Regulatory Risk
Due to the nature of the Group'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 Group is continually affected by wage cost inflation and pressures within the labour market. The Group 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 Group 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 Group 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 HOLDINGS LTD (REGISTERED NUMBER: 08257384)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


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

PRINCIPAL ACTIVITIES
The principal activity of the company in the year under review was that of holding investment in group companies.

The principal activities of the subsidiary companies are disclosed in note 14.

DIVIDENDS
Interim dividends of £nil (2022: £nil) were declared during the year. The Directors have declared a final dividend of £nil (2022: £nil).

FUTURE DEVELOPMENTS
The Group continues to search for suitable sites for future development where minerals are available for extraction and where inert and non-hazardous waste can be tipped. The Group are also actively divesting non-core assets from the main trading company in order to maximise their value in the medium to long term.

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

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
P R Scott
C J Pryor
R G Pryor
D P G Rees
L B Scott
P B Ahern
K S Benge

STREAMLINED ENERGY AND CARBON REPORTING
Although the Group does not fall within the SECR regime, we recognize the importance of reporting our Carbon emissions and the steps that are being taken to reduce them.

Annual Quantity of CO2/£m Emissions:

2023 2022
CO2/Tonnes for Vehicle Fuel 69 150
CO2/Tonnes for Site Plant and Machinery 4,478 4,463
CO2/Tonnes for Electricity 27 13
Total Annual CO2 in Tonnes 4,574 4,626

Turnover 24,665,772 19,039,628

CO2/£m of Turnover 185.18 242.97

The Group's CO2 emissions are mainly generated by mobile plant used in operations. The Group has a vehicle and plant replacement policy and is always striving to purchase the most up to date and fuel efficient machines.


INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

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 HOLDINGS LTD


Opinion
We have audited the financial statements of Ingrebourne Valley Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 group's and of the parent company affairs as at 30 June 2023 and of the group's loss 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INGREBOURNE VALLEY HOLDINGS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INGREBOURNE VALLEY HOLDINGS LTD


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 group 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 group, 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 group'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 HOLDINGS LTD


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 HOLDINGS LTD (REGISTERED NUMBER: 08257384)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

TURNOVER 4 24,665,772 19,039,628

Cost of sales 17,364,213 14,132,790
GROSS PROFIT 7,301,559 4,906,838

Administrative expenses 4,053,570 3,509,254
3,247,989 1,397,584

Other operating income 5 209,265 416,175
OPERATING PROFIT 7 3,457,254 1,813,759

Group 8
Gain on mineral and void valuation 2,834,856 1,570,284
Amortisation of mineral and void reserve (2,638,752 ) (1,255,840 )

Joint ventures
Share of profit of joint venture (17,346 ) 1,530,745
3,636,012 3,658,948

Interest receivable and similar income 151,497 295,051
3,787,509 3,953,999

Interest payable and similar expenses 9 592,376 374,602
PROFIT BEFORE TAXATION 3,195,133 3,579,397

Tax on profit 10 5,114,533 317,169
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(1,919,400

)

3,262,228

OTHER COMPREHENSIVE INCOME
Revaluation of freehold land 9,950,001 -
Revaluation of minerals and void 2,834,856 1,570,284
Revaluation included in profit and loss (2,834,856 ) (1,570,284 )
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

8,030,601

3,262,228

(Loss)/profit attributable to:
Owners of the parent (1,919,400 ) 3,262,228

Total comprehensive income attributable to:
Owners of the parent 8,030,601 3,262,228

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

CONSOLIDATED BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 1,006,020 1,181,835
Tangible assets 13 81,697,654 70,967,724
Investments 14
Interest in joint venture
Share of gross assets 8,534,232 7,770,223
Share of gross liabilities (5,307,945 ) (4,526,590 )
85,929,961 75,393,192

CURRENT ASSETS
Debtors: amounts falling due within one year 15 11,794,665 7,712,037
Debtors: amounts falling due after more than
one year

15

10,614,606

7,893,042
Cash at bank and in hand 461,981 308,208
22,871,252 15,913,287
CREDITORS
Amounts falling due within one year 16 17,624,130 15,143,532
NET CURRENT ASSETS 5,247,122 769,755
TOTAL ASSETS LESS CURRENT
LIABILITIES

91,177,083

76,162,947

CREDITORS
Amounts falling due after more than one year 17 (12,393,036 ) (10,524,034 )

PROVISIONS FOR LIABILITIES 21 (13,624,118 ) (8,509,585 )
NET ASSETS 65,159,929 57,129,328

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Retained earnings - non-distributable 23 30,646,646 31,919,439
Merger Reserves 23 5,745,021 5,745,021
Retained earnings 23 28,767,262 19,463,868
SHAREHOLDERS' FUNDS 65,159,929 57,129,328

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 HOLDINGS LTD (REGISTERED NUMBER: 08257384)

COMPANY BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 2,011,000 2,011,000
2,011,000 2,011,000

CREDITORS
Amounts falling due within one year 16 1,932,402 1,932,402
NET CURRENT LIABILITIES (1,932,402 ) (1,932,402 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,598

78,598

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Retained earnings 23 77,598 77,598
SHAREHOLDERS' FUNDS 78,598 78,598

Company's profit for the financial year - -

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 HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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

Called up Retained
share Retained earnings Merger Total
capital earnings - non-distributable Reserves equity
£    £    £    £    £   
Balance at 1 July 2021 1,000 13,252,295 34,868,784 5,745,021 53,867,100

Changes in equity
Total comprehensive income - 6,211,573 (2,949,345 ) - 3,262,228
Balance at 30 June 2022 1,000 19,463,868 31,919,439 5,745,021 57,129,328

Changes in equity
Total comprehensive income - 9,303,394 (1,272,793 ) - 8,030,601
Balance at 30 June 2023 1,000 28,767,262 30,646,646 5,745,021 65,159,929

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 1,000 77,598 78,598

Changes in equity
Balance at 30 June 2022 1,000 77,598 78,598

Changes in equity
Balance at 30 June 2023 1,000 77,598 78,598

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 28 386,260 2,388,914
Interest paid (363,325 ) (220,018 )
Interest element of hire purchase payments
paid

(229,051

)

(154,584

)
Tax paid - (487,031 )
Net cash from operating activities (206,116 ) 1,527,281

Cash flows from investing activities
Purchase of tangible fixed assets (520,579 ) (1,021,304 )
Sale of tangible fixed assets 1,436,758 844,359
Sale of investment property - 4,179,080
Interest received 151,497 295,051
Net cash from investing activities 1,067,676 4,297,186

Cash flows from financing activities
New loans in period 2,000,000 800,000
Loan repayments in period (1,154,996 ) (4,161,106 )
HP loans less capital repayments in year (1,555,751 ) (2,945,593 )
Amount introduced by directors 3,620 660
Amount withdrawn by directors (660 ) (758 )
Net cash from financing activities (707,787 ) (6,306,797 )

Increase/(decrease) in cash and cash equivalents 153,773 (482,330 )
Cash and cash equivalents at beginning
of year

29

308,208

790,538

Cash and cash equivalents at end of year 29 461,981 308,208

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


1. STATUTORY INFORMATION

Ingrebourne Valley Holdings 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 General 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.

Basis of consolidation
The consolidated financial statements represent the results of the company and its subsidiaries, all of whom are 100% owned, made up to 30 June 2023. All accounting policies as detailed below are applied consistently across the Group.

All intra-group transactions and balances are eliminated on consolidation.

The subsidiary undertakings, Aveley Leisure Limited, Ingrebourne Links Limited and R.J.D. Ltd. have claimed exemption from audit under Section 479A of the Companies Act 2006.

The parent company has taken the exemption from preparing its own cashflow statement.

Joint ventures
The group accounts for its investments in jointly controlled entities using the cost model and consolidates using the equity method. The investment is initially measured at transaction price (cost) and is then subsequently adjusted to reflect the group's share of profits and equity in the entity.

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

NOTES TO THE CONSOLIDATED 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 Group 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 Group's freehold land and investment properties in light of the available evidence and using management experts where necessary.

(ii) Valuation of Mineral and Void 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 th physical condition of the assets.

(iv) Impairment of debtors

The group makes an estimate of the recoverable value of trade 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.

(vi) Useful economic lives of goodwill and other intangible assets

Goodwill and intangible assets are amortised over their useful economic lives and are assessed annually for indications of impairment.

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


3. ACCOUNTING POLICIES - continued

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.

Income from golf course operations is recognised on a receivable basis.

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

Site contracts
The "goodwill" on the purchase of R.J.D. Ltd, the difference between the consideration paid and the fair value of net assets, represents an intangible asset in respect of the future value of site contracts held by that company. This asset is being written off, in accordance with FRS102, over the period that each site is expected to be active, which range from 1 to 25 years.

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'.

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 and Void Rights- In line with the usage of the site

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.

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

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

Investment property
Residential and 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 reserve.

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


3. ACCOUNTING POLICIES - continued

Financial instruments
The group 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


3. ACCOUNTING POLICIES - continued

The group 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 group 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 group in independently administered funds.

License 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.

Insurance claims
The Group recognises insurance claims in relation to the compensation for business interruption when it has an unconditional right to receive the compensation. This is typically when the insurer has accepted liability and confirmed that payment will be made.

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.

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.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Minerals and tipping 22,600,978 17,135,577
Golf course and country club 2,064,794 1,654,051
Promotion agreement - 250,000
24,665,772 19,039,628

5. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received 86,265 126,413
Government grants - 8,097
Management fees 123,000 13,200
Insurance claim - 268,465
209,265 416,175

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,786,491 3,872,173
Social security costs 498,968 376,730
Other pension costs 138,279 158,030
5,423,738 4,406,933

The average number of employees during the year was as follows:
2023 2022

Administrative 30 27
Site operatives 123 104
153 131

The average number of employees by undertakings that were proportionately consolidated during the year was 153 (2022 - 131 ) .

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.

7. OPERATING PROFIT

The operating profit is stated after charging(crediting):

2023 2022
£ £
Depreciation - owned assets 871,244 495,579
Depreciation - assets on hire purchase agreements 916,321 1,021,808
Site contract amortisation 175,815 175,815
Licence and royalty fees 2,548,589 2,202,392
Profit on disposal of fixed assets (194,373 ) (163,329 )
Auditors' remuneration 34,650 31,550
Auditors' remuneration for non-audit work 11,592 11,197

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


8. EXCEPTIONAL ITEMS
2023 2022
£    £   
Gain on mineral and void valuation 2,834,856 1,570,284
Amortisation of mineral and void reserve (2,638,752 ) (1,255,840 )
Share of joint venture profit (17,346 ) 1,530,745
178,758 1,845,189

The value of minerals and void space is revalued on a periodic basis by the Directors and in light of new sites that are acquired. The mineral reserves are released to the profit and loss account in line with their usage.

These items have been shown as exceptional items due to their size.

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 363,325 220,018
Hire purchase interest 229,051 154,584
592,376 374,602

10. 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 5,114,533 317,211
Tax on profit 5,114,533 317,169

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

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 3,195,133 3,579,397
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

607,075

680,085

Effects of:
Expenses not deductible for tax purposes 3,091 (45,403 )
Income not taxable for tax purposes (552,035 ) (538,352 )
Capital allowances in excess of depreciation (102,352 ) (478,960 )
Utilisation of tax losses 76,533 382,630
Adjustments to tax charge in respect of previous periods - (42 )
Deferred tax timing differences 847,207 685,496
Deferred tax on revalued property (see note 20) 4,251,753 (192,591 )
Deferred tax on losses (16,739 ) (175,694 )
Total tax charge 5,114,533 317,169

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


10. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of freehold land 9,950,001 - 9,950,001
Revaluation of minerals and void 2,834,856 - 2,834,856
Revaluation included in profit and loss (2,834,856 ) - (2,834,856 )
9,950,001 - 9,950,001

2022
Gross Tax Net
£    £    £   
Revaluation of freehold land
Revaluation of minerals and void 1,570,284 - 1,570,284
Revaluation included in profit and loss (1,570,284 ) - (1,570,284 )
- - -

The Group has corporation tax losses of £1,151,325 (2022: £924,972) to utilise against future trading profits.

11. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


12. INTANGIBLE FIXED ASSETS

Group
Site
contracts
£   
COST OR VALUATION
At 1 July 2022
and 30 June 2023 2,474,028
AMORTISATION
At 1 July 2022 1,292,193
Amortisation for year 175,815
At 30 June 2023 1,468,008
NET BOOK VALUE
At 30 June 2023 1,006,020
At 30 June 2022 1,181,835

Minerals rights are valued on the same basis as minerals held on land that is owned. This being the expected return from the extraction and sale of the minerals in the ground.

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


13. TANGIBLE FIXED ASSETS

Group
Mineral
Freehold and void Plant and
land reserve machinery
£    £    £   
COST OR VALUATION
At 1 July 2022 19,922,174 45,178,316 17,086,224
Additions - - 3,466,339
Disposals - - (3,003,583 )
Revaluations 9,950,000 2,834,856 -
At 30 June 2023 29,872,174 48,013,172 17,548,980
DEPRECIATION
At 1 July 2022 - 4,608,386 7,058,679
Charge for year - 2,638,751 1,632,364
Eliminated on disposal - - (1,763,886 )
At 30 June 2023 - 7,247,137 6,927,157
NET BOOK VALUE
At 30 June 2023 29,872,174 40,766,035 10,621,823
At 30 June 2022 19,922,174 40,569,930 10,027,545

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 315,542 591,971 83,094,227
Additions 25,835 121,603 3,613,777
Disposals - (49,411 ) (3,052,994 )
Revaluations - - 12,784,856
At 30 June 2023 341,377 664,163 96,439,866
DEPRECIATION
At 1 July 2022 203,417 256,021 12,126,503
Charge for year 22,261 132,942 4,426,318
Eliminated on disposal - (46,723 ) (1,810,609 )
At 30 June 2023 225,678 342,240 14,742,212
NET BOOK VALUE
At 30 June 2023 115,699 321,923 81,697,654
At 30 June 2022 112,125 335,950 70,967,724

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


13. TANGIBLE FIXED ASSETS - continued

Group

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 Land
Mineral and Void
Reserves
£ £
Cost 19,259,464 4,242,998
Revaluations 10,612,710 43,770,174
Fair value cost 29,872,174 48,013,172

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
At 1 July 2022 10,704,493 - - 10,704,493
Additions 3,355,638 - 97,103 3,452,741
Disposals (118,000 ) - - (118,000 )
Transfer to ownership (3,935,348 ) - - (3,935,348 )
Reclassification (36,075 ) 36,075 - -
At 30 June 2023 9,970,708 36,075 97,103 10,103,886
DEPRECIATION
At 1 July 2022 2,811,270 - - 2,811,270
Charge for year 897,385 4,510 14,426 916,321
Eliminated on disposal (52,363 ) - - (52,363 )
Transfer to ownership (1,761,423 ) - - (1,761,423 )
Reclassification/transfer (1,277 ) 1,277 - -
At 30 June 2023 1,893,592 5,787 14,426 1,913,805
NET BOOK VALUE
At 30 June 2023 8,077,116 30,288 82,677 8,190,081
At 30 June 2022 7,893,223 - - 7,893,223

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


14. FIXED ASSET INVESTMENTS

Group
Interest
in joint
venture
£   
COST
At 1 July 2022 3,243,633
Share of profit/(loss) (17,346 )
At 30 June 2023 3,226,287
NET BOOK VALUE
At 30 June 2023 3,226,287
At 30 June 2022 3,243,633

Interest in joint venture

The Group owns 50% in a joint venture entity, Harleyford Valley Limited. It's share of the profit (loss) of this company for the year ended 30 June 2023 was £(17,346) (2022: £1,530,745). The profit for the previous year included an exceptional revaluation of mineral reserves of £3,888,995.

The Group's share of equity at the balance sheet date is £3,226,287 (2022: £3,243,632).

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 2,011,000
NET BOOK VALUE
At 30 June 2023 2,011,000
At 30 June 2022 2,011,000

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

Subsidiaries

Ingrebourne Valley Limited
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Non-hazardous restoration schemes
%
Class of shares: holding
Ordinary 100.00

Aveley Leisure Ltd
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Golf and country club operator
%
Class of shares: holding
Ordinary 100.00

Aveley Leisure Limited has claimed exemption from audit under section 479A of the Companies Act 2006.

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


14. FIXED ASSET INVESTMENTS - continued

RJD Quarries Limited
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Dormant parent company of R.J.D. Ltd
%
Class of shares: holding
Ordinary 100.00

R.J.D. Ltd.
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Mineral extraction
%
Class of shares: holding
Ordinary 100.00

R.J.D. Ltd. has claimed exemption from audit under section 479A of the Companies Act 2006.

Ingrebourne PFA Limited
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Mineral extraction
%
Class of shares: holding
Ordinary 100.00

Ingrebourne Kemps Limited
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Land holding
%
Class of shares: holding
Ordinary 100.00

Ingrebourne Links Limited
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Golf and country club operator
%
Class of shares: holding
Ordinary 100.00

Ingrebourne Links Ltd. has claimed exemption from audit under section 479A of the Companies Act 2006.

Ingrebourne Harmondsworth Limited
Registered office: Cecil House, Foster Street, Harlow, Essex, CM17 9HY
Nature of business: Land holding
%
Class of shares: holding
Ordinary 100.00


15. DEBTORS

Group
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 3,884,522 3,264,237
Amounts owed by related parties 1,652,590 1,699,884
Amounts owed by joint ventures 665,002 1,324,250
Deferred site costs 801,666 866,363
Directors' current accounts - 3,620
Prepayments and accrued income 4,790,885 553,683
11,794,665 7,712,037

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


15. DEBTORS - continued

Group
2023 2022
£    £   
Amounts falling due after more than one year:
Deferred site costs 10,144,606 7,619,775
Prepayments and accrued income 470,000 273,267
10,614,606 7,893,042

Aggregate amounts 22,409,271 15,605,079

£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.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 1,455,852 1,099,649 - -
Hire purchase contracts (see note 19) 2,420,581 2,148,768 - -
Trade creditors 5,659,158 4,498,517 - -
Amounts owed to group undertakings - - 1,450,056 1,051,299
Amounts owed to related parties 976,726 1,096,682 - -
Social security and other taxes 1,174,139 869,971 - -
VAT 136,654 230,101 - -
Proposed dividends 482,346 881,103 482,346 881,103
Sales invoice financing 2,314,259 2,185,882 - -
Directors' current accounts - 660 - -
Accruals 3,004,415 2,132,199 - -
17,624,130 15,143,532 1,932,402 1,932,402

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 18) 7,189,383 6,700,582
Hire purchase contracts (see note 19) 4,210,646 2,945,012
Site reinstatement costs 88,696 197,758
Accruals and deferred income 904,311 680,682
12,393,036 10,524,034

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


18. LOANS

An analysis of the maturity of loans is given below:

Group
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 varying rates of floating interest of between 1.45% and 3.00% above the Bank of England's base rate and are repayable over a total of 10-15 years in equal monthly instalments.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,420,581 2,148,768
Between one and five years 4,210,646 2,945,012
6,631,227 5,093,780

Group
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.

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 8,645,235 7,800,231
Hire purchase contracts 6,631,227 5,093,780
Invoice financing arrangement 2,302,056 2,168,689
17,578,518 15,062,700

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

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

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Tax losses carried forward (192,433 ) (175,694 )
Accelerated capital allowances 2,029,580 1,125,618
Revaluation gains 11,786,971 7,559,661
13,624,118 8,509,585

Group
Deferred
tax
£   
Balance at 1 July 2022 8,509,585
Accelerated capital allowances 903,962
Revaluation gains 4,227,310
Trading losses (16,739 )
Balance at 30 June 2023 13,624,118

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500 Ordinary A £1 500 500
250 Ordinary B £1 250 250
250 Ordinary C/D £1 250 250
1,000 1,000

The ordinary A,B,C and D shares all have equal voting rights and are entitled to income. They all have equal rights on a winding up.

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


23. RESERVES

Group
Retained
Retained earnings Merger
earnings - non-distributable Reserves Totals
£    £    £    £   

At 1 July 2022 19,463,868 31,919,439 5,745,021 57,128,328
Deficit for the year (1,919,400 ) (1,919,400 )
Transfer of revaluation on disposal 9,704,163 (9,704,163 ) - -
Revaluation of land - 9,950,000 - 9,950,000
Transfer of revaluation gain (net of
deferred tax)

1,518,631

(1,518,630

)

-

1

At 30 June 2023 28,767,262 30,646,646 5,745,021 65,158,929

Company
Retained
earnings
£   

At 1 July 2022 77,598
Profit for the year -
At 30 June 2023 77,598


24. 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 Group 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.

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

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


26. RELATED PARTY DISCLOSURES

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 Group was owed £1,652,590 (2022: £1,699,783) by the above company.

During the prior year a settlement was reached between the Group 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 Group 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 Group 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 Group 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 Group paid rent of £62,962 (2022: £60,000) to the scheme and at the balance sheet date the Group was owed £nil (2022: £nil).

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

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

27. ULTIMATE CONTROLLING PARTY

There is no overall controlling party.

28. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 3,195,133 3,579,397
Depreciation charges 1,963,382 1,663,203
Profit on disposal of fixed assets (194,373 ) (163,329 )
Revaluation gains (196,104 ) (314,444 )
Share of joint entity loss 17,346 (1,530,745 )
Finance costs 592,376 374,602
Finance income (151,497 ) (295,051 )
5,226,263 3,313,633
Increase in trade and other debtors (6,807,910 ) (1,535,769 )
Increase in trade and other creditors 1,967,907 611,050
Cash generated from operations 386,260 2,388,914

INGREBOURNE VALLEY HOLDINGS LTD (REGISTERED NUMBER: 08257384)

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


29. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 461,981 308,208
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 308,208 790,538


30. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 308,208 153,773 461,981
308,208 153,773 461,981
Debt
Finance leases (5,093,780 ) (1,537,447 ) (6,631,227 )
Debts falling due within 1 year (1,099,649 ) (356,203 ) (1,455,852 )
Debts falling due after 1 year (6,700,582 ) (488,801 ) (7,189,383 )
(12,894,011 ) (2,382,451 ) (15,276,462 )
Total (12,585,803 ) (2,228,678 ) (14,814,481 )