2022-07-012023-06-302023-06-30false00733377SETTLE COAL COMPANY 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SETTLE COAL COMPANY LIMITED

Registered Number
00733377
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

SETTLE COAL COMPANY LIMITED
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

HILTON, Kathryn Lindsey
METCALFE, Patricia Ann
SMITH, Jacqueline Shirley
THORNTON, Brian Edward
THORNTON, David John
THORNTON, Peter Richard

Company Secretary

SMITH, Jacqueline Shirley

Registered Address

Gas Works Yard
Station Road
Settle
BD24 9AB

Registered Number

00733377 (England and Wales)
SETTLE COAL COMPANY LIMITED
Statement of Financial Position
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets7716,415530,211
716,415530,211
Current assets
Stocks10708,886798,187
Debtors11474,815529,382
Cash at bank and on hand951,109809,683
2,134,8102,137,252
Creditors amounts falling due within one year12(628,788)(454,443)
Net current assets (liabilities)1,506,0221,682,809
Total assets less current liabilities2,222,4372,213,020
Creditors amounts falling due after one year13(118,321)(93,507)
Provisions for liabilities14(15,500)(15,500)
Net assets2,088,6162,104,013
Capital and reserves
Called up share capital6,0006,000
Profit and loss account2,082,6162,098,013
Shareholders' funds2,088,6162,104,013
The financial statements were approved and authorised for issue by the Board of Directors on 8 March 2024, and are signed on its behalf by:
SMITH, Jacqueline Shirley
Director
Registered Company No. 00733377
SETTLE COAL COMPANY LIMITED
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Principal activities
The principal activity of the company is the supply of coal, building materials and the rental of skips.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Freehold Property - Between 2% and 5% Straight Line on cost (buildings only) Plant and machinery - 10% and 25% Straight Line on cost Vehicles - 25% Straight Line on cost
Intangible assets policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Leases policy
Where the company is a lessor rental income from operating leases is credited to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
5.Employee information

20232022
Average number of employees during the year2424
6.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 July 2279,07779,077
At 30 June 2379,07779,077
Amortisation and impairment
At 01 July 2279,07779,077
At 30 June 2379,07779,077
Net book value
At 30 June 23--
At 30 June 22--
7.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 July 22563,038214,322123,873901,233
Additions218,162-6,500224,662
At 30 June 23781,200214,322130,3731,125,895
Depreciation and impairment
At 01 July 22103,811166,370100,841371,022
Charge for year16,2178,90713,33438,458
At 30 June 23120,028175,277114,175409,480
Net book value
At 30 June 23661,17239,04516,198716,415
At 30 June 22459,22747,95223,032530,211
8.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £18,966 (2022 - £19,374).
9.Description of nature of transactions and balances with related parties
Included in other creditors are loan accounts with the directors as follows: J S Smith - £1,500 (2022 - £1,500) P R Thornton - £5,516 (2022 - £5,516) D J Thornton - £6,750 (2022 - £6,750) The amounts are interest free and repayable on demand. Included in other debtors are loan accounts with the directors as follows: B E Thornton - £2,410 (2022 - £2,410) The amounts are interest free and repayable on demand.
10.Stocks

2023

2022

££
Other stocks708,886798,187
Total708,886798,187
11.Debtors

2023

2022

££
Trade debtors / trade receivables466,703508,845
Other debtors24012,665
Prepayments and accrued income7,8727,872
Total474,815529,382
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables463,617310,344
Taxation and social security85,01065,487
Other creditors17,88614,300
Accrued liabilities and deferred income62,27564,312
Total628,788454,443
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
13.Creditors after one year

2023

2022

££
Other creditors118,32193,507
Total118,32193,507
14.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)15,50015,500
Total15,50015,500