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COMPANY REGISTRATION NUMBER: 13257166
Hygrove Aggregates Limited
Filleted Unaudited Financial Statements
31 December 2023
Hygrove Aggregates Limited
Financial Statements
Period from 1 July 2023 to 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Hygrove Aggregates Limited
Officers and Professional Advisers
The board of directors
Mr D B Francis Appointed 01/07/2023
Mr D Francis
Registered office
Hygrove Office Upper Bank
Pentrechwyth
Swansea
United Kingdom
SA1 7EG
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Hygrove Aggregates Limited
Statement of Financial Position
31 December 2023
31 Dec 23
30 Jun 23
(restated)
Note
£
£
FIXED ASSETS
Tangible assets
5
1,641,138
1,639,869
CURRENT ASSETS
Stocks
6
441,495
Debtors
7
28,363
442
Cash at bank and in hand
93,067
63
---------
----
562,925
505
CREDITORS: amounts falling due within one year
8
478,141
523,831
---------
---------
NET CURRENT ASSETS/(LIABILITIES)
84,784
( 523,326)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,725,922
1,116,543
CREDITORS: amounts falling due after more than one year
9
700,000
PROVISIONS
305,000
305,000
------------
------------
NET ASSETS
720,922
811,543
------------
------------
CAPITAL AND RESERVES
Called up share capital
10
2
2
Revaluation reserve
915,000
915,000
Profit and loss account
( 194,080)
( 103,459)
---------
---------
SHAREHOLDERS FUNDS
720,922
811,543
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the Period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hygrove Aggregates Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
David Benjamin Francis
David Benjamin Francis
Director
Company registration number: 13257166
Hygrove Aggregates Limited
Notes to the Financial Statements
Period from 1 July 2023 to 31 December 2023
1. GENERAL INFORMATION
Hygrove Aggregates Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements, with support from the directors and other related parties.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic 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 the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
(iii) Goodwill and intangible fixed assets
Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
Debtors and creditors receivable/payable within one year
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 the profit and loss account in other administrative expenses.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% straight line
Leasehold Property Including Mineral Rights- 5% Plant & Machinery - 10%
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stock
Stock & work in progress is valued at cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the Period amounted to 3 (2023: 2 ).
5. TANGIBLE ASSETS
Long leasehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 July 2023 (as restated)
1,319,380
320,000
515
1,639,895
Additions
1,382
1,382
------------
---------
------
------------
At 31 December 2023
1,319,380
320,000
1,897
1,641,277
------------
---------
------
------------
Depreciation
At 1 July 2023
26
26
Charge for the period
113
113
------------
---------
------
------------
At 31 December 2023
139
139
------------
---------
------
------------
Carrying amount
At 31 December 2023
1,319,380
320,000
1,758
1,641,138
------------
---------
------
------------
At 30 June 2023
1,319,380
320,000
489
1,639,869
------------
---------
------
------------
Cost or valuation of plant, land & buildings comprises:
2023
£
Cost 419,380
Valuation 2023 1,220,000
------------
Net Book Value @ 31/12/2023 1,639,380
------------
The comparable amounts determined according to the historical cost convention are as follows:
2023
£
Cost 419,380
Net Book Value @ 31/12/2023 1,639,380
Net Book Value @ 30/06/2023 1,639,380
6. STOCKS
31 Dec 23
30 Jun 23
(restated)
£
£
Raw materials and consumables
441,495
---------
----
7. DEBTORS
31 Dec 23
30 Jun 23
(restated)
£
£
Other debtors
28,363
442
--------
----
8. CREDITORS: amounts falling due within one year
31 Dec 23
30 Jun 23
(restated)
£
£
Trade creditors
128,132
8,237
Amounts owed to group undertakings and undertakings in which the company has a participating interest
315,223
492,779
Social security and other taxes
6,948
4,668
Other creditors
27,838
18,147
---------
---------
478,141
523,831
---------
---------
9. CREDITORS: amounts falling due after more than one year
31 Dec 23
30 Jun 23
(restated)
£
£
Bank loans and overdrafts
700,000
---------
----
The aggregate amount of secured liabilities for creditors falling due after one year is £700,000 (2022: £Nil). The bank loan is secured by a guarantee by the Director & Shareholder.
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
31 Dec 23
30 Jun 23
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. RELATED PARTY TRANSACTIONS
The following balances were owed (to)/from other related parties at the period end:
2023 2023
£ £
Balances owed (to)/from related parties at the period end: (315,222) (492,779)
Key management personnel
2023 2023
£ £
Balance due (to)/from key management personnel (8,253) (8,253)
No interest has been incurred in relation to this balance
12. REVALUATION RESERVE
2023
£
At 30/06/2023 & 31/12/2023
915,000
---------
13. PRIOR YEAR ADJUSTMENT
There is a prior year adjustment in relation to the revaluation of fixed assets and the respective deferred tax on the assets.