Company registration number 03758109 (England and Wales)
CATPLANT QUARRY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CATPLANT QUARRY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CATPLANT QUARRY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,972,996
2,122,334
Current assets
Debtors
5
6,735,807
7,459,999
Cash at bank and in hand
1,188,369
1,772,447
7,924,176
9,232,446
Creditors: amounts falling due within one year
6
(2,301,188)
(3,760,656)
Net current assets
5,622,988
5,471,790
Total assets less current liabilities
7,595,984
7,594,124
Provisions for liabilities
7
(1,784,800)
(1,539,845)
Net assets
5,811,184
6,054,279
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,811,084
6,054,179
Total equity
5,811,184
6,054,279
CATPLANT QUARRY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 July 2024
R Harrod
Director
Company Registration No. 03758109
CATPLANT QUARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Catplant Quarry Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is The Bungalow, Holmsley Lane, Brierley Gap, Barnsley, South Yorkshire, S72 9EX. The company's operating address is Hazel Lane Quarry, Hampole, Doncaster DN6 7EY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The landfill site is recognised as a tangible fixed asset, and therefore included in the financial statements at cost less depreciation and accumulated impairment losses. The cost of the landfill site includes the acquisition costs of the land, along with the cell development costs and engineering costs.
All other tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold land and buildings - site
Over the capacity of the landfill site
Leasehold land and buildings - cell engineering
Over the tonnage tipped
Plant and machinery
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CATPLANT QUARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when timing differences will reverse.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Capping, restoration, leachate and gas management costs
A provision is made in the financial statements when the entity has a present obligation as a result of past events, of which it is probable that the entity will be required to transfer economic benefits in settlement of the obligation, and for which the amount of the obligation can be reliably estimated.
Provisions have been made for future capping, restoration, leachate and gas management costs, recognised as the obligation arises. These provisions are calculated based on the best estimate of value of the consideration required to settle the obligation, and are recognised over the operational usage of the landfill site (i.e. over the tonnage tipped).
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
CATPLANT QUARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Landfill provisions
The company operates a landfill site, and a significant cost associated with the operation of a landfill site is the obligation to cap, restore, and manage gas and leachate emissions, during and after the landfill site is filled. As noted in the accounting policy, a provision has been made for such costs, recognised as the obligation arises. These provisions are calculated based on the best estimate of value of the consideration required to settle the obligation, and are recognised over the operational usage of the landfill site (i.e. over the tonnage tipped).
Determining the provision required for the above costs is highly subjective and requires an estimation of future costs which is currently in excess of 40 years. There are also a number of estimate uncertainties which impact this calculation such as climate, accuracy of site surveys, discount rates etc. The provisions recognised in the financial statements reflect the current best estimate of these future costs but, given the uncertainties of the aforementioned estimates, these could materially impact the calculation of the provision.
The provisions and assumptions used are reviewed on an annual basis for their usefulness and are adjusted accordingly should the need arise.
The carrying amount on capping & restoration and gas & leachate management at the period end was £1,046,505 (2022: £752,926) and £712,995 (2022: £786,919) respectively. Details of the provisions are set out in note 9 of the accounts.
3
Employees
The company has no direct employees.
All staff costs relate to employees of Catplant Limited who are recharged to Catplant Quarry Limited for their time.
CATPLANT QUARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
8,748,222
199,487
8,947,709
Additions
288,835
205,320
494,155
Disposals
(42,500)
(42,500)
At 31 October 2023
9,037,057
362,307
9,399,364
Depreciation and impairment
At 1 November 2022
6,653,938
171,437
6,825,375
Depreciation charged in the year
621,627
21,866
643,493
Eliminated in respect of disposals
(42,500)
(42,500)
At 31 October 2023
7,275,565
150,803
7,426,368
Carrying amount
At 31 October 2023
1,761,492
211,504
1,972,996
At 31 October 2022
2,094,284
28,050
2,122,334
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,267,809
3,082,106
Corporation tax recoverable
123,674
Amounts owed by group undertakings
1,526,779
2,332,594
Other debtors
2,810,198
2,037,952
Prepayments and accrued income
7,347
7,347
6,735,807
7,459,999
CATPLANT QUARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
228,832
105,628
Corporation tax
214,229
Other taxation and social security
2,057,993
3,435,209
Accruals and deferred income
14,363
5,590
2,301,188
3,760,656
The bank loans and overdrafts are secured on a fixed and floating charge over the assets of the company.
7
Provisions
2023
2022
£
£
Capping and restoration
1,046,505
752,926
Gas and leachate management
712,995
786,919
1,759,500
1,539,845
Deferred tax liabilities
25,300
1,784,800
1,539,845
Movements on provisions are as follows:
Capping and restoration
Gas and leachate management
Total
£
£
£
At 1 November 2022
752,926
786,919
1,539,845
Additional provisions in the year
391,749
77,515
469,264
Release of provision
(98,170)
(151,439)
(249,609)
At 31 October 2023
1,046,505
712,995
1,759,500
CATPLANT QUARRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
7
Provisions
(Continued)
- 8 -
The company operates a landfill site, and a significant cost associated with the operation of a landfill site is the obligation to cap, restore, and manage gas and leachate emissions, during and after the landfill site is filled. As noted in the accounting policy, a provision has been made for such costs, recognised as the obligation arises. These provisions are calculated based on the best estimate of value of the consideration required to settle the obligation, and are recognised over the operational usage of the landfill site (i.e. over the tonnage tipped).
Determining the provision required for the above costs is highly subjective and requires an estimation of future costs which is currently in excess of 40 years. There are also a number of estimate uncertainties which impact this calculation such as climate, accuracy of site surveys, discount rates etc. The provisions recognised in the financial statements reflect the current best estimate of these future costs but, given the uncertainties of the aforementioned estimates, these could materially impact the calculation of the provision.
The provisions and assumptions used are reviewed on an annual basis for their usefulness and are adjusted accordingly should the need arise.
8
Financial commitments, guarantees and contingent liabilities
The company has given an unlimited guarantee dated 15 April 2005 to Barclays Bank plc in respect of Catplant Limited's bank borrowings. At 31 October 2023 these amounted to £192,886 (2022 - £190,477).
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,245,000
1,275,000
10
Related party transactions
Included in other debtors is an amount of £328,590 (2022 - £83,437) owed by the ultimate controlling party.
11
Director's transactions
Included in debtors is an amount of £188,915 (2022 - £68,915) owed by the director of the company.
12
Parent company
The immediate and ultimate parent company is Catplant Limited, a company registered in England & Wales.