Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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LONGCLIFFE GROUP LIMITED
COMPANY INFORMATION
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LONGCLIFFE GROUP LIMITED
CONTENTS
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LONGCLIFFE GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their strategic report for the year ended 31 March 2024.
Principal activity The principal activity of the Group has continued to be the extraction of minerals, producing high purity calcium carbonate products for industrial applications. The Group is also involved in wind farm electricity generation.
The Group had another profitable year, recording profits before taxation of £5,301,000 (2023: £4,946,000), which includes a loss before taxation of £421,000 (2023: £200,000) relating to discontinued operations.
Trading conditions, however, continue to be challenging with inflation, recruitment and resource availability all presenting problems. The Group’s balance sheet strength and favourable cash position will ensure these challenges are overcome. The directors are confident of delivering another profitable result in 2025. The progress of the business has continued to be supported by significant investment in capital expenditure.
Owing to the nature of the Group's activities and the transport fleet operated, the volatility of energy prices is a risk to the business. The Group manages this risk by entering into supply contracts at the most opportune time, although fuel prices are subject to changes in worldwide markets.
The Group has exposure to interest rate fluctuations with bank borrowings being based on variable rates. The directors consider that the risk of material impact as a result of a change in rates is small and can be accommodated through cash flows arising from forecast performance. The Group's banking facilities have been renewed and are considered adequate going forward. Short-term flexibility is achieved by overdraft facilities. Credit risk arises on financial instruments such as trade debtors. Policies and procedures exist to ensure that the trade debtors have an appropriate credit history and make payments in accordance with terms. Debtors are stated net of provision. From the balance sheet date to the date of this report the directors have considered the trading position of the Group, along with future cash flow forecasts, and consider that the Group will be able to operate within the existing bank facility. The directors have renewed the existing facilities for the group which provide low-cost funding and sufficient working capital to support the trading expectations going forward.
The directors use a number of key performance indicators to monitor performance of the business:
Gross Margin: 37.7% (2023: 34.2%) Turnover by employee: £255,000 (2023: £247,000) Lost time injury events: 3 (2023: 6) Accident frequency rate (number of lost time injuries per 1m hours worked): 0.65 (2023: 1.31) Voluntary staff turnover: 9.8% (2023: 14.2%)
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LONGCLIFFE GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Longcliffe Group: Stakeholder Engagement
As the Board of Directors at Longcliffe Group, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the Group and its stakeholders. This statement addresses the ways in which we as a board satisfy this responsibility. Promoting the Group’s success for its members Longcliffe Group was established in 1927 by the Shields family and continues to be owned and operated by them today. We are proud that over almost a century we have provided employment, training and income to the employees and members. The Longcliffe Group comprises businesses involved predominantly in quarrying but also in renewable energy. The main quarrying business is one of the largest independent quarrying companies in the country. At the heart of the Group is our focus on providing a quality product, providing added value solutions to our customers and the continued acquisition of minerals and planning to sustain the quarry processing and operations. Engaging with stakeholders Our key stakeholders, and the ways in which we engage with them, are as follows: Our employees We rely upon a specialist highly skilled workforce to run our quarries and distribute our product. Our businesses are renowned for high levels of customer care and satisfaction, and this can only be achieved with the involvement of a content and dedicated workforce. Recruitment and retention of staff at all levels is therefore critical to our success. We engage with our workforce by:
∙Setting remuneration at market-leading rates and rewarding performance with bonuses at all levels in all businesses
∙Providing structured training and development support
∙Providing apprenticeship training where appropriate
∙Involving all employees in regular business trading updates delivered in person by the Group MD
∙Issuing merit awards for worthwhile acts and ideas
Our customers and suppliers We provide high quality goods and services to our customers at the right time and at the right price. We pride ourselves on being always available to our customers to respond to their needs. Our highly trained and experienced field-based employees maintain regular ongoing relationships with our customers to ensure a detailed understanding of their requirements. Over nearly 100 years enduring relationships have also been established with our suppliers who are, where possible, sourced from the local area. Longcliffe Quarries has a reputation as a fair and transparent business partner.
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LONGCLIFFE GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Our community
As a family run company with roots in the local area, we have through our Longcliffe Community Fund invested heavily with charitable donations and support programmes. We aid the local parish councils and actively support local and grass roots businesses. Sponsorships are also made to local schools and sports teams. We also engage with our local schools by hosting educational trips to the quarries. Our planet The quarrying industry plays a vital role in maintaining and improving biodiversity and Longcliffe is passionately committed to the protection of the environment. We always strive to be a good neighbour and our substantial investment in environmentally friendly measures will ensure a lasting legacy for the benefit of the future generations. We adopt the latest continuous improvement training, techniques, and technology through our Operational Fundamentals programme and in the future through a World Class Manufacturing (WCM) programme. Through setting targets for the reduction of energy consumption and carbon emissions, we aim to reduce our use of fossil fuels in our operations, primarily production and transport and through energy efficiency and seeking alternative renewable energy sources. This has led to an overall target of net zero carbon by 2030.
This report was approved by the board on 8 August 2024 and signed on its behalf.
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LONGCLIFFE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The profit for the year, after taxation, amounted to £4,191,000 (2023 - £3,598,000).
During the year, the Group paid a dividend of £1,250,000 (2023: £364,000).
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
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LONGCLIFFE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Group is committed to a capital expenditure plan to both maintain and improve the service provision and product offering. This will enable it to take advantage of demand fluctuations across the varied market sectors it sells into.
Research and development expenditure during the year has been concentrated on the development of new processes for value added limestone products.
The Group is accredited under ISO 14001:2015 for our environmental management systems which identify and control the environmental impact of the Group's activities. This directs a continuous improvement in environmental performance and supports a systematic approach to setting environmental objectives. The Group's accreditation under ISO 50001 for energy management forms part of our Integrated Management System (IMS) and recognises that we have a robust system to manage and reduce our energy consumption.
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LONGCLIFFE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There are many established ways of making our plants as energy efficient as possible. We employ the following methods:
∙Ordering the highest rating of energy efficient motors (IE3 and IE4) and employing inverters to minimise energy by controlling motor speed.
∙Installing power factor correction equipment to bring the power factor as close as is practically possible to unity.
∙Using sensors to turn off plant when not in use, using LED lighting wherever possible and PIR intelligent lighting controls.
∙Employing appropriately sized and variable speed air compressors to avoid wasting power.
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LONGCLIFFE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGCLIFFE GROUP LIMITED
We have audited the financial statements of Longcliffe Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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LONGCLIFFE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGCLIFFE GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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LONGCLIFFE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGCLIFFE GROUP LIMITED (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations; and
∙through discussions with the directors and other management and from our commercial knowledge, we identified the laws and regulations applicable to the Group.
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;
∙reviewed the general ledger entries during the year to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
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LONGCLIFFE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGCLIFFE GROUP LIMITED (CONTINUED)
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;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims;
∙considering relationships with HMRC and other relevant regulators; and
∙reviewing legal and professional costs to identify any indicators of litigation.
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, 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 Auditors' 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Cedar House
63 Napier Street
South Yorkshire
S11 8HA
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LONGCLIFFE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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LONGCLIFFE GROUP LIMITED
REGISTERED NUMBER: 03291553
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
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LONGCLIFFE GROUP LIMITED
REGISTERED NUMBER: 03291553
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2024.
The notes on pages 20 to 43 form part of these financial statements.
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LONGCLIFFE GROUP LIMITED
REGISTERED NUMBER: 03291553
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 43 form part of these financial statements.
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LONGCLIFFE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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LONGCLIFFE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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LONGCLIFFE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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LONGCLIFFE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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LONGCLIFFE GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Longcliffe Group Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 03291553). The registered office address is Longcliffe, Brassington, Matlock, Derbyshire, DE4 4HN.
The principal activity of the Group has continued to be the extraction and transport of minerals for a number of industrial applications. The Group is also involved in wind farm electricity generation and, previously, in composting of local authority collected green and kitchen waste.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Associates are held at cost less impairment.
A component is considered to be a discontinued operation where it has been disposed of (that is, sold or closed) at the balance sheet date. Where the definition is met then the results for that component are shown separately from continuing operations on the face of the income statement, both for the current and the prior year.
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Defined benefit pension plan
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Group only 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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The key estimates used in the preparation of these financial statements are: The pension scheme liability has been valued by an actuary in accordance with FRS 102. Key estimations applied in the valuation of the pension scheme include inflation, discount rate and mortality rates. Management consider the estimations applied by the actuary to be reasonable. Estimates have been made in the calculation of the decommissioning provision of future costs to be incurred in the plant decommissioning and land remediation as well as the expected future output of the quarries. Investment property is recognised at fair value, subject to property valuations which are in themselves an estimate by an external expert. The depreciation rates adopted for all classes of property, plant and equipment are an estimate based on management's best estimate of the use and longevity of the asset. The carrying value of overage rights is assessed annually for impairment based on a valuation provided by management's external expert.
The whole of the turnover is attributable to the Group's principal business activity.
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 28
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 29
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10.Directors' remuneration (continued)
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Taxation (continued)
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 32
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14.Tangible fixed assets (continued)
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 34
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The directors have revalued the investment properties on an open market value for an existing use basis with guidance provided by qualified surveyors.
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 36
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 37
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 38
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
23.Deferred taxation (continued)
Defined contribution pension schemes
The Group operates two defined contribution pension schemes. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £790,000 (2023: £640,000). Contributions totalling £79,000 (2023: £76,000) were outstanding at the year end.
The Group operates a defined benefit pension scheme.
The defined benefit pension scheme is for all qualifying employees which is funded by the payment of contributions to separately administered funds.
The scheme is closed both to new entrants and to future benefit accruals. The Group made contributions of £1,179,000 during the year (2023: £1,139,000). The valuation is based on the most recent comprehensive actuarial valuation dated 31 March 2022 which has been updated by Barnett Waddingham to assess the assets and the liabilities of the scheme at 31 March 2024.
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
24.Pension commitments (continued)
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
24.Pension commitments (continued)
Page 41
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
24.Pension commitments (continued)
Page 42
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LONGCLIFFE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Merger reserve
Profit and loss account
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