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COMPANY REGISTRATION NUMBER: 00559854
Borough Green Sand Pits Limited
Filleted Unaudited Financial Statements
31 August 2023
Borough Green Sand Pits Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Borough Green Sand Pits Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,157,480
1,757,182
Current assets
Stocks
128,711
125,522
Debtors
6
2,977,631
2,546,797
Cash at bank and in hand
394
401
------------
------------
3,106,736
2,672,720
Creditors: amounts falling due within one year
7
1,739,933
1,318,299
------------
------------
Net current assets
1,366,803
1,354,421
------------
------------
Total assets less current liabilities
3,524,283
3,111,603
Creditors: amounts falling due after more than one year
8
690,865
456,978
Provisions
519,218
431,154
------------
------------
Net assets
2,314,200
2,223,471
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
2,313,200
2,222,471
------------
------------
Shareholders funds
2,314,200
2,223,471
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 August 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 year 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 .
Borough Green Sand Pits Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr R K Body
Director
Company registration number: 00559854
Borough Green Sand Pits Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Burgess Hodgson LLP, Camburgh House, New Dover Road, Canterbury, England, CT1 3DN.
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 the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
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:
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Freehold property consists entirely of land which is not depreciated.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 13 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2022
1,557,727
1,681,932
71,558
147,140
3,458,357
Additions
362,800
178,003
540,803
------------
------------
---------
---------
------------
At 31 August 2023
1,557,727
2,044,732
249,561
147,140
3,999,160
------------
------------
---------
---------
------------
Depreciation
At 1 September 2022
1,523,704
60,181
117,290
1,701,175
Charge for the year
117,769
8,405
14,331
140,505
------------
------------
---------
---------
------------
At 31 August 2023
1,641,473
68,586
131,621
1,841,680
------------
------------
---------
---------
------------
Carrying amount
At 31 August 2023
1,557,727
403,259
180,975
15,519
2,157,480
------------
------------
---------
---------
------------
At 31 August 2022
1,557,727
158,228
11,377
29,850
1,757,182
------------
------------
---------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 August 2023
335,835
172,440
508,275
---------
---------
---------
At 31 August 2022
139,910
139,910
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
200,486
791,764
Other debtors
2,777,145
1,755,033
------------
------------
2,977,631
2,546,797
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
282,616
272,524
Trade creditors
232,191
390,046
Corporation tax
88,592
124,091
Social security and other taxes
113,844
66,946
Other creditors
1,022,690
464,692
------------
------------
1,739,933
1,318,299
------------
------------
The figure for bank loans and overdrafts is secured by way of a fixed and floating charge over all the undertakings and assets of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
294,925
316,091
Other creditors
395,940
140,887
---------
---------
690,865
456,978
---------
---------
The figure for bank loans and overdrafts is secured by way of a fixed and floating charge over all the undertakings and assets of the company.
9. Related party transactions
At the balance sheet date, the company had trade debtor balances due of £13,544 (2022: £654,825 from eight companies) from one company which is related due to common control, and trade creditors balances payable of £Nil (2022: £56,807 due to four companies related due to common control). At the balance sheet date, the company had other debtor balances due of £2,808,087 (2022: £1,572,157 from five) from eight companies and other creditors balances due of £227,247 (2022: £Nil)