Company registration number 13273229 (England and Wales)
MINING TEAGUE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MINING TEAGUE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MINING TEAGUE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
252,927
267,385
Current assets
Debtors
4
2,701
-
0
Cash at bank and in hand
100
100
2,801
100
Creditors: amounts falling due within one year
5
(259,441)
(258,257)
Net current liabilities
(256,640)
(258,157)
Net (liabilities)/assets
(3,713)
9,228
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(3,813)
9,128
Total equity
(3,713)
9,228

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Shane David Teague
Director
Company registration number 13273229 (England and Wales)
MINING TEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Mining Teague Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN. The principal place of business is 52-54 Dundas Street, Edinburgh, EH3 6QZ.

1.1
Reporting period

In the previous year, the accounting period was shortened from 31 March 2023 to 31 December 2022 to match the date of the externally produced annual investment report.

1.2
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.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Fair value measurement of financial instruments

Investments in financial instruments are measured at fair value, with changes in fair value recognised in profit or loss, if the financial instruments are publicly traded or if the fair value can otherwise be measured reliably.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Taxation

The tax expense represents the sum of the tax currently payable or repayable.

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.

MINING TEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
252,927
267,385
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
267,385
Change in market value of capital investments
(241)
Currency exchange differences
(14,217)
At 31 December 2023
252,927
Carrying amount
At 31 December 2023
252,927
At 31 December 2022
267,385
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,701
-
0
MINING TEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
-
0
5,914
Other creditors
259,441
252,343
259,441
258,257

Included in other creditors there is an amount owed to S1 Developments Limited for £258,468 (2022:£251,370), a company in which Shane David Teague and Daniel John Teague are the sole directors of that company.

6
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Ultimate controlling party

The company was controlled throughout the current and previous period by the directors by virtue of the fact that between them, they owned all of the company's issued share capital.

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