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Registration number: 03486842

Glebe Quarry Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Glebe Quarry Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Glebe Quarry Limited

Company Information

Director

Mr Michael Keogh

Registered office

30/32 Trebarwith Crescent
Newquay
Cornwall
TR7 1DX

Accountants

Crane & Johnston C&J Ltd
Chartered Certified Accountants
30/32 Trebarwith Crescent
Newquay
Cornwall
TR7 1DX

 

Glebe Quarry Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr Michael Keogh

Principal activity

The principal activity of the company is continued to be the operation of a waste transfer station and waste disposal

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 21 August 2024 and signed on its behalf by:

Mr Michael Keogh
Director

   
     
 

Glebe Quarry Limited

(Registration number: 03486842)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

825,516

944,676

Current assets

 

Debtors

6

44,705

105,285

Creditors: Amounts falling due within one year

7

(557,705)

(565,183)

Net current liabilities

 

(513,000)

(459,898)

Total assets less current liabilities

 

312,516

484,778

Creditors: Amounts falling due after more than one year

7

(283,082)

(363,325)

Provisions for liabilities

-

(36,679)

Net assets

 

29,434

84,774

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

28,434

83,774

Shareholders' funds

 

29,434

84,774

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Glebe Quarry Limited

(Registration number: 03486842)
Balance Sheet as at 31 December 2023 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 August 2024
 

Mr Michael Keogh
Director

   
     
 

Glebe Quarry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
30/32 Trebarwith Crescent
Newquay
Cornwall
TR7 1DX

These financial statements were authorised for issue by the director on 21 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Glebe Quarry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% straight line and 25% reducing balance basis

Leasehold Property Improvement

2% straight line

 

Glebe Quarry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Glebe Quarry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2022 - 19).

 

Glebe Quarry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

258,095

297,189

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

70,525

1,269,074

656,481

1,996,080

Additions

-

32,647

144,500

177,147

Disposals

-

(29,950)

(28,000)

(57,950)

At 31 December 2023

70,525

1,271,771

772,981

2,115,277

Depreciation

At 1 January 2023

11,777

807,705

231,922

1,051,404

Charge for the year

1,879

117,889

138,327

258,095

Eliminated on disposal

-

(7,488)

(12,250)

(19,738)

At 31 December 2023

13,656

918,106

357,999

1,289,761

Carrying amount

At 31 December 2023

56,869

353,665

414,982

825,516

At 31 December 2022

58,748

461,369

424,559

944,676

Included within the net book value of land and buildings above is £8,071 (2022 - £8,546) in respect of freehold land and buildings and £48,798 (2022 - £50,202) in respect of long leasehold land and buildings.
 

 

Glebe Quarry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

debtors

Current

2023
£

2022
£

Trade debtors

37,631

63,350

Prepayments

1,448

2,079

Other debtors

5,626

39,856

 

44,705

105,285

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

316,248

398,827

Trade creditors

 

55,551

60,820

Taxation and social security

 

58,255

17,271

Accruals and deferred income

 

8,540

7,625

Other creditors

 

119,111

80,640

 

557,705

565,183

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

283,082

363,325


The bank overdraft with Bank of Scotland is secured on the property Glebe Quarry, Trezaise Road, Roche, Cornwall PL26 8JT.

8

Share capital

Allotted, called up and fully paid shares

 

Glebe Quarry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Share capital (continued)

2023

2022

No.

£

No.

£

Shares Issued of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,460

25,144

Hire purchase contracts

268,622

338,181

283,082

363,325

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,780

10,345

Bank overdrafts

167,475

266,059

Hire purchase contracts

137,993

122,423

316,248

398,827

10

Related party transactions

Transactions with the director

 

Glebe Quarry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Related party transactions (continued)

2023

Advances to directors
£

Repayments
by director
£

At 31 December 2023
£

Mr Michael Keogh

Loan to the director

5,738

(40,054)

(113,860)

       
     

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Michael Keogh

Loan to the director

(59,417)

785

(20,912)

(79,543)