Company registration number 05379019 (England and Wales)
BLACK MOUNTAIN QUARRIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BLACK MOUNTAIN QUARRIES LIMITED
COMPANY INFORMATION
Directors
Mr A T Phillips
Mrs C J Phillips
Secretary
Mrs C J Phillips
Company number
05379019
Registered office
Howton Court
Pontrilas
Herefordshire
United Kingdom
HR2 0BG
Accountants
UHY Hacker Young
23 Nevill Street
Abergavenny
Monmouthshire
NP7 5AA
Bankers
National Westminster Bank Plc
9 High Street
Abergavenny
Monmouthshire
United Kingdom
NP7 5SA
BLACK MOUNTAIN QUARRIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BLACK MOUNTAIN QUARRIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
531,860
416,680
Current assets
Stocks
127,060
131,500
Debtors
4
444,787
480,787
Cash at bank and in hand
61,412
104,144
633,259
716,431
Creditors: amounts falling due within one year
5
(295,880)
(345,331)
Net current assets
337,379
371,100
Total assets less current liabilities
869,239
787,780
Creditors: amounts falling due after more than one year
6
(109,632)
(131,645)
Provisions for liabilities
(116,581)
(104,124)
Net assets
643,026
552,011
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
642,826
551,811
Total equity
643,026
552,011
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 30 April 2024 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 14 October 2024 and are signed on its behalf by:
Mr A T Phillips
Director
Company Registration No. 05379019
BLACK MOUNTAIN QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Black Mountain Quarries Limited is a private company limited by shares incorporated in England and Wales. The registered office is Howton Court, Pontrilas, Herefordshire, United Kingdom, HR2 0BG.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold
2% on cost
Plant and machinery
25% on cost
Fixtures and fittings
25% on cost
Motor vehicles
25% on cost
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Financial instruments
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.
BLACK MOUNTAIN QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.9
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:
2024
2023
Number
Number
Total
12
12
BLACK MOUNTAIN QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Short leasehold
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
60,278
1,670,827
123,576
1,854,681
Additions
294,729
30,342
14,695
339,766
Disposals
(168,500)
(168,500)
At 30 April 2024
60,278
1,797,056
153,918
14,695
2,025,947
Depreciation and impairment
At 1 May 2023
5,962
1,311,463
120,576
1,438,001
Depreciation charged in the year
1,837
183,928
2,901
306
188,972
Eliminated in respect of disposals
(132,886)
(132,886)
At 30 April 2024
7,799
1,362,505
123,477
306
1,494,087
Carrying amount
At 30 April 2024
52,479
434,551
30,441
14,389
531,860
At 30 April 2023
54,316
359,364
3,000
416,680
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
71,020
41,116
Amounts owed by group undertakings
360,162
435,395
Other debtors
13,605
4,276
444,787
480,787
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
14,303
Trade creditors
159,473
124,516
Corporation tax
22,529
47,879
Other taxation and social security
2,737
5,636
Other creditors
101,141
152,997
295,880
345,331
The secured debts included within creditors are bank loans of £10,000 (2023: £14,303), which are secured by charges over the buildings, and hire purchase contracts of £50,134 (2023: £63,633) secured over the company's plant and machinery.
BLACK MOUNTAIN QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,520
51,333
Other creditors
98,112
80,312
109,632
131,645
The secured debts included within creditors are bank loans of £11,520 (2023: £51,333), which are secured by charges over the buildings, and hire purchase contracts of £98,018 (2023: £80,312) secured over the company's plant and machinery.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
8
Parent company
The ultimate parent company is BMQ Holdings Limited.
In the opinion of the directors, the ultimate parent company is BMQ Holdings Limited by virtue of its 100% shareholding, who in turn are ultimately controlled by Mr A Phillips and Mrs C Phillips by virtue of their 100% shareholding.
The registered office of BMQ Holdings Limited is: Howton Court, Pontrilas, Herefordshire, United Kingdom. HR2 0BG.
9
Related party transactions
The company paid dividends of £42,500 (2023: £110,000) to BMQ Holdings Limited within the year.
At the year end a balance £219,660 (2023: £297,820) remained outstanding from BMQ Properties Limited, included in debtors; amounts falling due within one year.
At the year end a balance of £140,502 (2023: £137,475) remained outstanding from BMQ Holdings Limited, included in debtors; amounts falling due within one year.
The company pays property rent totalling £72,000 (2023: £72,000) to BMQ Properties Limited.
The above transaction is related as the directors of BMQ Properties Limited and De Lank Quarry Limited and the members of Herefordshire Redstone Quarry LLP are also directors of Black Mountain Quarries Limited. BMQ Holdings is also the parent company of Black Mountain Quarries Limited.