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REGISTERED NUMBER: 06024939 (England and Wales)












Mount Wellington Mine Ltd

Unaudited Financial Statements

for the Year Ended 30th April 2024






Mount Wellington Mine Ltd (Registered number: 06024939)






Contents of the Financial Statements
for the Year Ended 30th April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mount Wellington Mine Ltd

Company Information
for the Year Ended 30th April 2024







DIRECTOR: R S Freeborn





SECRETARY: Miss A B Early





REGISTERED OFFICE: 1 The Dry, Mount Wellington Mine
Fernsplatt
Chacewater
Truro
Cornwall
TR4 8RJ





REGISTERED NUMBER: 06024939 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Mount Wellington Mine Ltd (Registered number: 06024939)

Statement of Financial Position
30th April 2024

30.4.24 30.4.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 16,266 11,393
Investments 5 - 1
Investment property 6 2,705,000 2,833,596
2,721,266 2,844,990

CURRENT ASSETS
Stocks - 5,680
Debtors 7 48,760 39,103
Cash at bank 12,418 8,573
61,178 53,356
CREDITORS
Amounts falling due within one year 8 (1,615,305 ) (782,360 )
NET CURRENT LIABILITIES (1,554,127 ) (729,004 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,167,139

2,115,986

CREDITORS
Amounts falling due after more than one
year

9

-

(854,084

)

PROVISIONS FOR LIABILITIES (245,752 ) (273,795 )
NET ASSETS 921,387 988,107

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 921,385 988,105
SHAREHOLDERS' FUNDS 921,387 988,107

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mount Wellington Mine Ltd (Registered number: 06024939)

Statement of Financial Position - continued
30th April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th October 2024 and were signed by:





R S Freeborn - Director


Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements
for the Year Ended 30th April 2024

1. STATUTORY INFORMATION

Mount Wellington Mine Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements cover a single entity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at fair value. Any gains or losses arising on revaluation are recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 10% and 25% on cost, and straight line over 15 years
Office equipment - 25% on cost

Going concern
At the statement of financial position date the company had net current liabilities. The directors believe that the company will continue to meet its liabilities as they fall due with the continued support of its directors and other creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£    £    £   
COST
At 1st May 2023 55,999 10,126 66,125
Additions 8,839 1,324 10,163
Disposals - (1,810 ) (1,810 )
At 30th April 2024 64,838 9,640 74,478
DEPRECIATION
At 1st May 2023 49,577 5,155 54,732
Charge for year 2,406 1,770 4,176
Eliminated on disposal - (696 ) (696 )
At 30th April 2024 51,983 6,229 58,212
NET BOOK VALUE
At 30th April 2024 12,855 3,411 16,266
At 30th April 2023 6,422 4,971 11,393

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1st May 2023 1
Disposals (1 )
At 30th April 2024 -
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 1

Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st May 2023 2,833,596
Additions 9,435
Revaluations (138,031 )
At 30th April 2024 2,705,000
NET BOOK VALUE
At 30th April 2024 2,705,000
At 30th April 2023 2,833,596

Fair value at 30th April 2024 is represented by:
£   
Valuation in 2012 517,160
Valuation in 2015 388,991
Valuation in 2019 154,479
Valuation in 2020 (667 )
Valuation in 2021 (141,569 )
Valuation in 2024 (138,031 )
Cost 1,924,637
2,705,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 1,924,637 1,913,402

Investment property was valued on an open market basis on 4th September 2024 by Vickery Holman Property Consultants .

The director estimates the value of the property at 30 April 2024 to be the market value included in the above professional valuation.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 15,873 20,775
Amounts owed by group undertakings - 15,226
Other debtors 29,930 681
Prepayments 2,957 2,421
48,760 39,103

Mount Wellington Mine Ltd (Registered number: 06024939)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts (see note 10) - 93,751
Trade creditors 26,900 5,474
Tax 575 2,853
VAT 5,857 12,799
Other creditors 1,907 4,262
Directors' current accounts 1,577,671 654,485
Accrued expenses 2,395 8,736
1,615,305 782,360

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans (see note 10) - 854,084

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 499,603

10. LOANS

An analysis of the maturity of loans is given below:

30.4.24 30.4.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 93,751

Amounts falling due between two and five years:
Bank loans - 354,481

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 499,603

11. RELATED PARTY DISCLOSURES

Equipment sales were made to a Director in the year. These sales totalled £67,471.