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REGISTERED NUMBER: 06991274 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

PRICELESS MINERALS LIMITED

PRICELESS MINERALS LIMITED (REGISTERED NUMBER: 06991274)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PRICELESS MINERALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: Mr P J Taylor





REGISTERED OFFICE: Bodnant
Marston Road
Wheaton Aston
Stafford
Staffordshire
ST19 9PQ





REGISTERED NUMBER: 06991274 (England and Wales)





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

PRICELESS MINERALS LIMITED (REGISTERED NUMBER: 06991274)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024

2024 2023
Notes £    £   
Fixed assets
Tangible assets 5 54,618 44,266

Current assets
Stocks 122,615 87,126
Debtors 6 282,234 230,286
Cash at bank 58,135 67,520
462,984 384,932
Creditors
Amounts falling due within one year 7 (424,722 ) (310,556 )
Net current assets 38,262 74,376
Total assets less current liabilities 92,880 118,642

Creditors
Amounts falling due after more than one
year

8

(2,244

)

(13,563

)

Provisions for liabilities (10,378 ) (8,411 )

Accruals and deferred income (2,265 ) (2,100 )
Net assets 77,993 94,568

Capital and reserves
Called up share capital 1 1
Retained earnings 77,992 94,567
Shareholders' funds 77,993 94,568

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

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 21st October 2024 and were signed by:




Mr P J Taylor - Director


PRICELESS MINERALS LIMITED (REGISTERED NUMBER: 06991274)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Priceless Minerals Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06991274 and the registered office address is Bodnant, Marston Road, Wheaton Aston, Stafford, ST19 9PQ.

The principal activity of the company is that of the sale of minerals.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.


PRICELESS MINERALS LIMITED (REGISTERED NUMBER: 06991274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairment of non financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

PRICELESS MINERALS LIMITED (REGISTERED NUMBER: 06991274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2023 10,792 650 86,970 98,412
Additions 971 - 27,599 28,570
Disposals - - (15,495 ) (15,495 )
At 31st March 2024 11,763 650 99,074 111,487
DEPRECIATION
At 1st April 2023 6,662 162 47,322 54,146
Charge for year 635 122 12,762 13,519
Eliminated on disposal - - (10,796 ) (10,796 )
At 31st March 2024 7,297 284 49,288 56,869
NET BOOK VALUE
At 31st March 2024 4,466 366 49,786 54,618
At 31st March 2023 4,130 488 39,648 44,266

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st April 2023 50,225
Additions 27,599
At 31st March 2024 77,824
DEPRECIATION
At 1st April 2023 20,319
Charge for year 11,501
At 31st March 2024 31,820
NET BOOK VALUE
At 31st March 2024 46,004
At 31st March 2023 29,906

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 282,234 230,286

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 12,189 10,614
Trade creditors 391,234 260,277
Taxation and social security 20,557 32,440
Other creditors 742 7,225
424,722 310,556

PRICELESS MINERALS LIMITED (REGISTERED NUMBER: 06991274)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 2,244 13,563

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 14,433 24,177

Hire purchase debts are secured against the assets the finance relates to.

There exists a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant & machinery. However all finance outstanding with Lloyds TSB Commercial Finance Limited has been repaid.