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REGISTERED NUMBER: 04824000 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 October 2023

for

Welton Aggregates Limited

Welton Aggregates Limited (Registered number: 04824000)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Welton Aggregates Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: J P Faulkner-Smith
C E Begley
G A Tomlinson
R Taylor



SECRETARY: J P Faulkner-Smith



REGISTERED OFFICE: Welton House
Bluestone Heath Road
Welton-Le-Marsh
Spilsby
Lincolnshire
PE23 5SG



REGISTERED NUMBER: 04824000 (England and Wales)



SENIOR STATUTORY AUDITOR: James Sewell BA (Hons) FCA CTA



AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Welton Aggregates Limited (Registered number: 04824000)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
Turnover in the business has increased by 6.3% compared to the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors work to identify and manage our principal risks effectively in order to maintain our longer term strategy, in accordance with our priorities and appetite to risk.

DEVELOPMENT AND PERFORMANCE
Welton Aggregates Limited, in the absence of any further unforeseen obstacles, will continue to strengthen commercially and operationally going forward.

The directors would like to extend thanks to all their staff for their dedication and hard work during the year the recent challenging times. The business anticipates it will achieve its projected profit margins and go from strength to strength thanks to them.

ON BEHALF OF THE BOARD:





J P Faulkner-Smith - Director


31 October 2024

Welton Aggregates Limited (Registered number: 04824000)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of quarrying and supplying chalk, limestone and other hardcore materials.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2023.

DIRECTORS
J P Faulkner-Smith has held office during the whole of the period from 1 November 2022 to the date of this report.

Other changes in directors holding office are as follows:

J C Waller - resigned 31 May 2023
R Hornby - resigned 14 March 2023
M Elvin - appointed 14 March 2023 - resigned 13 April 2023
E W Noble - appointed 12 June 2023
C E Begley - appointed 16 August 2023
G A Tomlinson - appointed 3 August 2023

R Taylor - appointed 10 January 2024

E W Noble ceased to be a director after 31 October 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J P Faulkner-Smith - Director


31 October 2024

Report of the Independent Auditors to the Members of
Welton Aggregates Limited

Opinion
We have audited the financial statements of Welton Aggregates Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Welton Aggregates Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
- Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

31 October 2024

Welton Aggregates Limited (Registered number: 04824000)

Income Statement
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

TURNOVER 3 13,518,976 12,711,967

Cost of sales 11,580,723 10,771,221
GROSS PROFIT 1,938,253 1,940,746

Administrative expenses 1,456,339 1,207,187
481,914 733,559

Other operating income 4 111,551 87,563
OPERATING PROFIT 6 593,465 821,122

Interest receivable and similar income 2,623 732
596,088 821,854

Interest payable and similar expenses 7 178,685 136,830
PROFIT BEFORE TAXATION 417,403 685,024

Tax on profit 8 414,707 (30,365 )
PROFIT FOR THE FINANCIAL YEAR 2,696 715,389

Welton Aggregates Limited (Registered number: 04824000)

Other Comprehensive Income
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,696 715,389


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,696

715,389

Welton Aggregates Limited (Registered number: 04824000)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 12,042,149 12,942,996

CURRENT ASSETS
Stocks 11 1,241,715 1,119,473
Debtors 12 6,816,188 5,792,925
Cash at bank 48,843 53,797
8,106,746 6,966,195
CREDITORS
Amounts falling due within one year 13 6,901,763 6,479,119
NET CURRENT ASSETS 1,204,983 487,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,247,132

13,430,072

CREDITORS
Amounts falling due after more than one
year

14

(3,854,636

)

(4,454,979

)

PROVISIONS FOR LIABILITIES 18 (1,276,911 ) (862,204 )
NET ASSETS 8,115,585 8,112,889

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Revaluation reserve 20 635,500 635,500
Retained earnings 20 7,479,085 7,476,389
SHAREHOLDERS' FUNDS 8,115,585 8,112,889

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





J P Faulkner-Smith - Director


Welton Aggregates Limited (Registered number: 04824000)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2021 1,000 6,789,000 635,500 7,425,500

Changes in equity
Dividends - (28,000 ) - (28,000 )
Total comprehensive income - 715,389 - 715,389
Balance at 31 October 2022 1,000 7,476,389 635,500 8,112,889

Changes in equity
Total comprehensive income - 2,696 - 2,696
Balance at 31 October 2023 1,000 7,479,085 635,500 8,115,585

Welton Aggregates Limited (Registered number: 04824000)

Cash Flow Statement
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,432,750 2,114,412
Interest paid (25,690 ) (13,329 )
Interest element of hire purchase and
finance lease rental payments paid

(152,995

)

(123,501

)
Net cash from operating activities 1,254,065 1,977,582

Cash flows from investing activities
Purchase of tangible fixed assets (2,178,756 ) (4,278,021 )
Sale of tangible fixed assets 1,462,799 1,799,000
Interest received 2,623 732
Net cash from investing activities (713,334 ) (2,478,289 )

Cash flows from financing activities
New loans in year 1,307,533 833,000
Loan repayments in year (1,334,420 ) (1,457,916 )
Capital repayments in year (878,423 ) 1,533,549
Amount introduced by directors 446,815 82,032
Amount withdrawn by directors (87,190 ) (433,265 )
Equity dividends paid - (28,000 )
Net cash from financing activities (545,685 ) 529,400

(Decrease)/increase in cash and cash equivalents (4,954 ) 28,693
Cash and cash equivalents at beginning
of year

2

53,797

25,104

Cash and cash equivalents at end of year 2 48,843 53,797

Welton Aggregates Limited (Registered number: 04824000)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023 2022
£    £   
Profit before taxation 417,403 685,024
Depreciation charges 1,895,108 1,648,580
Profit on disposal of fixed assets (278,309 ) (278,579 )
Finance costs 178,685 136,830
Finance income (2,623 ) (732 )
2,210,264 2,191,123
Increase in stocks (122,242 ) (879,251 )
(Increase)/decrease in trade and other debtors (482,888 ) 336,960
(Decrease)/increase in trade and other creditors (172,384 ) 465,580
Cash generated from operations 1,432,750 2,114,412

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 48,843 53,797
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 53,797 25,104


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 53,797 (4,954 ) 48,843
53,797 (4,954 ) 48,843
Debt
Hire purchase and finance leases (6,640,502 ) 878,423 (5,762,079 )
Debts falling due within 1 year (27,554 ) 661 (26,893 )
Debts falling due after 1 year (373,136 ) 26,231 (346,905 )
(7,041,192 ) 905,315 (6,135,877 )
Total (6,987,395 ) 900,361 (6,087,034 )

Welton Aggregates Limited (Registered number: 04824000)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Welton Aggregates Limited 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.

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" 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 represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts. Sales are recognised upon delivery to the customer, or upon collection by the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold - over the term of the lease
Property improvements - 10% on reducing balance
Plant and machinery - at varying rates on cost and at variable rates on reducing balance
Tractors -10% on reducing balance
Motor vehicles -20% on reducing balance
Computer equipment - 25% on cost


The freehold property, which relates to a quarry, is not amortised by the company as, in the opinion of the directors, it is already included at its minimum open market value. The cost is based upon the life span of the land as a quarry and upon the land's future use once quarrying has ceased.

Stocks
Stocks of mined stone are valued after taking account of relevant costs such as wages and machine running costs. Stocks of purchased aggregates are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

Mineral rights represent a right to future extraction. Mineral rights are valued at the lower of cost and net realisable value.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Welton Aggregates Limited (Registered number: 04824000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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.

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

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The principal activity of the company took place within the United Kingdom.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Sundry receipts 89,551 63,563
Management charge 22,000 24,000
111,551 87,563

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,381,601 2,124,233
Social security costs 196,030 190,451
Other pension costs 34,295 31,689
2,611,926 2,346,373

The average number of employees during the year was as follows:
2023 2022

Employees 90 71

2023 2022
£    £   
Directors' remuneration 82,046 131,412
Directors' pension contributions to money purchase schemes 1,950 2,236

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Welton Aggregates Limited (Registered number: 04824000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 45,171 65,211
Other operating leases - 2,068
Depreciation - owned assets 1,895,113 1,648,580
Profit on disposal of fixed assets (278,309 ) (278,579 )
Auditors' remuneration 20,400 19,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 22,406 13,329
HMRC interest 3,284 -
Hire purchase 152,995 123,501
178,685 136,830

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 414,707 (30,365 )
Tax on profit 414,707 (30,365 )

UK corporation tax has been charged at 25% (2022 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 417,403 685,024
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

104,351

130,155

Effects of:
Expenses not deductible for tax purposes 34,305 11,884
Capital allowances in excess of depreciation - (571,194 )
Depreciation in excess of capital allowances 27,737 -

Profit/loss on disposal of assets (69,578 ) (52,930 )
Deferred tax 414,707 (30,365 )
Enhanced deductions and exempt receipts - (241,403 )
Losses brought forward (1,018,145 ) (58,548 )
Losses carried forward 921,330 782,036
Total tax charge/(credit) 414,707 (30,365 )

9. DIVIDENDS
2023 2022
£    £   
Interim - 28,000

Welton Aggregates Limited (Registered number: 04824000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. TANGIBLE FIXED ASSETS
Improvements
Land and Short to Plant and
Buildings leasehold property machinery
£    £    £    £   
COST OR VALUATION
At 1 November 2022 2,264,291 733,650 413,372 10,842,624
Additions 5,000 - 181,988 621,025
Disposals - - - (994,500 )
At 31 October 2023 2,269,291 733,650 595,360 10,469,149
DEPRECIATION
At 1 November 2022 - 35,680 137,430 4,350,946
Charge for year - 14,674 30,678 1,195,783
Eliminated on disposal - - - (435,033 )
At 31 October 2023 - 50,354 168,108 5,111,696
NET BOOK VALUE
At 31 October 2023 2,269,291 683,296 427,252 5,357,453
At 31 October 2022 2,264,291 697,970 275,942 6,491,678

Motor Computer
Tractors vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 November 2022 212,696 4,146,996 75,812 18,689,441
Additions - 1,368,357 2,386 2,178,756
Disposals (88,000 ) (999,680 ) - (2,082,180 )
At 31 October 2023 124,696 4,515,673 78,198 18,786,017
DEPRECIATION
At 1 November 2022 65,744 1,112,691 43,954 5,746,445
Charge for year 22,521 625,908 5,549 1,895,113
Eliminated on disposal (28,600 ) (434,057 ) - (897,690 )
At 31 October 2023 59,665 1,304,542 49,503 6,743,868
NET BOOK VALUE
At 31 October 2023 65,031 3,211,131 28,695 12,042,149
At 31 October 2022 146,952 3,034,305 31,858 12,942,996

Included in cost or valuation of land and buildings is freehold land of £ 2,269,291 (2022 - £ 2,264,291 ) which is not depreciated.


The net book value of tangible fixed assets includes £5,770,690 (2022: £7,330,426) in respect of assets held under hire purchase contracts or finance leases.

11. STOCKS
2023 2022
£    £   
Raw materials 341,715 219,473
Mineral rights 900,000 900,000
1,241,715 1,119,473

Welton Aggregates Limited (Registered number: 04824000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,140,957 2,316,548
Related party debtor 4,552,212 2,992,101
Other debtors 106,722 108,354
Directors' current accounts 16,297 375,922
6,816,188 5,792,925

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 26,893 27,554
Hire purchase contracts and finance leases (see note 16)
2,254,348

2,558,659
Trade creditors 2,816,479 1,942,880
Social security and other taxes 182,684 94,364
VAT 188,826 111,254
Other creditors 1,271,835 1,598,815
Accruals and deferred income 160,698 145,593
6,901,763 6,479,119

Included in other creditors is £1,117,450 (2022: £1,592,626) relating to Barclays invoice financing. This is secured on the trade debtors shown in the accounts.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 15) 346,905 373,136
Hire purchase contracts and finance leases (see note 16)
3,507,731

4,081,843
3,854,636 4,454,979

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 26,893 27,554

Amounts falling due between one and two years:
Bank loans - 1-2 years 346,905 373,136

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2023 2022 2023 2022
£    £    £    £   
Net obligations repayable:
Within one year 2,254,348 2,558,659 - -
Between one and five years 3,288,563 3,694,375 - -
In more than five years - 168,300 219,168 219,168
5,542,911 6,421,334 219,168 219,168

Welton Aggregates Limited (Registered number: 04824000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 2,027
Between one and five years - 8,107
In more than five years - 44,591
- 54,725

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 373,798 400,690
Hire purchase contracts and finance leases 5,762,079 6,640,502
Invoice financing 1,117,450 1,592,626
7,253,327 8,633,818

At the year end the company's bankers had the following securities:

A fixed charge and floating charges over all the property within the company.

A debenture over all the assets of the company.

A personal guarantee from the director Mr J P Faulkner-Smith, limited to £450,000.

Hire purchase and finance lease obligations are secured on those assets to which they relate.

Invoice financing obligations are secured against trade debtors.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,276,911 862,204

Deferred
tax
£   
Balance at 1 November 2022 862,204
Provided during year 414,707
Balance at 31 October 2023 1,276,911

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

Welton Aggregates Limited (Registered number: 04824000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

20. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 November 2022 7,476,389 635,500 8,111,889
Profit for the year 2,696 2,696
At 31 October 2023 7,479,085 635,500 8,114,585

21. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 1,050,000

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
J P Faulkner-Smith
Balance outstanding at start of year 375,922 24,689
Amounts advanced 87,189 433,265
Amounts repaid (446,814 ) (82,032 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,297 375,922

During the year interest of £2,623 (2022: £732) was charged on the balance owing from the director.

23. RELATED PARTY DISCLOSURES

Entities over which the entity has control or significant influence

The following transactions occurred with entities over which the company has control or significant influence:

20232022
£ £

Sales to--
Management charges to22,00024,000
Net recharges to/(from)199,603495,454

Balances outstanding from these entities2,319,0191,623,882


Other related parties:

The following transactions occurred with entities related by common ownership:

20232022
£ £

Sales to290,618239,531
Net recharges to/(from)-15,898

Balances outstanding from these entities2,233,1931,368,219