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Registered number: 05344435










VITAL EARTH GB LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
VITAL EARTH GB LIMITED
REGISTERED NUMBER: 05344435

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
960
25,961

Cash at bank and in hand
  
20,207
23,234

  
21,167
49,195

Creditors: amounts falling due within one year
 5 
(3,787,544)
(3,509,105)

Net current liabilities
  
 
 
(3,766,377)
 
 
(3,459,910)

Total assets less current liabilities
  
(3,766,377)
(3,459,910)

Creditors: amounts falling due after more than one year
 6 
-
(25,223)

  

Net liabilities
  
(3,766,377)
(3,485,133)


Capital and reserves
  

Called up share capital 
  
1
1

Capital redemption reserve
  
2,499,999
2,499,999

Profit and loss account
  
(6,266,377)
(5,985,133)

  
(3,766,377)
(3,485,133)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 November 2024.




I Gorbould
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
VITAL EARTH GB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Vital Earth GB Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 05344435). The registered office address is Longcliffe, Brassington, Matlock, Derbyshire, DE4 4HN. The principal activity of the Company was to be the processing and subsequent sale of non-hazardous waste, with this now having been terminated and the Company will be liquidated in due course.
The Company's functional and presentational currency is Pounds Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

During the year ended 31 March 2023, the land and buildings which the Company occupied had been sold to an external third party. The company has wound down it's trading activities and will in due course be liquidated. Therefore, the financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the Company's assets down to net realisable value.

  
2.3

Discontinued operations

A business is considered to be a discontinued operation where it has been disposed of (that is, sold
or closed) at the balance sheet date. Where the definition is met then the results are shown
separately from continuing operations on the face of the income statement, both for the current and
the prior year.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Revenue is recognised on green and kitchen waste when the waste is received. Soil sales income is recognised when the soil is delivered to or collected by the customer.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
VITAL EARTH GB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 3

 
VITAL EARTH GB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees



The average monthly number of employees, including directors, during the year was 0 (2023 - 1).

Page 4

 
VITAL EARTH GB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Debtors

2024
2023
£
£


Trade debtors
-
1,155

Other debtors
960
23,700

Prepayments and accrued income
-
1,106

960
25,961



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
167,264
92,102

Amounts owed to group undertakings
3,544,781
2,534,781

Obligations under finance lease and hire purchase contracts
-
15,390

Other creditors
-
140,591

Accruals and deferred income
75,499
726,241

3,787,544
3,509,105



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
25,223



7.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
15,390

Between 1-5 years
-
25,223

-
40,613

Page 5

 
VITAL EARTH GB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £NIL (2023 - £1,160). Contributions totalling £NIL (2023 - £NIL) were payable to the fund at the reporting date.


9.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
7,743

-
7,743


10.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
Rental charges of £NIL (2023: £163,504) were paid in the year to The Longcliffe Quarries (Self-Administered) Pension Plan in relation to the rental of land. At the year end an amount of £NIL was outstanding to the pension plan (2023: £114,000)


11.


Controlling party

The immediate parent undertaking is Longcliffe Quarries Limited, a company registered in England and Wales. 
The largest and smallest group of undertakings for which group accounts for the year ended 31 March 2024 have been drawn up is that headed by Longcliffe Group Limited. Copies of the group accounts are available from Companies House.
The ultimate controlling party is R J G Shields and members of his immediate family, by virtue of their shareholdings in the ultimate parent undertaking.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 12 November 2024 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts.

 
Page 6