Registration number:
Castle Hill Quarry Co.,Limited
for the Year Ended 31 March 2024
Castle Hill Quarry Co.,Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Castle Hill Quarry Co.,Limited
(Registration number: 00364719)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
11,599,003 |
10,696,033 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
500 |
500 |
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Profit and loss account |
16,878,598 |
15,421,543 |
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Shareholders' funds |
16,879,098 |
15,422,043 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
Castle Hill Quarry Co.,Limited
(Registration number: 00364719)
Statement of Financial Position as at 31 March 2024 (continued)
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Castle Hill Quarry Co.,Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Principal activity
The principal activity of the company is that of quarrying and sale of limestone carried out on land owned by the company and the WG King 1997 Settlement. Farming is conducted on adjoining land.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Castle Hill Quarry Co.,Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Castle Hill Quarry Co.,Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as listed below.
No depreciation is provided on freehold property other than quarry resources, which are depleted on the basis of the annual tonnage extracted. Provisions for the cost of quarry restoration are recorded once a present legal or constructive obligation exists. It is probable that an outflow of economic benefits will be required to settle the obligation and the financial cost of restoration work can be reliably measured.
Asset class |
Depreciation method and rate |
Freehold Property (Estate) |
See notes |
Freehold Property (Quarry) |
See notes |
Plant and Machinery |
5-20% Straight line |
Property Improvements |
2% Straight line |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Castle Hill Quarry Co.,Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Castle Hill Quarry Co.,Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Tangible assets |
Freehold Property |
Freehold Property |
Freehold |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Revaluations |
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- |
- |
- |
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Additions |
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- |
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Disposals |
- |
- |
- |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investment properties |
Freehold property includes three rented houses that are Investment Property. Property 1 was purchased as part of a larger holding, but cost is calculated to have been £66,000. The property has been revalued at £280,000 by the directors. Property 2 was introduced to the company many years ago at no cost, and has been revalued by the directors at £350,000. Property 3 cost £469,563 but has been valued by the directors at £480,000.
There has been no valuation of investment property by an independent valuer.
Castle Hill Quarry Co.,Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2023 |
10,696,033 |
10,696,033 |
Fair value adjustments |
670,764 |
670,764 |
Additions |
1,865,735 |
1,865,735 |
Disposals |
(1,633,529) |
(1,633,529) |
At 31 March 2024 |
11,599,003 |
11,599,003 |
Impairment |
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Carrying amount |
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At 31 March 2024 |
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11,599,003 |
The historic cost of the investments is £8,126,882 (2023: £7,892,479).
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Castle Hill Quarry Co.,Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses. It includes an undistributable balance of £467,852 (2023 £445,352) being gains on revaluation of Investment Properties of £573,117 (2023: £543,117) less a deferred tax provision on the revaluation of £105,265 (2023: £97,765).
Related party transactions |
Key management personnel
Trustees of W G King Discretionary trust as shareholders
Summary of transactions with key management