Castle Hill Quarry Co.,Limited 00364719 false 2023-04-01 2024-03-31 2024-03-31 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. Digita Accounts Production Advanced 6.30.9574.0 true true 00364719 2023-04-01 2024-03-31 00364719 2024-03-31 00364719 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 00364719 core:CurrentFinancialInstruments 2024-03-31 00364719 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 00364719 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 00364719 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00364719 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 00364719 core:PlantMachinery 2024-03-31 00364719 bus:SmallEntities 2023-04-01 2024-03-31 00364719 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00364719 bus:FilletedAccounts 2023-04-01 2024-03-31 00364719 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00364719 bus:RegisteredOffice 2023-04-01 2024-03-31 00364719 bus:Director1 2023-04-01 2024-03-31 00364719 bus:Director2 2023-04-01 2024-03-31 00364719 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00364719 core:Buildings 2023-04-01 2024-03-31 00364719 core:LandBuildings 2023-04-01 2024-03-31 00364719 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 00364719 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00364719 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 00364719 core:PlantMachinery 2023-04-01 2024-03-31 00364719 core:KeyManagementPersonnel 2023-04-01 2024-03-31 00364719 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 00364719 countries:England 2023-04-01 2024-03-31 00364719 2023-03-31 00364719 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 00364719 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00364719 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 00364719 core:PlantMachinery 2023-03-31 00364719 2022-04-01 2023-03-31 00364719 2023-03-31 00364719 core:CurrentFinancialInstruments 2023-03-31 00364719 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00364719 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 00364719 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00364719 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 00364719 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 00364719

Castle Hill Quarry Co.,Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Castle Hill Quarry Co.,Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Castle Hill Quarry Co.,Limited

(Registration number: 00364719)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,515,382

3,679,285

Other financial assets

6

11,599,003

10,696,033

 

15,114,385

14,375,318

Current assets

 

Stocks

287,939

262,838

Debtors

7

2,870,879

1,267,191

Cash at bank and in hand

 

819,568

1,237,171

 

3,978,386

2,767,200

Creditors: Amounts falling due within one year

8

(966,214)

(586,835)

Net current assets

 

3,012,172

2,180,365

Total assets less current liabilities

 

18,126,557

16,555,683

Provisions for liabilities

(1,247,459)

(1,133,640)

Net assets

 

16,879,098

15,422,043

Capital and reserves

 

Called up share capital

500

500

Profit and loss account

16,878,598

15,421,543

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 27 November 2024 and signed on its behalf by:
 

 

Castle Hill Quarry Co.,Limited

(Registration number: 00364719)
Statement of Financial Position as at 31 March 2024 (continued)


Mr M J King
Director


Mr S Ford
Director

 

Castle Hill Quarry Co.,Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Cannington
Bridgwater
Somerset
TA5 2QF

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.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Castle Hill Quarry Co.,Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Freehold Property
(Estate)
£

Freehold Property
(Quarry)
£

Freehold
Improvements
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

1,676,151

42,950

575,399

6,745,777

9,040,277

Revaluations

30,000

-

-

-

30,000

Additions

11,028

-

53,169

155,400

219,597

Disposals

-

-

-

(12,496)

(12,496)

At 31 March 2024

1,717,179

42,950

628,568

6,888,681

9,277,378

Depreciation

At 1 April 2023

1,625

16,071

111,108

5,232,188

5,360,992

Charge for the year

-

343

12,571

400,536

413,450

Eliminated on disposal

-

-

-

(12,446)

(12,446)

At 31 March 2024

1,625

16,414

123,679

5,620,278

5,761,996

Carrying amount

At 31 March 2024

1,715,554

26,536

504,889

1,268,403

3,515,382

At 31 March 2023

1,674,526

26,879

464,291

1,513,589

3,679,285

5

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)

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

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

Carrying amount

At 31 March 2024

11,599,003

11,599,003

The historic cost of the investments is £8,126,882 (2023: £7,892,479).

7

Debtors

2024
£

2023
£

Trade debtors

631,808

707,879

Other debtors

2,125,584

443,367

Prepayments

113,487

115,945

2,870,879

1,267,191

 

Castle Hill Quarry Co.,Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

90,349

159,398

Taxation and social security

785,868

214,225

Accruals and deferred income

63,850

75,286

Other creditors

26,147

137,926

966,214

586,835

9

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).

10

Related party transactions

Key management personnel

Trustees of W G King Discretionary trust as shareholders

Summary of transactions with key management

Interest Free Unstructured Loan
 £141,463 was made during the year and remained outstanding at the year end.