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SETTLE COAL COMPANY LIMITED

Registered Number
00733377
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

SETTLE COAL COMPANY LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

HILTON, Kathryn Lindsey
METCALFE, Patricia Ann
SMITH, Jacqueline Shirley
THORNTON, Brian Edward
THORNTON, David John
THORNTON, Peter Richard

Registered Address

Gas Works Yard
Station Road
Settle
BD24 9AB

Registered Number

00733377 (England and Wales)
SETTLE COAL COMPANY LIMITED
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4722,471716,415
722,471716,415
Current assets
Stocks5722,711708,886
Debtors6417,200474,815
Cash at bank and on hand767,920951,109
1,907,8312,134,810
Creditors amounts falling due within one year7(385,335)(628,788)
Net current assets (liabilities)1,522,4961,506,022
Total assets less current liabilities2,244,9672,222,437
Creditors amounts falling due after one year8(115,816)(118,321)
Provisions for liabilities9(27,000)(15,500)
Net assets2,102,1512,088,616
Capital and reserves
Called up share capital6,0006,000
Profit and loss account2,096,1512,082,616
Shareholders' funds2,102,1512,088,616
The financial statements were approved and authorised for issue by the Board of Directors on 14 January 2025, and are signed on its behalf by:
SMITH, Jacqueline Shirley
Director
Registered Company No. 00733377
SETTLE COAL COMPANY LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Freehold Property - Between 2% and 5% Straight Line on cost (buildings only) Plant and machinery - 10% and 25% Straight Line on cost Vehicles - 25% Straight Line on cost
Finance leases and hire purchase contracts
Where the company is a lessor rental income from operating leases is credited to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year2524
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 July 2379,07779,077
At 30 June 2479,07779,077
Amortisation and impairment
At 01 July 2379,07779,077
At 30 June 2479,07779,077
Net book value
At 30 June 24--
At 30 June 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 July 23781,200214,322130,3731,125,895
Additions8,80210,72625,48845,016
At 30 June 24790,002225,048155,8611,170,911
Depreciation and impairment
At 01 July 23120,028175,277114,175409,480
Charge for year17,03510,07111,85438,960
At 30 June 24137,063185,348126,029448,440
Net book value
At 30 June 24652,93939,70029,832722,471
At 30 June 23661,17239,04516,198716,415
5.Stocks

2024

2023

££
Other stocks722,711708,886
Total722,711708,886
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables413,189466,703
Other debtors240240
Prepayments and accrued income3,7717,872
Total417,200474,815
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables236,785463,617
Taxation and social security80,60285,010
Other creditors14,49617,886
Accrued liabilities and deferred income53,45262,275
Total385,335628,788
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2024

2023

££
Other creditors115,816118,321
Total115,816118,321
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)27,00015,500
Total27,00015,500
10.Pension commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £3,140 (2023 - £3,633) were due to the fund. They are included in other creditors.
11.Related party transactions
Included in other creditors are loan accounts with the directors as follows: J S Smith - £1,500 (2023 - £1,500) P R Thornton - £5,516 (2023 - £5,516) D J Thornton - £6,750 (2023 - £6,750) The amounts are interest free and repayable on demand. Included in other debtors are loan accounts with the directors as follows: B E Thornton - £2,410 (2023 - £2,410) The amounts are interest free and repayable on demand.