Churngold Remediation Limited 02761171 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of the remediation of contaminated sites throughout the UK. Digita Accounts Production Advanced 6.30.9574.0 true true 02761171 2023-06-01 2024-05-31 02761171 2024-05-31 02761171 core:RetainedEarningsAccumulatedLosses 2024-05-31 02761171 core:ShareCapital 2024-05-31 02761171 core:CurrentFinancialInstruments 2024-05-31 02761171 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 02761171 core:Non-currentFinancialInstruments 2024-05-31 02761171 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 02761171 core:OtherPropertyPlantEquipment 2024-05-31 02761171 bus:SmallEntities 2023-06-01 2024-05-31 02761171 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 02761171 bus:FullAccounts 2023-06-01 2024-05-31 02761171 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02761171 bus:RegisteredOffice 2023-06-01 2024-05-31 02761171 bus:Director3 2023-06-01 2024-05-31 02761171 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02761171 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 02761171 core:PlantMachinery 2023-06-01 2024-05-31 02761171 countries:AllCountries 2023-06-01 2024-05-31 02761171 2023-05-31 02761171 core:OtherPropertyPlantEquipment 2023-05-31 02761171 2022-06-01 2023-05-31 02761171 2023-05-31 02761171 core:RetainedEarningsAccumulatedLosses 2023-05-31 02761171 core:ShareCapital 2023-05-31 02761171 core:CurrentFinancialInstruments 2023-05-31 02761171 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 02761171 core:Non-currentFinancialInstruments 2023-05-31 02761171 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 iso4217:GBP xbrli:pure

Churngold Remediation Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 May 2024

Registration number: 02761171

 

Churngold Remediation Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Churngold Remediation Limited

Balance Sheet

31 May 2024

Note

2024
£ 000

2023
£ 000

Fixed assets

 

Tangible assets

4

-

-

Current assets

 

Debtors

5

156

304

Cash at bank and in hand

 

383

97

 

539

401

Creditors: Amounts falling due within one year

6

(458)

(709)

Net current assets/(liabilities)

 

81

(308)

Total assets less current liabilities

 

81

(308)

Creditors: Amounts falling due after more than one year

6

(18)

(29)

Net assets/(liabilities)

 

63

(337)

Capital and reserves

 

Called up share capital

8

16

16

Profit and loss account

47

(353)

Shareholders' funds/(deficit)

 

63

(337)

 

Churngold Remediation Limited

Balance Sheet

31 May 2024

For the financial year ending 31 May 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
R N V Mead
Director

Company Registration Number: 02761171

 

Churngold Remediation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Unit 4A
Severn View Industrial Estate
Central Avenue
Hallen
Bristol
BS10 7SD

These financial statements were authorised for issue by the Board on 16 January 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The directors consider that the company has sufficient resources available in terms of related party funding to justify preparing the financial statements on a going concern basis.

Functional and presentational currencies

The financial statements are presented in sterling which is also the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £000, except where otherwise indicated.

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 and after eliminating sales within the company.

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.

 

Churngold Remediation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

Contract revenue recognition

Turnover and related costs on each long-term contract are recorded in the profit and loss account as contract activity progresses. Turnover is calculated on the basis of the value of the work done. Attributable profit is calculated for each contract by reference to the contract’s cumulative turnover, total contract value and total profit estimated for the completed contract. At the point losses on a contract can be foreseen, full provision is made immediately. The value of work completed at the year end and for which no sales invoice has been realised or no certification paid is included in amounts recoverable on long-term contracts.

Tangible assets

Tangible assets are stated in the balance sheet 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 follows:

Asset class

Depreciation method and rate

Plant and machinery

3 to 5 years (straight line)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

 Recognition and measurement
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.



 

 

Churngold Remediation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2023 - 4).

4

Tangible assets

Plant and machinery
£ 000

Total
£ 000

Cost or valuation

At 1 June 2023

124

124

Disposals

(124)

(124)

At 31 May 2024

-

-

Depreciation

At 1 June 2023

124

124

Eliminated on disposal

(124)

(124)

At 31 May 2024

-

-

Carrying amount

At 31 May 2024

-

-

5

Debtors

2024
£ 000

2023
£ 000

Trade debtors

80

63

Prepayments

18

44

Other debtors

2

61

Amounts due on contracts

56

136

156

304

 

Churngold Remediation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£ 000

2023
£ 000

Due within one year

 

Loans and borrowings

7

8

8

Trade creditors

 

98

336

Taxation and social security

 

20

10

Other creditors

 

25

98

Accruals and deferred income

 

307

257

 

458

709

The bank holds a letter of cross guarantee and debenture between the company, its ultimate parent undertaking and Churngold Construction Holdings Limited in respect of the bank overdraft.

Creditors: amounts falling due after more than one year

Note

2024
£ 000

2023
£ 000

Due after one year

 

Loans and borrowings

7

18

29

7

Loans and borrowings

2024
£ 000

2023
£ 000

Current loans and borrowings

Bank borrowings

8

8

2024
£ 000

2023
£ 000

Loans and borrowings due after one year

Bank borrowings

18

29

 

Churngold Remediation Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No. 000

£ 000

No. 000

£ 000

Ordinary shares of £1 each

16

16

16

16

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £14,688).