Year Ended
Registration number:
Churngold Remediation Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Churngold Remediation Limited
Balance Sheet
31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
- |
- |
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Current assets |
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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/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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( |
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Shareholders' funds/(deficit) |
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( |
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:
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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 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
......................................... |
Company Registration Number: 02761171
Churngold Remediation Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
Recognition and measurement
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
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Disposals |
( |
( |
At 31 May 2024 |
- |
- |
Depreciation |
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At 1 June 2023 |
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Eliminated on disposal |
( |
( |
At 31 May 2024 |
- |
- |
Carrying amount |
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At 31 May 2024 |
- |
- |
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Amounts due on contracts |
56 |
136 |
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Churngold Remediation Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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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 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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2024 |
2023 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Churngold Remediation Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. 000 |
£ 000 |
No. 000 |
£ 000 |
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Ordinary shares of £1 each |
16 |
16 |
16 |
16 |
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 - £