REGISTERED NUMBER: |
TOWER COLLIERY LIMITED |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 28 JUNE 2023 |
REGISTERED NUMBER: |
TOWER COLLIERY LIMITED |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 28 JUNE 2023 |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 28 JUNE 2023 |
Page |
Balance Sheet | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 6 |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
BALANCE SHEET |
28 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
BALANCE SHEET - continued |
28 JUNE 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JULY 2022 TO 28 JUNE 2023 |
1. | STATUTORY INFORMATION |
Tower Colliery Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office and principal place of business address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents net invoiced sales of goods and services, and management fees excluding value added tax. |
Revenue recognition |
Revenue from the rental of land is recognised in the period to which it relates. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation net of depreciation and any provision for impairment. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or if held under finance lease, over the lease term, whichever is the shorter. |
Plant and machinery - 20% reducing balance |
Motor vehicles - 25% reducing balance |
No depreciation is provided on land. |
Revaluation of land and buildings |
Individual land and buildings are held at valuation, with the surplus or deficit in book value being transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus or reversal of a deficit, over depreciated cost relating to the same property, is charged (credited) to the income statement. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 28 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets |
Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price, including transaction costs. They are subsequently carried at amortised cost using the effective interest rate method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Going concern |
In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. |
The company has both net current liabilities and net liabilities at the balance sheet date. However the company has a cash balance of £445,181 at the balance sheet date. |
After making enquiries, the directors are confident that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook. |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 28 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Land and | Plant and |
buildings | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Impairments | - | (20,000 | ) | (20,000 | ) |
At 28 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Impairments | ( |
) | ( |
) |
At 28 June 2023 |
NET BOOK VALUE |
At 28 June 2023 |
At 30 June 2022 |
The directors are of the opinion that the carrying value of the land and buildings is not materially different from the fair value at the balance sheet date. |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
and 28 June 2023 | 7,422 |
NET BOOK VALUE |
At 28 June 2023 | 7,422 |
At 30 June 2022 | 7,422 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
7. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Cash held on deposit |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JULY 2022 TO 28 JUNE 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to parent company | 774,786 | 774,786 |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
MHA is the trading name of MacIntyre Hudson LLP, a limited liability |
partnership in England and Wales (registered number OC312313) |