REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
FOR |
SANDSFIELD GRAVEL COMPANY LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
FOR |
SANDSFIELD GRAVEL COMPANY LIMITED |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 29 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SANDSFIELD GRAVEL COMPANY LIMITED |
COMPANY INFORMATION |
for the Year Ended 29 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
BALANCE SHEET |
29 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 29 June 2024 |
1. | STATUTORY INFORMATION |
Sandsfield Gravel Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Sandsfield Farm, Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB. |
The principal activities of the company are the extraction and sale of sand and gravel bearing deposits and the provision of facilities for waste disposal. |
The presentational currency of the financial statements is Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's forecasts and projections, taking account of reasonably likely changes in trading performance, show that the company should be able to operate within the level of financial resources and facilities currently available to it. |
Although the building and waste sector's performance has continued to contract slightly post year end, investments in the current year are showing promise with new contracts being signed. The company's new washplant is now producing aggregates and a positive contract has been signed with a customer for the purchase of this. This was built into the company's forecasts and whilst initial activation was a month behind schedule, profitability is as expected. The aim of the new Labour government to get Britain building is expected to support the company's activities over the coming years as the sector begins to see further movement. The company is well placed to respond to opportunities that become open to it. |
The directors, having taken into account the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Therefore, having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
The company's accounting reference date is 29 June, the directors have chosen to take advantage of the seven day rule to prepare accounts to 30 June 2024. |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements excluding those mentioned below. |
Provisions |
Consideration is made for the need of provisions in respect to the restoration of land and future costs the company may incur. It is of the opinion of the directors that the rectification costs are self funded via waste deposited into the landfill sites and that no provision is required. |
Turnover |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
Turnover from the sale of goods is recognised at the point of sale. |
Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer. |
Goodwill |
Goodwill representing the excess of consideration for an acquired undertaking, or acquired trade and assets, compared with the fair value of the net assets acquired is capitalised and written off evenly over 10 years. |
Goodwill is recognised at cost less accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Minerals and landfill | - |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis. |
In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
Taxation |
Taxation for the year 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 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 year 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. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The assets of the scheme are held separately from those of the company in an independently administered fund. |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade and other creditors |
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Impairment of financial assets |
Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. |
Interest bearing borrowings |
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the company if: |
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; |
(ii) the company and the party are subject to common control; |
(iii) the party is an associate of the company or a joint venture in which the company is a venture |
(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or |
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent. |
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 June 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 30 June 2023 |
and 29 June 2024 |
AMORTISATION |
At 30 June 2023 |
and 29 June 2024 |
NET BOOK VALUE |
At 29 June 2024 |
At 29 June 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 30 June 2023 |
Additions |
Disposals | ( |
) |
At 29 June 2024 |
DEPRECIATION |
At 30 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 29 June 2024 |
NET BOOK VALUE |
At 29 June 2024 |
At 29 June 2023 |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 June 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Minerals |
Motor | and |
vehicles | landfill | Totals |
£ | £ | £ |
COST |
At 30 June 2023 |
Additions |
Disposals | ( |
) |
At 29 June 2024 |
DEPRECIATION |
At 30 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 29 June 2024 |
NET BOOK VALUE |
At 29 June 2024 |
At 29 June 2023 |
Included in cost of land and buildings is freehold land of £ 975,736 (2023 - £ 975,736 ) which is not depreciated. |
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases: |
2024 | 2023 |
£ | £ |
Motor vehicles | 514,212 | 62,246 |
Plant and machinery | 450,108 | 608,885 |
964,320 | 671,131 |
Depreciation charge | 238,104 | 188,979 |
Included in Plant and Machinery additions is £699,551 in relation to assets under construction (2023: nil). Assets under construction are not depreciated. |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 June 2024 |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,555,233 | 1,483,733 |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 June 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 913,704 | 642,238 |
Bank loans and other borrowings are secured against freehold land and buildings. Net obligations under finance leases are secured by fixed charges on the assets to which the agreements relate. |
Included within other creditors are other loans totalling £988,505 (2023: £587,504). This relates to a loan from a pension fund in which the directors are beneficiaries. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
SANDSFIELD GRAVEL COMPANY LIMITED (REGISTERED NUMBER: 00873555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 June 2024 |
12. | CONTINGENT LIABILITIES |
The company has guaranteed, by way of a debenture over its assets and by a cross guarantee with its parent undertaking, Sandsfield Limited, and fellow group undertakings, Sandsfield Leisure Limited and J. H. Mewburn Limited, the liabilities to bankers of that company. |
13. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Capital commitments relate to the completion of the new Sand and Gravel processing plant in progress as at year end. |
14. | RELATED PARTY DISCLOSURES |
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. |
In the current year £Nil was paid into a SSAS of which the directors are beneficiaries, prior year, £120,000. |
15. | ULTIMATE CONTROLLING PARTY |
The controlling party is Sandsfield Limited. |
The ultimate controlling party is |
Sandsfield Gravel Company Limited is a wholly owned subsidiary of Sandsfield Limited and the results of Sandsfield Gravel Company Limited are included in the consolidated financial statements of Sandsfield Limited which are available from Companies House. |