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REGISTERED NUMBER: 08227924 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

HARLEYFORD VALLEY LIMITED

HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Statement of Directors' Responsibilities 8

Independent Chartered Accountants' Review Report 9


HARLEYFORD VALLEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: A S Clark
C G Folley
N A Folley
C J Pryor





REGISTERED OFFICE: Cecil House
Foster Street
Harlow
Essex
CM17 9HY





REGISTERED NUMBER: 08227924 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ

HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,399,748 9,708,153

CURRENT ASSETS
Debtors 5 6,451,225 6,961,245
Cash at bank and in hand 1,241 399,064
6,452,466 7,360,309
CREDITORS
Amounts falling due within one year 6 2,959,987 3,031,631
NET CURRENT ASSETS 3,492,479 4,328,678
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,892,227

14,036,831

CREDITORS
Amounts falling due after more than one
year

7

(4,375,855

)

(5,390,342

)

PROVISIONS FOR LIABILITIES 10 (2,147,062 ) (2,193,918 )
NET ASSETS 6,369,310 6,452,571

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 11 5,646,158 5,710,879
Retained earnings 723,150 741,690
SHAREHOLDERS' FUNDS 6,369,310 6,452,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 26 March 2025 and were signed on its behalf by:




A S Clark - Director



C G Folley - Director


HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Harleyford Valley Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods and services supplied, net of returns, discounts and value added taxes.

Sales of minerals are recognised when the goods are delivered to the customer, such that the risks and rewards of ownership have been passed to them.

Tangible fixed assets
Depreciation is provided at the following annual rates from the date of use in order to write off each asset over its estimated useful life:

Plant and machinery12.5% on cost
Fixtures, fittings and equipment12.5% on cost
Motor vehicles25% on cost

High value washing plant assets are depreciated in line with their usage.

Mineral reserves
Mineral reserves are amortised over their estimated commercial life on a site by site basis on a unit of production basis.

Depreciation commences in the month of acquisition.

Minerals reserves and related void space are shown at fair value. This value is derived by placing a nominal value per tonne of the expected volume of minerals in the ground on acquisition and and the expected return on the related void space.

Any surplus or deficit arising from a change in fair value, is recognised initially in profit or loss as this is necessary to show a true and fair view. The balance, net of deferred tax, is then transferred to a non-distributable reserve called the 'revaluation reserve'.

Items costing less than £1,000 are not capitalised but written off to the Profit and Loss Account as incurred.

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.

HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Deferred site development costs
Site development costs incurred are deferred on the balance sheet until the site is operational. Once it is, they are then written off over the life of the site, at a pre-determined rate, in line with the anticipated load capacity to match against future income streams generated therefrom.

The expected total site development costs to bring new sites into operation under new planning and environmental legislation, whether freehold or leasehold, are charged to the profit and loss account evenly over the expected period prior to the site achieving pre-planning conditions.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Mineral Plant and and Motor
reserve machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2023 10,202,417 2,896,442 20,775 23,867 13,143,501
Disposals - - - (23,867 ) (23,867 )
Revaluations 656,862 - - - 656,862
At 30 June 2024 10,859,279 2,896,442 20,775 - 13,776,496
DEPRECIATION
At 1 July 2023 2,587,914 821,033 7,792 18,609 3,435,348
Charge for year 743,157 214,255 2,597 2,758 962,767
Eliminated on disposal - - - (21,367 ) (21,367 )
At 30 June 2024 3,331,071 1,035,288 10,389 - 4,376,748
NET BOOK VALUE
At 30 June 2024 7,528,208 1,861,154 10,386 - 9,399,748
At 30 June 2023 7,614,503 2,075,409 12,983 5,258 9,708,153

HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. TANGIBLE FIXED ASSETS - continued

The Directors consider that the above mineral reserve valuations, determined by them on an open market basis and with the assistance of external valuers, including gravel deposits and void space, represent the net book value as at 30 June 2024.

Items held at valuation after depreciation at 30 June 2024 are represented by:

Mineral Reserves
£
Cost-
Revaluations10,859,279
Depreciation/usage(3,331,071)
Net book value7,528,208

All other assets are stated at original cost.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 July 2023 2,676,274
Transfer to ownership (209,250 )
At 30 June 2024 2,467,024
DEPRECIATION
At 1 July 2023 672,454
Charge for year 193,776
Transfer to ownership (112,472 )
At 30 June 2024 753,758
NET BOOK VALUE
At 30 June 2024 1,713,266
At 30 June 2023 2,003,820

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 622,494 1,120,226
Amounts owed by related parties 608,127 298,307
Other debtors 1,132,364 1,075,258
2,362,985 2,493,791

Amounts falling due after more than one year:
Other debtors 4,088,240 4,467,454

Aggregate amounts 6,451,225 6,961,245

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 421,895 452,193
Trade creditors 912,398 993,833
Taxation and social security 153,701 392,590
Other creditors 1,471,993 1,193,015
2,959,987 3,031,631

HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 263,965 702,540
Amounts owed to related parties 1,337,105 2,194,855
Other creditors 2,774,785 2,492,947
4,375,855 5,390,342

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 421,895 452,193
Between one and five years 263,965 702,540
685,860 1,154,733

Non-cancellable operating leases
2024 2023
£    £   
Within one year 438,400 350,400
Between one and five years 1,753,600 1,401,600
In more than five years 1,576,400 2,014,800
3,768,400 3,766,800

The above commitment relates to royalties payable on operational sites.

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 685,860 1,154,733

Hire purchase liability is secured on the fixed assets as disclosed in note 7.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Tax losses carried forward (231,220 ) (267,487 )
Accelerated capital allowances 496,230 557,779
Deferred tax on mineral valuation 1,882,052 1,903,626
2,147,062 2,193,918

Deferred
tax
£   
Balance at 1 July 2023 2,193,918
Credit to Income Statement during year (46,856 )
Balance at 30 June 2024 2,147,062

HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. RESERVES
Revaluation
reserve
£   
At 1 July 2023 5,710,879
Revaluation transfer (64,721 )

At 30 June 2024 5,646,158

12. RELATED PARTY DISCLOSURES

At the year end, the net amount owed to the joint shareholders was £728,978 (2023: £1,896,548). These loans are payable on demand and interest has been charged at 2% above base rate totalling £108,728 (2023: £123,829) was charged in the year.

13. ULTIMATE CONTROLLING PARTY

The Company operates as a joint venture between Ingrebourne Valley Limited and Harleyford Aggregates Limited. As such there is no overall controlling party.

HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 30 JUNE 2024


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


ON BEHALF OF THE BOARD:




A S Clark - Director



C G Folley - Director

26 March 2025

INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF
HARLEYFORD VALLEY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Harleyford Valley Limited for the year ended 30 June 2024, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.

Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

- so as to give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the requirements of the Companies Act 2006.

Use of our report
This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report, or for the conclusions we have formed.




THP Limited
Chartered Accountants
34-40 High Street
Wanstead
London
E11 2RJ


26 March 2025