J.w.greaves & Sons,limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00067876 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2020

FOR

J.W.GREAVES & SONS,LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J L Altham

D H M Williams-Ellis

M S Bewick

SECRETARY:

M S Bewick

REGISTERED OFFICE:

Llechwedd Slate Mines

Blaenau Ffestiniog

Gwynedd

LL41 3NB

REGISTERED NUMBER:

00067876 (England and Wales)

AUDITORS:

Williams Denton Cyf

Chartered Certified Accountants

Statutory Auditors

13 Trinity Square

Llandudno

United Kingdom

CONWY

LL30 2RB

FIXED ASSETS

Tangible assets

4

3,207,409

3,225,611

Investments

5

718,290

613,501

Investment property

6

3,374,339

3,309,390

7,300,038

7,148,502

CURRENT ASSETS

Debtors

7

367,833

1,779,403

Cash at bank

481

481

368,314

1,779,884

CREDITORS

Amounts falling due within one year

8

1,113,337

1,419,240

NET CURRENT (LIABILITIES)/ASSETS

(745,023

)

360,644

TOTAL ASSETS LESS CURRENT LIABILITIES

6,555,015

7,509,146

CREDITORS

Amounts falling due after more than one year

9

(1,766,060

)

(1,608,086

)

PROVISIONS FOR LIABILITIES

(843,440

)

(1,086,394

)

ACCRUALS AND DEFERRED INCOME

(279,300

)

(279,300

)

NET ASSETS

3,666,215

4,535,366

CAPITAL AND RESERVES

Called up share capital

11

14,102

12,179

Share premium

2,987,676

2,614,537

Retained earnings

664,437

1,908,650

SHAREHOLDERS' FUNDS

3,666,215

4,535,366

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 24 June 2021 and were signed on its behalf by:

M S Bewick - Director

1.	STATUTORY INFORMATION

J.w.greaves & Sons,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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax. When the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes in effect a financing transaction, the fair value of the consideration is measured as the present value of all future receipts determined using an imputed rate of interest, normally the rate that discounts the nominal amount of consideration to the cash sales price.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities described below.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

at variable rates on reducing balance

Freehold Land and Buildings have been reclassified as investment property on the transition to FRS 102. Some of the land and buildings are used for trading purposes however the value of this land could not be ascertained without undue cost and effort. The directors have therefore decided it to be prudent to include all Land and Buildings as Investment Property.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

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

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.

Valuation of investments

Investments in subsidiary companies are stated at directors valuation of fair value less any provision for impairment. The revaluation is based on the company share of the underlying net assets of the subsidiaries.

Going concern

The financial statements have been prepared on a going concern basis. The directors are satisfied that the company has the necessary funding to meet day to day working capital requirements. The company continues to provide financial support to it's subsidiary companies. The company has provided an unlimited multilateral guarantee for the bank borrowings of its subsidiary companies. As a consequence, the company is dependant upon the financial support of the groups bankers who have provided a bank facility which the company directors consider adequate for the groups needs. This facility has been renewed since the balance sheet date at a level adequate for the groups foreseeable requirements.

The group is also dependent on the loans and capital injections from shareholders in order to continue as a going concern.

The groups directors have prepared projected cash flow information covering the period to 30 September 2020 and beyond.

The directors have also given consideration to the affect of Covid 19 on the ability of the company to continue as a going concern and have prepared forecasts, sourced finance and government aid where available.

On the basis of this cash flow information, other financial information and the groups relationship with its bankers, the company directors consider it appropriate to prepare the company financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Long

Plant and

leasehold

machinery

Totals

£

£

£

COST OR VALUATION

At 1 October 2019

725,411

3,640,946

4,366,357

Additions

94,166

12,496

106,662

Disposals

-

(16,951

)

(16,951

)

At 30 September 2020

819,577

3,636,491

4,456,068

DEPRECIATION

At 1 October 2019

14,508

1,126,238

1,140,746

Charge for year

16,392

103,112

119,504

Eliminated on disposal

-

(11,591

)

(11,591

)

At 30 September 2020

30,900

1,217,759

1,248,659

NET BOOK VALUE

At 30 September 2020

788,677

2,418,732

3,207,409

At 30 September 2019

710,903

2,514,708

3,225,611

The company has allowed a charge over the company's assets, including the plant and machinery owned outright with a carrying amount of £3,225,611, as security for the bank.

Cost or valuation at 30 September 2020 is represented by:

Long

Plant and

leasehold

machinery

Totals

£

£

£

Valuation in 2013

-

1,545,256

1,545,256

Valuation in 2017

-

350,000

350,000

Valuation in 2019

(429,000

)

(194,000

)

(623,000

)

Cost

1,248,577

1,935,235

3,183,812

819,577

3,636,491

4,456,068

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

556,565

556,565

Aggregate depreciation

387,104

387,104

Value of land in freehold land and buildings

165,489

165,489

Freehold land and buildings were valued on an open market basis on 30 September 2006 by the company directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 October 2019

and 30 September 2020

15,000

DEPRECIATION

At 1 October 2019

7,500

Charge for year

3,750

At 30 September 2020

11,250

NET BOOK VALUE

At 30 September 2020

3,750

At 30 September 2019

7,500

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1 October 2019

613,501

Additions

1,803,345

Impairments

(1,698,556

)

At 30 September 2020

718,290

NET BOOK VALUE

At 30 September 2020

718,290

At 30 September 2019

613,501

Cost or valuation at 30 September 2020 is represented by:

Shares in

group

undertakings

£

Valuation in 2005

4,932

Valuation in 2013

(200,000

)

Cost

913,358

718,290

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2019

3,699,374

Additions

67,718

At 30 September 2020

3,767,092

DEPRECIATION

At 1 October 2019

389,984

Charge for year

2,769

At 30 September 2020

392,753

NET BOOK VALUE

At 30 September 2020

3,374,339

At 30 September 2019

3,309,390

Fair value at 30 September 2020 is represented by:

£

Valuation in 2017

3,829,740

Valuation in 2019

(201,097

)

Cost

138,449

3,767,092

7.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

167,429

236,331

Other debtors

157,520

137,535

324,949

373,866

Amounts falling due after more than one year:

Amounts owed by group undertakings

42,884

1,402,012

Other debtors

-

3,525

42,884

1,405,537

Aggregate amounts

367,833

1,779,403

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

759,427

807,839

Hire purchase contracts

2,500

2,500

Trade creditors

150,885

335,305

Taxation and social security

54,701

57,079

Other creditors

145,824

216,517

1,113,337

1,419,240

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

1,571,050

1,367,076

Hire purchase contracts

2,710

5,210

Other creditors

192,300

235,800

1,766,060

1,608,086

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

293,886

359,208

Bank loans

2,036,591

1,815,707

2,330,477

2,174,915

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

14,102

Ordinary

1

14,102

12,179

Share Capital

At 30/09/20 the company's share capital consisted of 14,102 fully paid £1 ordinary shares, made up of 11,208 ordinary £1 A shares , 403 ordinary £1 C shares and 567 ordinary £1 D shares.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Steven Barrett (Senior Statutory Auditor)

for and on behalf of Williams Denton Cyf

13.	RELATED PARTY DISCLOSURES

Transactions with Subsidiary Companies:

Quarry Tours limited

During the year the company received rent on leased property of £18,000(2019 £77,353) from its subsidiary company, Quarry Tours Limited. No payment was received this year £44,301 (2019 £44,301) from Quarry Tours Limited for the provision of direct management services and a due proportion of shared services.

Quarry tours did not recharged JW Greaves & Sons (2019 £111,472) during the year for assisting J W Greaves & Sons Limited with the running of the site.

Balance owed from Quarry Tours Limited at 1 October 2019 was £1,402,012

Balance owed from Quarry Tours Limited at 30 September 2020 was £42,852

Maximum balance outstanding during the year was £1,846,197

14.	COMMITMENTS ON BEHALF OF GROUP COMPANIES

The company has provided an unlimited multilateral guarantee for the bank borrowings of its subsidiaries. At 30 September 20 such borrowings amounted to NIL (2019 NIL).