Limehillock Quarries Ltd. - Accounts to registrar (filleted) - small 18.2
Limehillock Quarries Ltd. - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
LIMEHILLOCK QUARRIES LTD. |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LIMEHILLOCK QUARRIES LTD. |
COMPANY INFORMATION |
for the Year Ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
BANKERS: |
First Floor |
Camas House |
Fairways Business Park |
Inverness |
IV2 6AA |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
BALANCE SHEET |
31 December 2021 |
31.12.20 | 31.12.21 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year | 9 | ( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
BALANCE SHEET - continued |
31 December 2021 |
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 |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Limehillock Quarries Ltd. is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
In light of the ongoing global health crisis caused by COVID-19, the directors have assessed the impact that this could have on the business. The company is continuing to trade as normal and accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Limehillock Quarries Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Colin Murray Development Limited, 9 Glasgow Road, Paisley, PA1 3QS. |
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. |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses.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 assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised and in any future periods affected. |
The key areas of judgement that the directors have made in applying accounting policies and key sources of estimation uncertainty comprise: |
- Depreciation |
- Recoverability of debtors |
- Stock |
Depreciation rates are kept the same as prior years, but reviewed on an annual basis to ensure they reflect the useful life of the asset. |
The directors consider the recoverability of debtors, based on their judgement and knowledge of the industry and the age of the unpaid debtor and terms of trade, and provide accordingly. |
Stock is valued by the directors using established industry standards and their judgement and knowledge of the industry. Provision is made accordingly in respect of any obsolete stock. |
Turnover |
Turnover represents the total invoice value, less credit notes, excluding value added tax, of sales made in the period. |
Revenue is recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Revenue from the hire of products and services is recognised at the time the product is supplied or services have been rendered and accepted. In respect of contracts for ongoing services and quarry sales, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Revenue is measured at the fair value of consideration received or receivable for goods and services provided in the normal course of business, net of discounts and value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Assets held under finance leases are depreciated in the same way as owned assets |
At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is a reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of the grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying value of the asset. |
Stocks |
Stocks are valued at the lower of cost and expected selling price less costs to complete and sell, after making due allowance for obsolete or slow moving items. |
When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction on the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. Provision is made against the carrying value when the directors consider that there has been a permanent diminution in value. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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 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 and loss account 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. |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Cash & cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. |
Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company mainly enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties and loans to and from related parties. |
Debt instruments that are payable or receivable within one year, typically trade debtors or creditors, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset settle the liability simultaneously. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
Totals | machinery | fittings | vehicles | equipment |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
Totals | machinery | vehicles |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
Totals | undertakings | investments |
£ | £ | £ |
COST |
At 1 January 2021 |
and 31 December 2021 | 30,900 |
PROVISIONS |
At 1 January 2021 |
and 31 December 2021 | 30,700 | 30,700 | - |
NET BOOK VALUE |
At 31 December 2021 | 200 |
At 31 December 2020 | 200 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Other debtors |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.21 | 31.12.20 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
LIMEHILLOCK QUARRIES LTD. (REGISTERED NUMBER: SC294085) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
10. | LEASING AGREEMENTS - continued |
Non-cancellable operating | leases |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.21 | 31.12.20 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 520,410 | 913,743 |
The company, together with Las Plant Hire Ltd and Colin Murray Development Ltd, has entered into a group overdraft facility and business term loans, provided by Handelsbanken plc. |
Each of the companies has granted a first and only Bond and Floating charge in favour of Svenska Handelsbanken AB (publ), the parent company of Handelsbanken plc, as security for those advances. |
In addition: |
- | there is also an unlimited intercompany composite guarantee granted by this company, Las Plant Hire Ltd and Colin Murray Development Ltd in respect of each company's borrowing from the Bank. |
- | The Bank holds a first standard security granted by Colin Murray Development Ltd over land which that company owns. |
Obligations under hire purchase contracts are secured over the assets to which they relate. |
12. | CONTINGENT LIABILITIES |
The company has agreed to provide three performance bonds in respect of its obligations under three quarry leases. The company has paid single instalment insurance premiums to reputable providers and executed Bonds to cover its obligations totalling £49,174 (2020 £77,556). |
13. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent of the company is |
The ultimate parent and the largest and smallest group financial statements that consolidate this company is Paisley, PA1 3QS. |
capital in the ultimate parent company between them. |