Ashcourt Quarries Limited - Accounts to registrar (filleted) - small 23.1.2
Ashcourt Quarries Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2022 |
| FOR |
| ASHCOURT QUARRIES LIMITED |
| ASHCOURT QUARRIES LIMITED (REGISTERED NUMBER: 11960103) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| ASHCOURT QUARRIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Medina House |
| 2 Station Avenue |
| Bridlington |
| East Yorkshire |
| YO16 4LZ |
| ASHCOURT QUARRIES LIMITED (REGISTERED NUMBER: 11960103) |
| STATEMENT OF FINANCIAL POSITION |
| 31 JULY 2022 |
| 31.7.22 | 31.7.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ASHCOURT QUARRIES LIMITED (REGISTERED NUMBER: 11960103) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2022 |
| 1. | STATUTORY INFORMATION |
| Ashcourt Quarries Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on the going concern basis of accounting, which assumes that the company is able to continue operating as a going concern. The board have considered this assumption, in particular relating to the current economic climate and the resultant increase in costs to the company's operations. |
| Having considered all relevant factors, the board are of the opinion that the going concern basis of accounting remains appropriate. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Ashcourt Quarries Limited 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 undertakings are included by full consolidation in the consolidated financial statements of its parent, Ashcourt Group Limited, Foster Street, Hull, East Yorkshire, HU8 8BT. |
| 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. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| ASHCOURT QUARRIES LIMITED (REGISTERED NUMBER: 11960103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2022 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2021 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 August 2021 |
| and 31 July 2022 |
| NET BOOK VALUE |
| At 31 July 2022 |
| At 31 July 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.22 | 31.7.21 |
| £ | £ |
| Amounts owed by group undertakings |
| Amounts owed by associates |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.22 | 31.7.21 |
| £ | £ |
| Amounts owed to group undertakings |
| Accrued expenses |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.7.22 | 31.7.21 |
| value: | £ | £ |
| Ordinary | 1 | 100 | 100 |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| ASHCOURT QUARRIES LIMITED (REGISTERED NUMBER: 11960103) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2022 |
| 9. | OTHER FINANCIAL COMMITMENTS - GROUP FINANCING FACILITIES |
| The company is a wholly owned subsidiary of Ashcourt Group Limited (the 'Ashcourt Group'), and is a party to group-wide financing facilities. |
| On 7 December 2021, certain subsidiaries of Ashcourt Group Limited entered into a £10 million invoice financing facility with Bibby Financial Services Ltd, which after the financial year end increased to £12 million in October 2022. Under the terms of this facility, each company in the Ashcourt Group is jointly and severally liable for this debt under the terms of a cross company guarantee. The debt is also secured by a debenture creating fixed and floating charges over all assets owned by Ashcourt Group Limited, other than the investments in the share capital of each of Ashcourt (Pocklington) Limited and Eco Custom Homes Limited. |
| Also on 7 December 2021, other companies in the Ashcourt Group entered into commercial loan agreements totalling £6.8 million with A Shade Greener Finance Limited, secured by first legal charges against freehold commercial properties owned by the group. |
| The above facilities were utilised to repay loans from Toscafund Group Limited, in full. |
| After the financial year end, on 9 November 2022, the Ashcourt Group, along with other related companies not in the group but under common ownership, entered into commercial loan facilities totalling £41.3 million, repayable over a 4 year term, with ICG-Longbow Investment No.5 S.A.R.L. These funds were utilised to repay debt of £3.175 million within the Ashcourt Group (within Ashcourt (Pocklington) Limited), £27.37m outside of the Ashcourt Group, with the balance being utilised for property acquisitions and planned development costs. Security for the lending came in the form of real estate valued at £58.8 million along with charges over the shares of Ashcourt (Pocklington) Limited and other related companies not in the group but under common ownership. |
| Under the terms of the company and Ashcourt Group's banking arrangements, the aggregate of all group bank balances must remain in credit at any one time, no overdraft facilities are in place. However, individual group company balances may be overdrawn at any one time so long as they are covered by credit balances elsewhere in the group. The bank has a right of set-off over all group bank balances. The group was in credit overall as at 31 July 2022, and as at the date of approval of these financial statements. |
| Given the actual and projected financial performance of the group, the board considers that the likelihood of any liability arising for the company in respect of any of the above facilities is remote. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Ashcourt Group Limited. |
| The ultimate controlling party is |