Limehillock Quarries Ltd. - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC294085 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

LIMEHILLOCK QUARRIES LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C M Murray

Mrs J Murray

R C Murray

SECRETARY:

Mrs J Murray

REGISTERED OFFICE:

9 Glasgow Road

Paisley

PA1 3QS

REGISTERED NUMBER:

SC294085 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

BANKERS:

Handelsbanken plc

First Floor

Camas House

Fairways Business Park

Inverness

IV2 6AA

FIXED ASSETS

2,430,476

Tangible assets

5

1,819,748

200

Investments

6

100

2,430,676

1,819,848

CURRENT ASSETS

873,300

Stocks

961,936

597,937

Debtors

7

684,148

1,766

Cash at bank

112,340

1,473,003

1,758,424

CREDITORS

1,164,273

Amounts falling due within one year

8

1,082,130

308,730

NET CURRENT ASSETS

676,294

2,739,406

TOTAL ASSETS LESS CURRENT LIABILITIES

2,496,142

CREDITORS

(442,281

)

Amounts falling due after more than one year

9

(90,306

)

(278,040

)

PROVISIONS FOR LIABILITIES

(345,752

)

2,019,085

NET ASSETS

2,060,084

CAPITAL AND RESERVES

5,000

Called up share capital

5,000

2,014,085

Retained earnings

2,055,084

2,019,085

SHAREHOLDERS' FUNDS

2,060,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 31 August 2023 and were signed on its behalf by:

C M Murray - Director

R C Murray - Director

1.	STATUTORY INFORMATION

Limehillock Quarries Ltd. is a private company, limited by shares , registered in Scotland. 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its 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.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

Computer equipment

-

33% on cost

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.

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.

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 20 (2021 - 29 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

Totals

machinery

fittings

vehicles

equipment

£

£

£

£

£

COST

At 1 January 2022

5,393,350

5,109,840

8,190

253,724

21,596

Additions

359,291

299,460

-

59,831

-

Disposals

(1,746,520

)

(1,649,175

)

-

(97,345

)

-

At 31 December 2022

4,006,121

3,760,125

8,190

216,210

21,596

DEPRECIATION

At 1 January 2022

2,962,874

2,823,634

6,115

128,297

4,828

Charge for year

284,784

267,570

311

11,314

5,589

Eliminated on disposal

(1,061,285

)

(1,022,834

)

-

(38,451

)

-

At 31 December 2022

2,186,373

2,068,370

6,426

101,160

10,417

NET BOOK VALUE

At 31 December 2022

1,819,748

1,691,755

1,764

115,050

11,179

At 31 December 2021

2,430,476

2,286,206

2,075

125,427

16,768

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 2022

1,837,902

1,799,607

38,295

Additions

167,000

167,000

-

Disposals

(799,395

)

(761,100

)

(38,295

)

Transfer to ownership

(163,500

)

(163,500

)

-

At 31 December 2022

1,042,007

1,042,007

-

DEPRECIATION

At 1 January 2022

586,370

580,625

5,745

Charge for year

166,273

166,273

-

Eliminated on disposal

(348,297

)

(342,552

)

(5,745

)

Transfer to ownership

(85,073

)

(85,073

)

-

At 31 December 2022

319,273

319,273

-

NET BOOK VALUE

At 31 December 2022

722,734

722,734

-

At 31 December 2021

1,251,532

1,218,982

32,550

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

Totals

undertakings

investments

£

£

£

COST

At 1 January 2022

30,900

30,800

100

Disposals

(100

)

-

(100

)

At 31 December 2022

30,800

30,800

-

PROVISIONS

At 1 January 2022

and 31 December 2022

30,700

30,700

-

NET BOOK VALUE

At 31 December 2022

100

100

-

At 31 December 2021

200

100

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

584,300

474,343

Amounts owed by group undertakings

76,641

-

Other debtors

23,207

123,594

684,148

597,937

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

-

432,879

Hire purchase contracts (see note 10)

260,504

273,129

Trade creditors

77,129

184,592

Amounts owed to group undertakings

462,280

104,110

Taxation and social security

220,664

133,737

Other creditors

61,553

35,826

1,082,130

1,164,273

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

-

195,000

Hire purchase contracts (see note 10)

90,306

247,281

90,306

442,281

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.22

31.12.21

£

£

Gross obligations repayable:

Within one year

275,785

287,771

Between one and five years

94,334

261,964

370,119

549,735

Finance charges repayable:

Within one year

15,281

14,642

Between one and five years

4,028

14,683

19,309

29,325

Net obligations repayable:

Within one year

260,504

273,129

Between one and five years

90,306

247,281

350,810

520,410

Non-cancellable

operating leases

31.12.22

31.12.21

£

£

Within one year

33,596

63,148

Between one and five years

134,385

177,048

In more than five years

229,932

270,193

397,913

510,389

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank overdraft

-

393,879

Bank loans

-

234,000

Hire purchase contracts

350,810

520,410

350,810

1,148,289

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 £2,928 (2021 £49,174).

13.	CAPITAL COMMITMENTS

31.12.22

31.12.21

£

£

Contracted but not provided for in the

financial statements

124,387

-

14.	ULTIMATE CONTROLLING PARTY