Ffynonau Duon Mines Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 01024041 (England and Wales)

FFYNONAU DUON MINES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

B J Llewellyn

B Williams

SECRETARY:

B Williams

REGISTERED OFFICE:

Pentwyn Farm

Pentwyn

Bargoed

CF81 9NP

REGISTERED NUMBER:

01024041 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

2

687,298

1,250,004

CURRENT ASSETS

Debtors

337,339

445,900

Cash at bank

131,257

400,226

468,596

846,126

CREDITORS

Amounts falling due within one year

3

(180,476

)

(328,754

)

NET CURRENT ASSETS

288,120

517,372

TOTAL ASSETS LESS CURRENT LIABILITIES

975,418

1,767,376

CREDITORS

Amounts falling due after more than one year

3

-

(30,000

)

PROVISIONS FOR LIABILITIES

-

(93,711

)

NET ASSETS

975,418

1,643,665

CAPITAL AND RESERVES

Called up share capital

4

105,010

105,010

Share premium

144,990

144,990

Profit and loss account

725,418

1,393,665

SHAREHOLDERS' FUNDS

975,418

1,643,665

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved for issue by the Board of Directors on 19 June 2017 and were signed on its behalf by:

B Williams - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Going concern

As outlined in the directors report, the company's primary contract was terminated during the year under review.

This action has had a detrimental impact on the value of assets estimated useful life, and accordingly the assets

have been restated at their net realisable value.

Turnover

Turnover represents net invoiced amounts relating to plant hire and the haulage of high quality coals and

minerals during the year, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Freehold Land

-

not provided

Leasehold Improvements

-

over term of lease

Plant and Machinery

-

15% on reducing balance

Fixtures and Fittings

-

15% on reducing balance

Motor Vehicles

-

25% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not

there will be suitable profits from which the future reversal of the underlying timing differences can be deducted.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the 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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

2,089,155

Additions

78,031

Disposals

(203,750

)

At 30 September 2016

1,963,436

DEPRECIATION

At 1 October 2015

839,151

Charge for year

175,735

Eliminated on disposal

(91,106

)

Permanent reduction in

asset value

352,358

At 30 September 2016

1,276,138

NET BOOK VALUE

At 30 September 2016

687,298

At 30 September 2015

1,250,004

3.

CREDITORS

Creditors include an amount of £ 30,000 (2015 - £ 170,511 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

4,500

Ordinary B

£1

4,500

4,500

100,000

Deferred ordinary

£1

100,000

100,000

104,500

104,500

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

£

510

Ordinary A

£1

510

510

5.	ULTIMATE PARENT COMPANY

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2016 and 30

September 2015:

2016

2015

£

£

B J Llewellyn

Balance outstanding at start of year

146,415

-

Amounts advanced

146,415

Amounts repaid

(146,415

)

-

Balance outstanding at end of year

-

146,415