IRIS Accounts Production
v17.3.1.106
02984129
Board of Directors
1.7.16
30.6.17
30.6.17
7/10/2017
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Auditors Opinion
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REGISTERED NUMBER:
02984129
(England and Wales)
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GOITRE TOWER ANTHRACITE LIMITED
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FOR THE YEAR ENDED 30 JUNE 2017
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Notes to the Financial Statements
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3
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to
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7
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DIRECTORS:
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T O'Sullivan OBE
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SECRETARY:
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G N Davies OBE |
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REGISTERED OFFICE:
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Treherbert Road
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REGISTERED NUMBER:
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02984129 (England and Wales)
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SENIOR STATUTORY AUDITOR:
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Brian Garland
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Chartered Accountants and Statutory Auditor
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BANKERS:
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Barclays Bank Plc
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National Westminster Bank Plc
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Investments
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3
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3,267,253
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4,095,576
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Debtors
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4
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899,787
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899,787
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Cash at bank
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30,245
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30,245
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NET CURRENT ASSETS
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930,032
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930,032
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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4,197,285
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5,025,608
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Called up share capital
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2,162,000
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2,162,000
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Share premium
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223,000
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223,000
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Retained earnings
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1,812,285
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2,640,608
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SHAREHOLDERS' FUNDS
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4,197,285
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5,025,608
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The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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 on
7 October 2017 and were signed on its
behalf by:
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G N Davies OBE - Director
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Goitre Tower Anthracite Limited is a
private company, limited by shares , registered in England and
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Wales. The company's registered number and registered office address can be found on the Company
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The presentation currency of the financial statements is the Pound Sterling (£).
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Basis of preparation of the financial statements
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These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The particular accounting policies adopted, which have been applied consistently throughout the
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current and the prior financial year, are described below.
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Investments in subsidiaries
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Investments in subsidiary undertakings are recognised at cost.
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
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except to the extent that it relates to items recognised in other comprehensive income or directly in
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Current or deferred taxation assets and liabilities are not discounted.
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
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enacted or substantively enacted by the balance sheet date.
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
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different from those in which they are recognised in financial statements. Deferred tax is measured
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using tax rates and laws that have been enacted or substantively enacted by the year end and that are
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expected to apply to the reversal of the timing difference.
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable
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that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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In preparing the financial statements, the directors have considered the current financial position of the
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company and the likely future cash flows.
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Tower Regeneration Limited commenced restoration activities at the Hirwaun site during the year and
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have obtained confirmation from Hargreaves Services Plc that it will support Tower Regeneration
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Limited and its subsidiary financially for the next twelve months. Furthermore discussions are on-going
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to maximise the potential for future regeneration and development of the site.
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Therefore after making appropriate enquiries, the directors have a reasonable expectation that the
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company will have access to adequate resources to continue in existence for the foreseeable future.
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Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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3.
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FIXED ASSET INVESTMENTS
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At 30 June 2017
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3,267,253
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At 30 June 2017
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3,267,253
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At 30 June 2016
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4,095,576
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The company's investments at the Balance Sheet date in the share capital of companies include the
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Nature of business:
Coal mining related activities |
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Aggregate capital and reserves
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3,267,253
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4,095,576
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|
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Loss for the year
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(173,183
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) |
(403,561
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) |
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Welsh Dragon Coal Limited
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Nature of business:
Not trading |
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Aggregate capital and reserves
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(135,389
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) |
(135,389
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) |
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Investment in 100% subsidiary has been fully provided for given the net liability position at the balance
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Tower Energy Resources Limited
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Nature of business:
Not trading |
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Aggregate capital and reserves
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162,616
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162,616
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Tower Energy Resources Limited is a 100% subsidiary of Tower Colliery Limited, which is a wholly
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owned subsidiary of Goitre Tower Anthracite Limited.
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Goitre Tower Anthracite Trustees Limited
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Nature of business:
Non-trading |
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Aggregate capital and reserves £101 as at 30 November 2016 (2015 - £101).
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The investment has been fully provided for at the balance sheet date.
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Tower Regeneration Limited
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Nature of business:
Surface mine development and regeneration |
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Aggregate capital and reserves
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2,159,000
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6,874,000
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Loss for the year
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(4,715,000
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) |
(7,919,000
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) |
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Tower Regeneration Limited is a joint venture of Tower Colliery Limited, a wholly owned subsidiary of
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Goitre Tower Anthracite Limited.
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The company has 50 ordinary and 65 A shares in Tower Regeneration Limited. The A shares do not
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have any voting rights and therefore it is a joint venture.
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The financial position and results of Tower Regeneration Limited, as above are from the consolidated
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financial statements, including Tower Regeneration Leasing Limited, a 100% subsidiary of Tower
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4.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed by related parties
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899,787
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899,787
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5.
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DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006
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The Report of the Auditors was unqualified.
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Brian Garland (Senior Statutory Auditor)
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for and on behalf of
Gerald Thomas |
6.
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RELATED PARTY DISCLOSURES
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
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'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related
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party transactions with wholly owned subsidiaries within the group.
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7.
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ULTIMATE CONTROLLING PARTY
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There is no single controlling party.
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This is the first year that the company has presented its financial statements under the Financial
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Reporting Standard 102 Section 1A small entities (FRS 102 1A) issued by the Financial Reporting
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Council. The following disclosures are required in the year of transition. The last financial statements
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under the previous Financial Reporting Standard for Smaller Entities (effective January 2015) (under
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UK GAAP for Smaller Entities) were for the year ended 30 June 2016 and the date of transition to FRS
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102 1A was therefore 1 July 2015. The effect of this is that £899,787 has been reclassified as a current
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debtor as at the date of transition and in the previous year.
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