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Financial Statements For The Year Ended 31 December 2019 |
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Munroe SW Limited |
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REGISTERED NUMBER:
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Financial Statements For The Year Ended 31 December 2019 |
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for |
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Munroe SW Limited |
Munroe SW Limited (Registered number: SC090434) |
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Contents of the Financial Statements |
For The Year Ended 31 December 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Munroe SW Limited |
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Company Information |
For The Year Ended 31 December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Munroe SW Limited (Registered number: SC090434) |
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Statement of Financial Position |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Munroe SW Limited (Registered number: SC090434) |
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Notes to the Financial Statements |
For The Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Munroe SW Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible |
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the |
statement of comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter |
at fair value with changes recognised in the statement of comprehensive income. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive |
income or directly in equity. |
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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 enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Prepayments and accrued income |
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Munroe SW Limited (Registered number: SC090434) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2019 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors | ( |
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Social security and other taxes |
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Accrued expenses |
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6. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £0.00 | 2 | 1,618,281 | 1,618,281 |
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8. | GUARANTEES AND INDEMNITIES |
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The company has provided an indemnity to GT TMGL Limited in respect of all previous mining activities |
carried out by GT TMGL Limited. No amount was paid under this indemnity in the year (2018: £Nil). |
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The company has entered into a Litigation Deed under which it indemnifies its previous parent companies |
Munroe Holdings Ltd (in Members Voluntary Liquidation) and The Munroe Group (UK) Ltd (in Members |
Voluntary Liquidation) in respect of any third party claim or litigation arising from the sale of Miller Argent |
Holdings Ltd in December 2015 or the previous ownership and operation of the Ffos-y-fran mine. No amount |
was paid under this indemnity in the year nor has there been any notification of any claim under it. |
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The company has provided an indemnity to the directors in respect of their roles in the US subsidiary companies |
James Miller & Partners Inc. and JH & L Coal Company Inc., which have been dissolved during the year end. |
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9. | RELATED PARTY DISCLOSURES |
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During 2017 Munroe SW Limited purchased James Miller & Partners Inc. (Delaware, USA) and JH & L Coal |
Company Inc. (Indiana, USA) from Munroe Holdings Limited (formerly known as TMGL Holdings Limited). |
The purchase was for £1 and the investments are considered to have a nil value. |