Company Registration No. SC212435 (Scotland)
COLLIER QUARRYING AND RECYCLING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
COLLIER QUARRYING AND RECYCLING LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 8
COLLIER QUARRYING AND RECYCLING LIMITED
Report To The Director On The Preparation Of The Unaudited Statutory Accounts Of Collier Quarrying And Recycling Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Collier Quarrying and Recycling Limited for the year ended 31 May 2019 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/ethics/support-and-guidance.
This report is made solely to the Director of Collier Quarrying and Recycling Limited, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of Collier Quarrying and Recycling Limited and state those matters that we have agreed to state to the Director of Collier Quarrying and Recycling Limited, in this report in accordance with the requirements of the
ICAS
as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Collier Quarrying and Recycling Limited and its Director, for our work or for this report.
It is your duty to ensure that Collier Quarrying and Recycling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Collier Quarrying and Recycling Limited. You consider that Collier Quarrying and Recycling Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Collier Quarrying and Recycling Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Condie & Co
24 February 2020
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
COLLIER QUARRYING AND RECYCLING LIMITED
Statement Of Financial Position
As At 31 May 2019
31 May 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,402,655
4,916,404
Current assets
Stocks
10,363
11,117
Debtors
5
1,018,057
1,747,191
Cash at bank and in hand
974,146
615,806
2,002,566
2,374,114
Creditors: amounts falling due within one year
6
(3,050,240)
(3,344,819)
Net current liabilities
(1,047,674)
(970,705)
Total assets less current liabilities
4,354,981
3,945,699
Creditors: amounts falling due after more than one year
7
(296,974)
(252,216)
Provisions for liabilities
(230,772)
(273,639)
Net assets
3,827,235
3,419,844
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
3,827,135
3,419,744
Total equity
3,827,235
3,419,844
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies
'
regime.
The financial statements were approved and signed by the director and authorised for issue on 24 February 2020
Mr D A Collier
Director
Company Registration No. SC212435
COLLIER QUARRYING AND RECYCLING LIMITED
Notes To The Financial Statements
For The Year Ended 31 May 2019
- 3 -
1
Accounting policies
Company information
Collier Quarrying and Recycling Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Goathill Quarry, Easter Bucklyvie, Cowdenbeath, Fife, KY4 8ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost , net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% p.a. straight line
Plant and machinery
15% p.a. reducing balance
Fixtures, fittings & equipment
20% p.a. reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
COLLIER QUARRYING AND RECYCLING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2019
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and 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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
COLLIER QUARRYING AND RECYCLING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2019
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
COLLIER QUARRYING AND RECYCLING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2019
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2018 - 0).
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 June 2018
2,595,110
4,359,022
28,971
6,983,103
Additions
54,000
1,143,400
-
1,197,400
Disposals
-
(247,850)
-
(247,850)
At 31 May 2019
2,649,110
5,254,572
28,971
7,932,653
Depreciation and impairment
At 1 June 2018
305,579
1,750,349
10,771
2,066,699
Depreciation charged in the year
52,082
515,355
3,640
571,077
Eliminated in respect of disposals
-
(107,778)
-
(107,778)
At 31 May 2019
357,661
2,157,926
14,411
2,529,998
Carrying amount
At 31 May 2019
2,291,449
3,096,646
14,560
5,402,655
At 31 May 2018
2,289,531
2,608,673
18,200
4,916,404
COLLIER QUARRYING AND RECYCLING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2019
4
Tangible fixed assets
(Continued)
- 7 -
Tangible fixed assets with a net book value of £
5,402,6
5
5 (
2018 - £
4,916,404) have been pledged
as security in favour of The Royal Bank of Scotland Plc.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,017,957
1,419,949
Other debtors
100
65,326
Prepayments and accrued income
-
261,916
1,018,057
1,747,191
6
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
241,714
140,438
Trade creditors
217,531
505,911
Corporation tax
16,339
144,089
Other taxation and social security
9,922
-
Other creditors
2,335,851
2,492,443
Accruals and deferred income
228,883
61,938
3,050,240
3,344,819
The Royal Bank of Scotland Plc hold a fixed charge dated 27 December 2018 and standard security dated 14 December 2010 and 27 July 2010 over all of the assets of the company as security.
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Obligations under finance leases
296,974
252,216
The Royal Bank of Scotland Plc hold a fixed charge dated 27 December 2018 and standard security dated 14 December 2010 and 27 July 2010 over all of the assets of the company as security.
8
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
230,772
273,639
COLLIER QUARRYING AND RECYCLING LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 May 2019
- 8 -
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Related party transactions
The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.