Registered number:
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
COMPANY INFORMATION
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LONGCLIFFE QUARRIES LIMITED
CONTENTS
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LONGCLIFFE QUARRIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their Strategic Report for the year ended 31 March 2022.
Principal activity The principal activity of the Company has continued to be the extraction of minerals, producing high purity calcium carbonate products for industrial applications.
The Company had another profitable year, recording profits before tax of £3,164,167 (2021 - £3,244,375).
The economy and many business sectors have been impacted by the continued presence of the Covid-19 global pandemic although, thankfully, this has diminished towards the end of the period. As a result of the diversified commercial relationships enjoyed by the Company, the robust and proactive actions of the management and the total support of the employees, the Company has not been overly detrimentally impacted by the virus during the year. Trading conditions, however, continue to be challenging with inflation, recruitment and resource availability all presenting problems. The Company's balance sheet strength and favourable cash position will ensure these challenges are overcome. The directors are confident of delivering another profitable result in 2023. The progress of the business has continued to be supported by significant investment in capital expenditure.
Owing to the nature of the Company's activities and the transport fleet operated, the volatility of energy prices is a risk to the business. The Company manages this risk by entering into supply contracts at the most opportune time, although fuel prices are subject to changes in worldwide markets.
The Company has exposure to interest rate fluctuations with bank borrowings being based on variable rates. The directors consider that the risk of material impact as a result of a change in rates is small and can be accommodated through cash flows arising from forecast performance. The Company's banking facilities have been renewed and are considered adequate going forward. Short-term flexibility is achieved by overdraft facilities. Credit risk arises on financial instruments such as trade debtors. Policies and procedures exist to ensure that the trade debtors have an appropriate credit history and make payments in accordance with terms. Debtors are stated net of provision. From the Balance Sheet date to the date of this report the directors have considered the trading position of the Company, along with future cash flow forecasts, and consider that the Company will be able to operate within the existing bank facility. The position of the Company has been further improved post year end with the sale of the land and buildings which were formerly the operating site of a subsidiary company. Subsequent to the year end, the directors have renewed and consolidated the existing banking facilities for the Group which provide low-cost funding and sufficient working capital to support the trading expectations going forward.
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LONGCLIFFE QUARRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
The directors use a number of key performance indicators to monitor performance of the business which include the following:
Gross margin: 32.3% (2021: 33.6%) Turnover by employee: £215,000 (2021: £194,000)
Longcliffe Quarries: Stakeholder Engagement
As the Board of Directors at Longcliffe Quarries, we have a legal responsibility under section 172 of the CompaniesAct 2006 to act in the way we consider, in good faith, would be most likely to promote the Company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the Company and its stakeholders. This statement addresses the ways in which we as a board satisfy this responsibility. Promoting the Company’s success for its members Longcliffe Group was established in 1927 by the Shields family and continues to be owned and operated by them today. We are proud that over almost a century we have provided employment, training and income to the employees and members. The Longcliffe Group comprises businesses involved predominantly in quarrying but also in renewable energy and composting. The main quarrying business is one of the largest independent quarrying companies in the country. At the heart of the Group is our focus on providing a quality product, providing added value solutions to our customers and the continued acquisition of minerals and planning to sustain the quarry processing and operations. Engaging with stakeholders Our key stakeholders, and the ways in which we engage with them, are as follows: Our employees We rely upon a specialist highly skilled workforce to run our quarries and distribute our product. Our businesses are renowned for high levels of customer care and satisfaction, and this can only be achieved with the involvement of a content and dedicated workforce. Recruitment and retention of staff at all levels is therefore critical to our success. We engage with our workforce by: • Setting remuneration at market-leading rates and rewarding performance with bonuses at all levels in all businesses • Providing structured training and development support • Providing apprenticeship training where appropriate • Involving all employees in regular business trading updates delivered in person by the Group MD • Issuing merit awards for worthwhile acts and ideas
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LONGCLIFFE QUARRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
Our customers and suppliers
We provide high quality goods and services to our customers at the right time and at the right price. We pride ourselves on being always available to our customers to respond to their needs. Our highly trained and experienced field-based employees maintain regular ongoing relationships with our customers to ensure a detailed understanding of their requirements. Over nearly 100 years enduring relationships have also been established with our suppliers who are, where possible, sourced from the local area. Longcliffe Quarries has a reputation as a fair and transparent business partner. Our community As a family run company with roots in the local area, we have through our Longcliffe Community Fund invested heavily with charitable donations and support programmes. We aid the local parish councils and actively support local and grass roots businesses. Sponsorships are also made to local schools and sports teams. We also engage with our local schools by hosting educational trips to the quarries. Our planet The quarrying industry plays a vital role in maintaining and improving biodiversity and Longcliffe is passionately committed to the protection of the environment. We always strive to be a good neighbour and our substantial investment in environmentally friendly measures will ensure a lasting legacy for the benefit of the future generations. We adopt the latest continuous improvement training, techniques, and technology through our Operational Fundamentals programme. Through setting targets for the reduction of energy consumption and carbon emissions, we aim to reduce our use of fossil fuels in our operations, primarily production and transport and through energy efficiency and seeking alternative renewable energy sources. This has led to an overall target of net zero carbon by 2027.
This report was approved by the board on 29 November 2022
and signed on its behalf.
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LONGCLIFFE QUARRIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their report and the financial statements for the year ended 31 March 2022.
The profit for the year, after taxation, amounted to £
2,979,900
(2021 -
£
2,586,172
)
.
Particulars of dividends are disclosed in note 12.
The directors who served during the year were:
Subsequent to the year end, P Boustead was appointed as a director on 30 April 2022 and D E Mooney was appointed as a director on 29 September 2022.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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LONGCLIFFE QUARRIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
The Company is committed to a capital expenditure plan to both maintain and improve its service provision and product offering. This will enable it to take advantage of demand fluctuations across the varied market sectors it sells into.
Research and development expenditure during the year has been concentrated on the development of new processes for value added limestone products.
Subsequent to the year end, the land and buildings which were occupied by a subsidiary company have been sold to an external third party. Following this sale, the subsidiary company will wind down its trading activities over time and in due course be liquidated.
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LONGCLIFFE QUARRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGCLIFFE QUARRIES LIMITED
We have audited the financial statements of Longcliffe Quarries Limited (the 'Company') for the year ended 31March2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LONGCLIFFE QUARRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGCLIFFE QUARRIES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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LONGCLIFFE QUARRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGCLIFFE QUARRIES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations; and • through discussions with the directors and other management and from our commercial knowledge, we identified the laws and regulations applicable to the Company. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relationships; • reviewed the general ledger entries during the year to identify unusual transactions; • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and • investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; • considering relationships with HMRC and other relevant regulators; and • reviewing legal and professional costs to identify any indicators of litigation. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if
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LONGCLIFFE QUARRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGCLIFFE QUARRIES LIMITED (CONTINUED)
any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Cedar House
63 Napier Street
South Yorkshire
S11 8HA
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LONGCLIFFE QUARRIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
REGISTERED NUMBER:
00273400
BALANCE SHEET
AS AT
31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
REGISTERED NUMBER:
00273400
BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 36 form part of these financial statements.
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LONGCLIFFE QUARRIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Longcliffe Quarries Limited is a private company, limited by shares, domiciled and incorporated in EnglandandWales (registered number: 00273400). The registered office address is Longcliffe, Brassington, Matlock, Derbyshire, DE4 4HN.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Longcliffe Group Limited as at 31 March 2022 and these financial statements may be obtained from Companies House.
The directors have prepared budgets and forecasts, based upon all information available, which demonstrate sufficient cash resources will be available to the Company to ensure it can meet its financial obligations as they fall due for the foreseeable future, this being the period covering at least twelve months from the date of approval of these financial statements. For these reasons they continue to adopt the going concern basis of accounting in preparing the financial statements.
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Defined benefit pension plan
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. The key estimates used in the preparation of the financial statements are as follows: The pension liability has been valued by an actuary in accordance with FRS 102. Key estimates applied in the valuation of the pension scheme include inflation, discount rate and mortality rates. Management consider the estimates applied by the actuary to be reasonable. A de-commissioning provision has not been included in the financial statements. This is because the directors consider that the net present value of any future costs associated with decommissioning are expected to be immaterial. Investment property is recognised at fair value, subject to property valuations which are in themselves an estimate by an external expert. Similarly, the depreciation rates adopted for all classes of property, plant and equipment are an estimate based on management's best estimate of the use and longevity of the asset. The carrying value of overage rights are based on a valuation provided by management's external expert.
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The whole of the turnover is attributable to the single business activity.
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The directors have revalued the investment properties on an open market value for an existing use basis with guidance provided by qualified surveyors.
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Share premium account
Capital redemption reserve
Profit and loss account
At 31 March 2022, the Company had capital commitments contracted for but not provided in these financial statements of £1,198,797 (2021: £628,369).
At 31 March 2022, the Company had a commitment in place to purchase diesel for a total amount of £333,007 (2021: £Nil).
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The Company operates two defined contribution pension schemes.
The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the fund and amounted to £613,932 (2021 - £643,731). Contributions totalling £73,287 (2021 - £62,180) were outstanding at the year end.
The Company operates a defined benefit pension scheme.
The defined benefit pension scheme is for all qualifying employees which is funded by the payment of contibutions to separately administered funds. The scheme is closed both to new entrants and to future benefit accruals. The Company made contributions of £1,100,000 during the year (2021: £807,000).
The valuation is based on the most recent comprehensive actuarial valuation dated 31 March 2019 which has been updated by Barnett Waddingham to assess the assets and liabilties of the scheme at 31 March 2022.
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
25.
Pension commitments (continued)
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
25.
Pension commitments (continued)
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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LONGCLIFFE QUARRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The immediate and ultimate parent undertaking is Longcliffe Group Limited, a company registered in England and Wales.
The largest and smallest group of undertakings for which group accounts for the year ended 31March2022 have been drawn up is that headed by Longcliffe Group Limited. Copies of the group accounts are available at Companies House. The ultimate controlling party is R J G Shields and members of his immediate family, by virtue of their shareholding in the ultimate parent undertaking.
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