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REGISTERED NUMBER:
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TOWER COLLIERY LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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REGISTERED NUMBER:
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TOWER COLLIERY LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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TOWER COLLIERY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
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BANKERS: |
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TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
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BALANCE SHEET |
30 JUNE 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Investments | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
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BALANCE SHEET - continued |
30 JUNE 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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1. | STATUTORY INFORMATION |
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Tower Colliery Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number, registered office and principal place of business 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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Turnover |
Turnover represents net invoiced sales of goods and services, and management fees excluding value |
added tax. |
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Revenue recognition |
Revenue from the provision of services and management fee income is recognised evenly over the |
period to which it relates. Revenue from the sale of goods is recognised on despatch. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation net of depreciation and any provision for |
impairment. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life or if held under finance lease, over the lease term, whichever is the shorter. |
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Plant and machinery - 20% reducing balance |
Motor vehicles - 25% reducing balance |
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No depreciation is provided on land. |
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Revaluation of land and buildings |
Individual land and buildings are held at valuation, with the surplus or deficit in book value being |
transferred to the revaluation reserve, except that a deficit which is in excess of any previously |
recognised surplus or reversal of a deficit, over depreciated cost relating to the same property, is |
charged (credited) to the income statement. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial assets |
Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are |
initially measured at transaction price, including transaction costs. They are subsequently carried at |
amortised cost using the effective interest rate 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. |
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Basic financial liabilities |
Basic financial liabilities, including other creditors, 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 payments discounted at a market rate of interest. Financial liabilities |
classified as payable within one year are not amortised. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax |
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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet 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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Going concern |
In preparing the financial statements, the directors have considered the current financial position of the |
company and likely future cashflows. The company has made a loss in the year and has both net |
current liabilities and net liabilities at the balance sheet date. However the company has a cash |
balance of £663,357 at the balance sheet date. The directors are confident that the company is well |
placed to manage its business risks successfully, despite the uncertain economic outlook. |
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The directors have a reasonable expectation that the company has adequate resources to continue in |
operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern |
basis in preparing the financial statements. |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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3. | TANGIBLE FIXED ASSETS |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2017 |
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Impairments | - | (621,786 | ) | - | (621,786 | ) |
At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Impairments |
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( |
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( |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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The directors are of the opinion that the carrying value of the land and buildings is not materially |
different from the fair value at the balance sheet date. |
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4. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 July 2017 |
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125,115 |
Impairments | ( |
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(117,693 | ) |
At 30 June 2018 |
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7,422 |
NET BOOK VALUE |
At 30 June 2018 |
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7,422 |
At 30 June 2017 |
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125,115 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Corporation tax recoverable |
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Prepayments and accrued income |
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TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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6. | CURRENT ASSET INVESTMENTS |
2018 | 2017 |
£ | £ |
Cash held on deposit |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to related parties |
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Social security and other taxes |
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VAT |
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Other creditors |
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Accruals and deferred income |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 July 2017 |
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Deficit for the year | ( |
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Dividends | ( |
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At 30 June 2018 |
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9. | 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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for and on behalf of
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10. | CONTINGENT LIABILITIES |
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The company has provided an unlimited guarantee in respect of the joint venture undertaking Tower |
Regeneration Limited. |
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The guarantee is secured on the stocks and shares of the company. |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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Amounts owed by related parties £25,000 (2017 - £2,608,672) were due from Tower Regeneration |
Limited, a company in which Tower Colliery Limited owns 50% of the shares. A balance of £2,546,054 |
has been fully provided for in the year ended 30 June 2018. £25,000 owing from Tower Regeneration |
Limited as at 30 June 2018 was in respect of management fees and was received in full subsequent to |
the balance sheet date. |
TOWER COLLIERY LIMITED (REGISTERED NUMBER: 02997375) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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12. | ULTIMATE CONTROLLING PARTY |
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The company's immediate and ultimate parent company is
company registered in England and Wales. The directors do not believe there to be an u ltimate controlling party. Copies of the financial statements of Goitre Tower Anthracite Limit ed are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. |