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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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HARLEYFORD VALLEY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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FOR |
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HARLEYFORD VALLEY LIMITED |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Directors' Responsibilities Statement | 7 |
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Independent Chartered Accountants' Review Report | 8 |
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HARLEYFORD VALLEY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
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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 |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
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BALANCE SHEET |
30 JUNE 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
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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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Harleyford Valley Limited is a
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company's registered 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 and going concern |
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The directors are of the opinion that despite the company having a net current liability position, there is |
sufficient working capital in order for the company to meet its day to day trading requirements for the |
foreseeable future. Therefore, the financial statements have been prepared on a going concern basis. |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount |
receivable for goods and services supplied, net of returns, discounts and value added taxes. |
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Revenue is recognised in the accounting period in which the services were rendered. |
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Revenue is recognised when goods are delivered to the customer, such that the risks and rewards of |
ownership have passed to them. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates from the date of use in order to write off each asset over |
its estimated useful life: |
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Plant and machinery | -20% on cost |
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Depreciation commences in the month of acquisition. |
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Minerals and void space are shown at fair value. This value is derived by placing a nominal value per tonne of |
the expected volume of minerals in the ground at the balance sheet date, the sale of gravel and minerals in |
the ground and the expected return on the void space. |
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Any surplus or deficit arising from a change in fair value is recognised initially in profit or loss. The balance, |
net of deferred tax, is then transferred to a non-distributable reserve called the 'revaluation reserve'. |
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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. |
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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 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. |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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Deferred site development costs |
Site development costs incurred are deferred on the balance sheet until the site is operational. Once it is, they |
are then written off over the life of the site, at a pre-determined rate, in line with the anticipated load capacity |
to match against future income streams generated therefrom. |
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The expected total site development costs to bring new sites into operation under new planning and |
environmental legislation, whether freehold or leasehold, are charged to the profit and loss account evenly |
over the expected period prior to the site achieving pre-planning conditions. |
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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. | TANGIBLE FIXED ASSETS |
Plant and |
Minerals | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2017 |
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Additions |
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Revaluations |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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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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Cost or valuation at 30 June 2018 is represented by: |
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Plant and |
Minerals | machinery | Totals |
£ | £ | £ |
Valuation in 2017 | 194,298 | - | 194,298 |
Valuation in 2018 | 2,490,180 | - | 2,490,180 |
Cost | - | 1,960,948 | 1,960,948 |
2,684,478 | 1,960,948 | 4,645,426 |
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Minerals and void space were valued on a fair value basis on 30 June 2018 by the Directors. |
HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST OR VALUATION |
At 1 July 2017 |
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Additions |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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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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5. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to related parties | 2,746,472 | 2,478,232 |
Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
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HARLEYFORD VALLEY LIMITED (REGISTERED NUMBER: 08227924) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank overdraft |
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Hire purchase contracts | 976,289 | 730,198 |
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Hire purchase liability is secured on the fixed assets as disclosed in note 7. |
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Bank overdraft is secured by a fixed and floating charge over assets of the company. |
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9. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Tax losses carried forward | ( |
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Accelerated capital allowances | 99,879 | 101,096 |
Deferred tax on mineral valuation | 510,050 | 36,917 |
543,396 | 60,624 |
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Deferred |
tax |
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Balance at 1 July 2017 |
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Provided during year |
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Balance at 30 June 2018 |
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10. | RESERVES |
Revaluation |
reserve |
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At 1 July 2017 |
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Revaluation transfer | 2,017,047 |
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At 30 June 2018 |
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11. | RELATED PARTY DISCLOSURES |
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At the year end, the amount owed to the joint shareholders was £2,746,472 (2017: £2,478,232). These loans |
are interest free and repayable on demand. |
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12. | ULTIMATE CONTROLLING PARTY |
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There is no overall controlling party. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
HARLEYFORD VALLEY LIMITED |
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The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the |
company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and |
certain other primary statements and the Report of the Directors are not required to be filed with the |
Registrar of Companies. |
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We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
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prepare financial statements which give a true and fair view of the state of affairs of the company as at
30 June 2018 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
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follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to
the financial statements. |
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ON BEHALF OF THE BOARD: |
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8 November 2018 |
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
HARLEYFORD VALLEY LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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We have reviewed the financial statements of Harleyford Valley Limited for the year ended 30 June 2018, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 1 to 15. The financial reporting framework that has been applied in their preparation is 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'. |
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This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter 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 directors as a body for our work, for this report or the conclusions we have formed. |
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Directors' responsibility for the financial statements |
As explained more fully in the Directors' Responsibilities Statement set out on page eleven, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
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Accountants' responsibility |
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our |
review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to |
review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements |
on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
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Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We |
have performed additional procedures to those required under a compilation engagement. These primarily consist of |
making enquiries of management and others within the entity, as appropriate, applying analytical procedures and |
evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed |
in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do |
not express an audit opinion on these financial statements. |
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Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
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so as to give a true and fair view of the state of the company's affairs as at 30 June 2018 and of its profit for the
year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
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Chartered Accountants |
34-40 High Street |
Wanstead |
London |
E11 2RJ |
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