Registration number:
Core Aggregates Ltd
for the Year Ended 31 May 2022
Core Aggregates Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Core Aggregates Ltd
Company Information
Directors |
Mr Kevin Loughran Mr John Patrick Loughran Mrs Mary Loughran Mr John Joseph Loughran |
Registered office |
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Auditors |
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Core Aggregates Ltd
(Registration number: NI618998)
Balance Sheet as at 31 May 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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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 |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
Core Aggregates Ltd
Notes to the Financial Statements for the Year Ended 31 May 2022
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Core Aggregates Ltd
Notes to the Financial Statements for the Year Ended 31 May 2022
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & Machinery |
20% Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Core Aggregates Ltd
Notes to the Financial Statements for the Year Ended 31 May 2022
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Core Aggregates Ltd
Notes to the Financial Statements for the Year Ended 31 May 2022
Tangible assets |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 June 2021 |
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Additions |
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At 31 May 2022 |
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Depreciation |
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At 1 June 2021 |
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Charge for the year |
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At 31 May 2022 |
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Carrying amount |
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At 31 May 2022 |
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At 31 May 2021 |
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Debtors |
Note |
2022 |
2021 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Core Aggregates Ltd
Notes to the Financial Statements for the Year Ended 31 May 2022
Creditors |
Note |
2022 |
2021 |
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Due within one year |
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HP and finance lease liabilities |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Loans from directors |
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Accruals and deferred income |
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Due after one year |
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Obligations under finance leases |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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5 |
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5 |
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Hire purchase contracts |
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2022 |
2021 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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Core Aggregates Ltd
Notes to the Financial Statements for the Year Ended 31 May 2022
Related party transactions |
Directors' advances, credits and guarantees
During the year the company made payments totalling £11,285 to the directors.
At the year end there is an amount owing to the directors of £32,608 (2021: £43,893) which represents the outstanding balance in respect of the aforementioned transactions in the current and previous period.
Loans from related parties
In the prior year the company issued a loan of £833,456 to a related party undertaking. During the year an additional £207 was advanced to the related party. At the year end £833,663 was owed to the company. The aforementioned related party undertaking is related by virtue of ultimate common shareholders.
In the prior year the company issued a loan of £161,000 to a related party undertaking. During the year an additional £455,000 was advanced to the related party. At the year end £616,000 was owed to the company. The aforementioned related party undertaking is related by virtue of ultimate common shareholders.
Other transactions
The land used by the company is owned by Sean Loughran and Mary Loughran, who are company directors. Currently no charge is levied on the company by the owners of the land.
Parent and ultimate parent undertaking |
The company's immediate parent is