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Registration number: 05656492

Stevenage Skip Hire Limited

Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Stevenage Skip Hire Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Stevenage Skip Hire Limited

Company Information

Director

Mr Robert Bell

Registered office

Unit 1, The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW

Accountants

Bracey's Accountants (Stevenage) Limited
Chartered Certified Accountant
18-20 High Street
Stevenage
Hertfordshire
SG1 3EJ

 

Stevenage Skip Hire Limited

(Registration number: 05656492)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,291,740

1,425,225

Current assets

 

Stocks

5

200

150

Debtors

6

587,410

273,376

Cash at bank and in hand

 

619,811

259,884

 

1,207,421

533,410

Creditors: Amounts falling due within one year

7

(247,120)

(193,566)

Net current assets

 

960,301

339,844

Total assets less current liabilities

 

2,252,041

1,765,069

Creditors: Amounts falling due after more than one year

7

(594,095)

(383,432)

Provisions for liabilities

(75,580)

(99,155)

Net assets

 

1,582,366

1,282,482

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

1,582,356

1,282,472

Shareholders' funds

 

1,582,366

1,282,482

 

Stevenage Skip Hire Limited

(Registration number: 05656492)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 12 September 2022
 

.........................................
Mr Robert Bell
Director

 

Stevenage Skip Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1, The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW

The principal place of business is:
Envirowaste Recycling Centre
Jacks Hill
Graveley
Hertfordshire
SG4 7EQ

These financial statements were authorised for issue by the director on 12 September 2022.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, 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.

 

Stevenage Skip Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 statement of financial position 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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

25% Reducing balance

Fixtures & fittings

25% Reducing balance

Leasehold improvements

1% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Stevenage Skip Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed quarterly for any bad debts and any adjustment is made accordingly
through the profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 at the transaction price.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2020 - 15).

 

Stevenage Skip Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Long term leasehold
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

916,284

21,837

46,264

1,323,668

2,308,053

Additions

-

619

-

13,555

14,174

Disposals

-

(3,387)

-

(17,401)

(20,788)

At 31 December 2021

916,284

19,069

46,264

1,319,822

2,301,439

Depreciation

At 1 January 2021

27,011

11,640

25,032

819,146

882,829

Charge for the year

9,163

2,355

5,308

128,389

145,215

Eliminated on disposal

-

(2,075)

-

(16,270)

(18,345)

At 31 December 2021

36,174

11,920

30,340

931,265

1,009,699

Carrying amount

At 31 December 2021

880,110

7,149

15,924

388,557

1,291,740

At 31 December 2020

889,274

10,197

21,232

504,522

1,425,225

Included within the net book value of land and buildings above is £880,110 (2020 - £889,273) in respect of long leasehold land and buildings.
 

 

Stevenage Skip Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Stocks

2021
£

2020
£

Raw materials and consumables

200

150

6

Debtors

2021
£

2020
£

Trade debtors

75,236

59,970

Prepayments

7,423

14,905

Other debtors

504,751

198,501

587,410

273,376

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

9

45,709

37,809

Trade creditors

 

2,964

463

Taxation and social security

 

191,662

149,765

Accruals and deferred income

 

5,852

12,564

Other creditors

 

933

(7,035)

 

247,120

193,566


 

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

594,095

383,432

 

Stevenage Skip Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

         

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

594,095

383,432

2021
£

2020
£

Current loans and borrowings

Bank borrowings

45,709

37,809

Bank borrowings

The carrying amount of the NatWest Loan at year end is £389,804 (2020 - £421,242).

The company’s loan is secured by a fixed and floating charge over all assets of the company in favour of National Westminster Bank Plc.

Other borrowings

The carrying amount of Bounce Back Loan at year end is £250,000 (2020 - £Nil).

During the year, the company acquired a loan under the Coronavirus Business Interruption Loan Scheme (CBILS), delivered by British Business Bank, the loan has been provided by Funding Circle.

Included in creditors under one year is £17,059 (2020: £nil) and in creditors over one year is £232,941 (2020: £nil) relating to the CBILs Loan.

Also included within bank loans and overdrafts due under one year is £62,094 (2020: £nil) and over one year is £187,906 (2020: £nil) relating to a loan acquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

 

Stevenage Skip Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

10

Related party transactions

Transactions with the director

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Mr Robert Bell

Directors loan account

(48)

126,932

(127,799)

(915)

         
       

 

2020

At 1 January 2020
£

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

Mr Robert Bell

Directors loan account

(534)

237,253

(236,767)

(48)

         
       

 


The loan is provided interest free and repayable on demand.

Summary of transactions with other related parties


At the balance sheet date the company was owed £493,500 (2020: £198,500) by Bell Property Rentals Ltd, a company under common directorship. There are no terms relating to the payment of interest or repayment of capital on this loan.

11

Ultimate controlling party

The ultimate controlling party is Mr R Bell an Mrs M Bell by virtue of their share holding .