Company registration number 02633569 (England and Wales)
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
COMPANY INFORMATION
Directors
Mr D W Davies
Mr W Watson
Mr G J Nutt
Secretary
Mrs S Davies
Company number
02633569
Registered office
The Quays Baglan Energy Park
Brunel Way
Briton Ferry
Neath
SA11 2GG
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neath Port Talbot Waste Management Co Limited for the Period ended 30 June 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Neath Port Talbot Waste Management Co Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Neath Port Talbot Waste Management Co Limited and state those matters that we have agreed to state to the board of directors of Neath Port Talbot Waste Management Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neath Port Talbot Waste Management Co Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Neath Port Talbot Waste Management Co Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Neath Port Talbot Waste Management Co Limited. You consider that Neath Port Talbot Waste Management Co Limited is exempt from the statutory audit requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Neath Port Talbot Waste Management Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WBV Limited
18 September 2023
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 2 -
30 June 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,916
Current assets
Debtors
6
50,616
85,848
Cash at bank and in hand
1,055,217
1,970,872
1,105,833
2,056,720
Creditors: amounts falling due within one year
8
(170,138)
(28,445)
Net current assets
935,695
2,028,275
Total assets less current liabilities
935,695
2,045,191
Provisions for liabilities
10
(750,000)
Net assets
935,695
1,295,191
Capital and reserves
Called up share capital
86,000
86,000
Profit and loss reserves
849,695
1,209,191
Total equity
935,695
1,295,191
For the financial Period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2023 and are signed on its behalf by:
Mr W Watson
Director
Company Registration No. 02633569
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
86,000
182,281
268,281
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
1,026,910
1,026,910
Balance at 31 March 2022
86,000
1,209,191
1,295,191
Period ended 30 June 2023:
Loss and total comprehensive income for the period
-
(39,167)
(39,167)
Dividends
-
(320,329)
(320,329)
Balance at 30 June 2023
86,000
849,695
935,695
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
Neath Port Talbot Waste Management Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Quays Baglan Energy Park, Brunel Way, Briton Ferry, Neath, SA11 2GG.
1.1
Reporting period
The financial statements for 2023 represent a 15 month period from 1 April 2022 to 30 June 2023. The comparative figures for 2022 represent a 12 month accounting period.
The Company ceased trading on 30 June 2023 and the directors considered it appropriate to extend the period to the cessation of trading.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements contain information about Neath Port Talbot Waste Management Co Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings qualify as a small group. In addition the group's results are included by full consolidation in the consolidated financial statements of its parent, Neath Port Talbot County Borough Council.
In applying the company's accounting policies the directors ,make judgements and estimates that affect the financial statements.
The determination of the provision required for the aftercare of the company's landfill site is an area of estimation which is considered to be significant.
The directors have reviewed the reports by regulators and consultants engaged by the company to assess the future work required to ensure that the site complies with regulations. They have made a provision for such future costs based on their assessment of the likelihood of the work being required together with the cost. This has resulted in a provision in the financial statements.
1.3
Turnover
Turnover represents income received from the sale of gas, excluding value added tax.
1.4
Tangible fixed assets
Plant & machinery
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition.
Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straight line basis over the expected useful life of the assets concerned. The company revised the estimated useful life of the existing waste disposal site to take account of potential changes in the method of waste disposal. As a result all tangible fixed assets were written off over the period to 30 September 2002.
Depreciation Rate
Plant & Machinery - 33% on cost
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Site restoration and aftercare costs
The company made a provision in prior years' financial statements for the site restoration and after care costs in respect of the landfill site it previously operated. The responsibility for the landfill site was assigned to the company's owners, Neath Port Talbot County Borough Council in the period. Further explanation in note 10.
2
Exceptional item
The company received a dividend of £1,115,255 from its subsidiary company in the year ended March 2022. Further information is given in note 6 to the accounts.
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was: NIL
2023
2022
Number
Number
Total
4
Tangible fixed assets
Leasehold property
Plant & machinery
Total
£
£
£
Cost
At 1 April 2022
477,811
282,248
760,059
Additions
195,000
195,000
Disposals
(477,811)
(477,248)
(955,059)
At 30 June 2023
Depreciation and impairment
At 1 April 2022
477,811
265,332
743,143
Depreciation charged in the Period
8,458
8,458
Impairment losses
(477,811)
(477,811)
Eliminated in respect of disposals
(273,790)
(273,790)
At 30 June 2023
Carrying amount
At 30 June 2023
At 31 March 2022
16,916
16,916
5
Investments
The company owns 100% of the share capital of Neath Port Talbot Recycling Limited.
Due to the uncertainty of the future trading of the subsidiary company, the investment was written down to nil at the year ended 31 March 2016. The subsidiary went into members voluntary liquidation on 25 March 2022. Prior to the liquidation, the subsidiary paid a dividend to the company of £1,115,255, which was included in the income for the year ended 31 March 2022.
A further distribution of £135,000 was received by the company in the year ended 31 March 2023.
The liquidation has not yet been finalised and any further distributions will be accounted for when received.
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,645
28,052
Other debtors
37,971
57,796
50,616
85,848
7
Related Party Disclosures
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.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
40,066
Other creditors
130,072
28,445
170,138
28,445
10
Provisions for liabilities
2023
2022
£
£
Other Provision
-
750,000
The provision for site restoration and aftercare costs related to the landfill site at Giants Grave, Briton Ferry. A provision was made in earlier years for the future estimated costs associated with the restoration and landscaping of the site after its closure.
During the year ended 31 March 2023 an agreement was reached with the company owners, Neath Port Talbot County Borough Council where liability for any future costs was assigned to the Council. The company made a payment of £750,000 to the council in respect of the agreement.
11
Parent company
The ultimate holding company and controlling party is Neath Port Talbot County Borough Council located at The Quays Baglan Energy Park, Brunel Way, Briton Ferry, Neath, SA11 2GG.
NEATH PORT TALBOT WASTE MANAGEMENT CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 9 -
12
Going Concern
The owners of the company are Neath Port Talbot Council. They decided some time ago that the company would be placed into member's voluntary liquidation. This will commence once the liquidation of the company's subsidiary has been completed.
The company had an ongoing financial obligations in respect of the landfill site (see note 9). which was assigned to the council in March 2023.
The directors are satisfied that the going concern basis is appropriate for the period of the financial statements.
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