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COMPANY REGISTRATION NUMBER: 06195649
Shred-On-Site Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Shred-On-Site Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,048,948
1,760,455
Investments
6
20,000
20,000
------------
------------
2,068,948
1,780,455
Current assets
Stocks
5,188
7,500
Debtors
7
942,772
927,995
Cash at bank and in hand
691,080
416,504
------------
------------
1,639,040
1,351,999
Creditors: amounts falling due within one year
8
1,067,465
934,472
------------
------------
Net current assets
571,575
417,527
------------
------------
Total assets less current liabilities
2,640,523
2,197,982
Creditors: amounts falling due after more than one year
9
541,750
405,384
Provisions
400,565
278,947
------------
------------
Net assets
1,698,208
1,513,651
------------
------------
Shred-On-Site Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,698,108
1,513,551
------------
------------
Shareholders funds
1,698,208
1,513,651
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 November 2023 , and are signed on behalf of the board by:
A J Chandler
Director
Company registration number: 06195649
Shred-On-Site Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9 Trafalgar Way, Camberley, Surrey, GU15 3BN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
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. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounting policies. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed within the accounting policies. 1 Depreciation The annual depreciation charge for each class of tangible asset and the amortisation charge for the intangible asset is based on estimate of the useful economic life of the respective assets. This reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Consoles
-
5% or 33% straight line
Motor vehicles
-
12% straight line
Computer Equipment
-
10% or 33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 55 (2022: 52 ).
5. Tangible assets
Plant and machinery
Consoles
Motor vehicles
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
260,974
240,174
2,359,716
46,978
2,907,842
Additions
38,044
597,609
10,762
646,415
Disposals
( 54,890)
( 84,254)
( 139,144)
---------
---------
------------
--------
------------
At 31 March 2023
260,974
223,328
2,873,071
57,740
3,415,113
---------
---------
------------
--------
------------
Depreciation
At 1 April 2022
205,915
76,282
838,520
26,670
1,147,387
Charge for the year
19,517
39,816
245,397
9,788
314,518
Disposals
( 54,890)
( 40,850)
( 95,740)
---------
---------
------------
--------
------------
At 31 March 2023
225,432
61,208
1,043,067
36,458
1,366,165
---------
---------
------------
--------
------------
Carrying amount
At 31 March 2023
35,542
162,120
1,830,004
21,282
2,048,948
---------
---------
------------
--------
------------
At 31 March 2022
55,059
163,892
1,521,196
20,308
1,760,455
---------
---------
------------
--------
------------
6. Investments
Shares in participating interests
£
Cost
At 1 April 2022 and 31 March 2023
20,000
--------
Impairment
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
20,000
--------
At 31 March 2022
20,000
--------
The company owns 20% of the issued share capital of The Shredding Alliance Holdings Limited.
7. Debtors
2023
2022
£
£
Trade debtors
701,914
727,902
Other debtors
240,858
200,093
---------
---------
942,772
927,995
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
60,000
60,006
Trade creditors
234,628
112,712
Amounts owed to group undertakings and undertakings in which the company has a participating interest
294,008
246,899
Social security and other taxes
174,927
230,400
Other creditors
303,902
284,455
------------
---------
1,067,465
934,472
------------
---------
Included in other creditors are hire purchase agreements £278,862 (2022 - £257,962) which are secured against the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
125,000
185,000
Other creditors
416,750
220,384
---------
---------
541,750
405,384
---------
---------
Included in other creditors are hire purchase agreements of £416,750 (2022 £220,384) which are secured against the assets to which they relate.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
256,674
185,721
Later than 1 year and not later than 5 years
581,500
528,478
---------
---------
838,174
714,199
---------
---------
11. Directors' advances, credits and guarantees
Included in other debtors are amounts owing to the company by the directors. These were advances of £18,573 (2022 £18,208) made to Director A and £15,918 (2022 £15,606) each to Director B, Director C and Director D. The loans are interest bearing and the balances outstanding at the year end represent the highest amount outstanding in the year.
12. Controlling party
The company is a wholly owned subsidiary of Mass Holdings and Investments Limited, a company registered in England and Wales. The ultimate controling party remains unchanged.