REGISTERED NUMBER: |
Financial Statements |
for the Period 1 July 2022 to 30 April 2023 |
for |
Cooks Wastekare Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 July 2022 to 30 April 2023 |
for |
Cooks Wastekare Ltd |
Cooks Wastekare Ltd (Registered number: 04012261) |
Contents of the Financial Statements |
for the Period 1 July 2022 to 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Cooks Wastekare Ltd |
Company Information |
for the Period 1 July 2022 to 30 April 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Cooks Wastekare Ltd (Registered number: 04012261) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Fair value reserve | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cooks Wastekare Ltd (Registered number: 04012261) |
Notes to the Financial Statements |
for the Period 1 July 2022 to 30 April 2023 |
1. | STATUTORY INFORMATION |
Cooks Wastekare Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
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. |
Revenue |
Revenue attributable to a rental or haulage activity is recognised when the skip or service has been delivered to the customer, and recovery of the consideration is probable. |
Revenue attributable to a skip let on consignment and derived from the weight and or composition of the material recovered from the customer is recognised when the skip has been collected from the customer, weighed, and recovery of the consideration is probable. |
Revenue is measured net of cancelled bookings, trade discounts and volume rebates. |
Intangible assets |
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. |
Other intangible assets that are acquired by the Group are measured at cost less any accumulated impairment losses. |
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. |
Values are reviewed at each reporting date and adjusted if appropriate. |
Cooks Wastekare Ltd (Registered number: 04012261) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Items of property, plant and equipment are measured at cost, which includes capitalised borrowing costs, less accumulated depreciation and any accumulated impairment losses. |
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. |
Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. |
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. Maintenance expenditure is recognised in profit or loss. |
Depreciation |
Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight line method over their estimated useful lives, and is generally recognised in profit or loss. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. |
Land is not depreciated, its holding value is reviewed annually. |
The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: |
Buildings | 25 years |
Motor vehicles | 10 years |
Plant & machinery | 7 to 15 years |
Skips | 10 years |
Computer equipment | 3 to 5 years |
Revaluation |
Items of plant & machinery and motor vehicles are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. |
Fair values are determined from market based evidence normally undertaken by professional qualified valuers. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Taxation |
Tax expense comprises current corporation tax and deferred tax. It is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity. |
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years.The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax assets and liabilities are offset only if certain criteria are met. |
Cooks Wastekare Ltd (Registered number: 04012261) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. |
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on business plans for individual subsidiaries in the Group and the reversal of temporary differences. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves. Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used. |
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. |
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities |
Deferred tax assets and liabilities are offset only if certain criteria are met. |
Hire purchase and leasing commitments |
Leases of property, plant and equipment that transfer to the Group substantially all of the risks and rewards of ownership are classified as finance leases. The leased assets are measured initially at an amount equal to the lower of their fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset. |
Assets held under other leases are classified as operating leases and are not recognised in the Group's statement of financial position. |
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease. |
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability.The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Employee benefits |
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. |
Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. |
Financial instruments |
Financial assets and financial liabilities are recognised in accordance with FRS 102 Section 1A when the company becomes a party to the contractual provisions of the instrument. |
Currently all financial liabilities are basic financial instruments as defined by section 11 of FRS 102 which are recognised at amortised cost. |
Where relevant, derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit or loss account. |
Cooks Wastekare Ltd (Registered number: 04012261) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 30 April 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | AUDITORS' REMUNERATION |
Period |
1.7.22 |
to | Year Ended |
30.4.23 | 30.6.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
1,637 |
2,750 |
Audit fees are invoiced through the parent company, Sun Environmental Services Ltd. |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2022 |
Disposals | ( |
) |
At 30 April 2023 |
AMORTISATION |
At 1 July 2022 |
Eliminated on disposal | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 June 2022 |
Cooks Wastekare Ltd (Registered number: 04012261) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 30 April 2023 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Revaluation adjustments | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 June 2022 |
Cost or valuation at 30 April 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Cost | 69,886 | 2,057,914 | 2,127,800 |
Cooks Wastekare Ltd (Registered number: 04012261) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 30 April 2023 |
6. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (155,472 | ) |
At 30 April 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
Revaluation adjustments | ( |
) |
Transfer to ownership | (97,190 | ) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 June 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Cooks Wastekare Ltd (Registered number: 04012261) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 30 April 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 586,192 | - |
11. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Other timing differences | (31,947 | ) | - |
Accelerated capital allowances | 304,580 | 100,026 |
272,633 | 100,026 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Accelerated capital allowances | 204,554 |
Other timing differences | (31,947 | ) |
Balance at 30 April 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
13. | RESERVES |
Fair |
value |
reserve |
£ |
Fixed asset revaluations | 195,766 |
At 30 April 2023 |
2023 revaluation comprises of fixed asset revaluations including the revaluation of Plant & Machinery for £123,600 and Motor Vehicles for £72,166. |
Cooks Wastekare Ltd (Registered number: 04012261) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 30 April 2023 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | PENSION COMMITMENTS |
The amount recognised in profit and loss as an expense in relation to defined contribution plans was £11,681 (2022: £14,949). The unpaid pension liability at the end of the year is £1,531 (2022: £nil). |
16. | RELATED PARTY DISCLOSURES |
The company has an outstanding debit balance owed from intra-group company Stowmarket Skips Ltd of £77,392. |
During the year to aquisition, Cooks Wastekare Ltd traded with P&P Haulage & Handling Ltd, a related party to the ex-director. Sales of £2,457 were made and expenses of £6,160 were incurred. There is no outstanding balance at year end. |
17. | ULTIMATE CONTROLLING PARTY |
The controlling party is Q R Stewart. |
Until 11 November 2022 the company was wholly owned by TN Cook. On that date the entire share capital of the company was acquired by Sun Environmental Services Ltd which then became the immediate parent company. |