IRIS Accounts Production v23.3.0.418 12531436 Board of Directors 1.5.22 30.4.23 30.4.23 31.10.23 false true false false false true false Auditors Opinion Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh125314362022-04-30125314362023-04-30125314362022-05-012023-04-30125314362021-04-30125314362021-05-012022-04-30125314362022-04-3012531436ns10:Originalns15:EnglandWales2022-05-012023-04-3012531436ns14:PoundSterlingns10:Original2022-05-012023-04-3012531436ns10:Originalns10:Director12022-05-012023-04-3012531436ns10:Original2022-05-012023-04-3012531436ns10:Original2023-04-3012531436ns10:Originalns10:PrivateLimitedCompanyLtd2022-05-012023-04-3012531436ns10:Originalns10:SmallEntities2022-05-012023-04-3012531436ns10:Originalns10:Audited2022-05-012023-04-3012531436ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-05-012023-04-3012531436ns10:SmallCompaniesRegimeForAccountsns10:Original2022-05-012023-04-3012531436ns10:Originalns10:FullAccounts2022-05-012023-04-3012531436ns10:Original12022-05-012023-04-3012531436ns10:Originalns10:OrdinaryShareClass12022-05-012023-04-3012531436ns10:Originalns10:Director22022-05-012023-04-3012531436ns10:Originalns10:Director32022-05-012023-04-3012531436ns10:Originalns10:Director42022-05-012023-04-3012531436ns10:CompanySecretary1ns10:Original2022-05-012023-04-3012531436ns10:Originalns10:RegisteredOffice2022-05-012023-04-3012531436ns10:Original2022-04-3012531436ns10:Originalns5:CurrentFinancialInstruments2023-04-3012531436ns10:Originalns5:CurrentFinancialInstruments2022-04-3012531436ns10:Originalns5:Non-currentFinancialInstruments2023-04-3012531436ns10:Originalns5:Non-currentFinancialInstruments2022-04-3012531436ns5:ShareCapitalns10:Original2023-04-3012531436ns5:ShareCapitalns10:Original2022-04-3012531436ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-04-3012531436ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-3012531436ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-05-012023-04-3012531436ns10:Original2021-05-012022-04-3012531436ns10:Originalns5:NetGoodwill2022-04-3012531436ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-3012531436ns10:Original2022-04-3012531436ns10:Originalns5:NetGoodwill2022-05-012023-04-3012531436ns10:Originalns5:NetGoodwill2023-04-3012531436ns5:IntangibleAssetsOtherThanGoodwillns10:Original2023-04-3012531436ns10:Originalns5:NetGoodwill2022-04-3012531436ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-3012531436ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-04-3012531436ns10:Originalns5:PlantMachinery2022-04-3012531436ns10:Originalns5:FurnitureFittings2022-04-3012531436ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-05-012023-04-3012531436ns10:Originalns5:PlantMachinery2022-05-012023-04-3012531436ns10:Originalns5:FurnitureFittings2022-05-012023-04-3012531436ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-3012531436ns10:Originalns5:PlantMachinery2023-04-3012531436ns10:Originalns5:FurnitureFittings2023-04-3012531436ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-04-3012531436ns10:Originalns5:PlantMachinery2022-04-3012531436ns10:Originalns5:FurnitureFittings2022-04-3012531436ns10:Originalns5:MotorVehicles2022-04-3012531436ns10:Originalns5:ComputerEquipment2022-04-3012531436ns10:Originalns5:MotorVehicles2022-05-012023-04-3012531436ns10:Originalns5:ComputerEquipment2022-05-012023-04-3012531436ns10:Originalns5:MotorVehicles2023-04-3012531436ns10:Originalns5:ComputerEquipment2023-04-3012531436ns10:Originalns5:MotorVehicles2022-04-3012531436ns10:Originalns5:ComputerEquipment2022-04-3012531436ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-04-3012531436ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-04-3012531436ns10:Originalns5:LeasedAssetsHeldAsLessee2022-04-3012531436ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-05-012023-04-3012531436ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-05-012023-04-3012531436ns10:Originalns5:LeasedAssetsHeldAsLessee2022-05-012023-04-3012531436ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-3012531436ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-3012531436ns10:Originalns5:LeasedAssetsHeldAsLessee2023-04-3012531436ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-04-3012531436ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-04-3012531436ns10:Originalns5:LeasedAssetsHeldAsLessee2022-04-3012531436ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3012531436ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-04-3012531436ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3012531436ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-04-3012531436ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2023-04-3012531436ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2022-04-3012531436ns10:Originalns5:HirePurchaseContracts2023-04-3012531436ns10:Originalns5:HirePurchaseContracts2022-04-3012531436ns10:Originalns5:WithinOneYear2023-04-3012531436ns10:Originalns5:WithinOneYear2022-04-3012531436ns10:Originalns5:DeferredTaxation2022-04-3012531436ns10:Originalns5:DeferredTaxation2023-04-3012531436ns10:Originalns10:OrdinaryShareClass12023-04-30
REGISTERED NUMBER: 12531436 (England and Wales)











Financial Statements

for the Year Ended 30 April 2023

for

Stowmarket Skips Ltd

Stowmarket Skips Ltd (Registered number: 12531436)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stowmarket Skips Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: M D Darragh
Q R Stewart
M A Stewart
N A Bulkin





SECRETARY: Ms B Spacie





REGISTERED OFFICE: Alpha 3 The Buntings
Cedars Park
Stowmarket
Suffolk
IP14 5GZ





REGISTERED NUMBER: 12531436 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Stowmarket Skips Ltd (Registered number: 12531436)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 823,759 797,001
Tangible assets 6 9,361,466 5,986,636
10,185,225 6,783,637

CURRENT ASSETS
Debtors 7 711,489 523,171
Cash at bank 431,550 241,176
1,143,039 764,347
CREDITORS
Amounts falling due within one year 8 1,678,019 1,050,237
NET CURRENT LIABILITIES (534,980 ) (285,890 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,650,245 6,497,747

CREDITORS
Amounts falling due after more than one
year

9

(8,722,706

)

(5,845,306

)

PROVISIONS FOR LIABILITIES 12 (42,707 ) (25,428 )
NET ASSETS 884,832 627,013

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 884,732 626,913
SHAREHOLDERS' FUNDS 884,832 627,013

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 31 October 2023 and were signed on its behalf by:





Q R Stewart - Director


Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Stowmarket Skips Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These accounts highlight that there has been a FRS 102 departure with respect to goodwill.

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, including the Sun Skips website, trademarks and licences to operate, 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.

No amortisation has been included on intangible assets and this is a departure from FRS 102, however the directors consider this to be the most appropriate basis of valuing intangible assets, they are considered to be appreciating assets or are developed and improved ongoing, therefore the carrying value is at least the net realisable value or the benefit in use. Impairment reviews are carried out periodically and at each year end to ensure the carrying value is still appropriate.

Values are reviewed at each reporting date and adjusted if appropriate.

Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements - continued
for the Year Ended 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:

Buildings25 years
Motor vehicles10 years
Plant & machinery7 to 15 years
Skips10 years
Computer equipment3 to 5 years

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.


Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements - continued
for the Year Ended 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.

Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company is in a net current liabilities position primarily due to the financing of some plant and machinery. Due to the nature of the business this is not unexpected and the company has a strong net assets position which has continued to strengthen this year.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 77 (2022 - 45 ) .

4. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

20,026

10,734

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 May 2022 776,193 20,808 797,001
Additions - 26,758 26,758
At 30 April 2023 776,193 47,566 823,759
NET BOOK VALUE
At 30 April 2023 776,193 47,566 823,759
At 30 April 2022 776,193 20,808 797,001

Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. INTANGIBLE FIXED ASSETS - continued

On 28 April 2020, the company acquired certain assets and operations of Stowmarket Skip Hire Ltd, together with related property assets owned directly by the shareholders of Stowmarket Skip Hire Ltd.

Consideration paid for the trade and assets of Stowmarket Skips Hire Ltd amounted £1,500,000. The cost of the fixed assets acquired totalled £723,807. This transaction has given rise to goodwill of £776,193 to be carried forward.

Departure from FRS 102

As set out in note 2 no amortisation has been included on intangible assets and this is a departure from FRS 102, however the directors consider this to be the most appropriate basis of valuing intangible assets, they are considered to be appreciating assets or are developed and improved ongoing, therefore the carrying value is at least the net realisable value or the benefit in use. Impairment reviews are carried out periodically and at each year end to ensure the carrying value is still appropriate.

If they had been amortised, a charge to the profit and loss account of £79,700 (2022 £79,700) would have been required to amortise the assets over 10 years. The accumulative amortisation amounts to £316,345 (2022 £236,645).

6. TANGIBLE FIXED ASSETS
Land &
freehold Plant and
property machinery Skips
£    £    £   
COST
At 1 May 2022 2,941,279 1,104,549 958,497
Additions 2,228,834 663,175 126,120
At 30 April 2023 5,170,113 1,767,724 1,084,617
DEPRECIATION
At 1 May 2022 40,409 122,388 81,867
Charge for year 64,341 128,827 107,951
At 30 April 2023 104,750 251,215 189,818
NET BOOK VALUE
At 30 April 2023 5,065,363 1,516,509 894,799
At 30 April 2022 2,900,870 982,161 876,630

Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

6. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 1,320,304 84,507 6,409,136
Additions 840,844 30,026 3,888,999
At 30 April 2023 2,161,148 114,533 10,298,135
DEPRECIATION
At 1 May 2022 154,511 23,325 422,500
Charge for year 188,760 24,290 514,169
At 30 April 2023 343,271 47,615 936,669
NET BOOK VALUE
At 30 April 2023 1,817,877 66,918 9,361,466
At 30 April 2022 1,165,793 61,182 5,986,636

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2022 568,076 1,120,362 1,688,438
Additions 617,435 743,394 1,360,829
At 30 April 2023 1,185,511 1,863,756 3,049,267
DEPRECIATION
At 1 May 2022 59,555 98,954 158,509
Charge for year 78,874 166,090 244,964
At 30 April 2023 138,429 265,044 403,473
NET BOOK VALUE
At 30 April 2023 1,047,082 1,598,712 2,645,794
At 30 April 2022 508,521 1,021,408 1,529,929

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 613,992 470,898
Amounts owed by group undertakings 4,893 -
Other debtors 92,604 52,273
711,489 523,171

Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 686,712 398,531
Trade creditors 374,290 551,006
Amounts owed to group undertakings 77,392 -
Taxation and social security 261,185 -
Other creditors 278,440 100,700
1,678,019 1,050,237

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 821,641 655,671
Amounts owed to group undertakings 7,901,065 5,189,635
8,722,706 5,845,306

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 686,712 398,531
Between one and five years 821,641 655,671
1,508,353 1,054,202

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 7,184

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 1,508,353 1,054,202

Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Other timing differences (1,095,338 ) (652,333 )
Accelerated capital allowances 1,138,045 677,761
42,707 25,428

Deferred
tax
£   
Balance at 1 May 2022 25,428
Accelerated capital allowance 460,284
Tax losses carried forward (443,005 )
Balance at 30 April 2023 42,707

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


As discussed in Note 2 to the financial statements, the Company has chosen not to charge amortisation of goodwill within their accounting policy for the year ended 30 April 2023. The reasoning is due to attaining appreciating assets bought on acquisition. As such our opinion has not been modified with respect to that matter.

James Knights BSc ACA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited

15. PENSION COMMITMENTS

The amount recognised in profit and loss as an expense in relation to defined contribution plans was £34,719 (2022: £16,060). The unpaid pension liability at the end of the year is £8,212 (2022: £1,820).

Stowmarket Skips Ltd (Registered number: 12531436)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

16. RELATED PARTY DISCLOSURES

The company has an outstanding loan owed to its parent company, Sun Environmental Services Ltd, of £7,901,065 (2022: £5,189,635) which is interest free. The loan is considered to be due after 1 year because the parent company will not seek immediate repayment.

The company has an outstanding credit balance owed to intra-group company Cooks Wastekare Ltd of £77,392, and an outstanding debit balance of £4,893 owed from its parent company, Sun Environmental Services Ltd.

The company paid directors fees to JMJ Environmental Ltd, a company controlled by director Mathew Stewart, totalling £72,000 (2022: £55,000).

17. ULTIMATE CONTROLLING PARTY

The controlling party is Q R Stewart.

The immediate parent company is Sun Environmental Services Ltd.