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COMPANY REGISTRATION NUMBER: 6331925
Enviroventure Waste Solutions Limited
Filleted Unaudited Financial Statements
30 August 2022
Enviroventure Waste Solutions Limited
Financial Statements
Period from 1 September 2021 to 30 August 2022
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Enviroventure Waste Solutions Limited
Statement of Financial Position
30 August 2022
30 Aug 22
31 Aug 21
Note
£
£
Fixed assets
Tangible assets
6
147,138
144,855
Current assets
Debtors
7
196,679
158,747
Cash at bank and in hand
32,064
8,710
---------
---------
228,743
167,457
Creditors: amounts falling due within one year
8
( 784,404)
( 726,793)
---------
---------
Net current liabilities
( 555,661)
( 559,336)
---------
---------
Total assets less current liabilities
( 408,523)
( 414,481)
Creditors: amounts falling due after more than one year
9
( 29,167)
( 39,888)
Provisions
Taxation including deferred tax
10
( 8,895)
( 7,827)
---------
---------
Net liabilities
( 446,585)
( 462,196)
---------
---------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
( 446,586)
( 462,197)
---------
---------
Shareholders deficit
( 446,585)
( 462,196)
---------
---------
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 period ending 30 August 2022 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Enviroventure Waste Solutions Limited
Statement of Financial Position (continued)
30 August 2022
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
Miss D Jones
Director
Company registration number: 6331925
Enviroventure Waste Solutions Limited
Notes to the Financial Statements
Period from 1 September 2021 to 30 August 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Waterston Industrial Estate, Waterston, Milford Haven, Pembrokeshire, SA73 1DP.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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 all 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Property improvements
-
2% straight line
Plant & machinery
-
25% reducing balance
Furniture & fixtures
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 6 (2021: 5 ).
5. Tax on profit/(loss)
Major components of tax expense
Period from
1 Sep 21 to
Year to
30 Aug 22
31 Aug 21
£
£
Deferred tax:
Origination and reversal of timing differences
1,068
3,140
-------
-------
Tax on profit/(loss)
1,068
3,140
-------
-------
6. Tangible assets
Property improvements
Plant & machinery
Furniture & fixtures
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 Sep 2021
130,817
235,440
14,408
81,300
25,561
487,526
Additions
21,275
332
21,607
---------
---------
--------
--------
--------
---------
At 30 Aug 2022
130,817
256,715
14,408
81,300
25,893
509,133
---------
---------
--------
--------
--------
---------
Depreciation
At 1 Sep 2021
31,185
199,576
13,947
73,676
24,287
342,671
Charge for the period
2,617
14,285
115
1,906
401
19,324
---------
---------
--------
--------
--------
---------
At 30 Aug 2022
33,802
213,861
14,062
75,582
24,688
361,995
---------
---------
--------
--------
--------
---------
Carrying amount
At 30 Aug 2022
97,015
42,854
346
5,718
1,205
147,138
---------
---------
--------
--------
--------
---------
At 31 Aug 2021
99,632
35,864
461
7,624
1,274
144,855
---------
---------
--------
--------
--------
---------
7. Debtors
30 Aug 22
31 Aug 21
£
£
Trade debtors
194,662
158,107
Other debtors
2,017
640
---------
---------
196,679
158,747
---------
---------
Other debtors include an amount of £nil (2021 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
30 Aug 22
31 Aug 21
£
£
Bank loans and overdrafts (secured)
10,000
9,279
Trade creditors
75,649
559,511
Corporation tax
200
200
Social security and other taxes
20,839
23,931
Other creditors
677,716
133,872
---------
---------
784,404
726,793
---------
---------
9. Creditors: amounts falling due after more than one year
30 Aug 22
31 Aug 21
£
£
Bank loans and overdrafts (secured)
29,167
39,888
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 September 2021
7,827
Additions
1,068
-------
At 30 August 2022
8,895
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30 Aug 22
31 Aug 21
£
£
Included in provisions (note 10)
8,895
7,827
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
30 Aug 22
31 Aug 21
£
£
Accelerated capital allowances
8,895
7,827
-------
-------
12. Called up share capital
Issued, called up and fully paid
30 Aug 22
31 Aug 21
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
13. Related party transactions
The company was under the control of Miss D Jones , the managing director, throughout the current and previous period by virtue of her 100% shareholding. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.