Company registration number 05064100 (England and Wales)
HAZREM ENVIRONMENTAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HAZREM ENVIRONMENTAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HAZREM ENVIRONMENTAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
812,989
820,249
Current assets
Debtors
4
602,465
640,623
Cash at bank and in hand
1,573,648
1,042,774
2,176,113
1,683,397
Creditors: amounts falling due within one year
5
(563,911)
(506,828)
Net current assets
1,612,202
1,176,569
Total assets less current liabilities
2,425,191
1,996,818
Creditors: amounts falling due after more than one year
6
(66,831)
(152,864)
Provisions for liabilities
(203,247)
(216,375)
Net assets
2,155,113
1,627,579
Capital and reserves
Called up share capital
7
950
950
Profit and loss reserves
2,154,163
1,626,629
Total equity
2,155,113
1,627,579

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 year 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 and signed by the director and authorised for issue on 27 April 2023
Mr P A Goddard
Director
Company Registration No. 05064100
HAZREM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Hazrem Environmental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 31, Tafarnaubach Industrial Estate, Tredegar, NP22 3AA.

1.1
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.

1.2
Turnover

Turnover represents amounts receivable for services provided in the normal course of business net of VAT and trade discounts.

 

Revenue from contracts for the provision of environmental consultancy and hazardous waste disposal services are recognised when, and to the extent that, the company obtains the right to consideration in exchange for services provided.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

 

Freehold Land is not depreciated.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
33% reducing balance & 20% reducing balance
Motor vehicles
25% reducing balance
1.4
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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

HAZREM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

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.

 

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.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. The assets of the scheme are administered by trustees in a fund independent from those of the company.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

HAZREM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
14
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
1,536,789
Additions
224,573
Disposals
(87,456)
At 31 March 2023
1,673,906
Depreciation and impairment
At 1 April 2022
716,540
Depreciation charged in the year
198,056
Eliminated in respect of disposals
(53,679)
At 31 March 2023
860,917
Carrying amount
At 31 March 2023
812,989
At 31 March 2022
820,249
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
556,028
613,350
Other debtors
46,437
27,273
602,465
640,623
HAZREM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
282,922
197,358
Taxation and social security
139,188
192,814
Other creditors
141,801
116,656
563,911
506,828

Included in other creditors are obligations under finance leases totaling £86,032 (2022 - £86,034), secured against the assets they have financed.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
66,831
152,864

Included in other creditors are obligations under finance leases totaling £66,831 (2022 - £152,864), secured against the assets they have financed.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
900
900
900
900
Ordinary B of £1 each
50
50
50
50
950
950
950
950
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
306,000
343,158
HAZREM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Directors' transactions

Dividends totalling £73,000 (2022 - £62,000) were paid in the year in respect of shares held by the company's director.

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £97 (2022 - £97); this amount being included in creditors: amounts falling due within one year.

10
Prior Year Adjustments

The prior year adjustments relate to costs of £157,806 incorrectly being capitalised as Freehold Property in the year ended 31 March 2021 and costs of £92,943 being incorrectly capitalised as Fixtures and Fittings in the year ended 31 March 2022.

 

The effect of these restatements in the year ended 31 March 2021 is to reduce the reported profit before tax by £157,806 and the reported profit after tax by £127,823.

 

The effect of these restatements in the year ended 31 March 2022 is to reduce the reported profit before tax by £86,142 (Costs of £92.943 les add back of depreciation of £6,801) and the reported profit after tax by £83,976 in 2022.

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