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05195416







PINDEN LIMITED

DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2022

































PINDEN LIMITED
 
COMPANY INFORMATION


Directors
T. J. Bishop 
S. E. Bishop 
S. M. Bishop 
T. M. Bishop 




Registered number
05195416



Registered office
Waldens Depot
Waldens Road

Orpington

Kent

BR5 4EU




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

Lancashire Gate

21 Tiviot Dale

Stockport

SK1 1TD




Accountants
Evelyn Partners (South East) Limited
Level 1 Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS





PINDEN LIMITED

CONTENTS



Page
Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 9
Statement of Comprehensive Income
 
 
10
Balance Sheet
 
 
11 - 12
Statement of Changes in Equity
 
 
13
Notes to the Financial Statements
 
 
14 - 32


PINDEN LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022

The directors have pleasure in presenting their Strategic Report for the year ended 30 September 2022.
Principal activities
The Company continues to operate in the demolition and waste management sector.

Fair review of the business
 
The Company experienced an overall increase in turnover of 8% with gross profit margin static at 25%. The impact of inflationary pressures on all costs, specifically wage and fuel costs put significant pressure on the profitability, together with the damaging impact of the 2020 fire on the customer base. These had a significant effect upon the business which, together with provisions being made against intercompany loans totalling £0.62m and the increased cost of finance, led the business to suffer a loss of £1.4m.
The Company adopted a policy of revaluing its property assets in the year, and this resulted in an uplift of £3.0m being recognised in Other Comprehensive Income. Total comprehensive income for the year was £1.6m (2021: £970k deficit).
Waste Transfer Station
The impact of the fire in August 2020 continued to be felt in 2022 as the Company tried to rebuild its general waste customer base. Further pressure came from the increased cost of energy to supply the plant, and the significant wage pressures felt as economic inflationary pressure mounted. However, the Directors have sought to secure energy security in the future by looking at a renewable energy solution for the site.
Transport
The skip business maintained its position in the market, but the continued pressure on drivers’ wages cannot be discounted. The Directors sought to incentivise members of the transport team with increasing productivity bonuses to maintain the appropriate staffing levels. Furthermore, the Directors have instigated a review of the digital presence of the business to help maintain and improve the position in the market.

Asbestos Landfill
The market is tough, but the position has remained steady with no further contraction.

Position at the end of the year and into 2023 & 2024

At 30 September 2021, the Company breached its bank covenants, and the breaches continued throughout the year until they were waived by the Bank in September 2022.
Subsequent to the year-end, the Company breached its bank covenants, and tax liabilities totalling £2.3m were overdue for payment. 
In November 2023, the Company arranged a £5.5m commercial bridging loan which is enabling the tax liabilities to be paid under the terms of a payment arrangement, and Shawbrook Bank loans and invoice discounting facilities have been settled early. The bridging loan is repayable in November 2024, less than 12 months after the date of these accounts being approved, and the Group headed by Watch It Come Down Limited intends to either sell property that is not required for the day to day running of the Group and Company’s business, or arrange new, longer-term bank facilities, ahead of the repayment date. 
During the year, the Company started to see an improvement in its order book and the unaudited management accounts for the year to 30 September 2023 show an improvement in results. The Directors are confident that further improvements will be seen in the year ended 30 September 2024, as they build the solid foundations towards profitability.
The Directors feel confident about the trading future of the business and look forward to the year ahead. 

Page 1

PINDEN LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022

Principal risks and uncertainties
 
The Company uses financial instruments including bank loans and overdrafts, invoice discounting and  hire purchase agreements. These instruments expose the Company to a number of financial risks, which are described below:
Funding risk
The Company finances its operations through a combination of equity, bank loans, invoice discounting, hire purchase contracts and working capital. The Company undertakes short-term cash forecasting to monitor its expected cash flows against its cash availability and finance facilities. The Company also undertakes longer  term cash forecasting to monitor its expected funding requirements in order to meet its current business plan,  in the context of its existing facilities, and to identify and address its requirement for future funding facilities.
Interest risk
The Company finances its operations through a mixture of profits and bank and hire purchase borrowings.
Liquidity risk
In normal trading periods, the Company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet ongoing operations and future development. Short term debt finance flexibility is achieved by invoice discounting, hire purchase and bank loans which help smooth the cash flow over the year as the Group operates in a seasonally effected industry.
Currently liquidity risk is being managed by the directors in accordance with the usual procedures, but utilising the short term bridging facilities in place. The directors are close to securing an invoice discounting facility, which together with planned property sales will address any liquidity risk for the longer term.
Credit risk
The Company’s principal financial assets are cash and trade debtors. In order to manage credit risk, the directors set limits for customers based on carrying out independent credit checks, credit agency and  third-party references. Payment history is also monitored based on trading history. Credit limits are reviewed on a regular basis by the credit control team in conjunction with debt aging and collection history.
Competitive risks
The Company operates in competitive markets. The breadth of the client base reduces the possible effect of   the loss of any one single client. The Company focuses on providing clients with a high level of service and wide range of services. This enables the Company to maintain long-term relationships with clients and attract new custom.
Compliance risk
Compliance is central to everything the Company does, particularly the operation of a landfill site, recycling facility and waste transfer stations alongside managing a large fleet of vehicles and plant and machinery. The Company has continually invested in people and systems whilst engaging with external professional bodies and stakeholders to ensure the business the highest standards and levels of compliance.

Page 2

PINDEN LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022

Financial key performance indicators

The financial key performance indicators of the Company are detailed for the last 3 years as below:

2022
2021
2020
        £
        £
        £
Turnover £000


10,659

9,827
 
10,402
 
Gross profit £000


2,651

2,551
 
2,660
 
Gross profit %


25

26
 
26
 
Operating profit/(loss) £000


(1,172)

(1,013)
 
1,517
 
Operating profit/turnover %


(11)

(10)
 
15
 


This report was approved by the board and signed on its behalf.



S. E. Bishop
Director

Date: 30 January 2024

Page 3

PINDEN LIMITED
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022

The directors present their report and the financial statements for the year ended 30 September 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £1,427,221 (2021 - loss £969,529).

Directors

The directors who served during the year were:

T. J. Bishop 
S. E. Bishop 
S. M. Bishop 
T. M. Bishop 

Future developments

Future developments are discussed in the strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 4

PINDEN LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022

Post balance sheet events and going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
The Company has had another challenging year, with the waste management sector still dealing with the aftershock of catastrophic fire to the operating plant. The Directors sought to review the value of the property assets held in the Group to which Pinden Limited belongs, and obtained professional valuations of each property for the Company to revalue its significant property holding, so as to more accurately reflect the strength of the asset-base held.
The impact of inflationary pressures on all costs, specifically wage and fuel costs put significant pressure on profitability, together with the damaging impact of the 2020 fire on the customer base. These had a significant effect upon the business which, together with provisions being made against intercompany loans and the increased cost of finance, led the business to suffer a loss of £1.4m.
The Company had net assets totalling £5.2m at 30 September 2022 (2021: £3.6m), with the movement reflecting the £3.0m revaluation uplift and the £1.4m losses. The Company meets its working capital requirements through cash generated from operations, bank funding and intercompany loans.
At 30 September 2021, the Company and the Group headed by Watch It Come Down Limited breached their bank covenants, and the breaches continued throughout the year until they were waived by the Bank in September 2022. Net current liabilities have decreased from £5.2m to £2.3m, due to bank loans not being repayable on demand at 30 September 2022.
Subsequent to the year-ended 30 September 2022, the Group again breached its bank covenants, and tax liabilities totalling £2.3m were overdue for payment. 
In November 2023, the Company arranged a £5.5m commercial bridging loan which is enabling the tax liabilities to be paid under the terms of a time to pay arrangement, and Shawbrook Bank loans and invoice discounting facilities have been settled early. The bridging loan is repayable in November 2024, less than 12 months after the financial statements have been approved. 
The directors believe it is appropriate, to prepare the financial statements to 30 September 2022 on a going concern basis. The directors are imminently expecting to agree a new Working capital facility for the Group, but acknowledge that long-term bank facilities are not yet in place, and group and Company property assets have not yet been sold, at the date of these financial statements. This represents a material uncertainty over the Company’s ability to continue to trade as a going concern. However, given the significant value in the property assets held in the group headed by Watch It Come Down Limited amounting to £15m, together with further group tangible assets of £6m, the Directors are very confident that a long-term refinance will be achievable ahead of the repayment date, alongside the sale of the group’s development land asset.

This report was approved by the board and signed on its behalf.
 





S. E. Bishop
Director

Date: 30 January 2024

Page 5

PINDEN LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINDEN LIMITED

Opinion


We have audited the financial statements of Pinden Limited (the 'company') for the year ended 30 September 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 September 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements, which indicates that conditions exist which indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Key audit matters

Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report. 


Page 6

PINDEN LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINDEN LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

PINDEN LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINDEN LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for performance targets.
The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
- Identifying, evaluating, and complying with laws and regulations
- Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption and regulations associated with the Company’s waste carrier registration, waste management licences and landfill permit.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 8

PINDEN LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PINDEN LIMITED (CONTINUED)

We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the rationale of any significant transactions that are unusual or outside the normal course of
business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations
throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Anthony Woodings (Senior Statutory Auditor)
  
for and on behalf of
Hurst Accountants Limited
 
Chartered Accountants
Statutory Auditors
  
Lancashire Gate
21 Tiviot Dale
Stockport
SK1 1TD

Date: 30 January 2024
Page 9

PINDEN LIMITED
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
10,658,946
9,827,972

Cost of sales
  
(8,007,489)
(7,276,735)

Gross profit
  
2,651,457
2,551,237

Administrative expenses
  
(3,827,360)
(4,034,379)

Other operating income
  
3,577
469,703

Operating loss
 6 
(1,172,326)
(1,013,439)

Interest receivable and similar income
  
56
-

Interest payable and expenses
 7 
(329,130)
(261,259)

Loss before tax
  
(1,501,400)
(1,274,698)

Tax on loss
 9 
74,179
305,169

Loss for the financial year
  
(1,427,221)
(969,529)

Unrealised surplus on revaluation of tangible fixed assets
  
3,061,224
-

  

Total comprehensive income for the year
  
1,634,003
(969,529)
Page 10

PINDEN LIMITED
REGISTERED NUMBER:05195416

BALANCE SHEET
AS AT 30 SEPTEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 10 
36,000
-

Tangible fixed assets
 11 
13,937,909
11,195,320

Investments
 12 
204
204

  
13,974,113
11,195,524

Current assets
  

Stocks
 13 
153,047
114,290

Debtors
 14 
3,212,536
3,188,061

Bank and cash balances
  
47,183
767,198

  
3,412,766
4,069,549

Creditors: amounts falling due within one year
 15 
(5,693,050)
(9,245,554)

Net current liabilities
  
 
 
(2,280,284)
 
 
(5,176,005)

Total assets less current liabilities
  
11,693,829
6,019,519

Creditors: amounts falling due after more than one year
 16 
(4,023,849)
(15,745)

Provisions for liabilities
  

Other provision
 20 
(2,470,957)
(2,438,754)

  
 
 
(2,470,957)
 
 
(2,438,754)

Net assets
  
5,199,023
3,565,020


Capital and reserves
  

Called up share capital 
 21 
100
100

Revaluation reserve
 22 
3,061,224
-

Profit and loss account
 22 
2,137,699
3,564,920

  
5,199,023
3,565,020


Page 11

PINDEN LIMITED
REGISTERED NUMBER:05195416
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



S. E. Bishop
T. J. Bishop
Director
Director


Date: 30 January 2024

The notes on pages 14 to 32 form part of these financial statements.

Page 12

PINDEN LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2020
100
-
4,534,449
4,534,549



Loss for the year
-
-
(969,529)
(969,529)



At 1 October 2021
100
-
3,564,920
3,565,020



Loss for the year
-
-
(1,427,221)
(1,427,221)

Surplus on revaluation of freehold property
-
3,061,224
-
3,061,224


At 30 September 2022
100
3,061,224
2,137,699
5,199,023


The notes on pages 14 to 32 form part of these financial statements.

Page 13

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.


General information

Pinden Limited ('the Company') is a private limited company limited by shares and domiciled and incorporated in England and Wales.
The address of its registered office and its place of business is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU.
The principal activities of the Company continue to be waste management, recycling and asbestos disposal.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; and
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Watch It Come Down Limited as at 30 September 2022 and these financial statements may be obtained from Companies House, Cardiff, CF4 3UZ.

Page 14

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
The Company has had another challenging year, with the waste management sector still dealing with the aftershock of catastrophic fire to the operating plant. The Directors sought to review the value of the property assets held in the group to which Pinden Limited belongs, and obtained professional valuations of each property for the Company to revalue its significant property holding, so as to more accurately reflect the strength of the asset-base held.
The impact of inflationary pressures on all costs, specifically wage and fuel costs put significant pressure on profitability, together with the damaging impact of the 2020 fire on the customer base. These had a significant effect upon the business which, together with provisions being made against intercompany loans and the increased cost of finance, led the business to suffer a loss of £1.4m.
The Company had net assets totalling £5.2m at 30 September 2022 (2021: £3.6m), with the movement reflecting the £3.0m revaluation uplift and the £1.4m losses. The Company meets its working capital requirements through cash generated from operations, bank funding and intercompany loans.
At 30 September 2021, the Company and the group headed by Watch It Come Down Limited breached their bank covenants, and the breaches continued throughout the year until they were waived by the Bank in September 2022. Net current liabilities have decreased from £5.2m to £2.3m, due to bank loans not being repayable on demand at 30 September 2022.
Subsequent to the year-ended 30 September 2022, the Group again breached its bank covenants, and tax liabilities totalling £2.3m were overdue for payment. 
In November 2023, the Company arranged a £5.5m commercial bridging loan which is enabling the tax liabilities to be paid under the terms of a time to pay arrangement, and Shawbrook Bank loans and invoice discounting facilities have been settled early. The bridging loan is repayable in November 2024, less than 12 months after the financial statements have been approved.
The directors believe it is appropriate, to prepare the financial statements to 30 September 2022 on a going concern basis. 
The directors are imminently expecting to agree a new Working capital facility for the Group, but acknowledge that long-term bank facilities are not yet in place, and group and Company property assets have not yet been sold, at the date of these financial statements. This represents a material uncertainty over the Company’s ability to continue to trade as a going concern. However, given the significant value in the property assets held in the group headed by Watch It Come Down Limited amounting to £15m, together with further group tangible assets of £6m, the Directors are very confident that a long-term refinance will be achievable ahead of the repayment date, alongside the sale of the group’s development land asset.

Page 15

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Specifically, revenue from landfill and waste recycling operations is recognised when the waste is deposited or when the skips are delivered.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
38 years and 50 years
Freehold land
-
Over the life of the site (see below)
Short-term leasehold property
-
Over the 21-year lease term
Plant and machinery
-
25% reducing balance and 10% straight line for recycling facility
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Included in the cost of freehold land is £383,931 (2021: £5,111,291) relating to the landfill site, which is depreciated over its expected useful economic life, as calculated by the proportion of the site which has been filled with waste, relative to its estimated total capacity.
No depreciation is provided on assets under construction. When complete, the asset is transferred to the relevant class and depreciated in accordance with the above policy.

Page 16

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried 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 professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
20%
straight line

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.


 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.11

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.13

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

 Government grants

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.15

 Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.16

 Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.17

 Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 18

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.18

 Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.19

 Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.20

 Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

 
2.21

 Provisions for aftercare costs

Aftercare costs are those of reinstating the landfill site at the end of its usage, and of monitoring the site thereafter, as required by the Environment Agency. Provision is made based on the costs estimated at the balance sheet date. The provision is allocated over the estimated useful life of the site, based on the current rate of landfill. The provision is calculated in present-value terms.

 
2.22

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Page 19

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Specifically, management make judgements relating to the depreciation of the landfill site. This charge is based on the estimated level of fill as a proportion of the space within the landfill cells available. The carrying value of the landfill site at 30 September 2022 was £383,931 (2021: £264,203).
Management also make judgements in relation to the provision made for aftercare costs. The total aftercare costs were calculated by an independent expert and a proportion of this is included within the accounts based on the level of fill of the entire site. The carrying value of the aftercare provision at 30 September 2022 was £2,470,957 (2021: £2,438,754).


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2022
2021
£
£

Net rents receivable
705
2,115

Coronavirus Job Retention Scheme Grants
-
258,086

Insurance claims receivable
2,872
209,502

3,577
469,703



6.


Operating loss

The operating loss is stated after charging:

2022
2021
£
£

Depreciation of tangible fixed assets - owned by the company
1,197,032
1,140,115

Depreciation of tangible fixed assets - held under finance leases
81,081
127,142

Fees payable to the company's auditor for the audit of the company's annual financial statements
13,200
11,650

Defined contribution pension cost
76,290
74,023

Other operating lease rentals
- plant and machinery
125,888
158,090

Page 20

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

7.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
259,412
205,051

Other loan interest payable
34,468
22,507

Finance leases and hire purchase contracts
35,250
33,701

329,130
261,259


8.


Employees

Staff costs were as follows:


2022
2021
£
£

Wages and salaries
3,328,233
3,076,197

Social security costs
377,118
333,589

Cost of defined contribution scheme
76,290
74,023

Staff private health insurance
25,114
-

3,806,755
3,483,809


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Administration staff
16
16



Production staff
68
66



Directors
4
4

88
86

Page 21

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

9.


Taxation


2022
2021
£
£

Corporation tax


Adjustments in respect of previous periods
(74,179)
(79,312)


Deferred tax


Origination and reversal of timing differences
-
(155,049)

Effect of tax rate change on opening balance
-
(70,808)

Total deferred tax
-
(225,857)


Taxation on loss on ordinary activities
(74,179)
(305,169)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Loss on ordinary activities before tax
(1,501,400)
(1,274,698)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(285,266)
(242,193)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
117,343
131,600

Deferred tax movements not recognised
220,951
(7,245)

Adjustments to tax charge in respect of prior periods
(74,179)
(79,312)

Adjust for closing deferred tax at 25% rate
(53,028)
(108,019)

Total tax charge/(credit) for the year
(74,179)
(305,169)

The Company has trading losses of £2,467,984 (2021: £935,119) available to carry forward against future trading profits. 

Page 22

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

10.


Intangible assets




Goodwill

£



Cost


Additions
36,000



At 30 September 2022

36,000






Net book value



At 30 September 2022
36,000



At 30 September 2021
-



Page 23

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

11.


Tangible fixed assets





Freehold property
Long-term leasehold property
Short-term leasehold property
Plant and machinery
Motor vehicles

£
£
£
£
£



Cost or valuation


At 1 October 2021
6,187,204
664,541
173,773
10,562,784
4,955,449


Additions
-
14,756
-
843,816
97,100


Disposals
-
-
-
(339,270)
-


Revaluations
859,570
-
-
-
-



At 30 September 2022

7,046,774
679,297
173,773
11,067,330
5,052,549



Depreciation


At 1 October 2021
1,863,755
-
48,874
5,979,198
3,831,295


Charge for the year on owned assets
168,171
-
8,040
661,656
283,040


Charge for the year on financed assets
-
-
-
81,081
-


Disposals
-
-
-
(330,972)
-


Revaluations
(2,031,926)
-
-
-
-



At 30 September 2022

-
-
56,914
6,390,963
4,114,335



Net book value



At 30 September 2022
7,046,774
679,297
116,859
4,676,367
938,214



At 30 September 2021
4,323,449
664,541
124,899
4,583,586
1,124,154
Page 24

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

           11.Tangible fixed assets (continued)


Fixtures and fittings
Landfill sites
Total

£
£
£



Cost or valuation


At 1 October 2021
337,264
5,111,291
27,992,306


Additions
12,104
-
967,776


Disposals
-
-
(339,270)


Revaluations
-
(4,727,360)
(3,867,790)



At 30 September 2022

349,368
383,931
24,753,022



Depreciation


At 1 October 2021
226,776
4,847,088
16,796,986


Charge for the year on owned assets
26,125
50,000
1,197,032


Charge for the year on financed assets
-
-
81,081


Disposals
-
-
(330,972)


Revaluations
-
(4,897,088)
(6,929,014)



At 30 September 2022

252,901
-
10,815,113



Net book value



At 30 September 2022
96,467
383,931
13,937,909



At 30 September 2021
110,488
264,203
11,195,320

Included in land and buildings is freehold land at a revalued amount of £1,429,443 (2021: £1,225,560, which is not depreciated.




The net book value of land and buildings may be further analysed as follows:


2022
2021
£
£

Freehold
7,046,774
4,323,449

Long leasehold
679,297
664,541

Short leasehold
116,859
124,899

7,842,930
5,112,889


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


Page 25

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

           11.Tangible fixed assets (continued)

2022
2021
£
£



Plant and machinery
567,567
-

Motor vehicles
79,000
381,425

646,567
381,425


At the balance sheet date, Freehold property and Landfill sites included within other fixed assets have been revalued to £7,046,774 and £383,931 respectively. The valuations at 30 September 2022 were carried out by a third party, Avison Young on behalf of the bank, on an open market value for existing use basis. 

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2022
2021
£
£



Cost
6,187,203
6,187,203

Accumulated depreciation
(1,976,218)
(1,863,755)

Net book value
4,210,985
4,323,448


12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2021 and 30 September 2022
204




Page 26

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Erith Waste Management Limited
Waldens Depot, Waldens Road, Orpington, Kent, BR4 4EU
Skip hire
Ordinary
100%
Bexleyheath Skips Limited
Waldens Depot, Waldens Road, Orpington, Kent, BR4 4EU
Dormant company
Ordinary
100%
Erith Waste Recycling Limited
Waldens Depot, Waldens Road, Orpington, Kent, BR4 4EU
Dormant company
Ordinary
100%
Asbestos Waste Solutions Limited
Waldens Depot, Waldens Road, Orpington, Kent, BR4 4EU
Waste removal
Ordinary
100%


13.


Stocks

2022
2021
£
£

Fuel stock and raw material for skips
153,047
114,290


Page 27

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

14.


Debtors


2022
2021
£
£



Trade debtors
1,393,592
1,268,657

Amounts owed by group undertakings
1,141,470
1,309,498

Other debtors
220,846
142,502

Prepayments and accrued income
6,545
17,321

Deferred taxation
450,083
450,083

3,212,536
3,188,061



15.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
168,402
4,030,470

Trade creditors
1,210,170
685,463

Invoice discounting advances
800,262
673,804

Amounts owed to group undertakings
1,694,337
1,737,646

Other taxation and social security
1,534,964
1,731,155

Obligations under finance lease and hire purchase contracts
131,213
219,013

Other creditors
76,186
55,002

Accruals and deferred income
77,516
113,001

5,693,050
9,245,554


Secured Liabilities
At the year end, the Group, of which the Company is a subsidiary of, had a cross-company guarantee in favour of Shawbrook Bank Limited, secured via a mortgage debenture in favour of the bank over all the assets of the Group. The cross-company guarantee was in relation to bank loans and invoice discounting facilities provided to the Company. In November 2023 the Group refinanced with new lenders and there is no longer any cross-company guarantee in place. 
Invoice discounting advances are secured by a charge on present and future debts, related rights, revenues or claims of the Company.

Page 28

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

16.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
3,572,413
-

Net obligations under finance leases and hire purchase contracts
451,436
15,745

4,023,849
15,745


The finance lease liabilities are secured by the assets to which they relate. The aggregate finance lease liability at the year-end amounted to £582,649 (2021: £234,758). 


17.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year
168,402
4,030,470

Amounts falling due 1-2 years
3,572,413
-

3,740,815
4,030,470


Terms of Bank loans
Included in bank loans are amounts totalling £3,740,815 bearing interest at 5.65% above base rate per annum. The loan was repayable in monthly instalments of £24,138, commencing August 2021, with the balance due in January 2036. Arrangement fees totalling £121,254 have been capitalised and offset against the bank loan balance and were being amortised over the loan term.
Disclosure
At 30 September 2021, the Group breached its bank covenants, and the breaches continued throughout the year until they were waived by the Bank in September 2022.
In November 2023, the Group arranged a £5.5m commercial bridging loan which enabled the Shawbrook Bank loans to be settled early. The bridging loan is repayable in November 2024.

Page 29

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
131,213
219,013

Between 1-2 years
137,837
15,745

Between 2-5 years
313,599
-

582,649
234,758


19.


Deferred taxation




2022


£






Asset at beginning of the year
450,083



Asset at end of year
450,083

The deferred tax asset is made up as follows:

2022
2021
£
£


Fixed asset temporary differences
37,568
130,825

Losses and other deductions
374,388
289,386

Short term temporary differences
38,127
29,872

450,083
450,083


20.


Provisions




Other provision

£





At 1 October 2021
2,438,754


Charged to profit or loss
32,203



At 30 September 2022
2,470,957

The aftercare provision relates to the Company's obligation to reinstate the land after quarrying and landfill, and of monitoring the site thereafter, as required by the Environment Agency, which is expected to take place in 22 years.

Page 30

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

21.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100



22.


Reserves

Revaluation reserve

The revaluation reserve comprises the cumulative effect of revaluations of freehold land and buildings.

Profit and loss account

The cumulative profit and loss, net of distribution to owners.


23.


Contingent liabilities

The Company had a cross-company guarantee in favour of Shawbrook Bank Limited. The cross-company guarantee was in relation to bank loans and finance leases provided to the group, totalling £4,841,186 (2021: £4,957,418), of which £4,631,075 (2021: £4,704,274) is recognised as a liability of the Company. 
The Company also had a mortgage debenture in favour of Shawbrook Bank Limited over all the assets of the Company. The guarantee and debenture were removed subsequent to the year-end when the Company arranged new short-term facilities.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £76,290 (2021: £74,023). Contributions totalling £39,939 (2021: £25,888) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 30 September 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


2022
2021

£
£


Not later than 1 year
56,387
43,000

Later than 1 year and not later than 5 years
153,542
129,000

Later than 5 years
322,500
365,500

532,429
537,500

Page 31

PINDEN LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

26.


Related party transactions

The Company has taken advantage of exemption, under the terms of section 33.1A 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. 


27.


Ultimate parent undertaking and controlling party

The Company is a wholly owned subsidiary of Syd Bishop & Sons (Demolition) Limited. The ultimate parent undertaking is Watch It Come Down Limited, which is controlled by the board of directors of this company.
Watch It Come Down Limited prepares group financial statements, and its registered office is Waldens Depot, Waldens Road, Orpington, Kent, BR5 4EU.

 
Page 32